Positive Drilling and Trenching Results from Itogon Gold Project,
Philippines
ECR Minerals plc
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
AIM: ECR
US OTC: MTGDY
POSITIVE DRILLING AND TRENCHING RESULTS FROM ITOGON GOLD PROJECT,
PHILIPPINES
LONDON: 18 JUNE 2015 - The directors of ECR Minerals plc (the
“Directors”) are pleased to announce positive results from diamond
drilling and trenching at the Itogon epithermal gold project, northern
Philippines. The drilling was completed in January-April 2015 and
comprised six diamond drill holes totalling 808m as detailed in Table 2
below. Mineralised intervals from the drilling are presented in Table 1
below. In addition, partial results of the ongoing trenching programme
at Itogon are presented in Table 3 below.
HIGHLIGHTS
* Mineralised intervals from diamond drilling (apparent width) include:
4.4m
at 2.12 g/t gold from surface in EDD004
7.5m at 0.89 g/t gold from
3.8m in EDD005
8.0m at 2.25 g/t gold from 77.0m in EDD005
10.6m
at 1.03 g/t gold from surface in EDD006
5.0m at 1.38 g/t from 48.0m
in EDD006
* Results from trenching include a mineralised interval (apparent width)
of 42.0m at 2.54 g/t gold; trenching is continuing and further assay
results are pending
* The diamond drilling and trenching results indicate the potential for
an extensive supergene enriched oxide gold resource from surface in the
main prospect area at the Itogon project
Discussion of Results
All diamond drill holes except EDD003 intersected near surface gold
mineralisation, with intercepts including 4.4m at 2.12 g/t gold from
surface in EDD004, 7.5m at 0.89 g/t gold from 3.8-11.3m and 2.9m at 1.55
g/t gold from 13.8-16.7m in EDD005, and 10.6m at 1.03 g/t gold from
surface in EDD006.
These intercepts represent part of a widespread supergene enriched oxide
gold blanket. ECR is presently undertaking an extensive trenching
program (11 trenches/test pit lines), the results of which will provide
additional data regarding the grade and distribution of this
mineralisation.
To date, assay results have been received in respect of two trenches and
include mineralised intervals of 12m at 0.43 g/t gold in TR08 and 42m at
2.54 g/t gold in TR09. Further assay results are pending, including
additional assays from TR09, which may mean that a longer mineralised
interval in that trench is reported in due course.
Supergene intercepts from ECR’s April 2014 reverse circulation (RC)
drilling programme, the results of which were announced in May 2014,
included 30.0m at 1.63g/t gold from surface in ERC004 and 16.0m at
17.14g/t gold from 2.0m in ERC008.
Beneath the zone of supergene enrichment, five of the six diamond drill
holes intercepted steeply dipping zones of gold mineralisation over
apparent widths of between 2.0 and 8.0m, the most promising intercept
being 8.0m at 2.25 g/t gold from 77.0-85.0 m in EDD005. This suggests
that drilling to date has only tested the uppermost parts of the
epithermal system and not the main feeder structures. This is
significant as the high grade intercepts to date are associated with
narrow, moderately silicified quartz veins, which indicates the
potential for more strongly silicified feeder structures which may be
associated with significant gold mineralisation.
The diamond drilling has also provided important structural information
with respect to key controls on mineralisation. Specifically, it appears
that NE-SW trending structures may have exerted an important control on
mineralisation, an observation consistent with the structural setting of
other gold deposits in the district.
Overall, the grades reported from diamond drilling were lower than those
from the Company’s earlier RC drilling programme. Whilst core recovery
was high in all diamond holes, the core was highly fractured. As
supergene gold often presents as flecks within oxidized fractures, the
loss of high pressure diamond drilling fluids down the hole may have
partly flushed the fractures in the drill core. A petrological study is
planned to consider this possibility.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“With the benefit of the results reported today and further trenching
results, when these become available, the Directors expect to be in a
position to proceed with an initial, inferred category resource estimate
to serve as a first quantification by ECR of the supergene enriched
oxide gold mineralisation which occurs from surface in the main prospect
area. In aid of this objective, an aerial topographical survey of the
main prospect area was completed earlier this month.
