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ECR Minerals #ECR live at Mines and Money London

Alan Green talks to ECR Minerals #ECR CEO Andrew Haythorpe live from Mines and Money London. The team have seen a lot of investor interest over the three days, and Andrew outlines what his team have seen as the key areas of interest from investors. He then outlines the upcoming news flow that investors can expect in the coming weeks and months.

ECR Minerals #ECR – Andrew Scott, Andrew Haythorpe & Adam Jones discuss Blue Moon & other projects

ECR’s Andrew Scott, Andrew Haythorpe & Adam Jones discuss today’s developments at Blue Moon & other projects. Andrew Haythorpe describes the consistent predictable grades across Blue Moon and says today’s hole assay is just another step in that direction. Adam then covers the drilling campaign, following the 2019 RC drilling campaign. The current hole is 150m to the west, and with holes 100-200m apart the results are promising, with bleaching on the core consistent with the structure. Currently three holes have been completed 3 holes, if mineralisation continues then “happy days”, a possible resource. Assays from the remaining holes should be back in early December, so. the company will announce next steps and next drill holes then. