ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the first batch of results for follow-up pan concentrate stream sampling targeting Gold, Niobium, Tantalum and REE at the Lolworth Project, Queensland.
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. Previous exploration campaigns from 2021 have identified the presence of Gold (Au), Niobium-Tantalum (Nb-Ta) and REE mineralisation within the licenced area. The project is being explored under ECR’s Australian wholly owned subsidiary Lux Exploration Pty Ltd (“LUX”).
- A total of 200 results for pan concentration stream samples from the first part of the 2023 field season have been received.
- Gold pan concentrates with results up to 594 ppm and multiple occurrences of visible gold have been recorded around the Reedy Creek area.
- 28 out of 200 samples show values greater than 500 ppm in Niobium, and these results continue to add to the Board’s confidence that we are zeroing in on the source rocks and a potentially significant discovery.
- Rare Earth Element (Neodymium) has also been identified over a broad area of the project area with 19 out of the 200 samples greater than 1000ppm Nd.
CEO Andrew Haythorpe commented: “Putting aside the fact today’s results add a further significant piece to the Lolworth jigsaw, the progress announced today also serves to illustrate the painstaking and methodical work by Adam Jones and the field team in mapping and logging a hitherto virtually untouched and unexplored area. The detail now provided by the numerous Gold, Niobium and Tantalum results generated from this work are enabling us to zero in on the sources and the high potential locations in order that we can delineate drill targets.”
“ECR’s Lolworth project continues to exceed expectations. Meanwhile we expect to report further results from our projects within a week.”
(Figure One) Map of the Lolworth Project area with locations of best Gold Prospects Identified to date on the Lolworth Project Area:
(Figure Two) Map of Gold results to date from the Reedy Creek area:
(Figure Three) Overview map showing the values of Niobium and Neodymium across the Lolworth Project area:
FIRST PAN CONCENTRATE RESULTS FOR 2023
ECR has received 200 results from the first submitted batch of pan concentrate samples for the 2023 field season. A total of 628 pan concentrate samples have been taken since the beginning of exploration at the Lolworth Project in 2022, and the field team continue to record daily occurrences of visible gold during the pan sampling process. Best gold results include 594 ppm and 138 ppm Au, and these are supported by the recurring presence of coarse visible gold.
Despite these promising readings, there is naturally a degree of bias due to the regular visible gold occurences, and the Board wish to stress that these results are not indicative of an in-situ resource within the creek itself. Nonetheless, the collective results do conclude that gold is present in these creeks and the sources could be present in the headwaters of these stream drainages. The field team has started the field season focussed on the Niobium-Tantalum (Nb-Ta) drainages of Oaky Creek and the Gold (Au) drainages in the vicinity of Reedy Creek (see Figures Two and Three above).
REEDY CREEK AREA
Situated within the centre of the Project area (see Figure One above), the drainages in the vicinity of Reedy Creek show the presence of gold only, with no indication of Nb or Ta. During field work, it was discovered that one stream within the area displayed signs of previous alluvial mining activity, most likely to be from the 1870’s. Although the adjacent drainage channels have yet to be fully worked through, the field team has already recorded the presence of gold during the current exploration program (see Figure Two above). In addition to this, the field team has also discovered coarse nuggety gold on the flats adjacent to other drainage channels in this area, along with visible gold discoveries in streams to the west. The overall picture for these gold results indicates that they originate from a high hill located in the centre of Reedy Creek (see Figure Two above). Further results from follow-up work samples taken across the Reedy Creek streams are awaited. In addition, numerous rock chips have been taken as a part of the first pass exploration within the headwaters of some these gold bearing streams. Results from these are due shortly.
NIOBIUM, TANTALUM AND REE (Neodymium)
The field team has also followed up the best stream drainage results from the previous campaign that recorded Niobium, Tantalum and other potential Rare-Earth Elements (REE) around the Oaky Creek area (see Figure One above). Due to the presence of Nb and Ta, the team are now testing for all known 12 REE’s (not previously tested for). These latest results add to the existing evidence, and continue to show a strong presence of Nb and Ta within the Oaky Creek area. In addition, the team have also proved that the presence of Neodymium (Nd) is spatially associated with Nb and Ta results across the Project area (see Figure Three above). Neodymium of course has numerous applications, and is used for strong magnets in electrical motors.
NEXT STEPS AND FURTHER RESULTS EXPECTED
As previously mentioned, the field team has taken numerous rock chips within the Reedy Creek area (Gold) and from the headwaters of the Oaky Creek area (Nb-Ta). These rock chips represent samples from outcrops seen on our first pass through Reedy Creek and Oaky Creek, and results from these samples are also expected.
Secondly, follow-up soil samples from the recently reported pXRF soil sampling results last month have now been completed ready for initial pXRF analysis during August.
The field team have now moved to the south from Reedy Creek into Gorge Creek (see Figure One above). The Project area covers working cattle properties, and as such a comprehensive work-around plan is in place. Given the progress to date, the Board are confident the field team will return to the Reedy Creek and Oaky Creek area before the field season finishes this summer to undertake further rock chip and soil sampling and to delineate future drill targets.
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:
|ECR Minerals plc||Tel: +44 (0) 20 7929 1010|
|David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO
|WH Ireland Ltd||Tel: +44 (0) 207 220 1666|
Katy Mitchell / Andrew de Andrade
|SI Capital Ltd||Tel: +44 (0) 1483 413500|
|Novum Securities Limited||Tel: +44 (0) 20 7399 9425|
|Brand Communications||Tel: +44 (0) 7976 431608|
|Public & Investor Relations|
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 90% 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