In addition, further exploration with a view to more fully testing the
potential of deeper level feeder structures and the distribution of
grade within the supergene zone is now being planned.”
|
Table 1: Mineralised Intervals, January-April 2015
Diamond Drilling, Itogon Gold Project, Philippines
|
|
Hole ID
|
|
From
(m)
|
|
To
(m)
|
|
Width
(m)
|
|
Gold (g/t)
|
|
EDD001
|
|
6.0
|
|
8.0
|
|
2.0
|
|
0.37
|
|
|
|
152.0
|
|
154.0
|
|
2.0
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
EDD002
|
|
0.0
|
|
2.7
|
|
2.7
|
|
0.50
|
|
EDD002
|
|
74.0
|
|
78.0
|
|
4.0
|
|
1.21
|
|
inc.
|
|
74.0
|
|
76.0
|
|
2.0
|
|
2.01
|
|
|
|
|
|
|
|
|
|
|
|
EDD003
|
|
No significant intercepts
|
|
|
|
|
|
|
|
|
|
|
|
EDD004
|
|
0.0
|
|
4.4
|
|
4.4
|
|
2.12
|
|
inc.
|
|
3.0
|
|
3.9
|
|
0.9
|
|
8.27
|
|
|
|
|
|
|
|
|
|
|
|
EDD004
|
|
27.2
|
|
31.8
|
|
4.6
|
|
0.53
|
|
inc.
|
|
27.2
|
|
27.7
|
|
0.5
|
|
1.26
|
|
inc.
|
|
30.8
|
|
31.8
|
|
1.0
|
|
1.02
|
|
|
|
|
|
|
|
|
|
|
|
EDD004
|
|
38.1
|
|
40.2
|
|
2.1
|
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
EDD004
|
|
47.9
|
|
51.9
|
|
4.0
|
|
0.89
|
|
inc.
|
|
47.9
|
|
48.4
|
|
0.5
|
|
1.12
|
|
|
|
49.6
|
|
50.2
|
|
0.6
|
|
2.61
|
|
|
|
|
|
|
|
|
|
|
|
EDD004
|
|
54.2
|
|
60.8
|
|
6.6
|
|
0.53
|
|
inc.
|
|
54.2
|
|
54.6
|
|
0.4
|
|
1.69
|
|
|
|
|
|
|
|
|
|
|
|
EDD005
|
|
3.8
|
|
11.3
|
|
7.5
|
|
0.89
|
|
inc.
|
|
4.8
|
|
6.0
|
|
1.2
|
|
1.56
|
|
inc.
|
|
6.0
|
|
7.0
|
|
1.0
|
|
2.38
|
|
|
|
|
|
|
|
|
|
|
|
EDD005
|
|
13.8
|
|
16.7
|
|
2.9
|
|
1.55
|
|
inc.
|
|
15.3
|
|
15.8
|
|
0.5
|
|
5.78
|
|
inc.
|
|
16.3
|
|
16.7
|
|
0.4
|
|
1.91
|
|
|
|
|
|
|
|
|
|
|
|
EDD005
|
|
67.0
|
|
73.0
|
|
6.0
|
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
EDD005
|
|
77.0
|
|
85.0
|
|
8.0
|
|
2.25
|
|
inc.
|
|
83.0
|
|
85.0
|
|
2.0
|
|
7.71
|
|
|
|
|
|
|
|
|
|
|
|
EDD005
|
|
89.0
|
|
94.0
|
|
5.0
|
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
EDD005
|
|
97.0
|
|
99.0
|
|
2.0
|
|
0.53
|
|
|
|
|
|
|
|
|
|
|
|
EDD006
|
|
0.0
|
|
10.6
|
|
10.6
|
|
1.03
|
|
inc.
|
|
2.6
|
|
3.0
|
|
0.4
|
|
1.89
|
|
inc.
|
|
4.7
|
|
5.1
|
|
0.4
|
|
1.23
|
|
inc.
|
|
6.5
|
|
7.0
|
|
0.5
|
|
1.01
|
|
inc.
|
|
7.4
|
|
7.8
|
|
0.4
|
|
1.80
|
|
inc.
|
|
8.6
|
|
9.0
|
|
0.4
|
|
2.25
|
|
inc.
|
|
9.0
|
|
9.4
|
|
0.4
|
|
3.45
|
|
inc.
