ECR Minerals advances as assays indicate high-grade gold zone at Blue Moon (ECR)

ECR Minerals (LSE:ECR) rose 9pc on Thursday to 0.9p after announcing that it has received significant gold assays from its Blue Moon prospect in Victoria, Australia.  

The firm has recently completed a reverse circulation drilling programme at the site, which is based within its 100pc-owned Bailieston project area. Assays for three holes have now returned showing both high-grade intervals and significant widths of anomalous gold grades.

Highlights include 2m at 17.87g/t gold from 57m in a hole called BBM007 within a zone of 15m at 3.81g/t from 51m. Meanwhile, hole BBM006 returned 3m at 3.88g/t gold from 170m downhole within a zone of 11m at 2.42g/t gold from 169m.

According to ECR, these results indicate that a high-grade zone exists at Blue Moon with the firm’s target sandstone host. The business said further results and work will be required to understand any concentration of mineralisation within shoots.

ECR chose to investigate the sandstone in January because, despite being heavily weathered at surface, it believes it could host higher grade gold mineralisation, including disseminated sulphides, at deeper levels. This followed its discovery of a significant near surface gold intercept and evidence of a near-surface mineralised gold system in July last year.

Craig Brown, chief executive at ECR Minerals, said on Thursday: ‘These results quantify the field geologists’ assessment of visible gold at Blue Moon during drilling of BBM007 and provide great encouragement for the Company and the Bailieston gold project. To achieve an intersection of 17.87g/t gold over 2 metres is notable. But also of significance is that this was part of an intersection of 15 metres at 3.81g/t gold from relatively shallow depth.’

 

A map showing the location of drill holes at Blue Moon

Thursday’s update came during a particularly busy time for ECR. Alongside Blue Moon, the organisation is drilling at its Creswick gold project in Victoria.  Here, it is targeting multiple quartz vein orientations within the Dimocks Main Shale (DMS), a 15km-long hard rock geological feature and the source of much alluvial and deep lead gold. Exploration mapping by the company has identified a large gold system within the DMS. Last month, the firm said drilling to date had intersected quartz reefs as anticipated.

Elsewhere, the business launched an additional 450m drilling campaign at its Black Cat prospect in Bailieston last month. Black Cat is among the high priority targets identified by Terra Resources in 2017 and has not previously been drilled. The candidate is located immediately south of ground recently applied for by resources giant Newmont Exploration.

Earlier this month, the company said it had intersected wide zones of alteration in seven holes, with quartz veining in another two after completing 250m of drilling. Meanwhile, 77 samples have been delivered for laboratory assay testing, with results awaited.

Victoria resurgence

The acceleration of ECR’s drilling activity comes amid a resurgence of interest in Victoria. This follows the success of Kirkland Lake Gold at Fosterville, which is now one of Australia’s premier gold mines. After drilling to greater depths at the historic mine, Kirkland discovered multiple high-grade zones. The work increased Fosterville’s mineral reserves by 60% to 2.7MMoza grading 31g/t gold and Kirkland expects to produce 550,000-610,000oz of gold from the mine this year.

Against this prospective backdrop, operating costs at Victoria remain very low by industry standards. This ideal dynamic has attracted global attention, with worldwide major Newmont Mining setting up shop in the region alongside ASX-listed firms like Chalice Gold Mines, Petratherm, and Nagambie Resource.

According to Earth Resources Regulation, gold production in the area hit a six-year high over 2017-18 at 364,225oz. Meanwhile, the Australian Bureau of Statistics claims that exploration activity has also soared, with expenditure enjoying an 81pc year-on-year increase to $73.3m in 2017-18.

Finally, alongside its various drilling updates, January saw ECR announce that it had submitted applications for the nine exploration licences that make up the Windidda gold project in the Yilgarn region of Australia. The area has been identified as a gold exploration opportunity because it has the potential to contain Archaean greenstones beneath shallow cover.

