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ECR Minerals #ECR – Strong Maiden Lolworth Drill Results Confirm Gold–Silver System. Operational update.
ECR Minerals plc (AIM: ECR), the exploration and development company focused on gold in Australia, is pleased to announce assay results from the recently completed maiden drilling programme on the 100% owned Lolworth Project, North Queensland, Australia. The Company also provides an update on progress in respect of its other activities.
Highlights
- Highly encouraging maiden Reverse Circulation drilling programme at the Uncle Terry and Gorge Creek West prospects delivering multiple gold and silver intercepts.
- Notable shallow intercepts of gold and silver include:
4m @ 7.18 g/t Ag
4m @ 3.33 g/t Ag
2m @ 3.57 g/t Au
5m @ 0.47 g/t Au
- Silver mineralisation may be significantly more widespread than the areas drilled based on outcrop mapping and sampling.
- Results reinforce Lolworth as a high-priority growth project within ECR’s portfolio.
- Blue Mountain assay results expected before mid-December, anticipated to support near-term production momentum.
- Raglan Project acquisition documentation now agreed in all material respects, with completion expected in December, marking progress toward ECR’s first alluvial gold production.
- Creswick JV negotiations advancing positively, following a successful meeting between the parties.
ECR Chief Geologist Adam Jones commented: “We are pleased to present assay results from what has been a very successful maiden drilling campaign at the Lolworth Project. This follows the encouraging surface exploration previously completed and validates our expectations that gold mineralisation extends underneath the outcrops at the Uncle Terry and Gorge Creek West prospects. However, the stand out result is the extensive presence of silver grades. Our outcrop mapping and geochemistry indicates that this silver mineralisation is likely to be significantly broader than the areas drilled, adding further potential upside to the overall Lolworth Project. A further drilling programme will determine the scale of this potential mineralisation.”
ECR Chairman Nick Tulloch added: “We frequently talk about our near-term production prospects at Blue Mountain and our proposed acquisition of the Raglan project, but today’s announcement of results from Lolworth, the largest project in our portfolio, is a reminder of the scale of the wider opportunities that we have before us.
“The drilling results speak for themselves, evidencing extensive mineralisation over our target prospects of Uncle Terry and Gorge Creek West. But significantly, for a project that we have previously referred to as being focused on gold and rare earths, we can now add silver as a target metal. Silver prices have reached all-time highs earlier in 2025, with its price growth so far this year outpacing that of gold. Many analysts forecast ongoing silver price strength. We had already identified Lolworth as being one of our core tenements, but the opportunity has now become even more interesting.
“In a year of considerable change for ECR, we are still working on several projects. At a corporate level, we are looking to conclude our proposed acquisition of the Raglan project and pursue our proposed Creswick JV and, at the operational level, we look forward to the remaining results from the drilling at Blue Mountain which we expect to announce before mid-December.”
Summary of the Maiden Drilling Campaign at the Lolworth Project
A total of 28 reverse circulation drill holes (1,058 metres in aggregate) were completed in September and October 2025 over two gold prospects at the Lolworth Project known as Uncle Terry and Gorge Creek West. This is the first drilling campaign to be completed by an exploration company within this part of the Lolworth Range. Drilling followed up on previous years’ rock chip sampling of outcrops, where sporadic Galena (AgPb sulphide) mineralisation had been observed.
The Uncle Terry prospect was formally named and discovered by previous tenement holders A.R.I Limited in 1988 where Galena was observed in a quartz outcrop. Grab samples from the outcrop during their discovery included 34 g/t Au and 6 g/t Au. The original location of the discovery has only been recently identified. The outcrop was initially thought to strike in a north-south direction; however, ECR’s recent mapping and drill programme suggests that the vein strikes east-west, dipping to the south.
See Figure One for the location of drill holes at Uncle Terry and Figure Two for the location of drill holes at Gorge Creek West.
Six drill holes (LWDR001 to LWDR006 and LWDR008 to LWDR009) were initially drilled underneath and down plunge of the original Uncle Terry discovery outcrop. Another six holes (LWDR007 and LWDR010 to LWDR013) were drilled just south of the discovery site to test for mineralisation located underneath sporadic quartz outcrops where previous rock chips of up to 75 g/t Au have been taken. Eight holes (LWDR014 to LWDR021) were drilled underneath a swarm of quartz shear zones located towards the south of the prospect.
Seven holes (LWDR022 to LWDR028) were drilled underneath a north-south striking quartz stockwork zone at Gorge Creek West. Previous campaigns of rock chipping and channel sampling across this outcrop have returned values including 14.7 g/t Au and 50.2 g/t Ag and 6.34 g/t Au and 5.2 g/t Ag.
A total of 1,058 metres were drilled during this maiden campaign. All of the drilling was shallow with a maximum depth of 45 metres. All samples were split at the drill rig into 2 to 5 kg samples. Analysis of the samples was undertaken at ALS Global’s Townsville laboratory using methods AuAA-26 (50g fire assay for gold) and ME-ICP41 for multi-element analysis (Ag, As etc).
Table One: All Drill hole details for the Maiden Reverse Circulation Drilling Programme, September – October 2025
| Drill Hole | Easting* | Northing* | Relative Level(RL) | Dip | Azimuth (Grid) | Final Depth (m) | Prospect | ||
| LWDR001 | 312167.9 | 7752170.5 | 698.5 | -55 | 338 | 36 | Uncle Terry | ||
| LWDR002 | 312170.5 | 7752163.4 | 698.9 | -62 | 335 | 42 | Uncle Terry | ||
| LWDR003 | 312175.8 | 7752151.5 | 700.1 | -64 | 336 | 40 | Uncle Terry | ||
| LWDR004 | 312154.1 | 7752158.3 | 702.1 | -63 | 331 | 36 | Uncle Terry | ||
| LWDR005 | 312157.6 | 7752152.5 | 702.6 | -64 | 330 | 40 | Uncle Terry | ||
| LWDR006 | 312160.6 | 7752147.3 | 703.2 | -70 | 331 | 39 | Uncle Terry | ||
| LWDR007 | 312178.3 | 7752148.6 | 700.1 | -58 | 117 | 36 | Uncle Terry | ||
| LWDR008 | 312173.1 | 7752175.5 | 697.9 | -54 | 11 | 36 | Uncle Terry | ||
| LWDR009 | 312172.2 | 7752169.1 | 698.6 | -65 | 11 | 39 | Uncle Terry | ||
| LWDR010 | 312166.8 | 7752118.7 | 705.3 | -56 | 82 | 45 | Uncle Terry | ||
| LWDR011 | 312167.9 | 7752108.5 | 705.4 | -56 | 85 | 30 | Uncle Terry | ||
| LWDR012 | 312167.8 | 7752107.6 | 705.6 | -49 | 142 | 30 | Uncle Terry | ||
| LWDR013 | 312167.4 | 7752107.2 | 705.7 | -56 | 158 | 39 | Uncle Terry | ||
| LWDR014 | 312340.9 | 7751883.4 | 721.6 | -51 | 276 | 39 | Uncle Terry | ||
| LWDR015 | 312341.0 | 7751882.5 | 721.7 | -50 | 236 | 42 | Uncle Terry | ||
| LWDR016 | 312344.1 | 7751869.0 | 722.2 | -54 | 49 | 39 | Uncle Terry | ||
| LWDR017 | 312344.1 | 7751869.1 | 722.2 | -59 | 46 | 39 | Uncle Terry | ||
| LWDR018 | 312342.0 | 7751882.9 | 721.7 | -50 | 185 | 42 | Uncle Terry | ||
| LWDR019 | 312349.4 | 7751889.3 | 721.7 | -54 | 44 | 30 | Uncle Terry | ||
| LWDR020 | 312345.8 | 7751885.4 | 721.6 | -64 | 38 | 36 | Uncle Terry | ||
| LWDR021 | 312350.6 | 7751884.8 | 722.0 | -64 | 85 | 30 | Uncle Terry | ||
| LWDR022 | 313350.9 | 7751450.4 | 742.7 | -54 | 153 | 42 | Gorge Creek West | ||
| LWDR023 | 313350.5 | 7751451.0 | 742.9 | -69 | 152 | 45 | Gorge Creek West | ||
| LWDR024 | 313355.8 | 7751458.1 | 743.6 | -55 | 86 | 39 | Gorge Creek West | ||
| LWDR025 | 313356.3 | 7751458.0 | 743.6 | -55 | 129 | 36 | Gorge Creek West | ||
| LWDR026 | 313349.9 | 7751456.3 | 743.2 | -55 | 231 | 39 | Gorge Creek West | ||
| LWDR027 | 313363.6 | 7751474.2 | 744.6 | -61 | 113 | 36 | Gorge Creek West | ||
| LWDR028 | 313368.7 | 7751488.6 | 744.8 | -60 | 110 | 36 | Gorge Creek West |
*Drill hole locations given in GDA94 Zone 55 co-ordinates.
Overview of Drill Results
Individual drill results have been composited to a minimum cut off of 1m @ 0.25 g/t (Gold) and 1m @ 2 g/t (Silver). Contained metal per metre (grammes multiplied by metre, shown as ‘Gramme Metres’) has also been calculated.
Results for Gold and Silver are set out in Table Two (Gold) and Table Three (Silver) below.
