ECR Minerals plc Australian Gold - Business Update

 
TIDMECR 
 
 

27 September 2019

ECR MINERALS plc

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

Australian Gold - Business Update

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to provide a business update for shareholders covering the Company's Australian gold interests.

Craig Brown, Chief Executive Officer commented: "During the summer months the ECR team have been heads down and working hard across multiple areas of the business and we expect to be able to provide multiple updates in respect of field exploration and corporate development activities across our business in the near future.

"Given the extent of activities and to keep shareholders informed we felt it would be opportune to provide an update of the key areas of progress, notably in respect of the Company's Western Australia Windidda gold project and also in respect of progress at Creswick gold project which is within our large and strategic landholding in the heart of the Victoria Goldfields and where the Company has highly active operations."

HIGHLIGHTS:

Windidda Gold Project (Western Australia)

 
 
    -- The Company's wholly owned Australian subsidiary has submitted applications over 1,600 sq km of the Yilgarn Craton as announced on 2 January 2019; 
 
    -- The application process is progressing, with all 9 exploration licence applications having now been advertised in line with local requirements; 
 
    -- The Company is closely monitoring the tenement application process, which is being handled through a local tenement management consultant; 
 
    -- ECR has been approached by a listed mineral exploration company seeking to farm into the project, and although we have not decided to proceed with this farm-in proposal at this time, we are encouraged to see the interest being shown by third parties at such an early stage. 
 

Creswick Gold Project (Victoria)

 
 
    -- Whole-of-bag testing process has now been completed successfully and remaining samples have been sent to the laboratory for assay testing; 
 
 
    -- Partial assay results released on 27 August 2019 demonstrated a substantial increase in gold grade on average in respect of the 17 samples tested; 
 
 
    -- A further 113 samples, which for completeness included samples believed to be of lower grade, have been sent to the laboratory for assay testing with results expected to be received in the near future. 
 

Other Gold Projects (Victoria)

The Company is highly proactive across its Victorian Goldfields projects, with the current key activities summarised below.

Blue Moon Prospect, Bailieston Gold Project

 
 
    -- Following a reverse circulation drilling programme at Blue Moon prospect resulting in gold grades of up to 17.87g/t ECR formally announced a new gold discovery on 1 May 2019. Blue Moon is a flagship project for the Company and we are working to agree access with landowners to enable us to continue drilling to the west where our work indicates gold mineralisation may intensify. 
 

HR3 Area, Bailieston Gold Project

 
 
    -- Preparation of a detailed 3D geological model for the HR3 area has been undertaken over the summer months and is nearing completion. When complete the model is expected to generate numerous high priority drilling targets. 
 

Henry's Hill Gold Prospect - Avoca Project

 
 
    -- Geological mapping and soil geochemistry has been completed in line with the Company's announcement of 14 August 2019 with approximately 200 samples collected during the field exploration. Geochemical analysis of the samples is to be undertaken shortly. 
 

Timor Gold Project

 
 
    -- On 6 August 2019 the Company announced the results of rock chip sampling with grades of up to 22.6 g/t. The data gathered from the rock chip sampling programme, together with historic exploration data, has confirmed the prospectivity of the Timor gold project and the Company is now reviewing a potential drill programme over the key target areas. 
 

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: [phone] 
David Tang, Non-Executive Chairman 
Craig Brown, Director & CEO 
Email: [e-mail] 
Website: www.ecrminerals.com 
WH Ireland Ltd                       Tel: [phone] 
Nominated Adviser 
Katy Mitchell/James Sinclair-Ford 
SI Capital Ltd                       Tel: [phone] 
Broker 
Nick Emerson 
 
 

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190926005825/en/

 
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(END) Dow Jones Newswires

September 27, 2019 02:00 ET (06:00 GMT)