Erris Resources PLC High Grade Zinc-Lead-Silver Grades at Abbeytown (4715A)

TIDMERIS

RNS Number : 4715A

Erris Resources PLC

12 September 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

12 September 2018

Erris Resources plc

('Erris Resources' or the 'Company')

High grade Zinc-Lead-Silver Grades Returned at Abbeytown 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 delighted to announce high grade underground channel sample results taken from pillars at its 100% owned Abbeytown zinc project in County Sligo, Ireland.

A technical report with illustrative maps and diagrams will be available to view on the Company website using the following link: www.errisresources.com/technical-reports.

Highlights

   --     4m grading 18.40% Zn+ Pb combined with 116.85 g/t Ag from Pillar 4 

-- 4m grading 10.72% Zn+Pb combined with 80.46 g/t Ag from Pillar 2, including 1m grading 31.03% Zn+Pb combined and 231.00 g/t Ag

-- Style of mineralisation identified in surface drilling can be traced back to underground workings and demonstrates continuity of mineralisation

   --     Surface drill programme in final stages with results due in the coming weeks 

Erris Resources CEO, Merlin Marr-Johnson, said, "These new channel sample results confirm the presence of high-grade mineralisation at Abbeytown, which improves our understanding of the distribution of mineralisation in the historic workings and underpins the potential of the project. We are excited by the developments from this work and how it ties in the mineralisation from underground to the extension of mineralisation identified in drilling over 400m away to the south.

"Abbeytown is a shallow brownfields zinc-lead-silver-copper underground project. Recent work included re-accessing the underground workings, ensuring that the portal entrances to the underground mine were safe, scaling down the main drives, installing radio systems, reconditioning access and working areas, improving ventilation, and taking face channel samples from eight pillars in the main Index Bed Workings. In parallel with this, underground mapping, surveying, and 3D modelling has been ongoing. This work together with the surface diamond drilling programme, is all part of evaluating the resource potential of the project. We look forward to keeping the market updated with ongoing progress at the Abbeytown project."

Further Information

Table 1. Highlighted intersections from Underground Channel Sampling

 
               Length 
Pillar number       m  Ag g/t  Pb %   Zn %  Pb+Zn % 
1                2.00   44.60  9.89   4.20    14.08 
               ------  ------  ----  -----  ------- 
2                4.00   80.46  2.72   7.99    10.72 
               ------  ------  ----  -----  ------- 
    Including    1.00  231.00  7.53  23.50    31.03 
               ------  ------  ----  -----  ------- 
3                4.00   14.57  3.86   1.30     5.16 
               ------  ------  ----  -----  ------- 
4                4.00  116.85  5.75  12.65    18.40 
               ------  ------  ----  -----  ------- 
5                4.00   95.33  1.54   7.01     8.55 
               ------  ------  ----  -----  ------- 
6                2.00   83.15  1.75   6.34     8.09 
               ------  ------  ----  -----  ------- 
7                2.00  162.00  2.97  13.80    16.77 
               ------  ------  ----  -----  ------- 
8                4.00   33.69  0.91   3.28     4.18 
               ------  ------  ----  -----  ------- 
 

The eight channel samples were taken vertically down the face of pillars that are evenly distributed down the two main drives in the Index Bed Workings. The channel samples were taken using a single blade disc cutter, by cutting a v-shaped slot from the top to the bottom of the pillar face, keeping to the centre of the pillar face. Note that the channel samples comprised four by one metre samples and that mineralisation was present in all eight pillars, with a best grade reported in Pillar 4, returning 4m grading 18.40% Zn+Pb combined and 116.85 g/t Ag.

The grades reported above are the length-weighted averages of the zinc, lead, 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 combined, maximum total length of internal waste 2m, maximum consecutive length of waste 1m. The true thickness of mineralised intervals is interpreted to be approximately 100% of the sampled thickness.

In parallel, a surface diamond drilling programme is nearing completion at the Abbeytown project, with work focussed on the area south of the old mine. The programme has been designed to test strike and depth extensions of the mineralisation south from the underground workings.

Technical Background

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 plans.

*ENDS*

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

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

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September 12, 2018 02:00 ET (06:00 GMT)