Table Two: Drilling results for significant Gold intercepts and depths of zones tested at cut-off 1m @ 0.25 g/t Au.
| Drill Hole | From (m) | Sample Length (m) | Average grade of mineralisationAu g/t * | Gramme Metres Au | Prospect | ||
| LWDR012 | 14 | 2 | 3.57 | 7.14 | Uncle Terry | ||
| LWDR025 | 14 | 5 | 0.47 | 2.34 | Gorge Creek West | ||
| LWDR026 | 21 | 1 | 2.04 | 2.04 | Gorge Creek West | ||
| LWDR024 | 15 | 2 | 0.82 | 1.64 | Gorge Creek West | ||
| LWDR011 | 7 | 1 | 1.44 | 1.44 | Uncle Terry | ||
| LWDR026 | 14 | 4 | 0.33 | 1.31 | Gorge Creek West | ||
| LWDR026 | 6 | 2 | 0.58 | 1.15 | Gorge Creek West | ||
| LWDR006 | 33 | 1 | 0.85 | 0.85 | Uncle Terry | ||
| LWDR024 | 31 | 1 | 0.74 | 0.74 | Gorge Creek West | ||
| LWDR011 | 23 | 1 | 0.58 | 0.58 | Uncle Terry | ||
| LWDR022 | 41 | 1 | 0.45 | 0.45 | Gorge Creek West | ||
| LWDR023 | 16 | 1 | 0.40 | 0.40 | Gorge Creek West | ||
| LWDR024 | 25 | 1 | 0.37 | 0.37 | Gorge Creek West | ||
| LWDR011 | 25 | 1 | 0.34 | 0.34 | Uncle Terry | ||
| LWDR003 | 16 | 1 | 0.29 | 0.29 | Uncle Terry | ||
| LWDR026 | 12 | 1 | 0.27 | 0.27 | Gorge Creek West |
Table Three: Drilling results for significant Silver intercepts and depths of zones tested at cut-off 1m @ 2.0 g/t Ag.
| Drill Hole | From (m) | Sample Length (m) | Average grade of mineralisationAg g/t | Gramme Metres Ag | Prospect | ||
| LWDR006 | 33 | 4 | 7.18 | 28.70 | Uncle Terry | ||
| LWDR021 | 11 | 1 | 15.00 | 15.00 | Uncle Terry | ||
| LWDR025 | 14 | 4 | 3.33 | 13.30 | Gorge Creek West | ||
| LWDR012 | 14 | 1 | 10.10 | 10.10 | Uncle Terry | ||
| LWDR024 | 15 | 2 | 3.80 | 7.60 | Gorge Creek West | ||
| LWDR002 | 18 | 1 | 6.00 | 6.00 | Uncle Terry | ||
| LWDR014 | 30 | 1 | 4.20 | 4.20 | Uncle Terry | ||
| LWDR011 | 23 | 1 | 3.50 | 3.50 | Uncle Terry | ||
| LWDR024 | 31 | 1 | 2.60 | 2.60 | Gorge Creek West |
Drilling underneath the Uncle Terry discovery outcrop has demonstrated that mineralisation extends underneath dipping to the south as hypothesised, with silver intercepts up to 4m @ 7.18 g/t Ag from 33m deep.
Drilling also shows localised gold mineralisation underneath quartz outcrops immediately south of the Uncle Terry outcrop, such as 2m @ 3.57 g/t Au from 14m in hole LWDR012. This intercept lies directly underneath an outcrop that has previously graded 75 g/t Au from rock chip sampling. Drill holes also show evidence of multiple parallel veinlets with multiple mineralised intercepts including 1m @ 1.44 g/t Au (LWDR011), 1m @ 0.58 g/t Au (LWDR011), 1m @ 0.74 g/t Au (LWDR024), as shown in Table Two.
Previous mapping of the outcrop at Gorge Creek West showed that the stockwork zone consists of a network of narrow north-south striking quartz shears. Drilling has picked up on some of these broader mineralised zones such as 4m @ 0.33 g/t Au (LWDR026).
A particular highlight of the results is the predominant Silver mineralisation at both prospects (see Table Three).
Indications of a Broader System
Previous soil sampling at Uncle Terry has been analysed internally by ECR with a pXRF analyser. It has been hypothesised that high Lead (Pb) concentrations in soil could be related to a silver mineralisation system. A number of high Pb anomalies have been identified across the greater Uncle Terry area, such as those shown in Figure One. During the drilling campaign, a number of Pb soil anomaly locations were visited, mapped and any outcrop sampled. A number of outcrops were found to contain visible spotty galena within quartz shear zones. Rock chip sampling results confirm the presence of silver mineralisation and also confirm the high probability of linking high lead anomalies within the soil to silver mineralisation in the area. The best outcrop is located in the centre of the Uncle Terry prospect. This outcrop can be traced along a broken line for approximately 70 metres. Best rock chip sampling results include 44.9, 46.5, 35.2 g/t Ag. Geochemistry mapping indicates that mineralisation is contained within NNW and NNE striking structural trends, with the strongest mineralisation concentrated around the intersection of such structures.
Table Four: Rock Chip Sampling Results from the Uncle Terry Prospect
| Sample # | Easting | Northing | Relative Level(RL) | Au g/t | Ag g/t |
| LWC965 | 312331.7 | 7752301.4 | 697.6 | 0.01 | btl |
| LWC966 | 312329.0 | 7752303.3 | 696.9 | btl | btl |
| LWC967 | 312332.2 | 7752305.9 | 697.6 | 0.01 | btl |
| LWC968 | 312334.5 | 7752314.6 | 697.2 | 0.44 | btl |
| LWC969 | 312337.3 | 7752317.5 | 697.2 | btl | btl |
| LWC970 | 312341.2 | 7752327.8 | 697.1 | 0.01 | btl |
| LWC971 | 312338.4 | 7752320.8 | 697.1 | 0.01 | btl |
| LWC972 | 312337.3 | 7752386.3 | 693.6 | 0.42 | 0.7 |
| LWC973 | 312339.4 | 7752388.0 | 693.6 | 0.56 | 0.2 |
| LWC974 | 312341.1 | 7752380.2 | 694.3 | 1.52 | 0.5 |
| LWC975 | 312299.0 | 7752302.0 | 689.8 | 0.01 | btl |
| LWC976 | 312302.0 | 7752304.5 | 690.7 | btl | btl |
| LWC977 | 312295.5 | 7752298.9 | 688.3 | 0.01 | btl |
| LWC978 | 312294.7 | 7752302.0 | 688.5 | btl | btl |
| LWC979 | 312291.4 | 7752306.3 | 688.5 | btl | btl |
| LWC981 | 312326.6 | 7751997.1 | 716.1 | 0.01 | 4.8 |
| LWC982 | 312327.0 | 7752000.7 | 717.8 | 0.08 | 13.2 |
| LWC983 | 312323.3 | 7751993.1 | 714.4 | 0.04 | 9.4 |
| LWC984 | 312315.1 | 7751984.8 | 710.7 | 0.08 | 44.9 |
| LWC985 | 312299.5 | 7751969.8 | 711.3 | 0.06 | 0.7 |
| LWC986 | 312295.4 | 7751969.2 | 710.3 | 0.04 | 0.4 |
| LWC987 | 312275.9 | 7751974.5 | 707.2 | 0.03 | 46.5 |
| LWC988 | 312323.2 | 7752163.2 | 709.9 | 0.01 | 3 |
| LWC989 | 312266.6 | 7751969.9 | 706.8 | 0.04 | 35.2 |
| LWC990 | 312264.0 | 7751966.8 | 708.3 | 0.02 | 22.5 |
| LWC991 | 312323.4 | 7751989.7 | 713.3 | btl | 9.4 |
| LWC992 | 312327.4 | 7752170.2 | 710.1 | 0.04 | 14.9 |
| LWC993 | 312207.1 | 7752242.6 | 690.9 | btl | 0.2 |
| LWC994 | 312200.7 | 7752236.7 | 690.7 | btl | btl |
| LWC995 | 312199.0 | 7752234.3 | 690.4 | 0.01 | btl |
| LWC996 | 312200.8 | 7752232.9 | 691.0 | 0.02 | btl |
| LWC997 | 312218.2 | 7752219.7 | 694.0 | btl | btl |
| LWC998 | 312221.2 | 7752222.5 | 693.8 | btl | btl |
| LWC999 | 312175.8 | 7752283.4 | 679.0 | 0.04 | 0.3 |
| LWC1003 | 312175.0 | 7752279.9 | 678.8 | btl | btl |
| LWC1004 | 312171.6 | 7752274.1 | 678.5 | btl | btl |
| LWC1005 | 312174.4 | 7752286.4 | 678.1 | 0.02 | btl |
*Rock Chip locations given in GDA94 Zone 55 co-ordinates. (btl = below detection limit).
Next Steps
The results from this maiden drill programme demonstrate the presence of silver and gold mineralisation at shallow depths within these two prospects at the Lolworth Project. Outcrop mapping and geochemistry also indicates that silver mineralisation is also broader than the areas drilled. Due to time constraints and drilling logistics, these outcrops were not able to be drilled whilst the rig was present on site on this occasion. However, off the back of these highly encouraging results, the Board believes that these outcrops (and other prospects) should be drilled during the next campaign at the Lolworth Project. Proposed follow up drilling methods would include diamond drilling, which will allow structural measurements to be taken and to determine what is controlling this mineralisation. Deeper drillholes will also be beneficial on both prospects.
This maiden drilling campaign and associated mapping has significantly increased ECR’s understanding of mineralisation at the Lolworth Project. In addition, the team have already established that a number of other anomalies exist adjacent to these areas drilled which show similar geological traits. These include:
- A mineralised vein traceable for over 30m lying 350m east of Gorge Creek West. Rock chip samples of up to 14 g/t Au and 54 g/t Ag have been obtained from here.
- Visible gold halo in soils with no visible outcrop located only 170m west of the drilling at Gorge Creek West, indicating other blind deposits.
- At Flaggy Creek, sub-cropping multiple narrow quartz veins over an area 70m x 100m. Rock chip samples of up to 6.6 g/t Au and 24.3 g/t Ag have been obtained from here.
Raglan Project – Near-Term Production of Alluvial Gold
As announced on 1 October 2025, ECR is proposing to acquire Raglan Resources Pty Ltd (the “Proposed Acquisition”), the holder of Licence ML 3665 (the “Raglan Project”) for A$1.01 million. The purchase price is fully funded by the subscription announced on 1 October 2025. Legal documentation for the Proposed Acquisition is now agreed in all material respects. The final step is for the vendors to remove certain unrelated tenements and non-core assets from Raglan Resources Pty Ltd, the owner of the Raglan Project and the company that ECR is proposing to acquire. The vendors are currently finalising their tax and restructuring advice in order to proceed and, as such, ECR anticipates completing the Proposed Acquisition later this month.
There can be no certainty that final binding terms will be agreed in order to complete the Proposed Acquisition, nor as to the timing or final terms, value or conditions of the Proposed Acquisition. Further updates will be provided in due course.
