logo-loader

ECR Minerals encouraged by sampling at Itogon gold project

Published: 21:18 19 May 2014 AEST

gold_bar_350_537a04fd1db2a

ECR Minerals (LON:ECR) shares rose as it announced positive assays from surface and underground sampling at the Itogon gold project in the Philippines.

The firm said the work confirmed that the gold mineralisation there was likely to be of economic interest.

The studies were carried out after a GPS based geological mapping exercise, which located certain outcrops for sampling.

In all, 18 outcrops and four underground workings were mapped and subsequently sampled.

On the surface, highlights include 18 metres (m) at 8.006 ppm (parts per million) gold (Au), 40m at 2.338 ppm Au and 22m at 1.883 ppm Au.

Underground sampling returned grades of up to 48.4 ppm gold

The results from recently completed drilling at Itogon are expected later this month, the company said.

ECR chief executive Stephen Clayson said: "The grades and extent of the outcropping mineralisation tested by our surface channels are encouraging, as are the grades returned by our sampling underground.

"Assay results from the recently completed drilling at Itogon are expected later this month and will provide further insight into the potential of the project.”

Broker Daniel Stewart noted the results consisted of 171 surface and 41 underground samples and has calculated an overall weighted average in-situ grade of 1.87 g/t of the yellow metal.

ECR can earn up to 50% of the project and it has negotiated a term of five years, in which to complete of a resource estimate exceeding 200,000 ounces contained gold equivalent. 

Shares rose 3.7% to 0.28p.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

13 hours, 1 minute ago