London, October 25, 2021--(Business Wire)--
("ECR Minerals", "ECR" or "Company")
(HR4) Drilling progress update of'Cherry Tree'
ECR Minerals plc (London Stock Exchange code: ECR) is a gold exploration and development company focused on gold exploration in Australia. It is pleased to introduce to shareholders the progress of the drilling of historical reserves 4, also known as "cherry tree", which is the company's Part of the Belliston project.
ECR Minerals plc owns 100% of the Bailieston project (EL5433), which is operated by its Australian wholly-owned subsidiary Mercator Gold Australia Pty Ltd ("MGA").
Craig Brown, CEO of ECR Minerals plc, commented: “I am pleased to announce that the Bailieston project has taken an important step forward and the drilling of HR4 (cherry tree) is about to be completed. As shown in the picture, the 1,545-meter diamond has been completed. Drilling In Figure 1, the MGA now has a more detailed understanding of the prospects, demonstrating historic percussion drilling results, which showed extensive low-grade mineralization zones with occasional high-grade interceptions."
"Once the last HR4 drilling is completed, MGA will return to the HR3'Byron' area to complete the drilling. In addition, MGA is waiting for the final drilling results of our recently completed diamond drilling in Creswick (EL6184). The last four drillings The hole is adjacent to the high-grade intercepts already reported by CSD003 (0.95m @ 9.93 g/t Au at 84.2m and 0.95m @ 23.58 g/t Au at 89.05m) (see the announcement on July 19, 2021). I look forward to it. Report further drilling results from HR3 and Creswick in the coming weeks."
To date, a total of 1,545 meters of diamond drilling has been completed in the Cherry Tree exploration area. The company is currently drilling the last hole (BCTDD010) before returning to complete the drilling of the HR3'Byron' area.
A visual inspection of the drill core BCTDD009 revealed the strongest quartz-sulfide vein drilled at Cherry Tree to date.
The directional diamond core has delineated a sulfide fault zone, which contains extensive low-grade gold mineralization emanating from the hinge zone of the central anticline.
To date, Cherry Tree has conducted a total of 1,545 meters of diamond drilling. The drilling has been completed using a drilling rig named "Midas" owned and operated by the company. This is the first time diamond drilling has been conducted in the deposit. Previous shallow percussion drilling was done by early prospectors in the late 1980s, and the results showed that extensive low-grade mineralized zones were accompanied by occasional high-grade (> 7 g/t Au) interceptions. The purpose of the'MGA' recent drilling was to test structural trends related to historical percussion drilling. For this reason, MGA has achieved success.
For the locations described in the following paragraphs, see the link to Figure 1 below.
https://www.ecrminerals.com/images/fig1_plan_bct_update_211021.png
The Cherry Tree exploration area was the subject of intensive shallow hard rock mining in the 19th century, and miners selectively removed narrow quartz to fill fault veins. Historical records show that the gold grade of these veins usually exceeds 50 g/t. The surface history work map shows a fault system running in the WNW direction from a concentrated anticline fold. This anticline connects the HR3 (Byron) exploration area with NNW, 2 kilometers away from NNW. MGA conducted its first drilling in the first half of this year. The Cherry Tree mine is located at a bend in the anticline (see Figure 1). The brittle deformation of the fine-grained sandstone in this bend is likely to lead to the development of the WNW fault zone and subsequent gold mineralization. Gold is closely related to arsenopyrite, so arsenic is a good local pathfinder element for gold mineralization.
It has been previously reported that the first diamond hole was drilled in Cherry Tree (BCTDD001, BCTDD002 and BCTDD003) (see the announcement on August 10, 2021). In summary, the BCTDD001 drilling successfully identified the location of the central anticline. BCTDD002 and BCTDD003 were drilled to test the downdip angle of the WNW fault system located in the central part of the gold mine. The best result is from BCTDD003 (0.5m @ 11.02 g/t Au from 98.85m). Continue drilling along the WNW fault zone at different points on the anticline, and the current drill hole (BCTDD010) is almost complete. Drilling revealed extensive low-grade mineralization zones.