Creswick
On 18 September 2025, ECR announced that it had entered into a non-binding heads of terms with Exertis Pty Ltd trading as Bold Gold (“Bold Gold”) for a proposed joint venture (the “Creswick JV”) covering the Company’s Creswick Gold Project in Victoria, Australia. Following a successful meeting between the parties in the last week of November, these discussions are progressing well and ECR is working with Bold Gold to seek to finalise the terms of the Creswick JV.
The Creswick JV will be subject to, among other things, entry into a legally binding JV agreement and the satisfaction of regulatory requirements. There can therefore be no certainty that final binding terms will be agreed, nor as to the timing or final terms, value or conditions of the proposed Creswick JV.
Figure One. Plan of Uncle Terry
Figure Two. Plan of Gorge Creek West.
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist 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 8080 8176 |
| Nick Tulloch, Chairman
Andrew Scott, Director |
info@ecrminerals.com |
| Website: www.ecrminerals.com | |
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 |
| Nominated Adviser and Joint Broker | info@allenbycapital.com |
| Alex Brearley / Nick Naylor / Vivek Bhardwaj (Corporate Finance) | |
| Kelly Gardiner (Sales and Corporate Broking) | |
| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 |
| Joint Broker | |
| Lewis Jones | |
| SI Capital Ltd | Tel: +44 (0) 1483 413500 |
| Joint Broker | |
| Nick Emerson | |
| Brand Communications | Tel: +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
ECR Minerals #ECR defines Queensland gold growth strategy following successful drilling at Lolworth. Strategic focus on near-term alluvial gold production and major exploration in Queensland
ECR Minerals plc (AIM: ECR), the gold exploration and development company focused on Australia, is pleased to announce the successful conclusion of its 2025 drilling programme at the Lolworth gold and rare earths project in North Queensland, Australia (the “Lolworth Project”), together with a wider update on progress at its alluvial gold operations at the Blue Mountain project in Queensland, Australia (the “Blue Mountain Project”) and its proposed acquisition of Licence ML 3665 (the “Raglan Project”).
The Company’s operational focus continues to centre on establishing near-term production at its advanced-stage Queensland alluvial gold projects, while unlocking the large-scale discovery potential across its broader tenement package in one of Australia’s most prospective gold provinces.
Highlights
- Successful completion of drilling at the Lolworth Project, confirming gold and silver-bearing veins at shallow depths.
- Ongoing wash plant trials and resource modelling at the Blue Mountain Project ahead of a full mining lease application intended to be made in the fourth quarter of 2025 (“Q4 2025”).
- Proposed acquisition of the Raglan Project (the “Proposed Acquisition”) advancing towards completion, with first gold production targeted for Q4 2025.
- Pre-completion restructuring to remove surplus assets has reduced the cost of the Proposed Acquisition to A$1.01 million plus any applicable GST in cash.
- Further updates in Q4 2025 are expected to include assay results, wash plant trial outcomes and the potential conclusion of the Creswick JV (as defined below).
Lolworth Project
Located close to 1,000 square kilometres in North Queensland, the Lolworth Project is a large-scale exploration project prospective for gold, silver, lead and rare earth elements. The Lolworth Project remains free of native title claims, enabling straightforward and low-cost exploration access.
The 2025 drill programme has successfully validated the Company’s geological interpretation of gold and silver-bearing vein systems at Uncle Terry prospect, with all predicted veins intersected. ECR drilled 21 reverse circulation (“RC”) holes at the Uncle Terry prospect and a further seven at the Gorge Creek West prospect, to depths of between 30 and 42 metres.
ECR’s chief geologist Adam Jones, who has been on site throughout the drilling campaign, reported strong visual results including multiple intersections of sulphides and, in particular, visible silver mineralisation. Rock chip sampling and soil XRF analysis will be undertaken before Adam’s departure from site, with initial assay results from the drilling campaign expected in the coming weeks.
Blue Mountain Project
At Blue Mountain, ECR is finalising its most extensive alluvial gold drilling programme to date, with close to 400 holes completed across the Lower Patterson, Windmill and Upper Kariboe Creek areas. Visible coarse gold has been confirmed in multiple zones.
Adam Jones is expected to return to the Blue Mountain Project site next week to pan and weigh more than 150 samples prior to detailed assay testing. These results are expected to feed into the upcoming wash plant trials, which will include selective testing of both high-and-low-grade material to validate the drill results and inform an initial internal resource estimate.
Following the conclusion of wash plant trials, and therefore evidence of the extent of the commercial opportunity at the Blue Mountain Project, ECR intends to submit a mining lease application during Q4 2025, an important milestone towards near-term production and cashflow generation.
Raglan Project – near-term production of Alluvial Gold
The Raglan Project, located near Gladstone, Queensland, represents a fully permitted alluvial gold operation with an existing mining lease and a 60-tonne-per-hour wash plant on site. Following a successful due diligence site visit earlier this month, ECR is aiming to complete the Proposed Acquisition in the coming weeks and is already preparing personnel for mobilisation. The final stages of the Proposed Acquisition are expected to involve concluding the legal documentation and due diligence. This is well underway and proceeding satisfactorily and, in particular, the parties have agreed certain simplifications of the structure.
ECR will now only acquire Raglan Resources Pty Ltd (“Raglan Resources”), the holder of Licence ML 3665, and Raglan Mining Pty Ltd will be retained by the vendors. This is part of the pre-completion restructuring of Raglan Resources by the vendors so that any unrelated tenements and non-core assets can be excluded from the Proposed Acquisition, in line with the Company’s notification on 1 October 2025. The vendors have confirmed that Raglan Resources carries A$1.2 million of unutilised tax losses that can be amalgamated with ECR’s existing A$75 million of tax losses and applied against its forthcoming production projects.
Pursuant to this restructuring, the parties have also agreed that certain surplus equipment will also be excluded from the Proposed Acquisition and sold separately by the vendors. As a result, a corresponding A$90,000 price reduction to A$1.01 million plus any applicable GST in cash has been agreed.
Operations at the Raglan Project are targeted to commence during Q4 2025, providing the Company potentially with immediate production capability – and revenue – while the Blue Mountain Project final planning process and mining lease application progresses. As previously announced, there are expected to be operational synergies between the two projects with the ability to redeploy both personnel and operating equipment at the Blue Mountain Project at the appropriate time.
This dual-track approach positions ECR to potentially generate near-term revenues while advancing the larger-scale development potential of its Queensland portfolio.
The Proposed Acquisition remains subject to, among other things, further due diligence by ECR and the execution of a legally binding agreement governing the Proposed Acquisition. There can therefore be no certainty that final binding terms will be agreed in order to complete the Proposed Acquisition, nor as to the timing or final terms, value or conditions of the Proposed Acquisition. Further updates will be provided in due course.
Raglan Resources reported unaudited total assets of A$1.37 million for the year ended 30 June 2024 and an unaudited total net loss of A$0.15 million for the same period. This unaudited financial information is before the proposed restructuring of Raglan Resources, to exclude any unrelated tenements and non-core assets from the Proposed Acquisition, as described above.
Proposed joint venture at the Creswick Gold Project, Victoria
On 18 September 2025, ECR announced that it had entered into non-binding heads of terms with Exertis Pty Ltd trading as Bold Gold (“Bold Gold”) for a proposed joint venture (the “Creswick JV”) covering the Company’s Creswick Gold Project in Victoria, Australia. The Company has prepared a data room detailing the history of the project and which Bold Gold have access to. Following completion of Bold Gold’s due diligence, the final step are expected to be the entry into a legally binding agreement for the Creswick JV, the terms of which are agreed and set out in the 18 September 2025 announcement.
Under the terms of the Creswick JV, Bold Gold will fund all exploration costs by investing up to A$3 million to earn an 80% interest through staged exploration expenditure. ECR will retain an interest in a project which it believes potentially has considerable potential upside but is able to focus its management time and resources on its Queensland projects.
The Creswick JV will be subject to, among other things, due diligence by Bold Gold, entry into a legally binding JV agreement and satisfaction of regulatory requirements. There can therefore be no certainty that final binding terms will be agreed, nor as to the timing or final terms, value or conditions of the Creswick JV.
ECR Chief Geologist Adam Jones commented: “The completion of our first drilling campaign at the Lolworth Project marks a significant step forward for ECR. We’ve confirmed the presence of gold and silver in multiple vein systems and identified several new mineralised outcrops for follow-up. The visuals are highly encouraging, and the Lolworth Project continues to show the scale and geological potential to be a major discovery in Queensland. With no native title constraints and close to 1,000 square kilometres of prospective ground, we believe Lolworth to be a project with truly district-scale potential.”
ECR Chairman Nick Tulloch added: “The successful drilling at the Lolworth Project marks an important milestone for ECR as we build momentum across our Queensland portfolio. With production planning advancing at both the Raglan Project and the Blue Mountain Project, and assay results and wash plant trials due in the coming weeks, the remainder of 2025 is expected to set the scene for what is a pivotal period for the Company as we graduate from an explorer to a producer. We are entering Q4 2025 with a significant number of near-term value catalysts that we believe are capable of redefining ECR. The Lolworth Project remains our flagship exploration project with enormous upside potential, while our near-term production projects at the Blue Mountain Project and the Raglan Project underpin the Company’s transition towards cashflow generation.”
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist 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 8080 8176 |
| Nick Tulloch, Chairman
Andrew Scott, Director |
info@ecrminerals.com |
| Website: www.ecrminerals.com | |
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 |
| Nominated Adviser and Joint Broker | info@allenbycapital.com |
| Alex Brearley / Nick Naylor / Vivek Bhardwaj (Corporate Finance) | |
| Kelly Gardiner (Sales and Corporate Broking) | |
| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 |
| Joint Broker | |
| Lewis Jones | |
| SI Capital Ltd | Tel: +44 (0) 1483 413500 |
| Joint Broker | |
| Nick Emerson | |
| Brand Communications | Tel: +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company operating through two wholly owned Australian subsidiaries ECR Minerals (Australia) Pty Ltd (“ECR Australia”) and ECR Minerals (Queensland) Pty Ltd (“ECR Queensland”).
ECR Australia owns the Bailieston and Creswick gold projects in central Victoria, Australia as well as the Tambo gold project in eastern Victoria.
