US OTC: MTGDY
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
NEW AUSTRALIAN GOLD EXPLORATION LICENCE ISSUED AND BAILIESTON PROJECT LICENCE TRANSFER APPROVED
The Directors of ECR Minerals plc (the “Directors”) are pleased to provide the following update regarding the Company’s gold exploration licences in Victoria, Australia, which are held by its wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”). This update is further to the Company’s announcement dated 3 February 2017.
- Application for EL6278, the Timor project, has been granted and the new licence registered
- EL6278 contains numerous hard rock and alluvial gold deposits evidenced by significant historical workings, and is located adjacent to the Avoca project in the Central Victorian Goldfields
- The transfer of EL5433, the Bailieston project, to MGA has been approved and registered
- ECR is now working to satisfy all regulatory requirements for the commencement of drilling in the Byron area at Bailieston, the most significant of which is the transfer to MGA of the Section 44 Consent, as defined in the announcement dated 3 February 2017
About the Timor project (EL6278)
The Timor licence covers approximately 228 square kilometres. The Company’s initial strategy is to advance the Timor project by using historical records and on-the-ground reconnaissance to prioritise the main exploration prospects and identify the primary targets for drilling.
Historical production from some 28 historical ‘deep lead’ alluvial mining operations within EL6278 is believed to have been in the region of 640,000oz gold in total. In addition, around 20 hard rock workings can be considered to have been significant producers. These include the Leviathan group of mines, which are believed to have yielded in excess of 67,500oz gold from 181,000 tonnes of ore, equating to a recovered grade of approximately 11.5g/t gold. The most significant alluvial producer was the Duke & Main Lead Consols operation, located directly ‘downstream’ from the Leviathan hard rock mines.
EL6278 was registered on 17 March 2017 and is valid for a term of five years from that date, subject to the conditions of the licence. The principal conditions of the licence include a requirement for minimum exploration expenditures totalling AUD 314,400 over the five years. Only low impact exploration may be undertaken in the licence area until a work plan submitted by MGA has been approved by the Victorian authorities. MGA does not expect to submit a work plan until targets for drilling have been identified.
Craig Brown, CEO of ECR, commented:
“We are pleased to have expanded ECR’s footprint in Victoria with EL6278, the Timor project, and look forward to outlining what we consider to be the exciting prospectivity of this licence area in more detail following our initial work. The historical production figures from the area are impressive, and we hope to demonstrate that significant potential remains.”
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has acquired 100% ownership of the Avoca, Bailieston and Timor gold projects in Victoria, Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015, and is available for download from ECR’s website.
ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.
Market Abuse Regulations (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|ECR Minerals plc||Tel: +44 (0)20 7929 1010|
|William (Bill) Howell, Non-Executive Chairman|
Craig Brown, Director & CEO
Ivor Jones, Director & COO
|Cairn Financial Advisers LLP||Tel: +44 (0)20 7213 0880|
|Emma Earl / Jo Turner|
|Optiva Securities Ltd||Tel: +44 (0)203 137 1902|
|FlowComms||Tel: +44 (0)7891 677 441|
|Blytheweigh||Tel: +44 (0)20 7138 3204|
|Tim Blythe / Camilla Horsfall / Nick Elwes|
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to numerous known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward-looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward-looking statements because of new information, future events or for any other reason.