ECR Minerals plc (ECR.L) Anticline Identified Close to Maori Reef Line at the Bailieston Gold Project

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce drilling updates across the Bailieston Project in central Victoria, Australia.

ECR Minerals plc has 100% ownership of Bailieston Project which is operated under their Australian owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented:

“I am delighted to announce a highly significant development resulting from the aggressive drilling programmes currently underway in the Victoria Goldfields. ECR Minerals has the advantage of owning its own diamond drilling rig and, with a centralised operational hub at Bendigo, we have been able to swiftly and efficiently interpret the core samples and secure valuable data from the programmes.

As suspected by our senior geologists, logging of three diamond holes at the Maori and Dan Genders Reef at the HR3 prospect has confirmed a steep south-plunging anticline to exist sub-parallel to the Maori Reef line which hosts quartz-arsenopyrite mineralisation and elevated gold grades.

Most significantly, the data and presence of gold in the core samples confirms the south plunging anti-cline runs close to the historical mined portions of the Maori Reef. The additional drilling planned for the northern end of the zone will help us further understand the size and shape of the structure in order that we can determine next exploration steps.”

KEY POINTS

  • Four initial diamond drill holes have been completed into the Maori and Dan Genders Reef lines for a total of 869.3m.
  • Structural logging of three diamond holes now confirms a steep south-plunging anticline that exists sub-parallel to the Maori Reef line which hosts quartz-arsenopyrite mineralisation with elevated gold grades. 3D projections of this folding are spatially associated with high-grade historic percussion drill intersections.
    PROGRESS AT BAILIESTON GOLD PROJECT

First pass diamond drilling has been completed over the Maori and Dan Genders Reef lines. A summary of these four diamond holes is as follows;

BH3DD005 was drilled to investigate the merging of the Hard Up Reef and the Maori Reef structures beneath historic gold workings. The Hard Up Reef was intersected down the hole at 62.4m and is present as strongly oxidised fracturing with silica alteration. Only elevated gold was detected from this part of the reef (0.5m @ 0.80 g/t Au). The Maori Reef was intersected at 94.8m grading (0.8m @ 0.58 g/t Au). Plotting of bedding measurements in 3D software shows the hole drilled through the nose of a fold where the Maori Reef was intersected. Increasing silica alteration with disseminated pyrite is present on the immediate western limb of this fold. Assay results show the pyrite-silica zone to carry above background gold grades (0.2-0.5 g/t Au) within the fire assay analysis of the tails of the cyanide-leachwell solution. This is indicating the pyrite is carrying a refractory gold component. Another quartz-stockwork zone was drilled through at 140m (1m @ 2.89 g/t Au). The hole ended at 174.3m.

BH3DD006 was drilled to investigate a postulated anticline through the central part of the HR3 goldfield and possibly hosting the Dan Genders Reef system. Structural logging shows the Dan Genders Reef to be hosted within west dipping sediments. Assays from this Reef returned low grades from 70.3m down-hole (0.8m @ 0.86 g/t Au). The drillhole was continued to look for the fold into east dipping sediments. This fold was intersected at a drilled depth of 225m. Accompanying this fold was bedding parallel quartz-sulphide mineralisation with assays returning (0.7m @ 1.25 g/t Au) from 224.6m. Drilling continued across the fold where another unknown narrow bedded laminated quartz vein was drilled through at 342.7m depth. This intercept was the best from this hole (0.3m @ 6.06 g/t Au) from 342.7m. This drillhole ended at 344.7m. 3D modelling of bedding shows the fold axis drilled through at 225m projects up-dip to the fold drilled through at 95m in BH3DD005. This fold plunges approximately -40 degrees to the south. The up-dip projection of this fold to surface coincides with the historic Maori mine workings and a high-grade historic percussion drill hole from a previous explorer during the late 1980’s (1m @ 34 g/t Au) from 44m depth in hole BLP136. Mineralisation associated with this fold will need to be investigated further.

BH3DD007 3D projections of quartz veins and the plunge of the fold at 225m downhole in BH3DD006 hypothesised quartz veins to potentially roll over the fold hinge and become limb-thrust hosted within the east dipping beds on the eastern side of the fold further to the north of BH3DD006. BH3DD007 drilled through the fold at a drilled depth of 185.35m. Accompanying the fold was a laminated quartz vein showing fine acicular arsenopyrite needles that assayed (0.65m @ 2.90 g/t Au) from 185.35m. A supplementary rubbly quartz zone giving off high arsenic readings using a pXRF was also drilled through at 43.9m depth. Assays from this zone shows the potential of broader, low-grade gold mineralisation in the oxide levels. Assays from 43.9m (5.3m @ 0.70 g/t Au, including 0.55m @ 1.08g/t Au from 44.65m), accompanied by lower grades ranging between 0.51 and 0.89 g/t Au. Due to poor drill recoveries within this oxide zone, BH3DD008 was collared 10m away from BH3DD007 and drilled to 96.1m. Best result was (0.8m @ 0.38 g/t Au from 37.3m).

Table 1 Summary of averaged grade mineralised drill intercepts BH3DD005-BH3DD008 (g/t Au)

PHASE TWO DRILLING

Structural measurements of diamond drill core combined with 3D modelling have proved a steep south plunging anticline to now exist sub-parallel along strike to the Maori Reef line. Spatially, intense historical mined portions of the Maori Reef and high-grade percussion drill results from previous explorers coincide with the up-dip projection of the anticlinal fold.

Drilling to date has confirmed the presence of gold associated with the anticline along strike and depth to the south. Further diamond holes will be drilled in strategic positions to understand the structural controls on the high-grade portions of veins associated with this fold.

Plans for diamond drilling on the northern end of this fold zone have been submitted for approval. These plans are part of a larger campaign to drill underneath recent high-grade soil anomalies in this central and northern part of the goldfield (see previous release 15th June 2021).

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc

Tel: +44 (0)20 7929 1010

David Tang, Non-Executive Chairman

Craig Brown, Director & CEO

Email: info@ecrminerals.com

Website: www.ecrminerals.com

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

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ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queesnland, Australia.

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Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production at any of those projects.

ECR has earned a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.


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