7th Oct 2011 07:00
ECR MINERALS plc("ECR Minerals", "ECR" or the "Company")
AIM: ECRUS OTC: MTGDY
Themac Resources Provides Copper Flat Project Update
ECR Minerals plc is pleased to draw attention to the news release made on 5 October 2011 by THEMAC Resources Group Ltd ("THEMAC") in which THEMAC provided an update on progress at the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA.
Highlights
- From a total historic copper-molybdenum assay database for the Copper Flat project of 15,018 samples, a subset of 4,625 samples (2,969 of which were historic pulps re-assayed by THEMAC) have been shown to contain an average of 0.1 g/st gold and 2.36 g/st silver, in line with historic reserve grades
- This data has been provided to International Mining Consultants (IMC), the consultants responsible for resource estimation as part of the ongoing Copper Flat prefeasibility study, for incorporation into IMC's resource modelling
- The first phase of drilling by THEMAC at Copper Flat has concluded with a total of 14 holes totalling 16,539ft drilled and assay results now being returned
- The Copper Flat prefeasibility study presently being conducted by M3 Engineering is currently scheduled for completion early in the first quarter of 2012
The full release made by THEMAC can be viewed on SEDAR (www.sedar.com).
THEMAC holds a 100% ownership interest in the Copper Flat project having purchased an exclusive option over the project from ECR in March 2011 and completed the exercise of this option in May 2011.
Patrick Harford, Managing Director of ECR Minerals plc, comments:
"The incorporation of the gold and silver content of the Copper Flat deposit into the deposit's NI43-101 compliant resources will, we expect, allow the ongoing prefeasibility study to fully reflect Copper Flat's economic potential.
We are also pleased to note the progress made by THEMAC in its drilling at Copper Flat and look forward to the availability of assay results from the first phase of the programme."
ECR's Interest in THEMAC
ECR currently holds 14.35 million shares and 14.35 million warrants of THEMAC, which is listed on the TSX Venture Exchange (code: MAC). ECR's holding is equivalent to approximately 19% of THEMAC's issued shares (21% fully diluted). All the warrants held by ECR are exercisable at C$0.28 per share; 3.85 million warrants are valid until 3 May 2013 and the remaining 10.5 million warrants are valid until 4 March 2016. The closing price of THEMAC shares on 5 October 2011 was C$0.60.
About ECR Minerals plc
ECR is a mineral development company with interests in the USA, Argentina, Indonesia, Thailand and Australia.
ECR Minerals plcMichael Silver, +44 (0)20 7929 1010ChairmanorPatrick Harford, Managing DirectororStephen Clayson, Director[email protected]www.ecrminerals.comorDaniel Stewart & Company plcOliver Rigby/Tessa Smith, +44 (0)20 7776 6550orOld Park Lane Capital plcMichael Parnes, +44 (0)20 7493 8188orBlythe Weigh CommunicationsAna Ribeiro, +44 (0)20 7138 3204orBarry Kaplan AssociatesLarry Kaplan, +1-732-747-0702
Copyright Business Wire 2011
Related Shares:
ECR Minerals