|
|
9.4
|
|
9.8
|
|
0.4
|
|
1.98
|
|
inc.
|
|
9.8
|
|
10.6
|
|
0.8
|
|
1.30
|
|
|
|
|
|
|
|
|
|
|
|
EDD006
|
|
26.1
|
|
28.1
|
|
2.0
|
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
EDD006
|
|
31.7
|
|
35.7
|
|
4.0
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
EDD006
|
|
40.0
|
|
44.0
|
|
4.0
|
|
0.40
|
|
|
|
|
|
|
|
|
|
|
|
EDD006
|
|
48.0
|
|
53.0
|
|
5.0
|
|
1.38
|
|
inc.
|
|
50.0
|
|
51.0
|
|
1.0
|
|
1.19
|
|
inc.
|
|
52.0
|
|
53.0
|
|
1.0
|
|
4.88
|
|
|
|
|
|
|
|
|
|
|
|
EDD006
|
|
112.4
|
|
116.4
|
|
4.0
|
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
EDD006
|
|
124.9
|
|
131.9
|
|
7.0
|
|
0.83
|
|
inc.
|
|
125.9
|
|
126.4
|
|
0.5
|
|
2.54
|
|
inc.
|
|
126.4
|
|
126.9
|
|
0.5
|
|
1.31
|
|
inc.
|
|
130.9
|
|
131.4
|
|
0.5
|
|
1.05
|
|
|
|
|
|
|
|
|
|
|
|
Table 2: Details of ECR Diamond Drill Holes,
Itogon Gold Project, Philippines
|
|
Hole
ID
|
|
Total Depth
(m)
|
|
Azimuth
(°)
|
|
Declination
(°)
|
|
RL
(m)
|
|
EDD001
|
|
206.3
|
|
45
|
|
-60
|
|
1347.4
|
|
EDD002
|
|
112.0
|
|
45
|
|
-60
|
|
1181.2
|
|
EDD003
|
|
121.2
|
|
45
|
|
-60
|
|
1203.9
|
|
EDD004
|
|
131.3
|
|
45
|
|
-60
|
|
1214.3
|
|
EDD005
|
|
100.0
|
|
45
|
|
-60
|
|
1194.6
|
|
EDD006
|
|
137.0
|
|
45
|
|
-50
|
|
1320.8
|
|
|
|
|
|
|
|
|
|
|
|
Table 3: Mineralised Intervals, Trenches TR08-09 Itogon Gold
Project, Philippines
|
|
Trench ID
|
|
From
(m)
|
|
To
(m)
|
|
Width
(m)
|
|
Gold (g/t)
|
|
TR08
|
|
2.0
|
|
14.0
|
|
12.0
|
|
0.43
|
|
|
|
24.0
|
|
26.0
|
|
2.0
|
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
TR09
|
|
0.0
|
|
42.0
|
|
42.0
|
|
2.54
|
|
inc.
|
|
2.0
|
|
3.0
|
|
1.0
|
|
5.32
|
|
|
|
10.0
|
|
11.0
|
|
1.0
|
|
16.74
|
|
|
|
28.0
|
|
29.0
|
|
1.0
|
|
42.29
|
|
|
|
29.0
|
|
30.0
|
|
1.0
|
|
8.78
|
|
|
|
34.0
|
|
35.0
|
|
1.0
|
|
4.51
|
|
|
|
40.0
|
|
41.0
|
|
1.0
|
|
5.11
|
|
|
|
|
|
|
|
|
|
|
NB:
Mineralised intervals were calculated as weighted averages using a
cut-off grade of 0.30 g/t gold and a maximum of 2.0m internal dilution.
As a result certain reported intervals contain discrete higher grade
intervals that are separated by lower grade mineralisation. In these
cases the internal higher grade intervals are also reported. No top cut
has been applied in calculating mineralised intervals. All widths given
in this announcement are apparent width.
A map showing the location of the drill holes and trenches may be viewed
at: http://www.ecrminerals.com/drill-holes-and-trenching-programme
QA/QC
A secure chain of custody was maintained in the transport and storage of
all samples, which were shipped to and analysed by Intertek Testing
Services Philippines, Inc. (“Intertek”), an internationally accredited
independent analytical laboratory in Metro Manila. Sampling was carried
out under geological supervision. Upon arrival at Intertek samples were
sorted, dried (if necessary), crushed, split and pulverised. The method
of analysis for gold was fire assay (50g charge) with AAS finish.
