TIDMECR
ECR MINERALS plc("ECR Minerals", "ECR" or the "Company")
AIM: ECRUS OTC: MTGDY
POSITIVE DRILLING AND TRENCHING RESULTS FROM ITOGON GOLD
PROJECT, PHILIPPINES
LONDON: 18 JUNE 2015 - The directors of ECR Minerals plc (the
"Directors") are pleased to announce positive results from diamond
drilling and trenching at the Itogon epithermal gold project,
northern Philippines. The drilling was completed in January-April
2015 and comprised six diamond drill holes totalling 808m as
detailed in Table 2 below. Mineralised intervals from the drilling
are presented in Table 1 below. In addition, partial results of the
ongoing trenching programme at Itogon are presented in Table 3
below.
HIGHLIGHTS
* Mineralised intervals from diamond drilling (apparent width)
include:4.4m at 2.12 g/t gold from surface in EDD0047.5m at 0.89
g/t gold from 3.8m in EDD0058.0m at 2.25 g/t gold from 77.0m in
EDD00510.6m at 1.03 g/t gold from surface in EDD0065.0m at 1.38 g/t
from 48.0m in EDD006
* Results from trenching include a mineralised interval
(apparent width) of 42.0m at 2.54 g/t gold; trenching is continuing
and further assay results are pending
* The diamond drilling and trenching results indicate the
potential for an extensive supergene enriched oxide gold resource
from surface in the main prospect area at the Itogon project
Discussion of Results
All diamond drill holes except EDD003 intersected near surface
gold mineralisation, with intercepts including 4.4m at 2.12 g/t
gold from surface in EDD004, 7.5m at 0.89 g/t gold from 3.8-11.3m
and 2.9m at 1.55 g/t gold from 13.8-16.7m in EDD005, and 10.6m at
1.03 g/t gold from surface in EDD006.
These intercepts represent part of a widespread supergene
enriched oxide gold blanket. ECR is presently undertaking an
extensive trenching program (11 trenches/test pit lines), the
results of which will provide additional data regarding the grade
and distribution of this mineralisation.
To date, assay results have been received in respect of two
trenches and include mineralised intervals of 12m at 0.43 g/t gold
in TR08 and 42m at 2.54 g/t gold in TR09. Further assay results are
pending, including additional assays from TR09, which may mean that
a longer mineralised interval in that trench is reported in due
course.
Supergene intercepts from ECR's April 2014 reverse circulation
(RC) drilling programme, the results of which were announced in May
2014, included 30.0m at 1.63g/t gold from surface in ERC004 and
16.0m at 17.14g/t gold from 2.0m in ERC008.
Beneath the zone of supergene enrichment, five of the six
diamond drill holes intercepted steeply dipping zones of gold
mineralisation over apparent widths of between 2.0 and 8.0m, the
most promising intercept being 8.0m at 2.25 g/t gold from 77.0-85.0
m in EDD005. This suggests that drilling to date has only tested
the uppermost parts of the epithermal system and not the main
feeder structures. This is significant as the high grade intercepts
to date are associated with narrow, moderately silicified quartz
veins, which indicates the potential for more strongly silicified
feeder structures which may be associated with significant gold
mineralisation.
The diamond drilling has also provided important structural
information with respect to key controls on mineralisation.
Specifically, it appears that NE-SW trending structures may have
exerted an important control on mineralisation, an observation
consistent with the structural setting of other gold deposits in
the district.
Overall, the grades reported from diamond drilling were lower
than those from the Company's earlier RC drilling programme. Whilst
core recovery was high in all diamond holes, the core was highly
fractured. As supergene gold often presents as flecks within
oxidized fractures, the loss of high pressure diamond drilling
fluids down the hole may have partly flushed the fractures in the
drill core. A petrological study is planned to consider this
possibility.
Stephen Clayson, Chief Executive Officer of ECR, commented:
"With the benefit of the results reported today and further
trenching results, when these become available, the Directors
expect to be in a position to proceed with an initial, inferred
category resource estimate to serve as a first quantification by
ECR of the supergene enriched oxide gold mineralisation which
occurs from surface in the main prospect area. In aid of this
objective, an aerial topographical survey of the main prospect area
was completed earlier this month.
