21st Nov 2011 07:00
ECR Minerals plc is pleased to draw attention to the news release made on 17 November 2011 by THEMAC Resources Group Ltd ("THEMAC") in which THEMAC provided initial results from its 2011 drilling programme at the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA.
Highlights
- Results from 8 of 16 completed diamond core holes announced by THEMAC; a programme of 47 holes has been permitted and drilling is to continue in 2012
- 2011 drilling was targeted to confirm existing grades, step out laterally and to depth to test for potential to increase the resources of the deposit, and confirm and expand high grade mineralised areas
- Data will be incorporated into the Copper Flat project prefeasibility study due to be completed in the first quarter of 2012
- Results show 102 intervals grading greater than or equal to 0.65% copper, with a high of 2.26% copper; and 34 gold intercepts with values of greater than or equal to 300ppb gold (0.3g/t), with a high of 1,050ppb gold (1.05g/t)
Table 1 - Selected intervals
| Hole ID | Interval(ft.) | Length(ft.) | Gold(ppb) | Silver(ppm) | Copper(%) | Molybdenum(%) | |||||||
| CF-11-01 | 0 to 22 | 22 | 265 | 8.7 | 1.02 | 0.007 | |||||||
| 140.5 to 225 | 84.5 | 331 | 7.1 | 1.05 | 0.018 | ||||||||
| 240 to 309.7 | 69.7 | 169 | 5.8 | 0.97 | 0.019 | ||||||||
| CF-11-01b | 0 to 25 | 25 | 304 | 11.3 | 1.44 | 0.030 | |||||||
| 117.1 to 160.4 | 43.3 | 226 | 6.6 | 0.70 | 0.011 | ||||||||
| 179 to 194 | 15 | 190 | 11.6 | 1.18 | 0.023 | ||||||||
| 209.2 to 241.5 | 32.3 | 163 | 3.8 | 0.73 | 0.024 | ||||||||
| 263.5 to 282 | 18.5 | 437 | 5.9 | 0.93 | 0.029 | ||||||||
| 315 to 345 | 30 | 213 | 7.4 | 1.09 | 0.012 | ||||||||
| 385 to 400 | 15 | 193 | 9.3 | 1.50 | 0.013 | ||||||||
| 672.6 to 725 | 52.4 | 580 | 7.0 | 0.97 | 0.032 | ||||||||
| CF-11-03 | 277.9 to 336.8 | 58.9 | 189 | 4.6 | 0.80 | 0.027 | |||||||
| CF-11-04 | 5 to 45 | 40 | 165 | 3.6 | 0.98 | 0.058 | |||||||
| 80 to 90 | 10 | 197 | 4.1 | 1.07 | 0.653 | ||||||||
| 168 to 178 | 10 | 244 | 4.6 | 1.05 | 0.038 | ||||||||
| CF-11-07 | 93.7 to 113 | 19.3 | 215 | 3.2 | 0.71 | 0.012 | |||||||
| 418 to 428 | 10 | 192 | 6.1 | 1.03 | 0.006 |
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-11-01 | 0.0 | 309.7 | 0.695 | 0.011 | 0.006 | 0.156 | |||||||
| CF-11-01B | 0.0 | 1110.5 | 0.464 | 0.027 | 0.004 | 0.098 | |||||||
| CF-11-02 | 0.0 | 1097.0 | 0.174 | 0.004 | 0.002 | 0.039 | |||||||
| CF-11-03 | 0.0 | 1154.1 | 0.297 | 0.010 | 0.003 | 0.061 | |||||||
| CF-11-04 | 0.0 | 811.9 | 0.388 | 0.038 | 0.003 | 0.058 | |||||||
| CF-11-05 | 0.0 | 1200.0 | 0.225 | 0.012 | 0.002 | 0.039 | |||||||
| CF-11-06 | 0.0 | 1176.6 | 0.194 | 0.006 | 0.002 | 0.054 | |||||||
| CF-11-07 | 0.0 | 1098.0 | 0.306 | 0.008 | 0.002 | 0.044 | |||||||
The full release made by THEMAC can be viewed on SEDAR (www.sedar.com). The figures and highlights above have been extracted 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:
"These initial results from drilling by THEMAC at Copper Flat are highly encouraging, with all holes exhibiting average grades from surface to total depth that are of economic interest.
Of the 8 holes for which results were reported, all 8 returned average copper grades from surface to total depth that are significantly higher than the cut-off grade of 0.12% copper at which Copper Flat's NI43-101 resources have been estimated, and in 4 holes the average copper grade from surface to total depth substantially exceeds the deposit's present indicated resource grade of 0.303% copper.
Moreover, a number of high grade intervals were reported at shallow depth. This high grade ore should be particularly valuable to the proposed mining operation, allowing early capital payback and enhancing the net present value of the project."
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 | |||
| Oliver Rigby/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
g/t: grams per metric tonne
m: metre
oz/st: troy ounces per short ton
ppb: parts per billion
ppm: parts per million
Copyright Business Wire 2011
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