ECR Minerals has announced further positive assay results from surface and underground channel sampling at the Itogon epithermal gold project in the Philippines. Results continue to demonstrate gold mineralization at surface outside the zones tested by previous drilling.
Assay results from third phase of channel sampling by ECR at Itogon include, at surface, 18 metres averaging 2.78 grams/tonne gold and 34 metres averaging 0.71 grams/tonne.
Promising results have also been returned from channel sampling in underground workings, including 44 metres averaging 0.30 grams/tonne in one adit and grades of up to 7.38 grams/tonne over 1 metres in another.
ECR expects to recommence drilling at Itogon during the fourth quarter of 2014.
The company’s chief executive officer Stephen Clayson says, “We are pleased to be reporting another round of positive channel sampling results from Itogon. Channel sampling continues at the project, and is focused on obtaining further information as to the extension of mineralization at surface to the south, southeast, southwest and east in the central to southern sections of the main prospect area, outside the extent of previous drilling by ECR and historical drilling, and on helping to refine ECR’s overall geological interpretation of the main prospect area.
“The data being generated by the current work is very valuable and is being used to inform detailed planning of the next phase of drilling. We anticipate that drilling will recommence at Itogon during Q4 2014, once a suitable drill rig becomes available from our contractors.”
Geological mapping highlighted altered, mineralized and/or intensely oxidized occurrences for channel sampling, in some cases following trenching.
A total of 97 samples were assayed, each representing a channel length of between 0.5 and 2 metres, and representing an aggregate surface channel length of 108 metres and an aggregate underground channel length of 68 metres.
ECR is a mineral exploration and development company with, among other interests, the right to earn a 50% interest in the Itogon gold project in the Philippines. Itogon is an advanced exploration project located in a gold and copper mining district on the island of Luzon in the north of the Philippines.
ECR has recently entered into an agreement in relation to a convertible loan facility of up to US$10 million to be made available by YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors Global. The facility, which will be available to the company for three years, provides for an initial loan tranche of principal amount US$1.5 million to be drawn down immediately by ECR, and for future tranches up to an aggregate principal amount of US$10 million. www.ecrminerals.com