For holes BCTDD004-BCTDD008, a summary of all drilling intercepts with reportable gold content greater than 1 g/ton Au is included.
*pXRF (portable X-ray fluorescence indoor analysis)
*Currently waiting for the results of the last 24 samples of the hole*
There are two extensive mineralization zones in this cave.
42.1m-48.6m (6.1m @ 0.63 g/t Au) or 3.89 grams over 6.1m (gram x length)
49.6m – 52m (2.4m @ 1.49 g/t Au) or 3.57 grams over 2.4m (gram x length)
The following boreholes were drilled around the highest grade and extensive mineralization intercept point found in BCTDD003. Mineralization is related to a 1-m wide fault zone mined near the surface.
*Currently waiting for 17 test results of the hole*
*So far, only the first 17m of this hole has been analyzed*
Another fault zone at the top of the hole: 5.4m @ 0.69 g/t Au or (3.71 gm)
Drilling of BCTDD002, BCTDD003, BCTDD007 and BCTDD008 showed that when we drilled westward from an anticline, the WNW fault was more open (expanded). A solid sulfide quartz vein over 2m wide was drilled at a depth of 146.5m. The geological logging and sampling of BCTDD009 are in progress. For detailed images of BCTDD009 core samples, please refer to the link in Figure 2 below.
https://www.ecrminerals.com/images/fig2_bctdd009_quartz.jpg
Although the drilling results at Cherry Tree so far have been disappointing recently, it must be emphasized that the structural interpretation of the Cherry Tree deposit can only be achieved by completing diamond drilling on multiple fault zones. When we drilled west of the anticline, the drilling of the last hole (BCTDD009) showed a significant improvement in vein quality and size. Currently, while waiting for the results, the rig will be moved to a more promising location at the northern end of the HR3 (Byron) Reserve, where soil samples show strong arsenic-antimony anomalies on the surface.
MGA is still waiting for the final drilling results of the diamond drilling we recently completed in Creswick (EL6184). The last four holes were drilled near the high-grade intercept in CSD003 (0.95m @ 9.93 g/t Au at 84.2m and 0.95m @ 23.58 g/t Au at 89.05m). MGA staff have begun sampling the soil around the expected outcrop of the quartz vein. If the result is positive, it will help characterize the decline in mineralization, and hopefully this will provide MGA with a better choice of future drilling targets.
Announcement reviewed by a qualified person
This announcement has been reviewed by Adam Jones, Director of ECR Minerals plc. Adam Jones is a professional geologist and a member of the Australian Society of Geoscientists (MAIG). He is a qualified person because the term is defined by the AIM instructions of mining, oil and gas companies.
Market Abuse Regulation (EU) No. 596/2014
The information contained in this announcement is deemed by the company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014 (MAR). After this announcement was released through the Regulatory Information Service (RIS), the inside information is now considered to be in the public domain.
For more information, please contact:
Craig Brown, Director and Chief Executive Officer
Katie Mitchell/Andrew De Andrade
ECR Minerals is a mineral exploration and development company. ECR's wholly-owned Australian subsidiary Mercator Gold Australia Pty Ltd ("MGA") owns 100% of the Bailieston and Creswick gold projects in central Victoria, Australia. Eight permit applications are pending, including two submitted in eastern Victoria Permit application. (Tambo Gold Project). MGA is currently drilling at the Bailieston and Creswick projects and has an experienced exploration team with extensive local knowledge in the Victorian gold mining area and the wider area.
ECR also owns 100% of the Australian subsidiary LUX Exploration Pty Ltd ("LUX"), which has three license applications covering a relatively undeveloped area in Queensland, Australia, covering an area of 900 square kilometers.
After the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-off of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX)), Mercator Gold Australia Pty Limited is entitled to receive payments of up to A$2 million, depending on the estimated future resources or production status of the project sold to Fosterville South Exploration Limited.
ECR has obtained a 25% interest in the Danglay gold project; an advanced exploration project located in the prolific gold and copper mining area in the northern Philippines, which has 43-101 compliant resources. ECR also holds royalties for the SLM gold project in La Rioja, Argentina, and may receive a total of up to $2.7 million in revenue in all licenses.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20211025005323/en/
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