.
Latest News

Drill Results - Baileston Gold Project

HIGHLIGHTS

* A total of 592 m RC drilling completed in June 2017, for a total of seven holes.

* Three targets tested, being the old Byron Shaft workings, the Scoulars trend and the Maori trend.

* Results for the Scoulars and Maori trends are consistent with the geological model, whilst drilling around the Byron Shaft did not intersect the target mineralisation. All three targets warrant continued exploration along the identified geochemical anomalies.

Craig Brown, CEO of ECR, commented:

“The drilling successfully confirmed our overall geological model for the Bailieston project, and we look forward to planning the next phase of exploration, building on these first-pass results. We are currently looking at the results in the context of ECR’s wider strategy in Victoria, where the Company now has 100% ownership of four Exploration Licences containing numerous gold prospects, and will update shareholders in due course regarding next steps.”

RESULTS OF DRILLING

The drilling programme was designed as a low-cost verification of the geological model for the Bailieston project as a whole. Hence, the programme was limited to six shallow drill holes with one deeper hole. Although no high-grade mineralisation was intersected, this is not unexpected given the relatively small size of the programme and the fact that it was spread over three prospects.

The mineralisation at the Byron Shaft appears to be a short zone of high grade mineralisation that ends abruptly at the southern end where the two drillholes on this target were placed. Drillhole MGARC02 intersected a cavity at 141 m downhole as well as weak mineralisation at 125 m downhole. It is interpreted that the cavity intersected at 141 m was the southern extension of the old workings where a narrow extension of the Byron Shaft mineralisation was mined.

o Drillhole MGARC02: 1 m at 0.93 g/t Au from 125 m downhole

Drilling on the Scoulars trend confirmed the Company’s geological model. Drillholes MGARC04 and MGARC05 intersected broader and shallow low-grade mineralisation in a zone interpreted to be several hundred metres long. Two of the three exploratory drillholes at Scoulars intersected gold mineralisation:

o MGARC04: 9 m at 0.48 g/t Au from 15 m downhole including 1 m at 1.13 g/t

o MGARC04: 6 m at 0.57 g/t Au from 34 m downhole including 1 m at 1.25 g/t

o MGARC05: 13 m at 0.85 g/t Au from 10 m downhole including 4 m at 1.46 g/t

o MGARC05: 2 m at 3.16 g/t Au from 47 m downhole

Drilling on the Maori trend provided the highest grade results with drillhole MGARC07 intersecting 2 m at 6.21 g/t Au with lower grade mineralisation either side in a zone associated with some old workings:

o MGARC07: 4 m at 3.29 g/t Au from 39 m downhole including 2 m at 6.21 g/t

COMPETENT PERSONS STATEMENT

The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Ivor W O Jones, a Competent Person who is a Fellow and Chartered Professional (Geology) of The Australasian Institute of Mining and Metallurgy. Mr Jones is Executive Director and Chief Operating Officer of ECR and a full-time employee of the Company. Mr Jones 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’. Mr Jones consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.

 

Open an Account

If you are interested in opening an account with Optiva Securities, please fill in the details on the apply button.


APPLY NOW