ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
LONDON: 21 JULY 2014 - ECR Minerals plc is pleased to provide the following update on activities at the SLM gold project in Argentina. The SLM project area is 100% held by ECR’s wholly owned Argentine subsidiary Ochre Mining SA (“Ochre”).
Further to ECR’s announcement of 24 June 2014, the programme of cleaning and sampling historical trenches in and around the JV-14 zone within the SLM gold project area in La Rioja Province, Argentina referred to by that announcement has been completed. Samples from the trenches have been sent to an independent, internationally certified laboratory for assay. Assay results are expected in August 2014.
Stephen Clayson, Chief Executive Officer of ECR, commented:
“On the basis of the trench sampling results and other relevant information a decision will be made as to whether to proceed with drilling in the JV-14 zone, with a view to using the drilling results, subject to these being positive, in the estimation of a resource.
As previously announced, 3D modelling of historical drilling data indicates that the JV-14 zone may have attractive resource potential in the context of Ochre’s strategy of seeking to bring high grade, low tonnage gold deposits at SLM into production relatively quickly and at a relatively modest capital cost. It is hoped that the trench sampling results will provide further support to this interpretation. However the planning of any mining operation will be contingent upon positive results of drilling, among other factors.
The JV-14 zone extends over a strike length of approximately 300m, and four auriferous quartz veins are indicated to occur within the zone by historical data. However, JV-14 is part of a larger vein system which appears to continue over a strike length of approximately 600m, based on historical data and present day field inspections by Ochre. Although historical data indicates the JV-14 zone to be the most promising section of the vein system, samples have been taken by Ochre from historical trenches located outside JV-14 in order to help identify any additional zones of interest.”
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 on the island of Luzon in the north of the Philippines.
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||Tel:||+44 (0)20 7929 1010|
|Paul Johnson, Non-Executive Chairman|
|Stephen Clayson, Director & Chief Executive Officer|
|Richard (Dick) Watts, Technical Director|
|Daniel Stewart & Company plc||Tel:||+44 (0)20 7776 6550|
|Emma Earl/Harrison Clarke (Nominated Adviser)|
|Colin Rowbury (Broker)|
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.