Irish Zinc Portfolio Update

RNS Number : 5823F

Erris Resources PLC

22 February 2018

 

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

22 February 2018

Erris Resources plc

("Erris Resources" or the "Company")

Start of Drilling at Abbeytown and new Galway Project, Ireland

Erris Resources plc, the European focused mineral exploration company with a portfolio of zinc prospects in Ireland and gold projects in Sweden, is pleased to provide an update on its operations in Ireland. At the 100% owned Abbeytown project in County Sligo, Erris Resources has completed in-fill soil geochemistry surveys and started drilling at the Skreen prospect. Drilling at Skreen is part of a programme to test high priority zinc targets in the Abbeytown district. 

Additionally, Erris Resources has applied for eighteen new contiguous prospecting licences in an area east of Galway, County Galway (the "Galway Project"). The licence application covers 673km², located in an unexplored setting analogue to and approximately 40km west of the Tynagh deposit.

Highlights

●     292 infill soil geochemistry samples taken at Skreen, Lugawarry and Streamstown

●     Phase One 5,000m drill programme started at Skreen to test high priority Zn targets

●     18 new licence applications made over the new Galway Project area

Erris Resources CEO, Merlin Marr-Johnson, said, "We are pleased to report that drilling has started at Skreen, the westernmost target at the Abbeytown zinc project. As part of this Phase 1 5,000m drill programme, Erris Resources will drill approximately 1,500m at Skreen as it hosts a number of high priority targets within the Abbeytown district. 

We have also expanded our land position in Ireland through an application for eighteen licences covering 673km² which make up the new Galway Project. The licence application covers a prospective block of the southwestern continuation of the Carboniferous zinc trend of the Irish Midlands that has been opened up by the release of new data generated by the Government funded Tellus geophysical survey. We have used this new data and integrated it with our inhouse data to identify potential new targets. This type of new project generation is in line with our stated objective to identify low-cost opportunities that have the potential to create shareholder value."

Further Information

Abbeytown, County Sligo, Ireland

Erris Resources has completed in-fill soil geochemical surveys at the Streamstown, Lugawarry and Skreen prospects. Existing soil sampling at 50m was carried out on lines spaced 200m apart and Erris Resources has completed infill lines across the main anomalies to reduce the grid spacing to 100m x 50m.  At Skreen, soil geochemical lines were extended where soil anomalies were previously open-ended.  All 292 samples have been submitted for assay and results will be incorporated into the geological model and will assist drill targeting.

A 5,000m Phase One diamond core drilling programme is underway at the Abbeytown Project.  Erris Resources has four main target areas to be tested as part of this programme: Skreen, Lugawarry, Streamstown and Abbeytown. The table below shows the planned number of drill meters at each area.  Work is currently focused on Skreen where drilling will test the main north-northeast trending historic soil anomaly (>150 ppm Zn) which is approximately 3km long and 1.75km wide at its widest.

Abbeytown Project Drill Programme
Prospect	Meterage Allocation (approximate)
Abbeytown	2,000m
Streamstown	750m
Lugawarry	750m
Skreen	1,500m
TOTAL	5,000 m

Galway Project, County Galway, Ireland

Erris Resources has applied to the Exploration and Mining Division for eighteen contiguous Incentive status (as detailed below) prospecting licences in an area east of Galway, County Galway.

The area is prospective for zinc-lead-silver-copper mineralisation. Near Galway there are historic lead workings at Oranmore, soil anomalies at Rinnmore (now an urban area) and two other base metal occurrences. The licences are located approximately 40km west of the Tynagh Mine which hosted 9.4Mt at 3.2% Zn, 3.0% Pb, 0.3% Cu and 1 oz/ton Ag, and they cover similar geology to Tynagh. The Tynagh mine operated from 1965 to 1981 and was the start of a new mining era in Ireland, leading to the development of base metal mines at Silvermines, Gortdrum, Navan, Galmoy and Lisheen.

The area is not well explored, largely due to poor outcrop. New road cuttings and the recently released government funded Tellus geophysical survey provides new data into one of the least-mapped parts of Ireland. Geophysical data shows several major structures extending southwest from the Irish Midlands and complex basin margins with Carboniferous-age lithologies that host all of the Irish zinc deposits. The Erris Resources selection is based on a reinterpretation of the geological potential combining historical and new data sets.  In addition, regional Geochemical data, also part of the Tellus Survey, is due to be released in Q1 2018.

All of the prospecting licences have Incentive status, which under Irish law have reduced fees and minimum expenditure requirements. 

Prior to developing drill targets, Erris Resources' work will comprise integration of new and historic data, soil sampling across structures, rock chip sampling on new road cuts, and application of new models.

Technical Background

Drilling at the Abbeytown Project is being done by Drilling 2000.  Core diameter is NQ (47.6 mm) and after photographing and logging, core intervals averaging 1-2 metre for mineralised samples will be cut in half at Erris Resources' core facilities in Ballysadare, County Sligo.  Samples for assay will be sent to ALS Global laboratories in Loughrea, Ireland.  Tellus Geophysical data was reprocessed by Williams Geophysics Ltd. in the UK.

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.

*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 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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