ECR Queensland has two approved exploration permits over the Blue Mountain alluvial gold project in central Queensland, Australia, which it is currently working to bring into production. It also has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range in northern Queensland. Furthermore, ECR Queensland has also submitted a licence application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
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), ECR Australia has the right to receive up to A$2 million in payments subject to future resource estimation or production from these projects.
ECR Australia also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Update on Raglan Project site visit
ECR Minerals plc (AIM: ECR), the gold exploration and development company focused on Australia, is pleased to provide an update on its proposed acquisition of Licence ML 3665 (the “Raglan Project” or “Raglan”), which is a fully permitted alluvial gold project and operation located near Raglan in Queensland, Australia (the “Proposed Acquisition”), the details of which were originally announced on 1 October 2025. Following this announcement, the Board of directors of ECR (the “Board” or the “Directors”) has received the results of the technical due diligence site visit to the Raglan Project, which commenced on 29 September 2025 and has now concluded with results that the Board considers to be very satisfactory.
Highlights of the Proposed Acquisition
· Granted Mining Lease: the Raglan Project includes a granted mining lease over approximately 300 acres and 2.9km of main creek systems, allowing operations to commence in the nearer-term following completion of the Proposed Acquisition
· Turnkey Infrastructure: the Proposed Acquisition includes a near-new 60 tonne per hour wash plant, gold room, water supply, camp, mobile mining fleet and supporting facilities – the due diligence site visit has provided confidence for management estimating that the second hand value of this equipment alone may be near to the A$1.1m purchase price for the Proposed Acquisition
· Nearer-Term Revenue Potential: existing equipment and mining lease could enable gold production and cashflow in the nearer-term, with the results of due diligence indicating the potential for more than 200 working days per year
· Exploration Upside: Bulk sampling during the site visit confirms coarse nuggety gold and grades that may be consistent with ECR’s nearby Blue Mountain Project, with potential for both further alluvial resources and a hard-rock source.
The Raglan Project
The Raglan Project lies approximately 40 minutes west of Gladstone, Queensland, close to mechanical services and infrastructure. The lease has historically produced coarse, nuggety gold and test pits excavated duringthe due diligence confirmed recoveries from both upper gravels and deeper bedrock wash. Mining at the Raglan Project to date has been largely small scale with several untested areas and depths within the property area.
The due diligence site visit was conducted by ECR’s Chief Geologist, Adam Jones, who assessed the mining lease, plant and equipment, and overall development potential. The equipment, including the gravity processing plant, was tested during the due diligence and found to be in good working order. Equally importantly, the test pits that were processed earlier this week yielded quantities of gold that the Board believes supports the commercial potential of the Raglan Project. The pits were dug in different parts of the property and the recovery from them, coupled with exploration upside observed on site, confirms to the Board that the Raglan Project has the potential to be a valuable asset for the Company.
Around three quarters of the gold produced during ECR’s due diligence was in small nuggets (up to 0.5 gramme pieces) with the Raglan Project‘s fine gravity concentrator recovering the balance as fine gold. The gold produced during the due diligence at Raglan was coarse, often with sharp edges potentially indicating a local source. Similarly, some particles of gold were observed attached to quartz, also indicating that a local source of the gold may be in the upper part of the lease area.
Completion of the Proposed Acquisition would provide ECR with plant and equipment that is estimated by management to be valued near to the purchase price alone, including a 60 tonne per hour gravity processing plant with jig and concentrator, gold room, generators, loaders, dump truck and camp facilities. These assets can also be redeployed for use at Blue Mountain at a later date, adding long-term flexibility and value.
With regard to planning for future production, based on the work programme completed this week, ECR currently estimates that the cost of operations at the Raglan Project, inclusive of diesel and two personnel, would be around A$3,000 per day which, at the current gold price, would require production of only around 0.6 oz/day to cover such overheads.
ECR Minerals, Chief Geologist, Adam Jones commented: “Our assessment at Raglan confirmed that the project offers both nearer-term production potential as well as what may be an interesting exploration upside. The existing wash plant and machinery all ran smoothly during my time on site and could be operated with minimal personnel. The coarse nuggety gold observed is encouraging and the geology indicates further opportunities not only within the alluvial gravels but also from a possible hard-rock source. With the plant, water source and mining licence already in place, Raglan provides the rare potential for a turnkey opportunity.”
ECR Chairman, Nick Tulloch, added “Completion of the acquisition of the Raglan Project will strengthen our portfolio at the right time and the right location. It will give us a fully equipped, production-ready asset at what we consider to be a very attractive entry price, while complementing our existing Blue Mountain and Lolworth projects in Queensland. This Proposed Acquisition underpins our strategy to build a pipeline of lower-capex, higher-margin producing gold assets. We believe that 2026 is shaping up to be a transformative year for ECR and the completion of the Proposed Acquisition offers the potential for nearer-term cashflow as we advance the scale of our operations.”
Next Steps
· ECR will now move to finalise the Proposed Acquisition on the agreed commercial terms, following completion of the Subscription (as defined below).
· Following completion of the Proposed Acquisition, a short programme of follow-up test pits will be undertaken to refine grade distribution across the main creek system.
· Planning is already underway for an initial mining campaign, designed to generate nearer-term revenues and establish operational protocols.
· In parallel, ECR will evaluate the potential hard-rock source identified in the western shear zone, with initial sampling already in hand.
· Once operational, it is planned that Raglan’s equipment and production team will provide a stepping stone to scale up Blue Mountain, aimed at accelerating the pathway to production across ECR’s Queensland portfolio.
The Proposed Acquisition remains subject to, among other things, further due diligence by ECR and the execution of a legally binding agreement governing the Proposed Acquisition and the completion of the subscription to raise £0.65 million (before expenses) announced on 1 October 2025 (the “Subscription”) in order to fund the purchase price payable for the Proposed Acquisition. There can therefore be no certainty that final binding terms will be agreed in order to complete the Proposed Acquisition, nor as to the timing or final terms, value or conditions of the Proposed Acquisition. Further updates will be provided in due course.
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist 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 8080 8176 |
|
Nick Tulloch, Chairman Andrew Scott, Director |
info@ecrminerals.com |
|
Website: www.ecrminerals.com |
|
|
Allenby Capital Limited |
Tel: +44 (0) 3328 5656 |
|
Nominated Adviser and Joint Broker |
info@allenbycapital.com |
|
Nick Naylor / Alex Brearley / Vivek Bhardwaj (Corporate Finance) |
|
|
Kelly Gardiner (Sales and Corporate Broking) |
|
|
Axis Capital Markets Limited |
Tel: +44 (0) 203 026 0320 |
|
Joint Broker |
|
|
Lewis Jones |
|
|
SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
|
Joint Broker |
|
|
Nick Emerson |
|
|
Brand Communications |
Tel: +44 (0) 7976 431608 |
|
Public & Investor Relations |
|
|
Alan Green |
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company operating through two wholly owned Australian subsidiaries ECR Minerals (Australia) Pty Ltd (“ECR Australia”) and ECR Minerals (Queensland) Pty Ltd (“ECR Queensland”).
ECR Australia owns the Bailieston and Creswick gold projects in central Victoria, Australia as well as the Tambo gold project in eastern Victoria.
ECR Queensland has two approved exploration permits over the Blue Mountain alluvial gold project in central Queensland, Australia, which it is currently working to bring into production. It also has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range in northern Queensland. Furthermore, ECR Queensland has also submitted a licence application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
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), ECR Australia has the right to receive up to A$2 million in payments subject to future resource estimation or production from these projects.
ECR Australia also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Blue Mountain drilling completed and Drilling to commence at Lolworth
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, provides an update on activities at the Blue Mountain gold project in Queensland, Australia (the “Blue Mountain Project”) and the Company’s upcoming drilling programme at the Lolworth gold and rare earths project in North Queensland, Australia (the “Lolworth Project”).
HIGHLIGHTS
- Alluvial drilling completed at the Blue Mountain Project, with visible gold confirmed at the Lower Patterson, Windmill and Upper Kariboe Creek prospects.
- Coarse, heavy-textured gold identified for the first time at the Upper Kariboe Creek.
- Trial wash is planned on selected Blue Mountain Project samples to assess potential recovery rates and average grades.
- Drill rig en route to the Lolworth Project, with first holes targeting the Uncle Terry prospect next week.
Blue Mountain Project Drilling Programme
The recently completed alluvial drilling programme at the Blue Mountain Project confirmed visible gold across the Lower Patterson, Windmill and Upper Kariboe Creek prospects. Importantly, coarse and heavy-textured gold was visually identified at the Upper Kariboe Creek, the first time such gold has been seen at the Blue Mountain Project.
Trial wash testing of selected samples from the three prospects is planned to provide valuable data on potential recovery rates and average grades (see Figure 1).
Figure 1: Prospect Map, Blue Mountain Gold Project
Blue Mountain Project
The Blue Mountain Project, located in the historic North Queensland goldfields, hosts extensive alluvial gold workings along the Kariboe Creek and its tributaries, many of which have seen only limited historic testing. ECR has implemented a systematic drilling programme across these channels to evaluate their potential for modern recovery, complemented by on-site trial washing to seek to verify results. With substantial volumes of alluvial gravels and the capability to conduct in-house processing trials, the Board considers that the Blue Mountain Project offers strong near-term production potential together with significant longer-term exploration upside.
Lolworth Project Drilling Programme
The drilling rig is currently en route to the Lolworth Project and will undergo servicing at Charters Towers before being moved onto site, with arrival expected next week.
The first drilling target will be the Uncle Terry prospect, where previous rock chip sampling and mapping confirmed galena, sulphides and high-grade gold assays, including grades of up to 75.6 g/t Au. Drilling will test quartz blow outcrops and shear zones that remain open along strike (see Figures 2 and 3).
Figure 2: Rock Chip Results – Gorge Creek West
Figure 3: Rock Chip Results – Uncle Terry Drill Target Outcrop
Lolworth Project
The Lolworth Project, also in North Queensland, is a large-scale gold and critical minerals exploration project. Previous sampling has confirmed high-grade gold, silver-lead (galena) mineralisation and rare earth element anomalies across multiple targets. The Lolworth Project covers an extensive area of prospective geology that has seen limited modern exploration, despite its strong mineral potential. Drilling at the Uncle Terry prospect will represent the first systematic drill testing at the Lolworth Project and is expected to provide valuable insights into the scale and continuity of mineralisation across the wider project area.
