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: 23 DECEMBER 2014 - ECR Minerals plc is pleased to announce the following results of exploration 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 final quarter of 2014 saw two phases of channel and grab sampling completed at Itogon, one underground in artisanal workings (129 samples for an aggregate channel sampled width of 257.50m) and one at surface (59 samples for an aggregate channel sampled width of 101.40m), as well as sampling of muck (ore) from active artisanal workings (37 samples). Various mapping and surveying tasks were also completed. Highlights from the assay results received in respect of Q4 2014 sampling are presented in the table below.

Stephen Clayson, Chief Executive Officer of ECR, commented:

“The results of ECR’s Q4 2014 exploration at Itogon serve to improve our understanding of the mineralisation in the main prospect area, and we are encouraged by the assay results reported in the table below. These include channel sampling intercepts of wide, low grade zones of gold mineralisation such as 18.0m at 1.02g/t gold in Balao Adit and 10.0m at 1.46g/t gold at MP-71, and narrower but high grade intercepts such as 5.0m at 10.20g/t gold, including 1.0m at 43.98g/t gold, in Charlie Adit. Muck samples from artisanal mining operations are an additional means of locating high grade zones, and the highest grade muck sample obtained was 68.56g/t gold.

A programme of reconnaissance mapping and sampling had been planned to commence during October 2014 on ridges to the north-east and south-west of the main prospect area at Itogon, but was deferred in favour of the works described in today’s announcement, which were considered more valuable for the purposes of planning the next drilling programme. Drilling is expected to commence on or about 15 January 2015 in the main prospect area.”

To read the full announcement click here