ECR Minerals plc New Australian Gold Exploration Licence Issued
July 18 2017 - 3:10AM
UK Regulatory
TIDMECR
AIM: ECRUS OTC: MTGDY
ECR MINERALS plc ("ECR Minerals", "ECR" or the "Company")
NEW AUSTRALIAN GOLD EXPLORATION LICENCE ISSUED
LONDON: 18 July 2017 - The directors of ECR Minerals plc are
pleased to announce that the Company's wholly owned Australian
subsidiary Mercator Gold Australia Pty Ltd ("MGA") has been issued
a new gold exploration licence (EL006280) in Victoria, Australia.
This licence is to be known as the Moormbool project, and lies
within the highly prospective Costerfield Domain. The licence is
centred approximately 10km northeast of the high-grade Costerfield
gold-antimony mine operated by Mandalay Resources.
About the Moormbool project (EL006280)
The Moormbool licence covers approximately 59 square kilometres
and covers an area linking the Redcastle and Graytown goldfields
east of a large regional fault. Due to pervasive alluvial cover,
the licence area is largely unexplored.
In close proximity to this regional structure and included
within the licence is a magnetic anomaly interpreted to be a small
intrusive plug or cupola. The Company interprets that if this is an
intrusion, it may be genetically linked to the source of the gold
mineralisation and a good target for exploration.
EL006280 was registered on 11 July 2017 and is valid for a term
of five years from that date, subject to the conditions of the
licence. The principal conditions include a requirement for minimum
exploration expenditures totalling AUD 136,950 over the five years.
Only low impact exploration may be undertaken in the licence area
until a work plan submitted by MGA has been approved by the
Victorian authorities. MGA does not expect to submit a work plan
until targets for drilling have been identified.
Results from drilling at the Bailieston project (EL5433)
592 m of RC drilling was completed at the Bailieston project in
June to test anomalies along the Maori trend, the Scoulars trend,
and associated with the historic workings around the Byron Shaft,
Samples were collected on one metre intervals and have been
submitted to an independent laboratory for analysis using a bulk
leach methodology. The Company is expecting to receive the results
from the laboratory shortly and will update Shareholders as soon as
the results have been consolidated and checked.
Craig Brown, CEO of ECR, commented:
"Like the Bailieston project, the Moormbool tenement is situated
at the heart of one of the principal modern-day mining districts in
Victoria, and provides a readily accessible opportunity to explore
for epithermal gold-bearing quartz veins, quartz stockworks and
disseminated sulphides. The attractiveness of these target types is
demonstrated by the success of the Fosterville and Costerfield
mines nearby."
Qualified Person
Information disclosed in this announcement has been reviewed by
ECR's qualified person, Ivor Jones, Executive Director and Chief
Operating Officer of the Company and a Competent Person within the
meaning of Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves' (the JORC Code) and for the
purposes of the AIM Rules.
Mr Jones holds a BSc (Hons) in Geology from Macquarie University
and an MSc in Resource Evaluation from the University of
Queensland. He is a Fellow and Chartered Professional (Geology) of
the Australasian Institute of Mining & Metallurgy (AusIMM) and
a Member of the Joint Ore Reserves Committee (JORC).
ABOUT ECR
ECR is a mineral exploration and development company. ECR's
wholly owned Australian subsidiary Mercator Gold Australia has
acquired 100% ownership of the Avoca, Bailieston, Moormbool and
Timor gold projects in Victoria, 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.
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: +44 (0)20 7929 1010
William (Bill) Howell,
Non-Executive Chairman
Craig Brown, Director & CEO
Ivor Jones, Director & COO
Email: info@ecrminerals.com
Website: www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)20 7213 0880
Nominated Adviser
Emma Earl / Jo Turner
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Broker
Graeme Dickson
FlowComms Tel: +44 (0)7891 677 441
Investor Relations
Sasha Sethi
Blytheweigh Tel: +44 (0)20 7138 3204
Public Relations
Tim Blythe / Camilla Horsfall
/ Nick Elwes
FORWARD LOOKING STATEMENTS This announcement may include forward
looking statements. Such statements may be subject to numerous
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
because of new information, future events or for any other
reason.
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(END) Dow Jones Newswires
July 18, 2017 03:10 ET (07:10 GMT)
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