ECR’s Chief Geologist, Adam Jones, commented: “Our Queensland portfolio continues to stand out and deliver exciting results. At the Blue Mountain Project we have confirmed visible gold across several prospects, including coarse and heavy-textured gold at Upper Kariboe Creek, which we consider a significant milestone as we consider how to advance its near-term production potential. With the rig now moving to the Lolworth Project, we are due to drill some of the most prospective ground we have seen to date. Together, these projects are showing great promise and position ECR for an exciting period ahead.”
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist 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 8080 8176 |
| Nick Tulloch, Chairman
Andrew Scott, Director |
info@ecrminerals.com |
| Website: www.ecrminerals.com | |
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 |
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 |
| Broker | |
| Lewis Jones | |
| SI Capital Ltd | Tel: +44 (0) 1483 413500 |
| Broker | |
| Nick Emerson | |
| Brand Communications | Tel: +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
ECR Minerals #ECR – Operations update and TVR
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, provides the following update on its operations.
Ongoing preparations at the Blue Mountain Project
ECR has leased a percussion drilling rig which will shortly move to Lolworth but the Company also took the opportunity to carry out some drilling at Blue Mountain whilst the rig was travelling through Queensland. This decision has paid dividends. Holes are some 6m deep and around 5m apart. Drilling time is around 20 minutes per hole, including movement of the rig and set up, meaning that the Company has been able to quickly drill and analyse prospective areas at the project.
Drill samples are catalogued, panned and inspected for signs of visible gold before sending appropriate samples to the lab for further analysis.
By way of illustration, during the past week, ECR has identified and mapped a suitable area for trenching measuring some 200m in length, 27m in width and 3m depth. The 16,200 cubic metres with an assumed project grade of 0.6 grammes per bank cubic metre and the current gold price of approximately US3,290 represents a gold value in situ of over US$1.1 million. The analysis of this area was undertaken with speed and precision, factors that were greatly enhanced by the drilling programme. This area represents just a small fraction of the potentially mineable zones across the Blue Mountain Project and illustrates not only the financial scale of the project but also the speed at which ECR is able to assess its viability.
During last week, ECR’s chairman, Nick Tulloch, and chief geologist, Adam Jones, conducted a review of the Blue Mountain Project to assess areas to be drilled. The scale of the project area is extensive and, accordingly, the Company has decided to keep the rig on site at Blue Mountain to continue operations, moving the rig to Lolworth later this month as described below.
Earlier this year, ECR published a cost analysis that clearly indicated the Blue Mountain Project may be capable of generating indicative revenue potential of approximately A$470,000 (US$295,000) per month. This potential revenue illustration used an average grade of 0.6 grammes per bank cubic metre and Gekko Systems Pty Limited’s projected 91.7% recovery rate, with a wash plant with a 25 tonne per hour capacity, to provide prospective output per month of over 3,000 grammes (over 100 ounces) per month, using a gold price of US$2,790 per ounce.
Subsequent work continues to support that illustration, albeit it now equates to A$544,000 (US$350,000) per month when using an updated gold price of US$3,290 per ounce. More particularly, the work to date has increased the Company’s confidence in using higher capacity wash plants and the table below illustrates the potential scale up that could be achieved.
Illustrative monthly revenue and production at the Blue Mountain Project
| Wash plant capacity (per hour) | 25 tonnes | 40 tonnes | 50 tonnes | 60 tonnes |
| Monthly revenue | A$544,000 | A$871,000 | A$1,088,000 | A$1,306,000 |
| Gold (grammes) | 3,347 | 5,355 | 6,694 | 8,033 |
| Gold (ounces) | 118 | 189 | 236 | 283 |
Investors should note that the above figures are illustrations of the Blue Mountain Project’s potential based on the assumptions stated and the illustrations should not be considered a forecast or guarantee of revenue.
The opportunity at the Blue Mountain Project has attracted interest from third party production partners. Any such partnership may give ECR the ability to scale up operations but on the basis that revenue would be shared. The Company will keep these opportunities under review whilst it assesses the scale of the project.
Lolworth drilling programme
Once work has completed at the Blue Mountain Project, the ECR team and drill rig will move up to Lolworth. At present, the Company anticipates remaining at Blue Mountain until at least the end of this week, but potentially longer to ensure we optimise use of the rig to map out production plans.
This has necessarily delayed commencement at Lolworth, however our planned work programme to drill a series of 40 – 80m holes across four locations at the tenement is unchanged. With ECR’s work at Blue Mountain substantially adding to our knowledge of alluvial mining, the team will for the first time assess whether this methodology could also be employed at Lolworth.
The drilling campaign in Lolworth is likely to take 3 – 4 weeks, most likely commencing mid-August and concluding early September. As with previous work there, ECR will seek to draw on the Company’s partnership with the Geological Survey of Queensland and James Cook University, whose respective surveys will provide the Company with further data points across the project area.
Total Voting Rights Update
ECR also announces that application has been made for 212,728,300 new ordinary shares of 0.001 pence each in ECR (“Ordinary Shares”) to be admitted to trading on AIM (“Admission”) and it is expected that Admission will become effective on or around 5 August 2025.
The 212,728,300 new Ordinary Shares were previously validly allotted by the board of directors of ECR (the “Board” or the “Directors”). However, the previous Board did not at the time make an application for these Ordinary Shares to be admitted to trading on AIM.
Admission and Total Voting Rights
Upon Admission, ECR’s issued ordinary share capital will remain unchanged at 2,269,512,954 Ordinary Shares. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Nick Tulloch, ECR’s Chairman, said: “I spent much of the last two weeks in Australia on a trip that covered Melbourne, our office in Bendigo, Sydney and finally the Blue Mountain Project in Queensland. Our decision to bring a rig onto the site has immediately paid off with our understanding of the project already considerably increased.
“This has been an efficient and accurate means of making preparations for the location of trenches and, as we have illustrated in today’s announcement, is enabling us to map out the scale of the opportunity. Our findings to date continue to support our confidence in the Blue Mountain Project and its potential to be a very significant generator of revenue for ECR.”
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist 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 8080 8176 |
| Nick Tulloch, Chairman
Andrew Scott, Director |
info@ecrminerals.com |
| Website: www.ecrminerals.com | |
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 |
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 |
| Broker | |
| Lewis Jones | |
| SI Capital Ltd | Tel: +44 (0) 1483 413500 |
| Broker | |
| Nick Emerson | |
| Brand Communications | Tel: +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green |
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary ECR Minerals (Australia) Pty Ltd (“ECR Australia”) 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).
ECR also owns 100% of an Australian subsidiary ECR Minerals (Queensland) Pty Ltd which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
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), MGA 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 Australia also has approximately A$75 million of unutilised tax losses incurred during previous operations
ECR Minerals #ECR – Queensland operations update
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide an update on its Queensland operations, with significant progress at the Blue Mountain gold project (“Blue Mountain”) and an upcoming drilling programme at the Lolworth gold and rare earths project (“Lolworth”). The Board believes that these developments mark key milestones in advancing the Company’s future exploration and production objectives.
Highlights
Blue Mountain
• Drilling rig to be mobilised with bulk sampling and prototype wash plant testing ongoing, with the objective to demonstrate recovery and revenue potential
• Expanded work programme to assess larger-capacity wash plant and production partnerships, aiming to support long-term operational scalability
Lolworth
• Drill-ready gold targets defined at Gorge Creek West, Uncle Terry, and Gorge Diggings, with drilling set to commence in July 2025
Blue Mountain Project
The Blue Mountain Project is advancing rapidly, with a contracted drilling rig set to be mobilised and moving to site before the end of June 2025. ECR’s Chief Geologist, Adam Jones, and the technical team are expected to arrive on site by 23 June 2025 with a fully modified wash plant prototype and are expected to immediately commence operations. This phase will focus on bulk sampling and testing our revised wash plant modifications to optimise the Company’s future alluvial mining model. This is expected to provide critical data on gold recovery and revenue potential. The drilling programme is specifically designed to test the depth to bedrock to enable a clearer understanding of the project’s geological potential. Holes are envisaged to be of 3 – 5 metres depth on gridlines across the core areas of the alluvial resource. No representative sampling program is envisaged but the presence of alluvial gold will be logged to guide the program. The bulk sampling campaign will analyse the expansion, scalability, and recovery potential of the project, with drilling also targeted at areas where ECR intends, in due course, to commence operations. These efforts are a critical step in advancing towards production, de-risking the project, and building confidence in its long-term commercial viability.
The team has also scheduled a review of a larger-capacity wash plant and associated heavy equipment at a nearby location, aligning with ECR’s strategy to scale operations and explore production partnerships.
Lolworth Gold and Rare Earths Project
ECR is also preparing for an exploration campaign, in what is targeted to be a significant advance at Lolworth, that is expected to take place between July and August 2025. Following extensive soil and stream sampling, drill-ready gold targets have been identified at Gorge Creek West, Uncle Terry, and Gorge Diggings, with Butterfly Creek as a potential additional target. A minimum of 1,500 metres of percussion drilling is planned, using a rig capable of 100 millimetre diameter holes to depths of at least 100 metres. The programme, set to commence in mid-July and conclude in August 2025, will focus on near-surface gold mineralisation up to depths of 70 metres depth, optimising cost-effective intercept density. Previous surface sampling at Uncle Terry returned grades of up to 75.6 g/t Au, with accompanying silver-lead mineralisation.
ECR continues its collaboration with James Cook University and the Queensland Geological Department’s Critical Minerals division to advance rare earth elements (REE) exploration, with a focus on Niobium-Tantalum mineralisation at Oaky Creek and the ridgeline zone, where past sampling yielded results up to 146 ppm Nb. Historical alluvial mining evidence suggests significant downstream gold potential, which remains untested by modern exploration methods, which the Board believes present a compelling opportunity for exploration.
Charters Towers Presentation
ECR’s Chief Geologist, Adam Jones, will present the Company’s Queensland portfolio at the regional exploration forum in Charters Towers on 28 June 2025. This event will highlight recent achievements and strategic objectives, reinforcing ECR’s growing presence in this historically productive mining region.