In addition, further exploration with a view to more fully
testing the potential of deeper level feeder structures and the
distribution of grade within the supergene zone is now being
planned."
Table 1: Mineralised Intervals, January-April 2015
Diamond Drilling, Itogon Gold Project, Philippines
Hole ID From To Width Gold (g/t)
(m) (m) (m)
EDD001 6.0 8.0 2.0 0.37
152.0 154.0 2.0 0.39
EDD002 0.0 2.7 2.7 0.50
EDD002 74.0 78.0 4.0 1.21
inc. 74.0 76.0 2.0 2.01
EDD003 No significant intercepts
EDD004 0.0 4.4 4.4 2.12
inc. 3.0 3.9 0.9 8.27
EDD004 27.2 31.8 4.6 0.53
inc. 27.2 27.7 0.5 1.26
inc. 30.8 31.8 1.0 1.02
EDD004 38.1 40.2 2.1 0.49
EDD004 47.9 51.9 4.0 0.89
inc. 47.9 48.4 0.5 1.12
49.6 50.2 0.6 2.61
EDD004 54.2 60.8 6.6 0.53
inc. 54.2 54.6 0.4 1.69
EDD005 3.8 11.3 7.5 0.89
inc. 4.8 6.0 1.2 1.56
inc. 6.0 7.0 1.0 2.38
EDD005 13.8 16.7 2.9 1.55
inc. 15.3 15.8 0.5 5.78
inc. 16.3 16.7 0.4 1.91
EDD005 67.0 73.0 6.0 0.34
EDD005 77.0 85.0 8.0 2.25
inc. 83.0 85.0 2.0 7.71
EDD005 89.0 94.0 5.0 0.51
EDD005 97.0 99.0 2.0 0.53
EDD006 0.0 10.6 10.6 1.03
inc. 2.6 3.0 0.4 1.89
inc. 4.7 5.1 0.4 1.23
inc. 6.5 7.0 0.5 1.01
inc. 7.4 7.8 0.4 1.80
inc. 8.6 9.0 0.4 2.25
inc. 9.0 9.4 0.4 3.45
inc. 9.4 9.8 0.4 1.98
inc. 9.8 10.6 0.8 1.30
EDD006 26.1 28.1 2.0 0.45
EDD006 31.7 35.7 4.0 0.64
EDD006 40.0 44.0 4.0 0.40
EDD006 48.0 53.0 5.0 1.38
inc. 50.0 51.0 1.0 1.19
inc. 52.0 53.0 1.0 4.88
EDD006 112.4 116.4 4.0 0.33
EDD006 124.9 131.9 7.0 0.83
inc. 125.9 126.4 0.5 2.54
inc. 126.4 126.9 0.5 1.31
inc. 130.9 131.4 0.5 1.05
Table 2: Details of ECR Diamond Drill Holes,
Itogon Gold Project, Philippines
Hole Total Depth Azimuth Declination RL
ID (m) (°) (°) (m)
EDD001 206.3 45 -60 1347.4
EDD002 112.0 45 -60 1181.2
EDD003 121.2 45 -60 1203.9
EDD004 131.3 45 -60 1214.3
EDD005 100.0 45 -60 1194.6
EDD006 137.0 45 -50 1320.8
Table 3: Mineralised Intervals, Trenches TR08-09 Itogon Gold Project, Philippines
Trench ID From To Width Gold (g/t)
(m) (m) (m)
TR08 2.0 14.0 12.0 0.43
24.0 26.0 2.0 0.66
TR09 0.0 42.0 42.0 2.54
inc. 2.0 3.0 1.0 5.32
10.0 11.0 1.0 16.74
28.0 29.0 1.0 42.29
29.0 30.0 1.0 8.78
34.0 35.0 1.0 4.51
40.0 41.0 1.0 5.11
NB:
Mineralised intervals were calculated as weighted averages using
a cut-off grade of 0.30 g/t gold and a maximum of 2.0m internal
dilution. As a result certain reported intervals contain discrete
higher grade intervals that are separated by lower grade
mineralisation. In these cases the internal higher grade intervals
are also reported. No top cut has been applied in calculating
mineralised intervals. All widths given in this announcement are
apparent width.
