ECR Minerals (formerly Electrum Resources) plc is a diversified mining investment company with quality assets and the capability to undertake significant, value accretive transactions. ECR Minerals is dedicated to creating value for its shareholders through a process of finding value, adding value and realising value. In order to achieve this, Electrum Resources is able to access a pipeline of projects sourced from its global network and utilises the expertise of its directors and advisers.
ECR Minerals holds interests in the USA, Argentina, Indonesia, Thailand and Australia.
ECR Minerals shares up on "highly positive" metallurgical results from Argentinean gold project
ECR Minerals (LON:ECR, OTC:MTGDY) today unveiled 'highly positive" results from initial metallurgical tests on the Sierra de las Minas gold project in Argentina.
The findings from the wholly-owned project in the La Rioja province show that gold bearing material near surface could be processed to achieve high rates of recovery, said the firm.
They also move towards confirming the viability of the company's mine plan, it added.
Investors welcomed the news and as at 10.28am, the shares were up 3.43 per cent, to change hands at 1.21 pence.
Managing director Patrick Harford said the company was delighted with the findings.
"These results represent a significant step towards confirming the viability of our plan to mine and process high grade ore from the project area on a toll treatment basis, and discussions with a potential toll treatment partner have been initiated.
"ECR’s goal remains to commence small scale production operations at Sierra de las Minas before the end of the year and by doing so to develop an early cashflow from the project.”
Four 20kg samples were taken from parts of the 75,000 hectare project and sent for analysis. Two were taken from the El Abra prospect and one sample each was taken from the Maestro Agüero and Casas Viejas prospects.
Highlights included 37.8 g/t gold from the Abejas vein on El Abra and 54 g/t silver from Maestro Agüero.
The four samples were highly variable in terms of gold grades, indicating the possible presence of coarse grained gold, said ECR.
Four samples were also passed through a gravity concentrator and subjected to an intensive cyanide leach over 24 hours.Overall, gold extraction was excellent, exceeding 95 per cent in three out of four samples, said the firm.
Further testwork will be carried out in forthcoming months to confirm these results and drilling at the El Abra prospect remains scheduled to begin later this month.
Meanwhile, a programme of sampling at surface and within historical underground workings began last month and a number of samples have already been sent for assay and results are expected shortly.