Corporate Update
ECR remains on budget and on schedule across its operations. Importantly, the under-budget completion of the recent Bailieston drilling campaign has provided flexibility to accelerate activities in Queensland. Final results from the antimony drilling programme at Bailieston are expected in the shorter-term.
The progress from our recent projects is increasing the awareness of ECR in Australia with both prospective counterparties and investors. We are reinforcing this by renaming our two Australian subsidiaries ECR Minerals (Australia) Pty Limited and ECR Minerals (Queensland) Pty Limited as the previous names did not directly identify them as ECR group companies.
Managing Director, Mike Whitlow, commented: “The next two months are expected to be pivotal for ECR. We are pleased with the strong progress at Blue Mountain, where the arrival of the drilling rig and our modified wash plant marks a pivotal step towards demonstrating the Blue Mountain project’s production potential. The drilling programme will test bedrock depth and provide critical insights into the scalability, recovery potential, and potential expansion opportunities, laying the groundwork to move towards operational commencement and advancing our production story. We consider that the team’s dedication to refining our mining model is laying a robust foundation for the future. Equally exciting is the upcoming drilling programme at Lolworth, which targets high-grade gold prospects and builds on several years of high-quality surface exploration. These developments underscore ECR’s commitment to delivering value for shareholders and advancing our strategic objectives in Queensland.”
ECR’s Chief Geologist, Adam Jones, added: “At Blue Mountain, we’re advancing towards production, whilst de-risking the project and building confidence in its gold potential. At Lolworth, we’re poised to drill untested, high-grade gold targets in a geologically underexplored region, with the potential for significant discoveries.”
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist 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) 02 8080 8176 |
|
Nick Tulloch, Chairman Andrew Scott, Director |
|
|
Website: www.ecrminerals.com |
|
|
Allenby Capital Limited |
Tel: +44 (0) 3328 5656 |
|
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
|
|
Axis Capital Markets Limited |
Tel: +44 (0) 203 026 0320 |
|
Broker |
|
|
Lewis Jones |
|
|
|
|
|
SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
|
Broker |
|
|
Nick Emerson |
|
|
Brand Communications |
Tel: +44 (0) 7976 431608 |
|
Public & Investor Relations |
|
|
Alan Green |
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary ECR Minerals (Australia) Pty Ltd 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).
ECR also owns 100% of an Australian subsidiary ECR Minerals (Queensland) Pty Ltd which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
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), MGA 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 Minerals (Australia) Pty Ltd also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Lolworth Project Exploration Update and Drilling Plans
ECR Minerals plc (AIM: ECR), the gold exploration company focused on Australia, provides an update on the latest exploration results from the Lolworth Gold and Critical Minerals Project, located in North Queensland, Australia (the “Lolworth Project”) as well as ECR’s 2025 field season plans for the Lolworth Project.
Highlights
- Total of 165 pan concentrate samples collected from alluvial sources
- 9 samples returned gold values greater than 9 ppm Au
- 5 samples returned values greater than 1,000 ppm (0.1%) Niobium-Tantalum
- Discussions advancing with contractors for a proposed maiden Lolworth drilling programme
Programme Overview (see Map 1)
A total of 165 pan concentrate samples were gathered from alluvial sources in the Eastern Area of EPM27903, covering creeks located north of the Uncle Terry Prospect, east of the Gorge Creek Prospects and southeast of the Dagwood Prospect. These pan concentrate samples mark an initial phase of exploration, extending eastward beyond the previously examined regions of Gorge Creek and Dagwood.
Summary of Gold Results (See Table 1)
- Nine samples yielded gold values exceeding 9 ppm Au.
- Three high-grade samples reported concentrations of 1,275 ppm, 175.5 ppm and 127 ppm Au.
The most significant results came from creeks in the headwaters of Fat Hen Creek, situated one mile east of the Dagwood Prospect. These findings indicate the potential presence of undiscovered gold sources in the surrounding hills.
Additional high-grade results were identified in streams draining from the ridgeline east of the Gorge Creek Prospects, reinforcing evidence of further gold-bearing sources in the area.
A high gold anomaly detected in creeks north of the Uncle Terry Prospect area suggests that mineralisation extends beyond the currently mapped prospect boundaries.
Summary of Niobium-Tantalum Results (See Table 2)
- Five samples yielded Niobium-Tantalum concentrations exceeding 1,000 ppm of Nb (0.1%).
These samples were taken from streams along the northwestern margin of what is interpreted to be a Pegmatitic Intrusional Complex. The southern boundary of this intrusion remains untested and is a priority for future sampling.
Lolworth 2025 Field Season Plans
Building on the successful exploration campaign in 2024, ECR is refining its focus on five key gold prospects including Gorge Creek West, Butterfly Creek, Uncle Terry, Gorge Creek Diggings and Woolshed Creek.
These prospects have been identified for sub-surface evaluation by drilling, with discussions currently underway with drilling contractors. Further announcements will be made in due course.
Adam Jones, ECR’s Chief Geologist, said: “These latest results from the Lolworth Project reinforce our confidence in the Project’s gold and critical minerals potential. The discovery of high-grade gold samples in new areas, along with potentially significant niobium-tantalum values, highlights the untapped potential of this under-explored region. We look forward to further defining these targets through drilling in 2025.”
Nick Tulloch, ECR’s chairman, said: “Although Lolworth was not on the itinerary for my recent visit to Australia, it featured prominently in discussions during the week. The scale of the project area and our ongoing very promising results from the work we are undertaking there gives us considerable optimism for our forthcoming drilling plans. Our partnerships with Geological Survey of Queensland and James Cook University at Lolworth are a further reminder of the widening interest of a project that is prospective for both gold and critical minerals.”
Map 1: Lolworth Project Sampling Areas
Table 1: Best Gold Results
| SAMPLEID | EASTING | NORTHING | AU (ppm) |
| LWSS1330 | 318676 | 7748810 | 1245 |
| LWSS1391 | 315624 | 7752864 | 175.5 |
| LWSS1332 | 318167 | 7749120 | 127 |
| LWSS1286 | 319047 | 7752681 | 66.3 |
| LWSS1293 | 318921 | 7750003 | 59.3 |
| LWSS1061 | 315287 | 7750587 | 39.7 |
| LWSS1346 | 311707 | 7752255 | 24.7 |
| LWSS1388 | 315222 | 7752953 | 24.1 |
| LWSS1287 | 318743 | 7753167 | 9.14 |
Table 2: Best Niobium-Tantalum Results
| SAMPLEID | EASTING | NORTHING | NB (ppm) | TA (ppm) |
| LWSS599 | 320857 | 7752191 | 1650 | 640 |
| LWSS1283 | 325152 | 7750992 | 1260 | 340 |
| LWSS1349 | 312097 | 7751890 | 1240 | 360 |
| LWSS1334 | 318139 | 7749781 | 1055 | 430 |
| LWSS1271 | 323775 | 7748669 | 1020 | 430 |
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist 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) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
|||
| Email: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
||
| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 | ||
| Broker | |||
| Ben Tadd / Lewis Jones | |||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | ||
| Broker | |||
| Nick Emerson
|
|||
| Brand Communications | Tel: +44 (0) 7976 431608 | ||
| Public & Investor Relations | |||
| Alan Green | |||
Glossary
| Au: | Gold |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
| Nb: | Niobium |
| Pegmatitic Intrusional Complex: | Group of pegmatite veins that form within an intrusive igneous rock |
| ppm: | Parts per million (Metric) |
| Ta: | Tantalum |
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).
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 Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
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), MGA 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.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Operational Update – Tambo Gold Project, Victoria
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide an update on its recently concluded diamond drilling campaign at the Duke of Cornwall Prospect within the Tambo Gold Project in Victoria, Australia (the “Tambo Gold Project”), including the results from Drill Holes DOCD001 and DOCD005.
Summary Of Drilling Results
• Drill Hole DOCD005 returned 1 metre @ 0.72 g/t Au from 108 metres
• Drill Hole DOCD001 returned no significant intercepts
• Best results from the overall programme include 0.4 metres @ 8.51 g/t Au from Drill Hole
DOCD002 and 0.15 metres at 10.6 g/t Au from Drill Hole DOC004
Tambo Gold Project
The diamond drilling campaign consisted of five diamond drill holes (DOCD001 – DOCD005) over a total depth of 428 metres. The campaign’s objective was to investigate the structural controls on gold mineralisation and associated geochemical haloes, particularly beneath and adjacent to the historical Duke of Cornwall mine workings.
Drilling Program Overview (see figure 1 below)
DOCD005 – Northern Extension
DOCD005 was drilled to a total depth of 117.8 metres and intersected two quartz veins at the northern extremities of the Duke of Cornwall Lode system, approximately 70 metres below the historical mine workings. Mineralisation was encountered at one interval (1 metre @ 0.72 g/t Au from 108 metres), with no significant gold intercepts reported from the other intervals tested. Geochemical analysis suggests that the DOCD005 mineralisation area lies outside the primary gold-bearing system which indicates a secondary control plunging the mineralisation along strike. The results are considered to indicate the potential for mineralisation in untested areas which are now better understood from this drilling campaign.
DOCD002 – High-Grade Opportunity
As announced on 20 November 2024, Drill hole DOCD002 was drilled to a total depth of 84.35 metres at the southern end of the Lode and returned a significant best intercept of 0.4 metres @ 8.51 g/t Au, indicating the potential for high-grade zones at depth. This area remains a high-priority target for follow-up drilling to test for continuity and extensions at depth.
DOCD001
No significant gold intercepts have been reported from the intervals tested from drill hole DOCD001 which was drilled to a total depth of 69.7 metres.
Structural Insights
The campaign provided valuable structural data, confirming the association of gold mineralisation with quartz veining adjacent to the main shear zone. A secondary control, possibly plunging concentrations of mineralisation along strike, is starting to be evidenced by the drilling and will be studied in more detail. The Duke of Cornwall Lode system remains largely untested, with approximately 80% of its strike length unexplored.
Programme Summary
The drilling campaign successfully demonstrated that mineralisation continues at depth below the old mine workings in key areas and considerably enhanced the Company’s geological understanding of the prospect. The structural insights gained will inform the design of future campaigns aimed at targeting high-grade zones and testing the unexamined central portions of the Lode. Even holes that encountered no gold mineralisation, DOCD001 and DOCD003, are considered to have added valuable insights, including in the case of DOCD003, delineating the location of the shear zone and controls on mineralisation. It is noted that at surface the rock chip channel sample from the Eastern Cut (0.25 metres @ c. 25 g/t Au as illustrated in Figure 1 in the announcement on 20 November 2024) plots only 10 metres east of the trace of DOCD003, showing the likely secondary controls that have been partially discovered by this first pass drilling programme.
Next Steps
ECR intends to design a follow-up drilling campaign focusing on deeper exploration beneath the high- grade zones identified in DOCD002 and DOCD004 as well as incorporating the structural and geochemical insights gained to explore central portions of the Lode, which remain prospective for gold mineralisation. The Company remains committed to advancing its exploration assets at the Tambo Gold Project while continuing to evaluate potential corporate opportunities. Further updates will be provided in due course.
Lolworth Project update
A number of additional rock chip samples from Lolworth have been sent for laboratory analysis, with the results expected in January 2025. The results from geochemical analysis on samples taken from the Oaky Creek prospect in the central-north area of the Lolworth Project will be announced in due course once received.
The Directors are optimistic regarding the potential of the Lolworth Project and, as announced on 25 November 2024, part of the net proceeds of the Company’s recent fundraise are intended to be used to re-start the field campaign in Lolworth in the second quarter of 2025, drawing on the Company’s partnership with the Geological Survey of Queensland to further investigate the critical minerals potential at the project. On 29 November 2024, the Company announced a collaboration with James Cook University in relation to analysing and interpreting the mineral data from the Lolworth Project area to enhance the understanding of its rare earth elements potential.
Update on potential sale of non-core assets
Further to the Company’s announcement on 26 November 2024 and previously, discussions with the potential buyer of ECR’s subsidiary, Mercator Gold Australia Pty Ltd (“MGA”), in order to effect a sale of the Company’s A$75 million of tax losses continue to progress and the Company expects to reach an agreement in principle on the proposed transaction structure in the coming weeks. Thereafter, it is anticipated that the parties’ respective legal advisers will prepare the formal sale documentation with completion expected within the exclusivity timeframe to 31 January 2025, as previously announced.
As previously announced, the proposed transaction is likely to necessitate a restructuring of MGA as such that it comprises only non-core assets. There can be no certainty that final binding terms will be agreed, nor as to the timings or final terms, structure or quantum of the potential disposal. Depending on the final terms that are agreed for any transaction to realise the tax losses, as well as the structure of the transaction, it is possible, but not guaranteed, that the potential disposal of MGA may be a fundamental change of business pursuant to Rule 15 of the AIM Rules for Companies. If applicable, this would require, amongst other items, the transaction to be conditional on the consent of shareholders being given in a general meeting; a shareholders circular detailing the terms of the transaction and certain other disclosures as set out in the AIM Rules. Further updates on the way forward will be provided in due course as matters are progressed.
Adam Jones, ECR’s Chief Geologist, said: “The initial drilling at Duke of Cornwall has provided valuable structural insights, confirming that mineralisation extends 70 metres below the old workings, though outside the main Lode. The standout result from DOCD002, with 0.4 metres @ 8.51 g/t Au, highlights the potential for high-grade zones at depth, making it a key target for follow-up drilling. Coupled with the promising earlier rock chip results, the Tambo Gold Project demonstrates the significant potential within ECR’s portfolio. The structural and geochemical data from this campaign will play a vital role in advancing our exploration strategy, and we look forward to updating shareholders as we progress.”
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist 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.
All sampling and drilling were conducted in accordance with industry best practice, and all assays were performed by an independent, accredited laboratory.
Figure 1: Plan View of Drilling Locations At Duke Of Cornwall Lode
FOR FURTHER INFORMATION, PLEASE CONTACT:
|
ECR Minerals Plc |
Tel: +44 (0) 1738 317 693 |
||
|
Nick Tulloch, Chairman Andrew Scott, Director |
|||
|
Email: info@ecrminerals.com |
|||
|
Website: www.ecrminerals.com |
|||
|
Allenby Capital Limited |
|
Tel: +44 (0) 3328 5656 |
|
|
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
|
||
|
Axis Capital Markets Limited |
Tel: +44 (0) 203 026 0320 |
||
|
Broker |
|||
|
Ben Tadd / Lewis Jones |
|||
|
|
|||
|
SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
||
|
Broker |
|||
|
Nick Emerson
|
|||
|
Brand Communications |
Tel: +44 (0) 7976 431608 |
||
|
Public & Investor Relations |
|||
|
Alan Green |
|||
Glossary
Au: Gold
g/t: Grammes per Tonne (Metric)
km: Kilometres (Metric)
km2: Kilometre squared (Metric)
Lode: A deposit of metalliferous ore that fills a fissure
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).
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 Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
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), MGA 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.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Tambo Gold Project Diamond Drilling Update
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce an update on drilling at the Duke of Cornwall prospect within the Company’s Tambo Gold Project in Victoria, Australia (the “Tambo Gold Project”) where results have been received for an additional 90 core samples submitted from diamond drill holes DOCD003 and DOCD004.
HIGHLIGHTS
● Best results from hole DOCD004 include 0.15 metres @ 10.6 g/t Au, 0.35 metres @ 1.47 g/t Au and 0.15 metres @ 1.42 g/t Au
● DOCD004 successfully intercepts Main Lode at a depth of 62.3 metres
● Hole DOCD003 delineates shear zone’s location
Tambo Gold Project
As announced on 20 November 2024, a maiden diamond drilling campaign was completed at the Tambo Gold Project. The diamond drilling campaign targeted beneath the historic workings of the Duke of Cornwall Mine, Swifts Creek. The campaign consisted of five diamond core drill holes, totalling approximately 439 metres in aggregate.
Drilling Programme Overview
Drilling at the Project’s Duke of Cornwall prospect aimed to demonstrate grade continuity and refine initial geological interpretations. Results to date confirm that these objectives have been achieved, with diamond drilling providing high-accuracy structural and mineralisation data.
· Main Lode Gold Continuity: Results from DOCD002 (0.4 metres @ 8.51 g/t Au) and DOCD004 confirm vertical gold continuity extending at least 70 metres below the Adit workings.
· Historical Continuity: Historical records report average grades of approximately 10 g/t Au from lodes up to 4 metres wide. Several of the best drilling results to date closely align with this average (see Table 1 and Table 2 of highlighted recent results below).
Geological mapping and structural data suggest potential for high-grade zones where cleavage veins intersect the Main Lode. These intersections may represent historical wider lode sections.
Drill hole DOCD004 (see Table 1)
Hole DOCD004 was drilled to test for grade continuity vertically below previous high-grade results obtained from the Adit workings and DOCD002. The target Main Lode was successfully intercepted at a depth of 62.3 metres with gold values of 0.15 metres @ 10.6 g/t Au. This hole was drilled to a final depth of 86.4 metres. Two additional intercepts of 0.15 metres @ 1.42 g/t and 0.35 metres @ 1.47 g/t Au were from two distinct quartz veins located in the footwall and hanging wall of the Main Lode. The Board believes that these two veins show the potential for the development of undiscovered veins within the system. The overall average grade across all reported intervals was 4.50 g/t Au (see Table 1).
Drill hole DOCD003
No significant gold intercepts have been reported from the intervals tested from drill hole DOCD003, although the Board considers that this result provides valuable geological insights into delineating the location of the shear zone and controls on mineralisation. Hole DOCD003 was drilled to a total depth of 69.7 metres.
Next Steps
The Company is awaiting the assay results from drill hole DOCD005 which was designed to test for mineralisation under the extreme northern strike of the system and also for drill hole DOCD001. Results for both remaining holes are expected before the end of the year. Geological logging of DOCD005 thus far has identified two distinct quartz veins, aligning with historical reports of similar lodes.
Adam Jones, ECR’s Chief Geologist, said: “The results from drill hole DOCD004 mark another positive step forward in our exploration of the Duke of Cornwall prospect. 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. We eagerly await the assay results from DOCD005, which will provide further insight into the mineralisation potential at the northern end of the Duke of Cornwall system.”
Technical Disclosure
All sampling and drilling were conducted in accordance with industry best practice, and all assays were performed by an independent, accredited laboratory.
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist 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.
Table 1: Reportable Drill Intercepts For Hole DOCD004 (=> 0.1 g/t Au)
|
DRILLHOLE |
DOMAIN |
SAMPLE |
FROM |
TO |
INTERVAL (metres) |
Au (g/t) |
|
DOCD004 |
FootwallVein |
BTD097 |
22.15 |
22.3 |
0.15 |
1.42 |
|
DOCD004 |
Main Lode |
BTD120 |
62.3 |
62.45 |
0.15 |
10.6 |
|
DOCD004 |
Hanging Wall Vein |
BTD136 |
78.8 |
79.15 |
0.35 |
1.47 |
Table 2: Highlighted Gold Sampling to Date from Duke of Cornwall (DOCD002 Drill Results And Rock Chip Channel Samples, as announced on 20 November 2024)
|
SAMPLE TYPE |
DOMAIN |
SAMPLE |
FROM |
TO |
INTERVAL (metres) |
Au (g/t) |
|
Drilling |
Cleavage vein |
BTD037 |
44.6 |
45 |
0.4 |
8.51 |
|
Drilling |
Cleavage vein |
BTD041 |
45.6 |
46.2 |
0.6 |
0.68 |
|
Drilling |
Cleavage vein |
BTD042 |
46.2 |
46.4 |
0.2 |
0.19 |
|
Drilling |
Main Lode |
BTD045 |
48.15 |
48.6 |
0.45 |
0.88 |
|
Drilling |
Main Lode |
BTD048 |
50 |
50.3 |
0.3 |
3.00 |
|
Drilling |
Main Lode |
BTD049 |
50.3 |
50.65 |
0.35 |
0.37 |
|
Drilling |
Main Lode |
BTD050 |
50.65 |
51.05 |
0.4 |
0.01 |
|
Drilling |
Main Lode |
BTD051 |
51.05 |
51.2 |
0.15 |
24.1 |
|
Drilling |
Main Lode |
BTD052 |
51.2 |
52.05 |
0.85 |
0.58 |
|
Rockchip (Channel) |
Main Lode |
BTR064 |
0 |
0.25 |
0.25 |
27.80 |
|
Rockchip (Channel) |
Main Lode |
BTR065 |
0 |
0.2 |
0.2 |
180.00 |
Figure 1: Plan View Of Duke Of Cornwall – DOCD004 And Best Sampling Results To Date
FOR FURTHER INFORMATION, PLEASE CONTACT:
|
ECR Minerals Plc |
Tel: +44 (0) 1738 317 693 |
||
|
Nick Tulloch, Chairman Andrew Scott, Director |
|||
|
Email: |
|||
|
Website: www.ecrminerals.com |
|||
|
Allenby Capital Limited |
|
Tel: +44 (0) 3328 5656 |
|
|
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
|
||
|
Axis Capital Markets Limited |
Tel: +44 (0) 203 026 0320 |
||
|
Broker |
|||
|
Ben Tadd / Lewis Jones |
|||
|
|
|||
|
SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
||
|
Broker |
|||
|
Nick Emerson
|
|||
|
Brand Communications |
Tel: +44 (0) 7976 431608 |
||
|
Public & Investor Relations |
|||
|
Alan Green |
|||
Glossary
|
Au: |
Gold |
|
g/t: |
Grammes per Tonne (Metric) |
|
km: |
Kilometres (Metric) |
|
km²: |
Kilometre squared (Metric) |
|
Lode: |
A deposit of metalliferous ore that fills a fissure |
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).
