ECR Minerals plc (LON:ECR) the precious metals exploration and development company is pleased to provide an update to shareholders following the visit by the Company to Argentina to discuss the status and plans in respect of the Company’s existing interests and also to consider potential new opportunities in Argentina that may complement existing interests.
The Company previously outlined the latest position in respect of Argentinian operations in its full year report released 29 March 2018. Then, despite having established a next stage exploration programme for the Sierra de las Minas (“SLM”) gold prospective licences, reflecting the need to conserve cash resources and to consider various corporate developments in the area of the Company’s operations, the Company decided to watch developments and conserve resources for a period.
During the visit to Argentina a full review of the SLM project licences was undertaken, including relevant liaison with the Ministry of Mining in La Rioja province. We are pleased with the outcome of this review and the opportunities we have identified for exploration of potentially high-grade gold mineralisation. With the Company’s enhanced financial strength we have now restarted our work and further information will follow with regard to the specific work programme we intend to implement.
Of particular interest during the Company’s visit we have identified additional licence areas that could complement the existing gold prospective ground and we will provide further updates in due course if there are any developments in this area.
Furthermore during a review of additional, non-gold focused projects, the Company has identified a number of completely new opportunities including a lithium and poly-metallic high impact exploration opportunity. Again, if these progress then we will provide further updates.
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “Following the Company’s recent fundraise the business, as previously highlighted, is in a robust financial position. With our significant cash at bank and with core costs covered into late 2019 we have been able to look with fresh eyes at all the Company’s interests in order to advance existing projects and also seek new additional complementary opportunities.
Our main driving force of late has been Australian exploration and that will continue with the Board currently in Perth to review progress in our existing Victoria interests, to undertake due diligence in respect of the recently announced Iceberg gold project and to review a number of new and potential opportunities.
ECR has a long history of working in South America and particularly Argentina. We visited Argentina last week and held various meetings and discussions. Our engagement with the Department of Mining was particularly productive and we were highly encouraged by their professionalism and support for our investment in La Rioja province. In addition during our visit we were extremely pleased with the opportunities presented to expand our existing interests in gold and also lithium.
The Board have decided to become more proactive in Argentina and are now pursuing a number of initiatives upon which we will report to market if they were to progress. We look forward to updating shareholders on our progress in due course”.
COMPETENT PERSON STATEMENT
The information in this announcement that relates to Exploration Results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia.
ECR has earned a 25% interest in the Danglay epithermal gold project, 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 Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.
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