A map showing the location of the drill holes and trenches may
be viewed at:
http://www.ecrminerals.com/drill-holes-and-trenching-programme
QA/QC
A secure chain of custody was maintained in the transport and
storage of all samples, which were shipped to and analysed by
Intertek Testing Services Philippines, Inc. ("Intertek"), an
internationally accredited independent analytical laboratory in
Metro Manila. Sampling was carried out under geological
supervision. Upon arrival at Intertek samples were sorted, dried
(if necessary), crushed, split and pulverised. The method of
analysis for gold was fire assay (50g charge) with AAS finish.
QA/QC measures including the use of certified standards were
implemented by ECR and separately by Intertek in relation to the
analysis of the samples. The assay data reported is considered
acceptable in the context of these measures. Assay values have been
expressed in this news release as g/t gold but are received from
Intertek expressed as ppm gold. For the purposes hereof ppm gold
and g/t can be considered equivalent.
The contents of this announcement have been reviewed by Dr Chris
Wilson PhD, FAusIMM (CP), FSEG, a geologist with the consultancy
Exploration Alliance, which has been engaged by ECR in connection
with the Itogon project.
ABOUT ECR
ECR is a mineral exploration and development company with, among
other interests, the right to earn a 50% interest in the Itogon
gold project in the Philippines. Itogon is an advanced exploration
project located in a gold and copper mining district in the north
of the Philippines.
ECR has a 100% interest in the SLM gold project in La Rioja
Province, Argentina, the exploration strategy for which is to
delineate multiple medium to high grade, low tonnage deposits
suitable for advancement to production on a relatively low capital,
near term basis.
ECR continues to review potential new investments on a highly
selective basis, with a concentration on precious, base and
strategic metals projects in Asia and South America.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010William (Bill) Howell,
Non-Executive ChairmanStephen Clayson, Director & CEORichard
(Dick) Watts, Technical Director
Email: info@ecrminerals.comWebsite: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)207 148 7900Nominated
AdviserEmma Earl/Jo Turner
Daniel Stewart & Company plc Tel: +44 (0)20 7776
6550BrokerMartin Lampshire
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such
statements may be subject to a number of known and unknown risks,
uncertainties and other factors that could cause actual results or
events to differ materially from current expectations. There can be
no assurance that such statements will prove to be accurate and
therefore actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward looking statements. Any
forward looking statements contained herein speak only as of the
date hereof (unless stated otherwise) and, except as may be
required by applicable laws or regulations (including the AIM Rules
for Companies), the Company disclaims any obligation to update or
modify such forward looking statements as a result of new
information, future events or for any other reason.
GLOSSARY
AAS: atomic absorption spectroscopy
assay: a test performed on a sample of ores or minerals to
determine the amount of valuable metals contained
diamond drilling: a type of rotary drilling that utilises a
fluid lubricated and cooled cylindrical diamond drill bit. As the
drill bit cuts into the rock a cylindrical core of rock is
recovered in the core barrel
epithermal: mineralisation produced by near surface hydrothermal
fluids related to igneous activity; originally defined as having
formed in the range 50-300°C
feeder zone: a structure or fracture up which mineralizing
fluids travel. In the context of an epithermal mineralized system,
feeder zone refers to a potentially high grade mineralized zone,
which acted as the conduit for significant fluid flow
g: grams
g/t: grams per tonne
m: metre
oxidation: a chemical reaction caused by exposure to oxygen that
results in a change in the chemical composition of a mineral
oxide gold blanket: said of gold that has been liberated from
sulphides during the process of oxidation to form a surficial,
sub-horizontal to horizontal zone or 'blanket'
ppm: parts per million
RL: reduced level; calculated elevation in relation to a
particular datum
t: tonne
trench: a long, narrow excavation dug through the upper parts of
the soil profile or overburden to expose bedrock veins and
structures
silicification: a hydrothermal alteration assemblage dominated
by silica
supergene enrichment: said of a mineral deposit formed at or
just below the Earth's surface, generally through downward
percolation of rainwater, resulting in liberation of gold through
oxidation of sulphides, and its concentration and enrichment within
a given horizon
vein: material which was chemically deposited by fluids within a
rock fracture; veins exhibit a range of textures and minerals,
depending primarily on the temperature, depth, and composition of
the fluid and host rock; may also contain a small amount (<10%)
of entrained host rock and/or vein clasts
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