ECR MINERALS PLC: Drilling Progress Report for the Blue Moon Prospect at Bailieston, Victoria

TIDMECR 
 
 

ECR MINERALS plc

("ECR Minerals", "ECR" or the "Company")

Drilling Progress Report for the Blue Moon Prospect at Bailieston, Victoria

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce an update on the drilling progress at the Blue Moon Prospect, Victoria. This announcement contains the results for holes BBMDD005 to BBMDD008, which has tested the western extension to Blue Moon, identified in a previous drilling campaign completed in 2019 (see RNS dated 1(st) May 2019 here).

Drilling of associated holes BBMDD010 and BBMDD011 is currently underway in the same area (focusing on ECR's best RC drilling intercept to date was completed in the 2019 campaign), and while drilling has been completed for associated drill hole BBMDD009, the sampling work is currently still underway.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat. The projects are operated by ECR's wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd ("MGA").

ECR CEO Andrew Haythorpe commented: "Despite some logistical problems faced by the drill team in completing the three remaining diamond drill holes (BBMDD009 to BBMDD011), I am pleased that results from the holes for the west strike extension are now in. While we intercepted the dyke rock and proved up mineralisation, which is encouraging, the Board are particularly keen to see the results and grades from holes BBMDD010 and BBMDD011, when drilling is completed. This drilling follows up the Company's best RC drill intercept at Blue Moon to date. The results from this additional drilling should provide us with a complete in-detail overview for Blue Moon and complete the campaign there for this season.

The results from this final stage of drilling are expected to be received within the next few months and we look forward to updating shareholders at that time. In terms of next steps, our efforts will now be redirected to developing our assets on the ground at Creswick, Lolworth and Hurricane, along with an initial field visit to our Tambo license."

HIGHLIGHTS

   -- Results from the remaining four diamond drillholes designed to test for 
      continuity of mineralisation to the west of previous drilling now 
      received. 
 
   -- Best results include 0.5m @ 4.09 g/t Au from 155.2m and 0.25m @ 3.57 g/t 
      Au from 161.3m (BBMDD006) and 0.5m @ 3.78 g/t Au from 210.8m and 0.3m @ 
      4.17 g/t Au from 215.3m in (BBMDD008). 
 

Figure 1. Overview of diamond drilling completed to date, Blue Moon.

https://www.ecrminerals.com/images/2023/Fig1_230119_BBM.png

OPERATIONAL UPDATE

The Board announced its intention to test the westerly extent of the Blue Moon body following the successful drill intercepts from 2019's RC Drilling program. A total of 1000m of diamond drilling was initially planned over 4 holes, and was subsequently expanded to 7 holes (see RNS dated 14(th) September 2022 here). Drilling was completed for holes BBMDD005 to BBMDD009 prior to Christmas, with results now received for holes BBMDD005 to BBMDD008. An overview of drill intercepts from the campaign is shown in Figure 1 above.

Drilling throughout December 2022 took longer than anticipated with some maintenance required to the Company's drill rig 'Midas', sustained wet weather and a pause in operations over the Christmas period (December 22(nd) to 9(th) January 2023). Drilling of holes BBMDD006 and BBMDD007 struck broken (faulted) ground that also slowed the daily drill metres. Despite this, the team intercepted the Blue Moon dyke rock in all 4 drill holes. Gold mineralisation can be demonstrated to extend further to the west however given the low grades from these holes the Board have taken the view that a final decision regarding further drilling and exploration at Blue Moon will be made on receipt of the final results for holes BBMDD009, BBMDD010 and BBMDD011.

