ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
FIFTEEN HIGH PRIORITY TARGETS IDENTIFIED WITHIN
ECR’s VICTORIAN GOLD PROJECTS
LONDON: 11 December 2017 - The directors of ECR Minerals plc are pleased to announce the results of an interpretation and targeting study using open-file geophysical data covering the Avoca, Bailieston, Moormbool and Timor exploration licences in Central Victoria, Australia. The four licences are 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
* 27 targets identified within the Avoca and Timor licences, including 10 high priority areas
* 20 targets identified within the Bailieston and Moormbool licences, including 5 high priority areas
* Victoria is one of the world’s major gold producing provinces and hosts the second largest gold endowment in Australia with total recorded gold production of around 85 million ounces
The study was carried out for MGA by the consultancy firm Terra Resources Ltd, and has identified a total of 47 targets for potential follow-up, including 15 high priority areas. The study comprised the processing and interpretation of all open-file geophysical compilations available for the licence areas. The geophysical compilation datasets include regional airborne magnetics and radiometrics and ground gravity data, which have been processed and imaged in order to perform geological interpretation and target generation.
The high priority targets identified include areas already considered to be of significant interest by ECR, such as the Byron, Black Cat and Cherry Tree prospects at Bailieston, the magnetic anomaly at Moormbool, and the Leviathan trend at Timor. Several new target areas have also been identified.
At Timor, the targets (see Figure A) have been derived based on major N-S structures with cross cutting NW and/or NE major and minor faults, and many of the resulting target areas appear to be proximal to and/or run along N-S strike to known gold occurrences. Terra has observed that the N-S trending dyke swarm at Timor may have upgraded host mineralisation in a similar manner to the dyke swarm of the Walhalla Synclinorium elsewhere in Victoria. Dyke-associated and dyke-hosted gold deposits of the Walhalla Synclinorium include Woods Point (Morning Star), Cohen’s Reef, Tubal Cain and Eureka.
Target areas at Bailieston and Moormbool (see Figure B) are predominantly based on structural traps (faults/fold closures). Mineralisation of this kind is currently exploited at the million-ounce Fosterville gold mine located less than 30km away. Terra has additionally identified NW and NE cross-cutting faults and consider these to indicate potential for structurally controlled mineralisation with high-grade zones localised by the geometric relationship between fold closures, bedding and faulting. One other target, a discrete magnetic anomaly within the Moormbool licence, is associated with cross-cutting structures and a major N-S trending syncline.
Two maps illustrating the partial results of the study can be viewed at the following links:
Figure A - Timor targets:
Figure B - Bailieston and Moormbool targets:
In view of these positive results and the recent appointment of Dr Rodney Boucher, a highly experienced Victorian-based geologist, to oversee MGA’s activities in Victoria, MGA’s exploration strategy is being updated to reflect all the information now available. An update on the work planned will be provided to the market in due course.
Craig Brown, CEO of ECR, commented:
“It is heartening to see our enthusiasm for MGA’s Victorian projects supported by the results of the Terra study, and the new insights provided will be invaluable in focusing our exploration efforts where we believe they are most likely to lead to a meaningful discovery and create value for ECR shareholders.”
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, Moormbool and Timor gold projects in Central 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|
|David Tang, Non-Executive Chairman|
|Craig Brown, Director & CEO|
|WH Ireland Ltd||Tel: +44 (0)161 832 2174|
|Katy Mitchell/James Sinclair-Ford|
|Optiva Securities Ltd||Tel: +44 (0)203 137 1902|
|FlowComms||Tel: +44 (0)7891 677 441|
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.