8th Dec 2011 12:33
ECR MINERALS plc("ECR Minerals", "ECR" or the "Company")
AIM: ECRUS OTC: MTGDY
THEMAC RESOURCES PROVIDES FURTHER RESULTS FROM 2011 DRILLING AT COPPER FLAT PROJECT
London: 8 December 2011 - ECR Minerals plc is pleased to draw attention to the news release made on 7 December 2011 by THEMAC Resources Group Ltd ("THEMAC") in which THEMAC provided assay results for a further 6 holes from its 16-hole 2011 drilling campaign at the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA. The results of 8 holes were released on 17 November 2011 and the results of a further 2 holes are expected in late December.
Highlights
- The highest grade copper result so far received from 2011 drilling was recorded in hole CF-11-10B; this was an intercept of 2.34% copper from 20-25 ft and contributed to an average grade for hole CF-11-10B from surface to total depth of 0.35% copper over 1,177 ft
- Intercepts of 0.90% copper from 95-160 ft and 1193 ppb gold from 583-588 ft were recorded for holes CF-11-08 and CF-11-09 respectively
Table 1 - Selected intervals
| Hole ID | Interval (ft) | Length (ft) | Gold (ppb) | Silver (ppm) | Copper (%) | Molybdenum (%) | |||||||
| CF-11-08 | 95 to 160 | 65 | 365 | 5.2 | 0.90 | 0.141 | |||||||
| 265 to 280 | 15 | 369 | 4.4 | 0.72 | 0.015 | ||||||||
| 323 to 334 | 11 | 363 | 4.9 | 0.70 | 0.008 | ||||||||
| CF-11-09 | 95 to 128 | 33 | 241 | 6.2 | 0.83 | 0.013 | |||||||
| CF-11-10B | 20 to 30 | 10 | 309 | 7.4 | 1.54 | 0.309 | |||||||
| 75 to 100 | 25 | 501 | 7.8 | 1.52 | 0.232 | ||||||||
| 138.9 to 156.7 | 17.8 | 453 | 7.5 | 1.58 | 0.055 | ||||||||
| 274.4 to 293.8 | 19.4 | 210 | 6.3 | 0.78 | 0.027 | ||||||||
| 312.5 to 323.8 | 11.3 | 184 | 8.5 | 1.08 | 0.040 |
Table 2 - Average grade for each hole from surface to total depth
| Hole ID | Interval (ft) | Average grades | |||||||||||
| From | To | Copper (%) | Molybdenum (%) | Gold (oz/st) | Silver (oz/st) | ||||||||
| CF-11-08 | 0.0 | 1200.0 | 0.28 | 0.014 | 0.003 | 0.06 | |||||||
| CF-11-09 | 0.0 | 1200.0 | 0.22 | 0.005 | 0.002 | 0.04 | |||||||
| CF-11-10 | 0.0 | 101.9 | 0.33 | 0.006 | 0.004 | 0.09 | |||||||
| CF-11-10B | 0.0 | 1177.0 | 0.35 | 0.019 | 0.003 | 0.07 | |||||||
| CF-11-11 | 0.0 | 1198.0 | 0.16 | 0.004 | 0.001 | 0.02 | |||||||
| CF-11-12 | 0.0 | 1200.0 | 0.20 | 0.006 | 0.002 | 0.04 | |||||||
The full release made by THEMAC can be viewed on SEDAR (www.sedar.com). The figures and highlights above have been derived from the release made by THEMAC and should be read and interpreted in conjunction with it.
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:
"We are extremely happy to see another batch of drill results containing numerous high grade intercepts released by THEMAC. Moreover, many of these intercepts are relatively close to surface, which is especially pleasing as high grade material at shallow depth can be mined early in the life of the proposed operation with positive effects on capital payback performance and the project's net present value."
ECR's Interest in THEMAC
ECR currently has a holding of 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 18 November 2011 was C$0.77.
About ECR Minerals plc
ECR is a mineral development company with interests in the USA, Argentina, Indonesia, Thailand and Australia.
For further information please contact:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | |
| Michael Silver, Chairman | ||
| Patrick Harford, Managing Director | ||
| Stephen Clayson, Director & Chief Financial Officer | ||
| Luca Tenuta, Non-Executive Director |
Email: [email protected]
Website: www.ecrminerals.com
| Daniel Stewart & Company plc | Tel: +44 (0)20 7776 6550 | |
| Paul Shackleton/Tessa Smith | ||
| Old Park Lane Capital plc | Tel: +44 (0)20 7493 8188 | |
| Michael Parnes | ||
| Blythe Weigh Communications | Tel: +44 (0)20 7138 3204 | |
| Ana Ribeiro | ||
| Barry Kaplan Associates | Tel: +1 732 747 0702 | |
| Larry Kaplan | ||
Glossary
ft: feet
oz/st: troy ounces per short ton
ppb: parts per billion
ppm: parts per million
Copyright Business Wire 2011
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