QA/QC measures including the use of certified standards were implemented
by ECR and separately by Intertek in relation to the analysis of the
samples. The assay data reported is considered acceptable in the context
of these measures. Assay values have been expressed in this news release
as g/t gold but are received from Intertek expressed as ppm gold. For
the purposes hereof ppm gold and g/t can be considered equivalent.
The contents of this announcement have been reviewed by Dr Chris Wilson
PhD, FAusIMM (CP), FSEG, a geologist with the consultancy Exploration
Alliance, which has been engaged by ECR in connection with the Itogon
project.
ABOUT ECR
ECR is a mineral exploration and development company with, among other
interests, the right to earn a 50% interest in the Itogon gold project
in the Philippines. Itogon is an advanced exploration project located in
a gold and copper mining district in the north of the Philippines.
ECR has a 100% interest in the SLM gold project in La Rioja Province,
Argentina, the exploration strategy for which is to delineate multiple
medium to high grade, low tonnage deposits suitable for advancement to
production on a relatively low capital, near term basis.
ECR continues to review potential new investments on a highly selective
basis, with a concentration on precious, base and strategic metals
projects in Asia and South America.
FOR FURTHER INFORMATION PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
William (Bill) Howell,
Non-Executive Chairman
Stephen Clayson, Director & CEO
Richard
(Dick) Watts, Technical Director
Email: [email protected]
Website:www.ecrminerals.com
Cairn Financial Advisers LLP Tel: +44 (0)207 148 7900
Nominated
Adviser
Emma Earl/Jo Turner
Daniel Stewart & Company plc Tel: +44 (0)20 7776 6550
Broker
Martin
Lampshire
FORWARD LOOKING STATEMENTS
This announcement may include forward looking statements. Such
statements may be subject to a number of known and unknown risks,
uncertainties and other factors that could cause actual results or
events to differ materially from current expectations. There can be no
assurance that such statements will prove to be accurate and therefore
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward looking statements. Any forward looking
statements contained herein speak only as of the date hereof (unless
stated otherwise) and, except as may be required by applicable laws or
regulations (including the AIM Rules for Companies), the Company
disclaims any obligation to update or modify such forward looking
statements as a result of new information, future events or for any
other reason.
GLOSSARY
AAS: atomic absorption spectroscopy
assay: a test performed on a sample of ores or minerals to determine the
amount of valuable metals contained
diamond drilling: a type of rotary drilling that utilises a fluid
lubricated and cooled cylindrical diamond drill bit. As the drill bit
cuts into the rock a cylindrical core of rock is recovered in the core
barrel
epithermal: mineralisation produced by near surface hydrothermal fluids
related to igneous activity; originally defined as having formed in the
range 50-300°C
feeder zone: a structure or fracture up which mineralizing fluids
travel. In the context of an epithermal mineralized system, feeder zone
refers to a potentially high grade mineralized zone, which acted as the
conduit for significant fluid flow
g: grams
g/t: grams per tonne
m: metre
oxidation: a chemical reaction caused by exposure to oxygen that results
in a change in the chemical composition of a mineral
oxide gold blanket: said of gold that has been liberated from sulphides
during the process of oxidation to form a surficial, sub-horizontal to
horizontal zone or ‘blanket’
ppm: parts per million
RL: reduced level; calculated elevation in relation to a particular datum
t: tonne
trench: a long, narrow excavation dug through the upper parts of the
soil profile or overburden to expose bedrock veins and structures
silicification: a hydrothermal alteration assemblage dominated by silica
supergene enrichment: said of a mineral deposit formed at or just below
the Earth’s surface, generally through downward percolation of
rainwater, resulting in liberation of gold through oxidation of
sulphides, and its concentration and enrichment within a given horizon
vein: material which was chemically deposited by fluids within a rock
fracture; veins exhibit a range of textures and minerals, depending
primarily on the temperature, depth, and composition of the fluid and
host rock; may also contain a small amount (<10%) of entrained host rock
and/or vein clasts
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