NEXT STEPS TO COMPLETE BLUE MOON CAMPAIGN FOR THIS SEASON

An additional campaign of three drill holes is now underway in the Blue Moon area. This includes drilling of holes BBMDD010 and BBMDD011 which is focused on the same area where ECR's best RC drilling intercept to date was completed in 2019, and the Board expects that these results will determine the extent of the strike and width in this part of the Blue Moon prospect. The reason these holes were not completed first was largely due to logistics: the drill campaign took place on active farmland that requires timely drilling and Victoria has experienced one of the wettest winters on record which hampered initial drilling efforts during September and November. Associated hole BBMDD009 has also now been drilled underneath this zone, with sampling currently being completed and further updates will be provided in due course as appropriate.

Table 1. Drill intercepts containing reportable levels of gold > 0.11 g/t Au, holes BBMDD005-BBMDD008. Best grade intercepts highlighted in bold.

 
Hole ID    From    To      Length  Sample No  Au g/t  *Gram x mts 
BBMDD005   118.5   119.3   0.8     HX4086     0.21    0.17 
BBMDD005   122.8   123.8   1       HX4091     0.19    0.19 
BBMDD006   142.9   143.9   1       HX4124     0.12    0.12 
BBMDD006   144.85  145.6   0.75    HX4126     0.22    0.17 
BBMDD006   145.6   146.3   0.7     HX4127     0.2     0.14 
BBMDD006   153     154     1       HX4135     0.2     0.20 
BBMDD006   155.2   155.7   0.5     HX4139     4.09    2.05 
BBMDD006   155.7   156.7   1       HX4140     0.73    0.73 
BBMDD006   160.7   161.3   0.6     HX4145     0.54    0.32 
BBMDD006   161.3   161.55  0.25    HX4146     3.57    0.89 
BBMDD007   154.4   155.1   0.7     HX4166     0.6     0.42 
BBMDD007   155.3   156     0.7     HX4167     0.22    0.15 
BBMDD007   156     157     1       HX4169     0.11    0.11 
BBMDD007   157     157.6   0.6     HX4170     1.8     1.08 
BBMDD007   157.6   158.2   0.6     HX4171     0.25    0.15 
BBMDD007   158.2   158.6   0.4     HX4172     2.03    0.81 
BBMDD007   158.6   159.4   0.8     HX4173     0.11    0.09 
BBMDD007   159.4   160.5   1.1     HX4174     0.34    0.37 
BBMDD007   160.5   161.5   1       HX4175     0.26    0.26 
BBMDD007   163.4   164     0.6     HX4178     1.1     0.66 
BBMDD007   164     165     1       HX4179     0.37    0.37 
BBMDD008   210.8   211.3   0.5     HX4217     3.78    1.89 
BBMDD008   212.85  213.25  0.4     HX4222     0.79    0.32 
BBMDD008   213.25  213.5   0.25    HX4223     0.18    0.05 
BBMDD008   213.5   213.8   0.3     HX4224     0.33    0.10 
BBMDD008   213.8   214.8   1       HX4225     0.34    0.34 
BBMDD008   214.8   215.3   0.5     HX4226     0.35    0.18 
BBMDD008   215.3   215.6   0.3     HX4227     4.17    1.25 
 

*Gram metres represents the contained Au metal within the reported length, calculated as interval (m) multiplied by grade (g/t Au)

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.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, Technical Director of Exploration at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 
ECR Minerals plc                      Tel: [phone] 
David Tang, Non-Executive Chairman 
 Andrew Haythorpe, CEO 
 
Email: 
 [e-mail] 
Website: www.ecrminerals.com 
 
WH Ireland Ltd                        Tel: [phone] 
Nominated Adviser 
 Katy Mitchell / Andrew de Andrade 
 
SI Capital Ltd                        Tel: [phone] 
Broker 
Nick Emerson 
 
Novum Securities Limited              Tel: [phone] 
Broker 
 Jon Belliss 
 
Brand Communications                  Tel: [phone] 
Public & Investor Relations 
Alan Green 
 

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR's wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd ("MGA") has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd ("LUX") which has three approved exploration permits covering 946 km(2) over a relatively unexplored area in Queensland, Australia.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 70% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina.

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January 23, 2023 02:50 ET (07:50 GMT)