Archaean greenstones host many of Western Australia and the world’s most prolific gold deposits. The under-cover greenstone gold exploration model has already been tested successfully by Greatland Gold at its nearby Ernest Giles project. Furthermore, ECR’s licence applications also cover a large proportion of an identified gravity-magnetic trend with known gold prospects along trend to the south.

Previous exploration at Windidda has only targeted base metal and manganese deposit within cover sequences.  ECR expects its target areas to be amenable to aircore drilling. It hopes this will enable it to make a rapid assessment of their potential for gold mineralisation.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

The Author has been paid to produce this piece by the company or companies mentioned above.

Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

ECR Minerals encounters quartz veining at Black Cat as drilling progresses (ECR)

ECR Minerals (LSE:ECR) was sat at 0.9p during midday trading on Monday after revealing drilling progress in at its Black Cat gold prospect in Victoria, Australia. The business said it has now completed 250m of rotary air blast drilling across ten new holes in the area.

Most of the holes have been drilled in the northern part of the prospect, based within ECR’s Bailieston gold project and immediately south of ground recently applied for by Newmont Exploration. However, three have been completed on the main central workings and one in the southern dyke.

Wide zones of alteration were intersected in seven holes, with quartz veining in another two. Meanwhile, 77 samples have been delivered for laboratory assay testing, with results awaited. ECR said it would provide the results of these tests ‘at the earliest opportunity’, once the company’s technical team has analysed them.

In the meantime, the company will continue to drill the remainder of its planned 450m programme at Black Cat. Black Cat is among the high priority targets identified by Terra Resources in 2017 and has not previously been drilled

ECR chief executive Craig Brown said: ‘As with Creswick and Bailieston Blue Moon, drilling at Black Cat is proceeding well and we are pleased with the work undertaken to date. We look forward to providing further drilling progress updates and the findings following the review of assay results by our technical team.’

The news comes just days after ECR said it has now completed 1,687m of reverse circulation drilling in 17 target holes at its Creswick gold project.  Here, it is targeting multiple quartz vein orientations within the Dimocks Main Shale (DMS) through a 4,000-6,000m drilling programme.  

The DMS a 15km-long hard rock geological feature and the source of much alluvial and deep lead gold. Exploration mapping by the company has identified a large gold system within the structure.

Last week, ECR said its drilling has so far intersected quartz reefs, as anticipated.  It is now awaiting assay results to determine the extent of gold mineralised shoots in samples.

The firm noted that increasing interest in gold exploration across Victoria has led to a significant increase in the number of samples being processed at local laboratories recently.  As a result, it now expects samples to be turned around in two to four weeks rather than one week, as originally predicted.

As in Monday’s Black Cat announcement, ECR added that it would provide further updates to the market ‘at the earliest opportunity’.  However, the firm added that it expects a flow of assay results over coming weeks because its samples have been sat in laboratories ‘for some time’.

Elsewhere, ECR said it has now completed 774m of RC drilling in six target holes at its Blue Moon gold prospects.  Work at Blue Moon, located near Black Cat in Bailieston, follows up on the evidence of a near-surface mineralised gold system announced last July. Drilling at the site is ongoing and is targeting extensions of areas where sulphides have been intersected, and gold mineralisation has been identified. The firm is now reviewing its field finding here with a view to drilling further in areas of noted interest.

Alongside its various drilling updates, January saw ECR announce that it had submitted applications for the nine exploration licences that make up the Windidda gold project in the Yilgarn region of Australia. The area has been identified as a gold exploration opportunity because it has the potential to contain Archaean greenstones beneath shallow cover.

Archaean greenstones host many of Western Australia and the world’s most prolific gold deposits. The under-cover greenstone gold exploration model has already been tested successfully by Greatland Gold at its nearby Ernest Giles project. Furthermore, ECR’s licence applications also cover a large proportion of an identified gravity-magnetic trend with known gold prospects along trend to the south.

Previous exploration at Windidda has only targeted base metal and manganese deposit within cover sequences.  ECR expects its target areas to be amenable to aircore drilling. It hopes this will enable it to make a rapid assessment of their potential for gold mineralisation.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

The Author has been paid to produce this piece by the company or companies mentioned above.

Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.

 

ECR Minerals bounces as it reveals gold drilling progress in Victoria (ECR)

ECR Minerals (LSE:ECR) enjoyed an 8.3pc jump to 0.9p in midday trading on Thursday after announcing strong progress in its drilling campaign at Victoria, Australia.

The business said it has now completed 1,687m of reverse circulation drilling in 17 target holes at its Creswick gold project. Here, it is targeting multiple quartz vein orientations within the Dimocks Main Shale (DMS), a 15km-long hard rock geological feature and the source of much alluvial and deep lead gold. Exploration mapping by the company has identified a large gold system within the DMS.

On Thursday, ECR said its drilling so far has intersected quartz reefs as anticipated. It is now awaiting assay results to determine the extent of gold mineralised shoots in samples.

The firm noted that increasing interest in gold exploration across Victoria has led to a significant increase in the number of samples being processed at local laboratories recently. As a result, it now expects samples to be turned around in two to four weeks rather than one week, as originally predicted.

ECR added that it will provide further updates to the market ‘at the earliest opportunity’. However, the firm added that it expects a flow of assay results over coming weeks because its samples have been sat in laboratories ‘for some time’.

Elsewhere, ECR said it has now completed 774m of RC drilling in six target holes at its Blue Moon gold prospects. Work at Blue Moon, located within ECR’s Bailieston project area, follows up on the evidence of a near-surface mineralised gold system announced last July.

Drilling at the site is ongoing and is targeting extensions of areas where sulphides have been intersected, and gold mineralisation has been identified. The firm is now reviewing its field finding here with a view to drilling further in areas of noted interest.

ECR chief executive Craig Brown said the organisation has now completed 2,461m of drilling in less than a month. All-in-all, it intends to carry out between 4,000-6,000m of RC drilling in Victoria as part of the campaign, which was announced at the end of January.

‘We have successfully encountered a number of host structures that were anticipated and targeted in our drill programmes, and we have panned gold within some of the drill samples,’ added Brown. ‘The company’s approach has been to define drill targets based on historical exploration, field mapping and soil geochemistry with an iterative review programme to extend drilling where target geological structures and gold mineralisation therein is encountered. We await assay data to add to our field observations and will provide further updates to the market when assay information has been received and reviewed by the team.’

Thursday’s update comes at a particularly busy time for ECR. Alongside its work at Creswick and Blue Moon, the firm began an additional drilling campaign at its Black Cat prospect in Bailieston earlier in February. Black Cat is among the high priority targets identified by Terra Resources in 2017 and has not previously been drilled. The candidate is located immediately south of ground recently applied for by resources giant Newmont Exploration.

Alongside its various drilling updates, last month also saw ECR announce that it had submitted applications for the nine exploration licences that make up the Windidda gold project in the Yilgarn region of Australia.  The area has been identified as a gold exploration opportunity because it has the potential to contain Archaean greenstones beneath shallow cover. Archaean greenstones host many of Western Australia and the world’s most prolific gold deposits.

The under-cover greenstone gold exploration model has already been tested successfully by Greatland Gold at its nearby Ernest Giles project.  Furthermore, ECR’s licence applications also cover a large proportion of an identified gravity-magnetic trend with known gold prospects along trend to the south.

Previous exploration at Windidda has only targeted base metal and manganese deposit within cover sequences. ECR expects its target areas to be amenable to aircore drilling. It hopes this will enable it to make a rapid assessment of their potential for gold mineralisation.

Author: Daniel Flynn

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

The Author has been paid to produce this piece by the company or companies mentioned above.

Catalyst Information Services Ltd, the owner of MiningMaven.com, owns a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

Catalyst Information Services Ltd, the owner of MiningMaven.com, has been paid for the production of this piece by the company or companies mentioned above.

MiningMaven.com and Catalyst Information Services Ltd are not responsible for its content or accuracy. News and research are not recommendations to deal, and investments may fall in value so that you could lose some or all of your investment. Past performance is not an indicator of future performance.