TIDMECR
25 June 2019
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Gold Exploration Commences - Timor Gold Project - Australia
ECR Minerals plc (LON:ECR), the precious metals exploration and
development company, is pleased to announce the commencement of
gold exploration activities at the Timor Gold Project (the
"Project") in Victoria, Australia.
The Timor Gold Project is one of five projects held by ECR in
the Victorian Goldfields region and has been the subject of a
review by the ECR technical team to assess gold prospectivity and
to determine the forward exploration approach.
A map of the Project and its location may be viewed through the
following link:
https://www.ecrminerals.com/images/2019/06/24/mapecr.jpg
Craig Brown, Chief Executive Officer commented: "I am extremely
pleased to announce that our review of the Timor Gold Project has
now been completed, highlighting multiple gold exploration targets
within the project area.
Most of the targets identified to date relate to previously
mined areas within the Project and our work will be focused on the
areas occupied by the more historically successful gold producing
operations.
It is evident that most of the historical gold mines have not
been developed fully at depth and that processing challenges
stopped production in some cases, including certain remarkably
high-grade gold deposits where production grades of up to 217 g/t
or 7 oz/t are recorded.
Application of modern mining and processing techniques could
open up significant gold production opportunities at Timor and this
is our ultimate operational objective for the project.
ECR now has active exploration and development underway at three
projects within the Victorian goldfields, including Bailieston,
Creswick and Timor, with news expected across all three projects in
the coming weeks.
In addition, we expect to complete our internal review of Avoca
and Moormbool Projects in the near term, and further information
will be provided in this regard in due course."
Highlights:
-- Timor Gold project is located in Victoria Australia and held under exploration licence EL006278;
-- Historical records demonstrate that the Maryborough goldfield has produced over 640,000 ounces of gold from hard-rock and alluvial sources, with 220,000 ounces mined from hard-rock operations at an average grade of 14g/t gold; See references below.
-- Two major fault zones have been identified on the Project, namely the Shaw-McFarlane Fault Zone ("SMFZ") and the Leviathan-Mariners Fault Zone ("LMFZ"), which are responsible for the majority of the hard-rock gold production;
-- The SMFZ has been shown to have consistently produced high grade gold mines along its length with Shaw's Reef, McFarlane's Reef and Havelock Monte Christo having recorded production at average grades ranging from 22g/t gold to 217 g/t gold with certain operations having been impacted by metallurgical challenges; See references below.
-- Opportunities exist within the SMFZ to identify and process gold mineralisation at potentially very high grade by applying modern processing techniques to resolve processing challenges that limited production many years ago;
-- The LMFZ hosts a large number of variably sized reefs that occur within the fault zone. These reefs are associated with diorite dykes and generally offer larger gold targets, albeit at lower grade compared to the SMFZ and historical mining records demonstrate that mining activities were often to relatively shallow depths;
-- Most of the LMFZ is under shallow alluvial cover which produced a considerable amount of gold in the early days of the Maryborough gold rush of the 1850s;
-- Both the SMFZ and the LMFZ have potential for modern open cut and underground mining techniques, because of the scale of the deposits present;
-- A program of reconnaissance rock dump sampling from the old workings is to be undertaken initially, along the two fault zones, to establish the style of gold mineralization;
-- Subject to the findings from the sampling programme this may be followed by a grid-based GPS pXRF survey for antimony and arsenic as pathfinders to gold mineralization where outcrop or shallow cover exists;
-- Thereafter a scout Rotary Air Blast ("RAB") drilling program on the best developed targets may be undertaken;
-- Further information to follow as each step of the exploration programme is implemented and the results interpreted.
COMPETENT PERSON STATEMENT
This announcement has been reviewed by Neil Motton BAppSc
(Hons), MAusIMM (CP), FSEG, a geological consultant to the
Company's wholly owned subsidiary Mercator Gold Australia Pty Ltd
with more than 30 years of professional experience. Mr Motton is a
qualified person as that term is defined by the AIM Note for
Mining, Oil and Gas Companies.
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
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR's
wholly owned Australian subsidiary Mercator Gold Australia Pty
Limited has 100% ownership of the Avoca, Bailieston, Creswick,
Moormbool and Timor gold exploration licences in central Victoria,
Australia and the Windidda Gold Project in the Yilgarn Region,
Western 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.
References:
HOWITT, A.M., 1913. The Maryborough goldfield. Geological Survey
of Victoria Memoir 11. Department of Mines, Victoria, 76 pp.
Whitelaw, H.S., 1899, Antimony Ores in Victoria. Geological
Survey of Victoria Special Report.
ANON., Undated. Leviathan Gold Mines, Maryborough. Map showing
Mining Lease areas, locations of shafts, reefs, alluvial leads
composite level plans for mines, etc. Plan No 1757/B/1.
ANON, 1888, Lands held under Leases for Gold Mining, Shaw's
& Mariner's Reef, Maryborough. Register for Mining Registrar
for March, 1888.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190625005530/en/
This information is provided by Business Wire
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