On Wednesday, ECR Minerals (LSE:ECR) announced details of a follow-on gold nugget test programme at its Creswick project. The precious metals exploration and development firm reported the presence of a nuggetty gold system at the deposit in May, highlighting the significance of the find. The company drilled 17 holes at Creswick within the Dimocks Main Shale extracting a 30kg bag of samples. As per industry practices, a 2kg sample was assayed, but ECR explains that assay sample results could be understated as was demonstrated in the test. The assay from the 2 kg sample reported gold of 1.88g/t whereas the 30kg sample test showed the bag actually contained a substantially higher 11.8g/t of gold.
The company’s technical team has taken advice from laboratories and has devised a plan to systematically test zones in and around 640 sample bags of around 30kg each. Bags will be initially prioritised for further analysis using metal detection and whole bags positively identifying metal content will be tested fully. This will provide a much more reliable sample size to determine the extent of gold nugget distribution across the target area.
This much more extensive laboratory analysis will include a number of steps such as sieving, detecting, gold particle analysis, testing gravity concentration and assaying to determine the size distribution and grade of the coarse and fine gold within each sample.
The firm believes the Dimocks Main Shale is large enough to potentially host a multi-million-ounce gold deposit at Creswick and as such has chosen to prioritise its resources to the project. ECR has said it will provide updates to the market as testing progresses, and will continue to develop its other gold projects in parallel with Creswick.
Craig Brown, Chief Executive Officer commented: “I am extremely pleased with the professionalism of the Company’s technical team in devising the structured approach to bag testing that has been developed. Creswick is a unique project and the assessment of in-situ gold mineralisation requires bespoke project management and technical application.
I am delighted that our first metal detecting of bags has already highlighted metal content, which we expect is reflective of nugget gold mineralisation as samples from depth are unlikely to contain other detectable metals.
Our internal modelling suggests the Dimocks Main Shale is large enough to potentially host a multi-million ounce gold deposit at Creswick and therefore ECR are allocating resources to this project in a prioritised manner whilst continuing to develop our other Australian gold projects in parallel.”
Author: Stuart Langelaan
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