ECR Minerals plc (LON: ECR), the precious metals exploration and development company, is pleased to announce the receipt of high-grade gold assays from the recently completed rock chip sampling programme at the Timor Gold Project (the “Project”) in Victoria, Australia.
The Timor Gold Project is one of five projects held by ECR in the Victorian Goldfields region, with three projects at Bailieston, Creswick and Timor now the subject of active exploration or project development operational activity.
Craig Brown, Chief Executive Officer commented: “I am extremely pleased to announce the receipt of high-grade gold assays from the Shaw’s Reef and Anglo-Saxon Reef prospects, during a recent reconnaissance sampling program where assays of 22.6 g/t and 26.3 g/t Au were received, respectively. Both these samples are of vein quartz taken randomly from the main waste dumps created by the old underground operations of the late 1800s & early 1900s.“
“Furthermore, the reconnaissance has discovered the Brilliant/Northumbria reef and its extensive gold workings, including an old open cut. This prospect area extends over a length of approximately 500m and is up to 80m wide and assays from 13 samples indicate widespread low-grade gold mineralisation.”
- Quartz vein material assayed 22.6 g/t from Shaw’s Reef main shaft waste dump, which mined to 152m depth and produced 11465 ounces at a grade of 20.93 g/t Au;
- Quartz vein material assayed 26.3 g/t from Anglo-Saxon Reef main shaft waste dump & the four samples averaged 8.12 g/t Au. No production records are available and the mine appears to have been worked to relatively shallow depths;
- Eighty-four (84) rock samples were collected from 19 prospects, with over half (47) of the samples being mineralised or anomalous at >0.1 g/t Au;
- These 47 anomalous samples of quartz vein or waste rock material are from 14 separate prospects which averaged 1.8 g/t Au indicating that not only are the quartz samples mineralised but that there is a high-level background gold content of the host rocks associated with many of the prospects;
- The maximum gold grade for these waste rock samples received is 6.49 g/t from the North British Reef, where the material assayed was a host rock slate without any quartz content, which is remarkable;
- A number of the prospects have consistently anomalous gold grades indicating that the ore does not appear to be particularly nuggetty and that reliable grades can be expected. Further sampling is therefore required to establish the extent of the mineralisation of these particular prospects prior to drilling;
- A number of prospects remain to be sampled within both the LMFZ and SMFZ pending access negotiations to private property;
- Wide zones of anomalous gold mineralisation associated with old quartz reef workings that operated on a number of parallel reefs, quartz blows, ladder veins and stockworks within a corridor of up to 80m wide occur at the Brilliant/Northumbria Reefs at the northern end of the Shaw-McFarlane Fault Zone (SMFZ). This zone is about 500m in length and may extend further and therefore offers an immediate drill target with potential for open cut gold mining. Historically part of the zone was open cut with horse and cart technology (Figure 1).
A link to Figure 1 Northumbria Reef open cut:
A link to Figure 2 Brilliant Reef large quartz outcrop approximately 400m south of Northumbria workings:
Background to the Timor Gold Project:
Timor Gold project is located in Victoria Australia and held under exploration licence EL006278.
Historical records demonstrate that the Maryborough goldfield within the licence area has produced over 640,000 ounces of gold from hard-rock and alluvial sources, with 220,000 ounces mined from hard-rock operations at an average grade of 14g/t gold. (See references below).
Two major fault zones have been identified on the Project, namely the Shaw-McFarlane Fault Zone (“SMFZ”) and the Leviathan-Mariners Fault Zone (“LMFZ”), which are responsible for the majority of the hard-rock gold production.
The SMFZ has been shown to have consistently produced high-grade gold mines along its length with Shaw’s Reef, McFarlane’s Reef and Havelock Monte Christo having recorded production at average grades ranging from 22g/t gold to 217 g/t gold with certain operations having been impacted by metallurgical challenges. (See references below.)
Opportunities exist within the SMFZ to identify and process gold mineralisation at potentially very high grade by applying modern processing techniques to resolve processing challenges that limited production many years ago.
The LMFZ hosts a large number of variably sized reefs that occur within the fault zone. These reefs are associated with diorite dykes and generally offer larger gold targets, albeit at lower grade compared to the SMFZ and historical mining records demonstrate that mining activities were often to relatively shallow depths.
Most of the LMFZ is under shallow alluvial cover which produced a considerable amount of gold in the early days of the Maryborough gold rush of the 1850s.
Both the SMFZ and the LMFZ have the potential for modern open cut and underground mining techniques, because of the scale of the deposits present.
As a result of the successful program of reconnaissance rock dump sampling from the old workings announced today, the Company is reviewing the data collected to determine the next step for this the Timor Project.
Further information to follow as each step of the exploration programme is implemented and the results interpreted.
COMPETENT PERSON STATEMENT
This announcement has been reviewed by Neil Motton BAppSc (Hons), MAusIMM (CP), FSEG, a geological consultant to the Company’s wholly-owned subsidiary Mercator Gold Australia Pty Ltd with more than 30 years of professional experience. Mr Motton 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.
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