ECR is a mineral exploration and development company, incorporated in the UK.

ECR’s wholly owned Australian subsidiary Mercator Gold Australia (MGA) has agreed to acquire 100% ownership of the Avoca and Bailieston gold projects in Victoria, Australia. Mercator Gold Australia is estimated to have tax losses of approximately AUD 66M as at 30 June 2015, which may be available, subject to certain conditions (as described in ECR’s announcement dated 4 December 2014), to reduce MGA’s future taxable profits.

ECR has the right to earn a 50% interest in the Danglay epithermal gold project in the Philippines. Danglay is an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015, and is available for download from ECR’s website.

ECR’s wholly owned subsidiary Ochre Mining 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.

 

ECR shares are listed on the AIM market of the London Stock Exchange with the symbol ECR.

ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)

 

ECR Minerals plc is pleased to draw attention to the news release made on 17 November 2011 by THEMAC Resources Group Ltd (“THEMAC”) in which THEMAC provided initial results from its 2011 drilling programme at the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA.

Highlights

  • Results from 8 of 16 completed diamond core holes announced by THEMAC; a programme of 47 holes has been permitted and drilling is to continue in 2012
  • 2011 drilling was targeted to confirm existing grades, step out laterally and to depth to test for potential to increase the resources of the deposit, and confirm and expand high grade mineralised areas
  • Data will be incorporated into the Copper Flat project prefeasibility study due to be completed in the first quarter of 2012
  • Results show 102 intervals grading greater than or equal to 0.65% copper, with a high of 2.26% copper; and 34 gold intercepts with values of greater than or equal to 300ppb gold (0.3g/t), with a high of 1,050ppb gold (1.05g/t)

 

Table 1 - Selected intervals

Hole ID Interval
(ft.)
Length
(ft.)
Gold
(ppb)
Silver
(ppm)
Copper
(%)
Molybdenum
(%)
CF-11-01 0 to 22 22 265 8.7 1.02 0.007

140.5 to 225 84.5 331 7.1 1.05 0.018

240 to 309.7 69.7 169 5.8 0.97 0.019
CF-11-01b 0 to 25 25 304 11.3 1.44 0.030

117.1 to 160.4 43.3 226 6.6 0.70 0.011

179 to 194 15 190 11.6 1.18 0.023

209.2 to 241.5 32.3 163 3.8 0.73 0.024

263.5 to 282 18.5 437 5.9 0.93 0.029

315 to 345 30 213 7.4 1.09 0.012

385 to 400 15 193 9.3 1.50 0.013

672.6 to 725 52.4 580 7.0 0.97 0.032
CF-11-03 277.9 to 336.8 58.9 189 4.6 0.80 0.027
CF-11-04 5 to 45 40 165 3.6 0.98 0.058

80 to 90 10 197 4.1 1.07 0.653

168 to 178 10 244 4.6 1.05 0.038
CF-11-07 93.7 to 113 19.3 215 3.2 0.71 0.012

418 to 428 10 192 6.1 1.03 0.006

 

 

 

 

 

 

 

 

 

Table 2 - Average grade for each hole from surface to total depth

Hole ID

Interval (ft.)

Average grades

 

From

To

Copper (%)

Molybdenum

(%)

Gold

(oz/st)

Silver

(oz/st)

CF-11-01

0.0

309.7

0.695

0.011

0.006

0.156

CF-11-01B

0.0

1110.5

0.464

0.027

0.004

0.098

CF-11-02

0.0

1097.0

0.174

0.004

0.002

0.039

CF-11-03

0.0

1154.1

0.297

0.010

0.003

0.061

CF-11-04

0.0

811.9

0.388

0.038

0.003

0.058

CF-11-05

0.0

1200.0

0.225

0.012

0.002

0.039

CF-11-06

0.0

1176.6

0.194

0.006

0.002

0.054

CF-11-07

0.0

1098.0

0.306

0.008

0.002

0.044


The full release made by THEMAC can be viewed on SEDAR (www.sedar.com). The figures and highlights above have been extracted from the release made by THEMAC and should be read and interpreted in conjunction with it.

THEMAC holds a 100% ownership interest in the Copper Flat project having purchased an exclusive option over the project from ECR in March 2011 and completed the exercise of this option in May 2011.


Patrick Harford, Managing Director of ECR Minerals plc, comments:

“These initial results from drilling by THEMAC at Copper Flat are highly encouraging, with all holes exhibiting average grades from surface to total depth that are of economic interest.

Of the 8 holes for which results were reported, all 8 returned average copper grades from surface to total depth that are significantly higher than the cut-off grade of 0.12% copper at which Copper Flat’s NI43-101 resources have been estimated, and in 4 holes the average copper grade from surface to total depth substantially exceeds the deposit’s present indicated resource grade of 0.303% copper.

Moreover, a number of high grade intervals were reported at shallow depth. This high grade ore should be particularly valuable to the proposed mining operation, allowing early capital payback and enhancing the net present value of the project.”

ECR’s Interest in THEMAC

ECR currently has a holding of 14.35 million shares and 14.35 million warrants of THEMAC, which is listed on the TSX Venture Exchange (code: MAC). ECR’s holding is equivalent to approximately 19% of THEMAC’s issued shares (21% fully diluted). All the warrants held by ECR are exercisable at C$0.28 per share; 3.85 million warrants are valid until 3 May 2013 and the remaining 10.5 million warrants are valid until 4 March 2016. The closing price of THEMAC shares on 18 November 2011 was C$0.77.


About ECR Minerals plc

ECR is a mineral development company with interests in the USA, Argentina, Indonesia, Thailand and Australia.

 

For further information please contact:

ECR Minerals plc
Michael Silver, Chairman Tel: +44 (0) 20 7929 1010
Patrick Harford, Managing Director
Stephen Clayson, Director
Luca Tenuta, Non-Executive Director
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.
Daniel Stewart & Company plc
Oliver Rigby/Tessa Smith Tel: +44 (0) 20 7776 6550
Old Park Lane Capital plc
Michael Parnes Tel: +44 (0) 20 7493 8188
Blythe Weigh Communications
Ana Ribeiro Tel: +44 (0)20 7138 3204
Barry Kaplan Associates
Larry Kaplan Tel: +1 732 747 0702