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 Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
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), MGA 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.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Initial Diamond Drilling Results indicating up to 24 g/t Au From Duke of Cornwall Lode at Tambo Gold Project, Victoria
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce highly encouraging initial results from its maiden diamond drilling campaign at the Duke of Cornwall Lode system as well as further high-grade surface channel (chip) sampling from the Main Lode within the Company’s Tambo Gold Project in Victoria, Australia (the “Tambo Gold Project”).
HIGHLIGHTS
· Best drill intercepts from Hole DOCD002 include 0.15 metres @ 24.10 g/t Au and 0.40 metres @ 8.51 g/t Au
· Supporting surface channel (chip) sampling from the Main Lode returned exceptional results including 0.2 metres @ 180 g/t Au and 0.25 metres @ 27.80 g/t Au.
Tambo Gold Project
Further to the Company’s announcement on 17 October 2024, a maiden diamond drilling campaign has now been completed at the Tambo Gold Project. The diamond drilling campaign targeted beneath the historic workings of the Duke of Cornwall Mine, Swifts Creek. The first complete results have now been received for hole DOCD002. Assay results have also been received for additional channel (chip) samples from the in-situMain Lode near surface.
High-grade surface channel sampling
Main Lode sampling has revealed further high-grade gold surface channel (chip) sampling results of 27.80 g/t to 180 g/t Au (See Table 1). These results support previous photon analysis of rock chip sampling of the same vein material, including 55.5, 24.0 and 19.7 g/t Au (See announcements of 12 July 2024 and 10 June 2024).
Drilling Summary
The campaign utilised a diamond drill rig and has provided high-definition structural data that enhances geological understanding and improves confidence in interpreting vein orientations and continuity. The campaign consisted of five diamond core drill holes, totalling approximately 439 metres in aggregate, to test strike and depth continuity of gold mineralisation from the Company’s previous surface rock chip results and to refine the structural model. The board of directors of ECR (the “Board” or the “Directors”) are confident that both objectives have been successfully achieved.
These first results from the diamond drilling campaign confirm that the Duke of Cornwall Lode system is comprised of quartz veins propagating from a mapped shear zone (Figures 1 and 2). Strong visual indicator minerals have been identified in the drill core including sulphides such as Chalcopyrite, Tungsten and Arsenopyrite, with assay values correlating strongly to elevated Bismuth.
Drill hole DOCD002
Best individual drill intercepts from hole DOCD002 include 0.15 metres @ 24.10 g/t Au and 0.40 metres @ 8.51 g/t Au. Geological logging and assay values show two ‘zones’ of mineralisation. The first zone is veining parallel to the regional cleavage. The average grade across the cleavage vein zone is 3.13 g/t Au over 1.2 metres drilled. The second Main Lode zone averages 5.61 g/t Au over the drilled interval of 2.05m. (see Table 1). The overall average grade across all reported intervals was 4.26 g/t Au (see Table 1).
Hole DOCD002 was drilled to a total depth of 84.35m. A total of 19.95m of core has been sampled. Mineralised intercepts greater than 0.1 g/t Au are reported in Table 1 below. Hole DOCD002 also encountered strong pathfinder elements associated with high gold values, including best grades of Bismuth (883 ppm), Arsenic (63.8 ppm) and Silver (3.8 ppm). The overall average Bismuth, Arsenic and Silver grades across all reported intervals were 152.24 ppm Bi, 9.86 ppm As, and 0.98 ppm Ag (see Table 1).
Geological logging and sampling of the remaining holes will conclude this week with assay results expected by early December 2024.
Adam Jones, ECR’s Chief Geologist, said: ”These first diamond drilling campaign results are highly promising, corresponding with our earlier rock chip sampling and demonstrating consistency of results across our exploration programmes at the Tambo Gold Project. All core samples have revealed strong visual indicators, including the presence of chalcopyrite and arsenopyrite sulphides, which are encouraging signs of mineralisation. We have drilled approximately 75 metres vertically beneath the old Duke of Cornwall mine workings, aiming to see results similar to those obtained nearer to surface. Despite this being a relatively focused drilling program, the initial findings suggest there is significant potential for further exploration.”
Mike Whitlow, ECR’s Managing Director added: ”These early results from the Duke of Cornwall Lode system are outstanding and validate the geological potential of this area. The high-grade gold intercepts, consistent mineralisation across the Main Lode, and the promising visual indicators in the core give us confidence in the continuity and potential scale of the system. We look forward to receiving the remaining results and the valuable insights they will provide as we work towards defining the scope of this exciting opportunity.”
Technical Disclosure
All sampling and drilling were conducted in accordance with industry best practice, and all assays were performed by an independent, accredited laboratory. Further technical details and assay results for the remaining drill holes will be reported once received.
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist 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.
Table 1: DOCD002 Drill Results And Rock Chip Channel Samples (including matching pathfinder elements (Bi, As and Ag).
Drilling Intercepts (DOCD002). (intercepts => 0.1 g/t Au)
|
SAMPLE ID |
FROM |
TO |
INTERVAL (metres) |
Au (g/t) |
Au_(R) g/t |
Bismuth (ppm) |
Arsenic (ppm) |
Silver (ppm) |
DOMAIN |
|
BTD037 |
44.6 |
45 |
0.40 |
8.51 |
8.43 |
129.0 |
3.0 |
1.10 |
Cleavage vein |
|
BTD041 |
45.6 |
46.2 |
0.60 |
0.68 |
0.63 |
5.6 |
2.5 |
0.50 |
Cleavage vein |
|
BTD042 |
46.2 |
46.4 |
0.20 |
0.19 |
2.0 |
3.6 |
0.50 |
Cleavage vein |
|
|
BTD045 |
48.15 |
48.6 |
0.45 |
0.88 |
|
22.5 |
3.7 |
0.50 |
|
|
BTD048 |
50 |
50.3 |
0.30 |
3.00 |
3.54 |
283.0 |
3.0 |
0.93 |
Main Lode |
|
BTD049 |
50.3 |
50.65 |
0.35 |
0.37 |
24.4 |
63.8 |
0.50 |
Main Lode |
|
|
BTD050 |
50.65 |
51.05 |
0.40 |
0.01 |
2.0 |
3.5 |
0.50 |
Main Lode |
|
|
BTD051 |
51.05 |
51.2 |
0.15 |
24.10 |
24.4 |
883.0 |
2.6 |
3.80 |
Main Lode |
|
BTD052 |
51.2 |
52.05 |
0.85 |
0.58 |
18.7 |
3.0 |
0.50 |
Main Lode |
Rock Chip (Channel Samples)
|
SAMPLE ID |
FROM |
TO |
INTERVAL (metres) |
Au (g/t) |
Au_(R) g/t |
Bismuth (ppm) |
Arsenic (ppm) |
Silver (ppm) |
DOMAIN |
|
BTR064 |
0 |
0.25 |
0.25 |
27.80 |
25.2 |
3.59 |
2260 |
7.20 |
Main Lode |
|
BTR065 |
0 |
0.20 |
0.20 |
180.00 |
3.15 |
2690 |
4.00 |
Main Lode |
* (R) Laboratory repeat analysis
Figure 1: Plan View Of Duke Of Cornwall Lode – First Diamond Drill Results and new Channel Samples
Figure 2: Section View Of Duke Of Cornwall Lode – First Diamond Drill Results and new Channel Samples
FOR FURTHER INFORMATION, PLEASE CONTACT:
|
ECR Minerals Plc |
Tel: +44 (0) 1738 317 693 |
|
Nick Tulloch, Chairman Andrew Scott, Director |
|
|
Email: |
|
|
Website: www.ecrminerals.com |
|
|
Allenby Capital Limited |
Tel: +44 (0) 20 3328 5656 |
|
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
|
|
Axis Capital Markets Limited |
Tel: +44 (0) 203 026 0320 |
|
Broker |
|
|
Ben Tadd / Lewis Jones |
|
|
|
|
|
SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
|
Broker |
|
|
Nick Emerson
|
|
|
Brand Communications |
Tel: +44 (0) 7976 431608 |
|
Public & Investor Relations |
|
|
Alan Green |
Glossary
|
Ag: |
Silver |
|
As: |
Arsenic |
|
Au: |
Gold |
|
Bi: |
Bismuth |
|
g/t: |
Grammes per Tonne (Metric) |
|
km: |
Kilometres (Metric) |
|
km²: |
Kilometre squared (Metric) |
|
Lode: |
A deposit of metalliferous ore that fills a fissure |
|
ppm: |
Parts per million (Metric) |
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).
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 Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
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), MGA 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.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.