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”)

 

AIM: ECR

US OTC: MTGDY

 

 

LONDON: 22 DECEMBER 2014 - ECR Minerals plc is pleased to announce that a programme of diamond drilling will commence on or about 15 January 2015 at the Itogon gold project in Benguet Province, northern Philippines.  ECR is the operator of Itogon and has the right to earn a 50% interest in the project. 

 

The drilling programme has been designed in view of the results of the reverse circulation (RC) drilling completed at Itogon by ECR’s contractors in April 2014, and with the benefit of the extensive surface and underground mapping and sampling that has taken place at the project since the earlier phase of drilling. 

 

The programme is primarily intended to provide information as to the orientation of the interpreted mineralised structures, the extent of near surface supergene enriched zones, and the continuity of certain zones of mineralisation intercepted by the RC holes. 

 

Particular objectives of the seven diamond holes planned are summarised below.  All the holes will be drilled at -60 degrees declination on an azimuth of 45 degrees.

 

Plan 001: target depth 200m, to be collared SW of ERC008

To follow up the near surface high grade intercept in ERC008 (16m at 17.14g/t gold from 1m, with 2m at 119.53 g/t gold from 8-10m); to test for other mineralised structures at depth.

 

Plan 008: target depth 110m, to be collared SW of ERC003

To follow up intercepts in ERC003 including 14m at 0.66g/t gold from surface and 11m at 1.46g/t gold from 88m (with 2m at 4.55g/t gold from 95m).

 

Plan 012: target depth 170m, to be collared SW of ERC006

To follow up the wide low grade intercept in ERC006 (33m at 1.13g/t gold from 86m); to test for other mineralised structures at depth.

 

Plan 015: target depth 150m, to be collared SW of ERC004

To test a mineralised zone on the western edge of the main prospect area which has yet to be drilled and to follow up the high grade intercept at depth in ERC004 (2m at 9.43g/t gold from 64m).

 

Plan 025: target depth 130m, to be collared NE of ERC002

To follow up the wide intercepts at depth in ERC002 (15m at 3.29g/t gold from 82m, with 2m at 18.25g/t from 92m; and 17m at 1.57g/t gold from 101m, with 3m at 5.45g/t gold from 103m).

 

Plan 031: target depth 130m, to be collared NE of ERC005

To follow up the high grade intercept of 7m at 5.33g/t gold from 138m (with 2m at 15.00g/t gold from 138m) in ERC005.

 

Plan 032: target depth 100m, to be collared NE of ERC006

To follow up the wide low grade intercept in ERC006 (33m at 1.13g/t gold from 86m); to test for other mineralised structures at depth.

 

The above holes total 990m of drilling based on their target depths.  Holes judged to have met their geological objectives may be terminated early, and if sufficient budgeted metres remain, an additional hole may be drilled. 

 

A map showing the locations of the RC drill holes drilled in April 2014 may be viewed at:

http://www.ecrminerals.com/itogon-project-phase1-drilling-map

This map was originally published on 29 May 2014. 

 

Drilling results contained in this news release are extracted from the Company’s new release dated 29 May 2014 and should be read in conjunction therewith.  All widths given in this news release are apparent width.

 

Stephen Clayson, Chief Executive Officer of ECR, commented:

 

“ECR’s second phase of drilling at the Itogon project will be a crucial one.  The results of the first phase were encouraging but, but as would be expected of a first pass programme, left a number of geological questions unanswered.  It is hoped that this second phase will enable a geological interpretation for the main prospect area at Itogon to be set out with confidence.  That interpretation would then guide decisions regarding further work.

 

The second phase had been planned to commence during the final quarter of 2014, but additional time to consider the exploration data generated by ECR to date was deemed necessary before the programme could be finalised.  Management and technical personnel also devoted considerable time to the review of potential new projects during Q4 2014.”

 

ABOUT ECR

 

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 in the north of the Philippines.

 

ECR has a 100% interest in the SLM gold project in La Rioja Province, Argentina, the exploration strategy for which is to delineate multiple medium to high grade, low tonnage deposits suitable for advancement to production on a relatively low capital, near term basis.

 

ECR continues to review potential new investments on a highly selective basis, with a concentration on precious, base and strategic metals projects in Asia and South America.

 

 

FOR FURTHER INFORMATION PLEASE CONTACT:

ECR Minerals plc    
Paul Johnson, Non-Executive Chairman Tel: +44 (0)20 7929 1010
Stephen Clayson, Director & CEO    
Richard (Dick) Watts, Technical Director    
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.    
Website: www.ecrminerals.com    
     
Cairn Financial Advisers LLP    
Nominated Adviser Tel: +44 (0)20 7148 7900
Jo Turner/Liam Murray    
     
     
Daniel Stewart & Company plc    
Broker Tel: +44 (0)20 7776 6550
Colin Rowbury    
     

 

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.