Progress Update - Australian Gold Exploration
(“ECR Minerals”, “ECR” or the “Company”)
PROGRESS UPDATE - AUSTRALIAN GOLD EXPLORATION
(LON: ECR), the gold exploration and development company focussed on , is pleased to provide the following update on its activities, which are carried out through its wholly owned Australian subsidiary (“MGA”).
MGA has commissioned Dr to carry out a lithogeochemical study of cuttings (chips) generated by reverse circulation (RC) drilling at the Creswick project in 2019. is a preeminent consulting geochemist in , whose experience includes extensive consultancy at the highly successful Fosterville gold mine in owned by Kirkland Lake Gold.
will be working with fresh (unoxidised) RC chips from Creswick to determine whether the observed quartz veining is associated with the presence of ferroan carbonate. Ferroan carbonate is intimately associated with all Central Victorian gold deposits that have not been contact metamorphosed.
The amount of ferroan carbonate generally increases as mineralised structures are approached. It can therefore be used for vectoring within alteration systems associated with gold mineralisation, particularly when integrated with geochemical data, and can be used to distinguish between mineralised and non-mineralised quartz veins. The results of the study are anticipated to be valuable for the purposes of future exploration at the Creswick project. Further updates will be provided in due course.
Further to the Company’s announcement dated , MGA has been granted an additional exploration licence comprising part of the Windidda project in the north-eastern Yilgarn region of . MGA has withdrawn three exploration licence applications over areas now considered to be less prospective, and one further application remains in process.
The westernmost part of the Bailieston licence is approximately 30km east of Kirkland Lake Gold’s Fosterville gold mine, and abuts an exploration licence applied for by to the north.
ECR is considering a number of potential exploration programmes for the Bailieston project, including further drilling at the Blue Moon prospect, where 2019 reverse circulation (RC) drilling by MGA returned an intercept of 2 metres at 17.87 g/t gold within a zone of 15 metres at 3.81 g/t gold from 51 metres in BBM007 (see announcement dated for full details of this drilling programme and its results), and soil and stream sediment sampling in the Cherry Tree South and Ponting’s areas.
, Chief Executive Officer, commented:
“With the gold price having recently exceeded , the equivalent of almost AUD 2,400 in Australian dollar terms, there is currently a very high level of interest in gold exploration and mining in , including in and .
As well as seeking to add value through our own exploration activities, ECR is considering potential transactions which may create value for the Company and its shareholders. Although there can be no guarantee that any transaction will be progressed, the board are encouraged by the number of opportunities that are available. Further updates will be provided as appropriate”
Review of Announcement by Qualified Person
This announcement has been reviewed by Dr of provides geological services to , including the services of , who has a PhD in geology, is a Member and RPGeo of the and is a Member of the . 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 (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration projects in central and the Windidda project in the Yilgarn region, .
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 . An NI43-101 technical report was completed in respect of the Danglay project in and is available for download from ECR’s website.
- Lithogeochemical study by preeminent consulting geochemist commissioned for Creswick gold project in ;
- Exploration options for Bailieston project in being reviewed with the MGA technical team - programme to be announced shortly;
- Additional exploration licence granted at the Windidda project in ;
- Business development - the Company continues to review its commercial options for MGA’s Victorian gold projects following expressions of interest from third parties.
Tel: +44 (0)20 7929 1010
, Non-Executive Chairman
, Director & CEO
Tel: +44 (0)161 832 2174
Tel: +44 (0)1483 413500
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Market Cap: £2.1 m
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