LONDON--(BUSINESS WIRE)--
21 June 2019
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Progress on Creswick Gold Project - Australia
ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to provide an update in respect a recent site visit undertaken by the CEO at the Creswick Project in Victoria, Australia.
Craig Brown, Chief Executive Officer commented:
“Given the recent results and the potentially Company transformational nature of Creswick, I was very pleased with my site visit and our positive progress on all fronts. Discussions with our advisors have demonstrated the significant potential of the project and we will continue to move our work programmes forward as aggressively as possible.
Subject to the ongoing results of our work, and assuming positive exploration outcomes, we are seeking to rapidly advance Creswick toward a JORC compliant resource. We have been thorough in our planning, including the development of the sample testing programme, and this should provide a solid foundation for the further advancement of Creswick.
I believe that this project at Creswick subject to further exploration and positive drill results will add significant value for shareholders. I would like to thank our team and partners for all their work and progression on this major project. I look forward to providing further project updates as they become available for our shareholders.”
Highlights:
- The internal modelling undertaken by ECR’s technical team has identified that the Dimocks Main Shale at the Creswick Gold Project which, subject to further exploration and positive drill results, is potentially large enough to host a multi-million ounce gold deposit;
- As announced on 11 June 2019 the detailed testing of sample bags for gold content (from the recently completed reverse circulation drilling programme) is now well underway and we will announce results as appropriate;
- ECR has mobilised its technical team and advisers to site to review the prospective areas, conduct certain additional exploration work and to plan proactively for development of the project;
- The work programme has produced visible fine gold in pan samples from gold panning in the vicinity of recent drill hole locations. The images from the site visit, including pan samples demonstrating fine gold, collected under the supervision of a competent geologist, have been uploaded to the ECR website and may be viewed through the following links:
https://www.ecrminerals.com/images/2019/7054d596-13e9-4f6e-9020-d16eb9c5e033.jpg
https://www.ecrminerals.com/images/2019/98a44a96-bcb4-4d22-92a1-9ad1867f5661.jpg
- Geological reconstruction and interpretation by the ECR technical team is revealing the complex geology of the folded and faulted Dimocks Main Shale to explain the significant width of quartz zones extending over 60 metres and beyond the 25 metre Dimocks Main Shale. The cross section can be viewed through the following link:
https://www.ecrminerals.com/images/2019/CSR005_section.png
- ECR has rented a large aircraft hangar and house at Nagambie for the sample storage and supervised preparation and drying of bulk samples. Further the Company has purchased large laboratory equipment for this;
- The ECR technical team is examining ways to further expedite bag testing and ground exploration, and also to optimise the gathering of information in a manner that will support, if applicable, the quantification of a JORC compliant resource;
- ECR expects to provide additional information in respect of the Creswick Gold Project in the near term, including the appointment of a specialised Resource Geologist to assist with project development and resource quantification;
COMPETENT PERSON STATEMENT
The information in this announcement that relates to Exploration Results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.
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 |
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Tel: +44 (0)20 7929 1010 |
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David Tang, Non-Executive Chairman |
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Craig Brown, Director & CEO |
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Email: |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
Tel: +44 (0)161 832 2174 |
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Nominated Adviser |
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Katy Mitchell/James Sinclair-Ford |
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SI Capital Ltd |
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Tel: +44 (0)1483 413500 |
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Broker |
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Nick Emerson |
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ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Limited has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda Gold Project in the Yilgarn Region, Western 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.