Erris Resources PLC New Swedish Gold Project (9552M)

TIDMERIS

RNS Number : 9552M

Erris Resources PLC

03 May 2018

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

3 May 2018

Erris Resources plc

('Erris Resources' or the 'Company')

New Gold Project, Enåsen, Sweden

Erris Resources plc, the European focused mineral exploration company with a portfolio of zinc prospects in Ireland and gold projects in Sweden, is pleased to announce that it has been granted a new 100% owned gold exploration permit, Enåsen no.5 (the "Enåsen Project"), in central Sweden.

Overview

   --     Targeting mineralisation on major structure around historic high grade mine 

-- Licence surrounds the historic Enåsen mine, that produced 1.7 Mt at 3 g/t gold from 1984 to 1991

   --     Initial reconnaissance mapping and sampling to commence shortly 

-- Grant of 59.4km(2) licence, the Enåsen Project, in a region of central Sweden considered highly prospective for gold

-- Licence complements existing Swedish 100% owned Nordgruvan Project that lies outside of the defined area of interest under the strategic association with Canadian mining company Centerra Gold

Erris Resources CEO, Merlin Marr-Johnson, said, "We are delighted to have been awarded the Enåsen exploration licence in central Sweden, which surrounds the historic Enåsen open pit gold mine. Discovered in the 1980s, the Enåsen mine is one of the few gold-only mines in the country - typically gold from Sweden is produced as a by-product from the mining of massive sulphide deposits. The Enåsen Project encompasses the area surrounding the mine and is largely underexplored, covering an area we believe is a prospective geological setting. The Company is now starting the first phase reconnaissance programme of mapping and sampling at the Enåsen Project.

"The addition of the Enåsen Project to our existing portfolio of projects is in line with our stated objective of identifying low-cost opportunities with the potential to create shareholder value. Work is ramping up across this portfolio; we are currently drilling the Abbeytown zinc project in Ireland and working on a portfolio of projects in Sweden funded by Centerra Gold. I look forward to updating shareholders on progress in due course."

Enåsen, Gävleborgs and Västernorrland, Sweden

The 54.9 km(2) Enåsen licence no.5 is in an area situated approximately 370 km north of Stockholm and 50 km west of Sundsvall, in central Sweden.

Geological Survey of Sweden ('SGU') reports and geophysical data indicates the host geology of the area to comprise a belt of volcanics trending northwest on a sub-parallel major gravity break and terrane boundary. The surrounding geology is composed of sediments and granitoids.

The Enåsen deposit is reported to be a metamorphosed high-sulphidation deposit (Hallberg, 1994). The mineralisation is characterised by disseminated chalcopyrite and gold in a topaz-bearing quartz-sillimanite gneiss hosted by quartz-feldspar and quartz-mica gneisses. Open pit mining at Enåsen started in 1984, followed by underground mining in 1989. Total production in open pit and underground workings until the closure of the mine in 1991 was 1.7 Mt at a grade of 3 g/t gold. A 1 km exploration permit buffer exists around the granted exploitation permit.

The licence is held wholly by Erris Resources and is not part of the joint venture that Erris Resources has in the Skellefteå mining district with Centerra Gold KB Inc, a wholly owned subsidiary of Centerra Gold Inc. a TSX listed gold and copper producer.

Erris Resources has integrated historic data sets and carried out a new interpretation of the regional aeromagnetic data across central and southern Sweden, the results of which were a key driver for acquiring the new licence areas. A further desktop structural interpretation is underway and will be supplemented by new multi-element data from reconnaissance mapping and sampling in the forthcoming field season.

Technical Background

Geophysical data was reprocessed by Williams Geophysics Ltd. in the UK.

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.

*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.

This information is provided by RNS

The company news service from the London Stock Exchange

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