19th May 2014 10:10
LONDON (Alliance News) - ECR Minerals PLC Monday said it had got positive assay results from surface and underground channel sampling at the Itogon gold project in the Philippines.
The company said mineralised intercepts by surface channels included 18 metres at 8.006 parts per million gold, 40 metres at 2.338 parts per million and 22 metres at 1.883 parts per million. Sampling within underground workings returned grades of up to 48.4 parts per million of gold, it added.
It added that it expects assay results from recently completed drilling at Itogon later this month, which will give it even greater insight into the potential of the project.
?These channel sampling results support our view that the epithermal gold mineralisation at Itogon is likely to be of significant economic interest, subject to the results of further exploration. The grades and extent of the outcropping mineralisation tested by our surface channels are encouraging, as are the grades returned by our sampling underground," Chief Executive Stephen Clayson said.
ECR Minerals shares were up 3.7% at 0.28 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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