Abbeytown Drill Results

RNS Number : 6547T

Erris Resources PLC

05 July 2018

 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

Erris Resources plc / EPIC: ERIS.L / Market: AIM / Sector: Mining

5 July 2018

Erris Resources plc

('Erris Resources' or the 'Company')

High Grade Mineralisation Intersected at Abbeytown Zinc-Lead-Silver-Copper Project, Ireland

Erris Resources plc, the European focused mineral exploration company with a portfolio of zinc and base metals projects in Ireland and gold projects in Sweden, is pleased to announce first drill results from the surface diamond drilling programme underway at its 100% owned Abbeytown zinc project in County Sligo, Ireland.  

Highlights

●     The mineralised intervals below were all intersected in drill hole ERAB001

o  4m grading 10.85% Zn & Pb combined and 31.1g/t Ag from 163m to 167m

o  3.5m grading 6.34% Zn & Pb combined and 54.4g/t Ag from 129m to 132.5m

o  2.5m grading 7.40% Zn & Pb combined, 1.02% Cu and 29.5g/t Ag from 149m to 151.5m

o  2.3m grading 9.03% Zn & Pb combined and 28.4g/t Ag from 157m to 159.3m

●     Intersected strong mineralisation within basal shale for the first time thereby opening up new target potential

Erris Resources CEO, Merlin Marr-Johnson, said, "We are excited by these results from this first hole as they confirm the mineralisation from the old Abbeytown mine continues south of the current workings. These results have also opened up new targets in the shale horizons at depth which were not previously considered prospective. The target zone is still open to the south from this hole, and the presence of copper in the core is consistent with a metal zonation that can also be seen in the mine.

"Further definition of mineralisation in the current drilling will add to our confidence that Abbeytown has the potential to host extensions of the mineralisation from the mine workings. We look forward to updating the market with further results as the work develops "

Further Details

A surface diamond drilling programme is underway at the Abbeytown project, with work focussed on the area south of the old mine.  The programme is designed to test strike and depth extensions of the mineralisation away from the old mine. The first hole in this programme, ERAB001, is drilled at an inclination of -60^o and an azimuth of 287^o, approximately 320m south of the historic workings.

Calcite-pyrite veins were common in the top 80m of ERAB001 along with some breccias. Dissolution breccias began to appear at 107m with pyrite and are now recognised to be a common feature of the mineralisation in the Abbeytown area.  Sphalerite and galena first appear in the marker Index Bed and are present in disseminations and bands within the crinoidal limestone until 140.5m.  The strongest mineralisation in this zone is seen in a 3.5m intersection between 129.0m and 132.5m.

The lower stratigraphic marker horizon, the Lower Grit Formation, was intersected between 149.15m and 153.55m, including a 2.5m mineralised intercept from 149.0m to 151.5m. The lower grit formation overlies the Ballysadare Shales and, unlike in earlier holes, the Ballysadare Shales contained a jigsaw breccia with a calcite-pyrite-sphalerite-galena-chalcopyrite fill. Within the shales, mineralisation is present between 157.0m and 167.0m, including two higher grade intervals of 2.3m and 4.0m respectively, as shown in Table 1, below.

The presence of mineralisation in the shales is particularly interesting as it highlights that the mineralising fluids do not necessarily need chemically reactive limestone to act as a host. This increases the potential range of new targets in the district.

Table 1 Highlighted intersections from ERAB001.

Hole ID	From m	To m	Interval m	Ag g/t	Cu %	Pb %	Zn %	Zn + Pb%
ERAB001	129.0	132.5	3.5	54.4	-	2.62	3.72	6.34
ERAB001	149.0	151.5	2.5	29.5	1.02	4.15	3.25	7.40
ERAB001	157.0	159.3	2.3	28.4	0.10	4.26	4.47	9.03
ERAB001	163.0	167.0	4.0	31.1	0.06	6.20	4.65	10.85

The grades reported are the length-weighted averages of the zinc, lead, copper and silver grades. The combined grade reported above is the sum of the zinc and lead (Zn + Pb) as shown in the last column.

Composites are generated using a length weighted average for assays >2% Pb+Zn, maximum total length of waste 2 m, maximum consecutive length of waste 1m. The true thickness of mineralised intervals in ERAB001 is interpreted to be approximately 50-60% of the sampled thickness.

Technical Background

All drill holes undergo geological logging, geotechnical logging, marking up, cutting and sampling. Collected samples are delivered to ALS Loughrea for multi-element analysis by using aqua regia leach and ICP-MS, with Ag / Cu / Pb / Zn over range assays automatically undergoing ore grade analysis by aqua regia and ICP-AES. CRMs, blanks and duplicates are inserted into the assay stream by Erris staff.

The technical information in this announcement has been compiled on behalf of Erris Resources by Aiden Lavelle. Aiden Lavelle (BSc (Hons), MSc, MIGI, P.Geo) is Erris Resources' chief operating officer. Mr Lavelle has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies, which outlines standards of disclosure for mineral projects. Mr Lavelle consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

See the Company website (www.errisresources.com/technical-reports) for maps and section.

*ENDS*

For further information visit www.errisresources.com or contact:

Merlin Marr-Johnson	Erris Resources plc	[phone]
David Hart/Liz Kirchner	Allenby Capital (Nominated Adviser)	[phone]
Erik Woolgar	Shard Capital (Joint Broker)	[phone]
Andy Thacker	Turner Pope Investments (TPI) Ltd (Joint Broker)	[phone]
Isabel de Salis/Gaby Jenner	St Brides Partners (Financial PR)	[phone]

Notes

Erris Resources plc (EPIC: ERIS.L) is an AIM quoted, European focused, discovery driven exploration company.  Supported by Canadian mining majors, Osisko Gold Royalties, which has a 18.9% interest in the Company, and Centerra Gold KB Inc, a wholly owned subsidiary of TSX listed Centerra Gold Inc., the Company has an established portfolio of zinc and base metals assets in Ireland and gold projects in Sweden, which it is looking to further build on.  Led by a highly qualified team with extensive corporate and sector experience, Erris Resources' strategy is to create shareholder value through commercial discovery of base or precious metal assets in proven mineral districts and in favourable European jurisdictions.

 

END

 

 

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