ECR Minerals upbeat on maiden drilling at Tambo Gold Project
By Josh White
Date: Wednesday 11 Dec 2024
(Sharecast News) - ECR Minerals updated the market on its maiden diamond drilling campaign at the Tambo Gold Project in Victoria, Australia on Wednesday, focusing on the Duke of Cornwall prospect.
The AIM-traded company said the campaign, targeting historic workings beneath the Duke of Cornwall Mine, yielded encouraging results, including high-grade gold intercepts and valuable geological insights.
Drill hole DOCD004 intercepted the Main Lode at a depth of 62.3 metres, delivering a standout result of 0.15 metres at 10.6 grams of gold per tonne, along with additional intercepts of 0.35 metres at 1.47 grams per tonne and 0.15 metres at 1.42 grams per tonne from distinct quartz veins in the footwall and hanging wall of the Main Lode.
The results suggested the potential for undiscovered veins within the system, with the overall average grade across reported intervals in DOCD004 standing at 4.5 grams of gold per tonne.
DOCD003, while not yielding significant gold intercepts, contributed valuable geological data, helping delineate the location of the shear zone and better understand the controls on mineralization.
The board said the drilling campaign, consisting of five diamond core holes totalling about 439 metres, aimed to refine geological interpretations and confirm grade continuity at depth.
Results from both DOCD002 - 0.4 metres at 8.51 grams of gold per tonne - and DOCD004 confirmed vertical gold continuity extending at least 70 metres below historic adit workings.
ECR said it was now awaiting assay results from the remaining holes, DOCD001 and DOCD005.
Geological logging of DOCD005 already identified two quartz veins consistent with historical reports of similar lodes.
Results were expected by the end of the year.
"The results from drill hole DOCD004 mark another positive step forward in our exploration of the Duke of Cornwall prospect," said ECR's chief geologist Adam Jones.
"While DOCD003 provides valuable geological insights into the location of the shear zone, DOCD004 has confirmed gold continuity within the Main Lode and highlights the potential for additional undiscovered veins within the system.
"I'm highly encouraged by how the best findings from DOCD002 and DOCD004 match up with historical records and the Board is optimistic about the potential for high-grade gold mineralisation as we continue to explore the strike and depth of the system."
At 1341 GMT, shares in ECR Minerals were down 3.23% at 0.3p.
Reporting by Josh White for Sharecast.com.
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