TIDMBMR
RNS Number : 4891X
BMR Group PLC
22 February 2017
BMR Group PLC ("BMR" or the "Company")
Update, Ester Licence, Northern Portugal
On 11 November 2016, BMR entered into an option to acquire an
80% interest in an exploration concession for tungsten, tin and
potentially other minerals including gold and silver, over the
property known as 'Ester' in Northern Portugal with previous
historic workings (the "Ester Project").
BMR is pleased to announce the results of its first exploration
campaign at the Ester Project, which was undertaken in conjunction
with BMR's partner Mineralia-Minas, Geotecnia E Construcoes, LDA
("Mineralia"). BMR has to date expended EUR60,800 on the Ester
Project, as a result of which it is now required to spend a further
EUR39,200 to fulfil the payment terms of Minerlia Option Agreement
whereupon the option will become exercisable until 10 November
2017.
Background
The Ester Project includes, within its 327.7 sq. km, the
historic Rio de Frades ("Frades") and Regoufe Tungsten ("Wolfram")
mines. In addition, there are numerous official and unofficial
small scale surface workings, old mine adits and dumps reflecting
the intensity of historic mining activity and the extent of the
mineralisation on the licence.
The Ester licence lies approximately 70 km north of Portugal's
only operating Tungsten mine at Panasqueira.
Geological field campaign
The field campaign ran between 21 November and 15 December 2016,
during which time all the field samples collected were shipped to
Wheal Jane Laboratories in Cornwall for a 28 element Inductively
Coupled Plasma ("ICP") scan and precious metals analysis.
Overview and Results
The Board believes that the combination of (i) field sample
assay results (ii) examination of historic mining data and (iii)
limited structural analysis have identified multiple target areas
within the Ester project.
These initial results have enabled BMR to define five
high-priority targets for immediate further examination within the
Regoufe Granite area of the Ester Licence, each hosting potential
vein-style tin-tungsten (Sn-W) mineralisation with possible gold
(Au), silver (Ag) and lithium (Li) credits. These have been
designated:
-- Regoufe Mine Area
-- Regoufe Mine Interchange
-- Silvieras
-- Regoufe North
-- Drave
Selected best results from the 87 samples collected include
4.7g/t Au; 46.1g/t Ag; 2.07% Sn; 0.5% W and 0.12% Li. These are
summarised by target areas below and, in the Board's opinion, serve
to illustrate the potential of the entire licence area.
The source of mineralisation for a previously undiscovered Roman
alluvial gold mine at Janarde will also form part of a future
exploration campaign.
Comparison with other Tungsten operations
Ester's geological mineralised quartz vein structures appear to
share many similarities with Wolf Mineral's Drakeland Mine in Devon
(declared resource grades of 0.18% W and 0.03% Sn), which provides
an interesting bench mark with which to compare the Company's
results so far.
Further comparison can be made with Panasqueira's declared and
indicated 0.23% WO(3) grade (0.18% W).
A map showing the location of Regoufe Granite target areas can
be found on the Company's website.
Regoufe Mine Area
The Regoufe Mine area comprises a 500m x 500m area of historical
surface workings and extensive underground workings (of currently
unknown size and scale). The stacked quartz veins at the mine were
historically exploited for tungsten. Rock chip samples of this
material collected from the old mine waste dumps and adjacent
workings have yielded best results as follows 0.1g/t Au, 20g/t Ag,
0.68% Sn and 0.3% W.
Regoufe Mine Interchange
Regoufe Mine Interchange is located 1km to the North East from
the Regoufe Mine and comprises a series of large scale waste dumps
and historically worked, outcropping quartz veins from the
surrounding metamorphic rocks. One dump of unknown volume measures
200m x 50m, and is rich in arsenopyrite-bearing quartz vein
material, yielding the best assays as follows 4.7g/t Au, 11.5g/t
Ag, 2.07% Sn and 0.2 %W.
Further potential exists in the un-mined veins both along strike
and at depth and within granite inclusions which outcrop in the
vicinity.
Silvieras
Silvieras is located to the north of the Regoufe Granite where
there is evidence of smaller scale historical mining of quartz
veins and quartz breccias. Dump material has been collected from a
300m x 300m area of small scale workings where the best rock chip
sample results were 1.4g/t Au, 2.6g/t Ag, 0.47%Sn and 0.5%W.
Regoufe North
Regoufe North is located in the central-eastern portion of the
Regoufe Granite and sandwiched between the historic Regoufe Mine
Interchange and Silvieras Mines. It is thought to represent a
continuation of the vein-style and disseminated mineralisation
found both at Regoufe and Silvieras.
Best rock chip samples results were 46.1 g/t Ag, 0.11 % Cu and
0.43 % Sn.
Potential exists where mineralised quartz vein material outcrops
over a 700m x 400m area and appears to have been scarcely exploited
by historic miners.
Drave
Drave is located 1km to the south from the Regoufe Mine where
there is evidence of dense historical workings over a 500 m x 300 m
area with sparser indications of historical workings noted from
aerial photographs covering an area up to 2km x 1 km. The best rock
chip samples from quartz veins in waste material have yielded 1.2
g/t Ag, 1.36 % Sn and 0.48% W.
Other prospects
Further potential exists in the wider area associated with the
Regoufe Granite where to date only one site, Gourim, has been
visited. This prospect is 1.5 km to the SE of the Regoufe Mine and
comprises a small 400m long x 100 wide accumulation of historical
workings. The best results yielded 0.99 g/t Au, 29.8 g/t Ag and
0.1% Sn. Each of the five samples taken at Gourim contained
anomalous silver.
Future Work programme
As a substantial number of the samples collected from the old
mine dumps returned high grade W, Sn, Au and Ag values, BMR intends
to combine these samples for early stage metallurgical scoping test
work. The intention is to target these historic mine dumps for
potential early re-treatment. In support of this strategy, BMR
intends to undertake a detailed sampling programme of the largest
mine dumps to establish the in-situ grade.
Additionally, a detailed mineralogical examination will be
carried out on ten selected samples by Petrolab in Cornwall.
Finally, a structural survey of the entire Ester licence will be
commissioned to help target future field work. This will assist in
identifying potential drill targets to explore the underlying
extent of further mineralisation initially adjacent to the historic
Regoufe and Frades mines.
This announcement has been reviewed by Ms Steph Wilks, Group
Geologist, Master of Earth Sciences (MSci Hons, Geology) Royal
School of Mines - Imperial College.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
Alex Borrelli, CEO and Chairman, commented: "We are pleased with
these early stage results at the Ester Project which we expect to
augment the Company's asset base as our sampling programme
continues."
For further information:
BMR Group PLC 020 7734 7282
Alex Borrelli, CEO and Chairman
WH Ireland Limited 020 7220 1666
NOMAD and Joint Broker
Chris Fielding, Head of Corporate Finance
Nick Prowting, Manager
Peterhouse Corporate Finance 020 7469 0930
Joint Broker
Lucy Williams/ Duncan Vasey/ Heena Karani
This information is provided by RNS
The company news service from the London Stock Exchange
END
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