Latest NewsNew Gold Targets Blue Moon Australia
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
NEW GOLD TARGETS BLUE MOON AUSTRALIA
ECR Minerals plc (LON:ECR) the precious metals exploration and development company is pleased to provide an update in respect of the Blue Moon gold project in Victoria Region, Australia.
Blue Moon – significant gold target identified below near surface mineralised oxide zone
On 6 July 2018 the Company announced a significant near surface gold system had been identified in drilling at Blue Moon and this led to a thorough review of the Blue Moon gold target by the Company’s technical team, the results of which are outlined below.
The gold grade identified near surface was modest, but the key objective of the previous drilling campaign was to confirm the presence of gold mineralisation which was achieved successfully. With gold mineralisation confirmed the work commenced to investigate the geological system enabling the Company to target future drilling seeking higher grade mineralisation, potentially of a type similar to the nearby million ounce Fosterville mine.
Upon review of the findings the Company has identified that there has been considerable leaching of the veinlets containing gold in the Blue Moon sandstone in the oxide zone near surface. If the leached materials are gold bearing sulphides, the Company believe there is potential for significantly higher grades by drilling below the oxide zone, where the significant near surface gold system was identified from the previous drill programme.
The conclusion of the technical review is that, given the significant near surface and extensive gold system identified to date and evidence of near surface leaching, there exists potential for a significant gold discovery with deeper drilling. As a result the Company expects to undertake deeper reverse circulation drilling in the coming months, subject to conclusion of land access agreements.
Two new gold targets confirmed in addition to the Blue Moon target
In addition to the work undertaken at Blue Moon the Company has undertaken field mapping and soil geochemical sampling over unexplored areas to the north and northwest of Blue Moon.
This work programme has identified two new gold prospective targets which share similar geochemistry to that confirmed at Blue Moon, notably large areas of quartz float with anomalous arsenic of similar magnitude.
The two new targets have been named Red Moon and Yellow Moon and will now be subject to further geochemical analysis to identify the extent of each anomaly and to determine a follow up work programme for each target as appropriate.
Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “I am delighted with the progress our technical team have made with the review of Blue Moon. It is evident that the Blue Moon target offers an opportunity to discover a significant gold deposit and that will be our prime objective in the forthcoming drill campaign.
Furthermore, the addition of two new targets at Red Moon and Yellow Moon is extremely exciting for the technical team and the Company. The multiple gold targets identified to date support the rationale of the Company in securing the Bailieston licence with the overall objective being the discovery of a significant and economic gold deposit.
Alongside our work in Victoria, Australia, we are actively pursuing other initiatives in Australia including the completion of due diligence in respect of the “Iceberg” project, an option over which was announced to the market on 15 August 2018.
I look forward to providing further Australian development updates.”
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