ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
DRILLING COMMENCES AT ITOGON GOLD PROJECT, PHILIPPINES
LONDON: 22 JANUARY 2015 - ECR Minerals plc is pleased to announce that the second phase of drilling by the Company at the Itogon gold project, Philippines commenced today. ECR is the operator of the Itogon project and has the right to earn a 50% interest therein. The objectives of the drilling programme were summarised in the Company’s announcement dated 22 December 2014.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“2014 was a full year of exploration by ECR at the Itogon project, and the results have demonstrated that epithermal gold mineralisation is widespread within the main prospect area, comprising at least three subparallel mineralised structures over a strike length of 400m within a zone up to 250m wide at surface. Our first phase of drilling, which was completed in April 2014, as well as multiple phases of sampling within artisanal workings, indicates that the mineralisation occurs over a vertical extent of 250m, and remains open at depth.
The Itogon project is located within an established mining district in the Philippines, which is a country with an important mining industry and, in general, a relatively low cost of operations. Grid power is available close to the project, and the area is easily accessible by sealed and unsealed roads from Baguio City some 15km distant.
It is intended that the programme of diamond drilling now underway will answer key geological questions with regard to the mineralised structures identified to date, and evaluate the continuity of grade in the mineralised zones intercepted by previous drilling. These zones include a surficial zone of supergene enrichment, prior intercepts from which include 16m at 17.14g/t gold from 1m (with 2m at 119.53 g/t gold from 8-10m) in drill hole ERC008 and 30m at 1.63g/t gold from surface in drill hole ERC004.
Also worthy of follow up are deeper intercepts including 33m at 1.13g/t gold from 86m in drill hole ERC006, 7m at 5.33g/t gold from 138m (with 2m at 15g/t gold from 138m) in drill hole ERC005, and, in hole ERC002, 15m at 3.29g/t gold from 82m (with 2m at 18.25g/t from 92m) plus 17m at 1.57g/t gold from 101m (with 3m at 5.45g/t gold from 103m). In addition, there may be scope for the current programme to identify new mineralised structures.”
Drilling results contained in this news release are extracted from the Company’s new release dated 29 May 2014 and should be read in conjunction therewith. All widths given in this news release are apparent width.
ECR is a mineral exploration and development company with, among other interests, the right to earn a 50% interest in the Itogon gold project in the Philippines. Itogon is an advanced exploration project located in a gold and copper mining district in the north of the Philippines.
ECR has a 100% interest in the SLM gold project in La Rioja Province, Argentina, the exploration strategy for which is to delineate multiple medium to high grade, low tonnage deposits suitable for advancement to production on a relatively low capital, near term basis.
ECR continues to review potential new investments on a highly selective basis, with a concentration on precious, base and strategic metals projects in Asia and South America.
FOR FURTHER INFORMATION PLEASE CONTACT:
|ECR Minerals plc||Tel: +44 (0)20 7929 1010|
|Paul Johnson, Non-Executive Chairman|
|Stephen Clayson, Director & CEO|
|Richard (Dick) Watts, Technical Director|
|Cairn Financial Advisers LLP||Tel: +44 (0)207 148 7900|
|Jo Turner/Liam Murray/Emma Earl|
|Daniel Stewart & Company plc||Tel: +44 (0)20 7776 6550|
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such statements may be subject to a number of 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 as a result of new information, future events or for any other reason.