ECR Minerals #ECR – Further Gold, Lithium, Tantalum and Niobium Samples Identified at Lolworth Range Project, Queensland

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce further progress and new results for gold, Lithium, Tantalum and Niobium from the recently completed stream sampling campaign at the Lolworth Range project, North Queensland, Australia.

ECR Minerals plc has 100% ownership of three exploration tenements (EPM27901, EPM27902 and EPM27903), which covers the Lolworth Range, located 120km west of the famous gold district of Charters Towers. The project is being explored under ECR’s Australian wholly owned subsidiary Lux Exploration Pty Ltd (“LUX”).

HIGHLIGHTS

• Results from 144 additional stream sediment samples have been received.
• 19 out of 144 samples show gold values greater than 1 ppm Au, with a best result of 51 ppm Au.
• 35% of the 144 samples show visible gold in heavy pan concentrates.
• Lithium, Tantalum and Niobium confirmed in streams that drain the hills over a 10km trend from Gorge Creek to Oak Creek.
• Results from 33 regional rock chips reveal anomalous silver at the Uncle Terry’s Prospect. Two rock chips from outcrop in the Flaggy Creek drainage show gold results including 4.73 g/t Au.

ECR CEO Andrew Haythorpe commented: “On behalf of the board, we are pleased to see our Lolworth asset really starting to take shape. With further examples of visible gold in 35% of samples and the presence of Lithium, Tantalum and Niobium over a 10km trend, there is a genuine sense that Lolworth could be developing into a key asset for ECR. The rock chip samples containing gold from the Uncle Terry prospect adds further credence to this view.”

“There is so much more to come from ECR’s asset portfolio in 2023, and I look forward to reporting results and campaign developments to you as they occur.

Plan of the Lolworth tenements showing all gold results to date are shown in Figure 1 below:

Figure 1: https://www.ecrminerals.com/images/2023/Fig1_230130.png

Inserts A and Insert B relating to Figure 2 below:

Figure 2-Insert A: https://www.ecrminerals.com/images/2023/Fig2-InsertA_230130.png

Figure 2-Insert B: https://www.ecrminerals.com/images/2023/Fig2-InsertB_230130.png

Plan showing the Lithium, Tantalum and Niobium stream sampling across the Lolworth tenements shown in Figure 3 below:

Figure 3: https://www.ecrminerals.com/images/2023/Fig3_230130.png

Results for reported stream samples and rock chips are listed in Appendix One at end of this announcement.

STREAM SAMPLING PROGRAMME – BACKGROUND

A total of 347 stream sediment samples were completed at the Lolworth Range project between September and December 2022, and to date, ECR has received a total of 269 of 347 samples back from the lab. All samples are derived from pan concentrated stream sediment extracted from numerous traps at pre-determined planned sites and processed at the ALS Laboratory Perth. 33 elements were analysed utilising method ME-ICP61, which invariably returns a comprehensive digest that unlocks most elements of interest.

ECR pegged the Lolworth Range after initial research revealed that historic stream sediment sampling undertaken in 1987-1988 showed visible gold. No follow up work was undertaken to search for gold, and to date no exploration work has been undertaken in the region for critical minerals such as Lithium. Given the levels of Lithium, Tantalum and Niobium that sampling has already uncovered, the Board believes there are clear opportunities for further discoveries. Currently ground work at the project is at a stand-still due to the tropical wet season.

GOLD RESULTS AND TRENDS

New results show additional gold values in stream sediments with values present up to 51 ppm Au, also supported by visible gold present in 35% of pan samples. Most of the 144 new results were follow-up samples from the initial results taken from sites within Gorge Creek, Reedy Creek, Flaggy Creek and Oak Creek drainages (see Figure 1 above).

LITHIUM AND TANTALUM-NIOBIUM TRENDS

ECR recently demonstrated the presence of Lithium, Tantalum and Niobium in the streams at Gorge Creek and the Upper Glen Creek-Oak Creek area (see RNS dated 23^rd December 2022 here). These results are further enhanced by the high levels of Lithium, Tantalum and Niobium announced today (see Figure 3 above). The results show that Lithium is contained within the Gorge Creek drainage area, while the presence of Tantalum and Niobium has been identified along a line approximately 10km in length trending north from Gorge Creek to Oak Creek. No Lithium, Tantalum or Niobium has been detected in any other drainage areas sampled to date within the EPM licences.

ROCK CHIPS AND UNCLE TERRY’S PROSPECT

The field team have been encouraged to take rock chips from any outcrops encountered within the planned stream sample sites. Two encouraging results of 4.73 g/t Au and 0.14 g/t Au were taken from an outcrop in the Flaggy Creek area. The strike area for this outcrop is estimated to cover a distance of 180m in a NE direction, added to which streams immediately along this strike trend have also reported highly anomalous gold  ( SeeFigure 2-Insert A above).

ECR Technical Director Adam Jones visited the project in November 2022 and at a quartz outcrop known as Uncle Terry’s, he and the team extracted a total of 28 rock chips over a strike length of 150m. Results from the oxidised quartz outcrop, estimated at widths of 3m contained predominantly silver (Ag). The silver is present at the centre of the outcrop, and while no high grades were present, a best result of 7.3 g/t Ag was recorded (see Figure 2-Insert B above). Similar oxidised outcrops were observed in patches to the SW and NE of the main outcrop. No further work has been undertaken since the visit due to the wet weather.

NEXT STEPS

The Board are satisfied that these results now show the main areas of focus for Gold, Lithium, Tantalum and Niobium (Au, Li-Ta-Nb). Once the wet season passes, the field team will return and complete further stream sampling at the head waters of the most promising drainage sites. Work is expected to continue up onto the ridgelines this year where soil sampling will begin. Mapping and sampling of outcrops will also be undertaken within the gold and Li-Ta-Nb areas as outlined in Figure 1 above. The Board is hopeful that this work will identify a series of potential drill targets by the close of the 2023 field season.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, Technical Director of Exploration at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km² over a relatively unexplored area in Queensland, Australia.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 70% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

APPENDIX ONE

TABLE ONE: All locations for Gold, Lithium, Tantalum and Niobium results (ppm) from 144 recently received stream samples, Lolworth Range Project. (Locations reported as GDA94-Zone 55 grid).

TABLE TWO: All locations of rock chip results (g/t). (Locations reported as GDA94-Zone 55 grid).