ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
Very High Grade Assay Results Received from Rock Chip Sampling at Sierra De Las Minas Gold Project in Argentina
LONDON: 6 FEBRUARY 2014
ECR Minerals plc is pleased to announce very high grade assay results from initial rock chip sampling in the southern portion of the Sierra de las Minas (“SLM”) gold project area during January 2014. The results are disclosed in the table below.
|Sample||Type||Weight||Assay 1||Assay 2|
|Unit||kg||ppm Au||g/t Au|
The samples were obtained from an area straddling the boundary between the Corral 1 and Carmincita 9 tenements. Both tenements, along with the rest of the SLM project area, are 100% owned by the Company’s wholly owned Argentine subsidiary Ochre Mining SA (“Ochre”). In common with the rest of the project area, the Corral 1 and Carmincita 9 tenements are characterised by the presence of numerous outcropping auriferous quartz veins.
Samples 1-8 were rock chip samples of outcropping quartz vein material. The location of each sample is shown on the map which may be viewed at: http://www.ecrminerals.com/images/stories/project/argentina/Access%20Fig.%202.jpg NB: assay results for samples 9 and 10 marked on map not yet received
Images of the general area in which the sampling took place may be viewed at: http://www.ecrminerals.com/argentina-gold-project-images
Historical literature indicates the area sampled to have been a significant focus of past exploration by other companies, during which times it was known as the JV zone. Historical exploration in the JV zone is indicated to have included diamond drilling, trenching, geophysical surveying and extensive surface sampling. The results of some of this work have been obtained by Ochre and a review and interpretation of the information is being undertaken.
The activities of Ochre in the JV zone during January 2014 consisted of reconnaissance mapping and sampling, which will continue during February 2014. To date 12km of new tracks and trails have been established in the area and 10km of disused tracks and trails have been reopened.
When Ochre’s reconnaissance programme has been completed further work will be planned in detail, and may include more extensive surface sampling, trenching and drilling.
A secure chain of custody was maintained in the transport and storage of all samples, which were shipped to and assayed by Acme Analytical Laboratories in Santiago, Chile, an internationally accredited analytical laboratory. A quality control system using blanks, duplicates and standards is in use at the laboratory.
With reference to the table above, the method of analysis for values in the column headed “Assay 1” was fire assay with AAS finish. The method of analysis for values in the column headed “Assay 2” was fire assay with gravimetric finish.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“These exceptionally high grades mean that our 2014 exploration at SLM is off to a positive start. While conclusions as to the economic potential of the veins sampled cannot be drawn from these initial results, the results are certainly encouraging given our strategy for the SLM project as a whole; to identify high grade, low tonnage gold deposits potentially suitable for early development to production at low capital cost. Further exploration of the Corral 1 and Carmincita 9 tenements and in particular the JV zone will be a priority over the coming months.”
The contents of this announcement have been reviewed by Richard Watts B.Eng. Mining, Fellow of the South African Institute of Mining & Metallurgy, a director of the Company with more than 40 years of experience in the mining industry.
ECR is a mineral exploration and development company with, among other interests, the right to earn a 50% interest in the Itogon gold-silver project in the Philippines. Itogon is an advanced exploration project located in a gold and copper mining district on the island of Luzon in the north of the Philippines, and benefits from an extensive historical dataset.
ECR has a 100% interest in the Sierra de las Minas gold project in La Rioja Province, Argentina, the exploration strategy for which is to delineate multiple high grade, low tonnage deposits suitable for advancement to production on a relatively low capital, near term basis.
ECR holds a substantial minority stake in THEMAC Resources Group Ltd (TSX-V: MAC), which is focused on the development of the Copper Flat copper-molybdenum-gold-silver porphyry project in New Mexico, USA.
FOR FURTHER INFORMATION PLEASE CONTACT:
|ECR Minerals plc|
|Paul Johnson, Non-Executive Chairman||Tel:||+44 (0)20 7929 1010|
|Stephen Clayson, Director & Chief Executive Officer|
|Daniel Stewart & Company plc|
|David Hart/Antony Legge||Tel:||+44 (0)20 7776 6550|
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.
AAS: atomic absorption spectroscopy
g/t: grams per tonne
MDL: method detection limit
ppm: parts per million