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 is pleased to draw attention to the news release made on 7 December 2011 by THEMAC Resources Group Ltd (“THEMAC”) in which THEMAC provided assay results for a further 6 holes from its 16-hole 2011 drilling campaign at the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA. The results of 8 holes were released on 17 November 2011 and the results of a further 2 holes are expected in late December.

 

Highlights

 

- The highest grade copper result so far received from 2011 drilling was recorded in hole CF-11-10B; this was an intercept of 2.34% copper from 20-25 ft and contributed to an average grade for hole CF-11-10B from surface to total depth of 0.35% copper over 1,177 ft

 

- Intercepts of 0.90% copper from 95-160 ft and 1193 ppb gold from 583-588 ft were recorded for holes CF-11-08 and CF-11-09 respectively

 

Table 1 - Selected intervals

 

Hole ID

Interval (ft)

Length

(ft)

Gold

(ppb)

Silver

(ppm)

Copper

(%)

Molybdenum

(%)

CF-11-08

95 to 160

65

365

5.2

0.90

0.141

 

265 to 280

15

369

4.4

0.72

0.015

 

323 to 334

11

363

4.9

0.70

0.008

CF-11-09

95 to 128

33

241

6.2

0.83

0.013

CF-11-10B

20 to 30

10

309

7.4

1.54

0.309

 

75 to 100

25

501

7.8

1.52

0.232

 

138.9 to 156.7

17.8

453

7.5

1.58

0.055

 

274.4 to 293.8

19.4

210

6.3

0.78

0.027

 

312.5 to 323.8

11.3

184

8.5

1.08

0.040

 

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-11-08

0.0

1200.0

0.28

0.014

0.003

0.06

CF-11-09

0.0

1200.0

0.22

0.005

0.002

0.04

CF-11-10

0.0

101.9

0.33

0.006

0.004

0.09

CF-11-10B

0.0

1177.0

0.35

0.019

0.003

0.07

CF-11-11

0.0

1198.0

0.16

0.004

0.001

0.02

CF-11-12

0.0

1200.0

0.20

0.006

0.002

0.04

 

The full release made by THEMAC can be viewed on SEDAR (www.sedar.com). The figures and highlights above have been derived 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:

 

“We are extremely happy to see another batch of drill results containing numerous high grade intercepts released by THEMAC. Moreover, many of these intercepts are relatively close to surface, which is especially pleasing as high grade material at shallow depth can be mined early in the life of the proposed operation with positive effects on capital payback performance and the project’s net present value.”

 

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
Paul Shackleton/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

 

Glossary

ft: feet

oz/st: troy ounces per short ton

ppb: parts per billion

ppm: parts per million