Erris Resources PLC High Grade Mineralisation Intersected at Abbeytown (7033U)

TIDMERIS

RNS Number : 7033U

Erris Resources PLC

16 July 2018

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

Erris Resources plc / EPIC: ERIS.L / Market: AIM / Sector: Mining

16 July 2018

Erris Resources plc

('Erris Resources' or the 'Company')

Continuing High Grade Mineralisation Intersected at

Abbeytown Zinc-Lead-Silver-Copper Project, Ireland

Erris Resources plc, the European focused mineral exploration company with a portfolio of zinc and base metals projects in Ireland and gold projects in Sweden, is pleased to announce additional drill results from the ongoing surface diamond drilling programme at its 100% owned Abbeytown zinc project in County Sligo, Ireland.

Highlights

-- High grade mineralisation intersected in hole ERAB003 of 3m grading 10.22% Zn+Pb combined and 41.45 g/t Ag from 95m to 98m, within a wider 7m interval grading 8.33% Zn+Pb combined and 37.36 g/t Ag from 91m to 98m

-- Broad zone of mineralisation in ERAB004, including 10m grading 2.33% Zn+Pb combined and 10.25 g/t Ag from 131m to 141m

   --     Mineralisation open along strike both to the north and to the southwest of these drill holes 

Erris Resources CEO, Merlin Marr-Johnson, said, "Abbeytown is developing into an exciting brownfields zinc-lead-silver project. Recent drilling has shown that mineralisation is consistently present south of the original underground workings. Abbeytown is near-surface and with potentially low-cost development options for the extensions of mineralisation via the existing underground access. The ongoing drilling is helping us further define controls and geometry of the mineralisation south of the mine and we look forward to keeping the market abreast of these developments as drilling continues and once we start the underground drill programme."

Further Details

A surface diamond drilling programme is ongoing at the Abbeytown project, with work focussed on the area south of the old mine. The programme is designed to test strike and depth extensions of the mineralisation away from the old mine. The most recent holes, ERAB002, ERAB003 and ERAB004, are step-outs on the trend, north and south of the initial drill hole, ERAB001, and the defined strike length of mineralisation is 75m, to date. ERAB003 and ERAB002 are 400m south of the historic workings, and ERAB004 is 325m south of the mine. All three holes were drilled on azimuth 280(o) , inclined at -60(o) . Mineralisation remains open both to the north and to the southwest, and Erris Resources plans further step-out holes in both directions.

ERAB002 was collared 50m south of ERAB001 and missed the target structure but the alteration showed that the hole is close to the main body.

ERAB003 was moved 50m west from ERAB002 and intersected intense calcite-pyrite alteration from surface to the first presence of sphalerite at a depth of 91m. Below 91m, the drill hole intersected strong sulphide mineralisation in a dissolution breccia over 7m to a down-hole depth of 98m. The general trend of the mineralisation is observed to curve to the southwest from ERAB001. Stepping 25m to the north from ERAB001, ERAB004 encountered a broad zone of sphalerite mineralisation from 100m to 144m, with pervasive dolomitisation. Erris Resources believes this to be outboard of the high-grade zone.

The Company previously announced results from its first hole, ERAB001, on 5 July 2018 showing results including 4m grading 10.85% Zn+Pb combined and 31.1g/t Ag from 163m to 167m.

Table 1 Highlighted intersections from ERAB003 and ERAB004

 
 Hole       Length    From      To      Ag     Cu %   Pb %   Zn %   Zn % + 
  ID           m                        g/t                          Pb % 
---------  -------  -------  -------  ------  -----  -----  -----  ------- 
 ERAB003     7.00    91.00    98.00    37.36   0.01   2.80   5.53    8.33 
---------  -------  -------  -------  ------  -----  -----  -----  ------- 
 incl.       3.00    95.00    98.00    41.45   0.03   2.97   7.25   10.22 
---------  -------  -------  -------  ------  -----  -----  -----  ------- 
 ERAB004     3.50    117.00   120.50   8.61    0.00   0.23   2.06    2.29 
---------  -------  -------  -------  ------  -----  -----  -----  ------- 
 ERAB004    10.00    131.00   141.00   10.25   0.04   0.52   1.81    2.33 
---------  -------  -------  -------  ------  -----  -----  -----  ------- 
 

The grades reported are the length-weighted averages of the zinc, lead, copper and silver grades. The combined grade reported above is the sum of the zinc and lead (Zn + Pb) as shown in the last column.

Composites are generated using a length weighted average for assays >2% Zn+Pb, maximum total length of internal waste 2m, maximum consecutive length of waste 1m. The true thickness of mineralised intervals is interpreted to be approximately 50-60% of the sampled thickness. ERAB002 did not intersect significant zinc-lead-copper mineralisation.

Technical Background

All drill holes undergo geological logging, geotechnical logging, marking up, cutting and sampling. Collected samples are delivered to ALS Loughrea for multi-element analysis by using aqua regia leach and ICP-MS, with Ag / Cu / Pb / Zn over range assays automatically undergoing ore grade analysis by aqua regia and ICP-AES. CRMs, blanks and duplicates are inserted into the assay stream by Erris staff.

The technical information in this announcement has been compiled on behalf of Erris Resources by Aiden Lavelle. Aiden Lavelle (BSc (Hons), MSc, MIGI, P.Geo) is Erris Resources' chief operating officer. Mr Lavelle has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects. Mr Lavelle consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

See the Company website (www.errisresources.com/technical-reports) for maps and section.

*ENDS*

For further information visit www.errisresources.com or contact:

 
                         Erris Resources            +44 (0) 7803 
 Merlin Marr-Johnson      plc                        712 280 
 David Hart/Liz          Allenby Capital            [phone] 
  Kirchner                (Nominated Adviser)        5656 
                         Shard Capital (Joint       [phone] 
 Erik Woolgar             Broker)                    9952 
                         Turner Pope Investments 
                          (TPI) Ltd (Joint          [phone] 
 Andy Thacker             Broker)                    4120 
 Isabel de Salis/Gaby    St Brides Partners         [phone] 
  Jenner                  (Financial PR)             1177 
 

Notes

Erris Resources plc (EPIC: ERIS.L) is an AIM quoted, European focused, discovery driven exploration company. Supported by Canadian mining majors, Osisko Gold Royalties, which has a 18.9% interest in the Company, and Centerra Gold KB Inc, a wholly owned subsidiary of TSX listed Centerra Gold Inc., the Company has an established portfolio of zinc assets in Ireland and gold projects in Sweden, which it is looking to further build on. Led by a highly qualified team with extensive corporate and sector experience, Erris Resources' strategy is to create shareholder value through commercial discovery of base or precious metal assets in proven mineral districts and in favourable European jurisdictions.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

DRLEAFXSFFXPEAF

(END) Dow Jones Newswires

July 16, 2018 02:00 ET (06:00 GMT)