The Asia Miner

JUL-SEP 2017

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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56 | ASIA Miner | Volume 14 • Issue 3 | 2017 Exploration ECR Minerals has started exploration drilling at its Bailieston Gold Project in the Australian state of Victoria. The company has identified three areas near the historic Byron mine as high-priority hard-rock drill targets and plans to test the prospects. The Bailieston licence contains the By- ron mine, which previously produced 4416 ounces from 8698 tonnes mined at an im- plied grade of 15.5 g/t. The ECR targets are close to old workings with good production figures, making them prospective targets worthy of immediate testing. Initial reverse circulation drilling will focus on Byron and ECR wants to test extensions to the known mineralisation as well as gen- erating additional targets for a more com- prehensive program further down the line. Bailieston is also near other large mining operations in the Central Victorian Goldfields including Fosterville, which has produced 140,000 ounces per year at a cash cost of US$461 per ounce, and Costerfield, which has an annual output of 42,000 ounces at a cash cost of US$630 per ounce. The London-listed company is fully fund- ed for its exploration program following two rounds of funding with Chinese investor Shenyang. ECR's chief executive Craig Brown said, "The board of ECR is excited to begin our exploration program in the Victorian Gold- fields. Our Bailieston project in the state of Victoria, one of the world's most prolific gold producing regions, is not only in close prox- imity to two significant operating gold mines but the region has a long history of produc- ing high-grade material from underground workings. "ECR has made significant strides forward in recent months and the board strongly be- lieve that our Australian exploration program in this highly prospective district is the first step to really beginning to build value for shareholders," he said. ECR's wholly-owned Australian subsidiary Mercator Gold Australia (MGA) previously entered into a deed of assignment and as- sumption with Currawong Resources for the acquisition of the Avoca and Bailieston gold projects. Avoca and Bailieston are approx- imately 183km west northwest and 150km north, respectively, of Melbourne. The Victorian Goldfields has a long histo- ry of mining and one that has produced an estimated 80 million ounces since gold was first discovered in 1851. EXPLORATION is under way at the Burnside and Moline exploration project areas of PNX Metals in Australia's Northern Territory. The aim is to delineate high-value gold or base metals deposits that can be treated through a process plant proposed for the company's Hayes Creek project or through existing free-gold milling infrastructure. The company plans 21 reverse circulation holes to commence early July at the Moline project with the aim of extending gold and base metals sulphide mineralisation identified in 2016. Drilling will target the School, Moline, Tumbling Dice and Redback prospects. At School, previous PNX drilling intersected significant mineralisa- tion only 50 metres below the historical pit, including 9 metres @ 2.66 g/t gold from 68 metres in the western lode and 7 metres @ 11.89 g/t from 115 metres in the eastern lode, including 3 metres @ 23.79 g/t. At Moline and Tumbling Dice, PNX intersected zinc-gold-silver- lead rich sulphides which remain open down-dip and along strike. Previous results included 2 metres @ 4.66 g/t gold, 177 g/t silver, 4.92% zinc and 4.41% lead from 89 metres at Moline; and 30 me- tres @ 2.29g/t gold and 0.70% zinc from 78 metres including 3 metres at 6.58 g/t gold at Tumbling Dice PNX also plans 15 reverse circulation holes at the Cookies Corner gold prospect within the Burnside project. This is a large 1km-long gold in soils anomaly 40km northwest of Hayes Creek. Limited but encouraging historical exploration features 3 metres @ 19.7 g/t gold from 3 metres and 29.3 g/t gold rock chip assays. PNX will also fly an airborne geophysical survey over the Hayes Creek project area, to include the new Margaret volcanogenic mas- sive sulphide (VMS) prospect, where field work has defined a large, 1km-long lead-zinc-gold in soils anomaly. This will assist in identifying extensions to existing mineralisation at the Mt Bonnie and Iron Blow deposits, and new targets with VMS potential. These deposits form part of the Hayes Creek Project, for which a prefeasibility study is due shortly to expand on a 2016 scoping study. Hayes Creek hosts indicated and inferred resources of 4.1 mil- lion tonnes containing 177,200 tonnes of zinc, 238,000 ounces of gold, 16.2 million ounces of silver, 37,000 tonnes of lead and 10,050 tonnes of copper. ECR begins drilling at Bailieston Exploration under way at PNX prospects The Hayes Creek Gold Project of PNX Metals is in the north of the Northern Territory with a number of other prospects in the vicinity.

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