ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
US OTC: MTGDY
LONDON: 19 OCTOBER 2015 - The directors of ECR Minerals plc (the “Directors”) are pleased to provide the following update regarding the Itogon gold project in the Philippines.
Update on NI43-101 Report
As previously announced, an NI43-101 compliant resource estimate and technical report (together, the “Report”) is being prepared for the Itogon project. The Directors expect the Report to be completed, announced and made available on ECR’s website later this month.
In addition to a resource estimate in respect of the supergene enriched gold oxide blanket which occurs from surface in the main prospect area at the Itogon project, the Report will contain an estimate of the potential quantity and grade, expressed as ranges, of a target for further exploration. This target will be in respect of the intermediate sulphidation epithermal vein system which continues below the oxide blanket.
These veins are typical of the gold-rich vein-hosted mines of the Baguio Mining District, where the Itogon project is located. Up to five steeply dipping, intermediate sulphidation veins have been identified in the main prospect area at Itogon. Individual quartz-sulphide veins are up to several metres wide, and exploration results to date suggest that bonanza ore shoots are likely to be present within the vein system.
Almost 100 rock chip grab samples of vein material have been collected, cut into slabs and assayed for the purposes of preparing the Report. A significant number of samples have returned grades of 15-30 g/t gold, 2-3 oz/t silver and several per cent combined base metals. A small number of samples assayed over 100 g/t gold. Full results of this sampling programme will be disclosed in the Report.
It should be noted that a target for further exploration, although permitted to be disclosed under NI43-101, is not a resource estimate, is conceptual in nature, and is used where there has been insufficient exploration to define the target as a mineral resource and where it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Application for Renewal of Exploration Permit
As announced by the Company on 22 November 2013, the Exploration Permit (the “EP”) pertaining to the Itogon project was renewed with a date of 1 October 2013 for a two year term (having originally been issued with a date of 15 February 2011 for an initial two year term). Therefore, the most recent term of the EP expired on 30 September 2015. Accordingly, an application for renewal of the EP for a further (third) two year term has been lodged with the Mines & Geosciences Bureau in the Philippines. The Directors expect that the EP will be renewed for a third two year term in due course.
Review by Qualified Person
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.
ECR is a mineral exploration and development company with the right to earn a 50% interest in the Itogon epithermal gold project in the Philippines. Itogon is an advanced exploration project located in a prolific 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. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.
FOR FURTHER INFORMATION PLEASE CONTACT:
|ECR Minerals plc|
|William (Bill) Howell, Non-Executive Chairman||Tel:||+44 (0)20 7929 1010|
|Stephen Clayson, Director & Chief Executive Officer|
|Richard (Dick) Watts, Technical Director|
|Cairn Financial Advisers LLP|
|Nominated Adviser||Tel:||+44 (0)20 7148 7900|
|Jo Turner/Emma Earl|
|Vicarage Capital Ltd & Company plc|
|Broker||Tel:||+44 (0)20 3651 2910|
|Rupert Williams/Jeremy Woodgate|
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.