Hits Gold In First Victorian Hole
ECR Minerals plc (AIM: ECR) has intersected gold in the first hole in drilling campaign at the Creswick Gold project in the Victoria Goldfields of Australia. The Project is 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (MGA).
CEO, Craig Brown, said the programme is designed to establish the position of the Dimocks Main Shale (DMS) and associated structures within the Project, and target the main geological structures considered to be gold bearing at Creswick.
“We have made great progress to date, with the first four holes at Creswick now complete and approaching 1,000m of diamond drilling undertaken efficiently and safely at the Project,” Mr Brown said.
“The company has now received assay results from hole CSD001 and I am delighted to confirm we have intersected gold in this, the first drill hole, in our Creswick campaign. This is highly encouraging and particularly significant considering that CSD001 is the first diamond hole into the DMS in the entire tenement.
“With CSD001 we have located the position of the DMS and are building our understanding of the types of folding and faulting within the system which will assist with ongoing drill targeting.
“Overall, the hole one assay result has delivered the outcome we were all hoping for. This has been very much a team effort, and I would like to put on record my thanks to Dr. Rod Boucher, Adam Jones, the drilling team and the core shed staff for their hard work that has delivered a raft of data and information in record time.
“I look forward to reporting to the market with regard to further assay results, and their geological significance, as they become available.”
Highlights:
- Four diamond holes completed to date for 909.2m completed (CSD001 – CSD004).
- Currently drilling the fifth hole CJD001. At the date of release this hole was at 220m.
- Assay testing has now been undertaken on the first Creswick hole, CSD001 and the assay results confirm immediate success intersecting gold, with 1m @9.68 g/t confirmed.
- Drilling continues with diamond hole CSD005 now underway, and assay results are awaited in respect of holes CSD002 – CSD004.
- Following receipt of additional assay results and our in-house geological interpretation, our findings will be provided in further announcements.
The first diamond hole drilled at Creswick is an orientation hole to establish the position of the Dimocks Main Shale (DMS) and associated structures. As previously reported data from the RC drilling conducted in 2019 showed a lack of geological continuity indicating faulting and folding of the DMS. CSD001 intersected quartz zones within the DMS in addition to multiple reefs above and below it. Drilling of CSD001 has demonstrated that much of the 2019 RC drilling was done into the minor reefs above the DMS
CSD001 reached DFMS at 72m down the hole and continued to 93 m and intersected two 2.0m quartz zones at the upper contact and at 86m with minor veining throughout the shale. The hole continued to 295m to test the folding and faulting beneath the DMS and encountered an additional eight reef zones that mostly related to east-dipping faults and minor shales. 76 of the 108 samples sent for laboratory testing from CSD001 have been reported from the lab with the best result 1 m @ 9.68 g/t from an east-dipping fault beneath the DMS. Results from the final 32 samples are awaiting laboratory analysis.
CSD002 was collared 10 m to the west of CSD001 and drilled steeper to target where projected parasitic folding and the mineralised east-dipping fault intersect the DMS. The previously reported result from 2019 from CSR005 of 1.0m @ 81.0 g/t came from quartz in the parasitic folds. Drilling of CSD001 intersected an 8.0m quartz zone where the DMS and these structures intersect plus minor veining throughout the shale. The core from CSD002 has been logged, sampled and sent to the laboratory for analysis.
Work to better understand the nugget effect at Creswick is ongoing. As described in the release dated 5/11/19 grade variability due to the nugget effect was demonstrated at Creswick with some of the initial samples under-reported and others over-reported.
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