Business
Update
Update.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Update\n \n \n \n \n\n \n ECR Minerals plc\n \n \n\n \n \n \n ECR Minerals plc is pleased to provide the following update on its \n activities and interests.\n \n \n HIGHLIGHTS\n \n \n - Permission received for drilling programme at Unchimé iron ore project \n in Salta Province, Argentina; mobilisation of rig to site in progress\n \n \n - Sampling underway at Sierra de las Minas gold project area in La Rioja \n Province, Argentina and geophysical survey planned to take place at El \n Abra gold prospect during September\n \n \n - Sale of Derewo River gold project in Papua, Indonesia to West Wits \n Mining completed by Paniai Gold; approximately A$525,000 worth of West \n Wits shares received by ECR\n \n \n - US$1.5M loan secured from YA Global Master SPV Ltd, which is advised \n by Yorkville Advisors LLC\n \n \n UNCHIMÉ IRON ORE PROJECT, ARGENTINA\n \n \n Permission for the drilling programme to be carried out by ECR at the \n Unchimé iron ore project in Salta Province, Argentina, as described in \n the Company’s announcement dated 5 July 2011, has been received from the \n authorities in Salta.\n \n \n This initial programme will use a single rig to drill up to 10 diamond \n core holes. The purpose of this drilling is to confirm the scale and \n tenor of iron mineralisation indicated by reported historical resources \n estimated following work at Unchimé by the Argentine government in the \n late 1960s and early 1970s. Mobilisation of the rig to site has \n commenced along with earthworks to construct drill pads and improve site \n road access.\n \n \n Metallurgical testwork on samples taken from Unchimé is currently being \n carried out in Western Australia on behalf of the Company.\n \n \n ECR has secured an exclusive option to acquire an ownership interest of \n up to 80% in the Unchimé project, subject to due diligence. The Company \n has 60 days from August 2 2011 to complete its due diligence on Unchimé \n and decide whether to proceed to acquire an initial 70% interest in the \n project. The planned drilling and ongoing metallurgical testwork are \n primary elements of the Company’s due diligence.\n \n \n SIERRA DE LAS MINAS GOLD PROJECT, ARGENTINA\n \n \n ECR plans to commence a ground based geophysical survey at its 100% \n owned El Abra gold prospect in La Rioja Province, Argentina during \n September. Th...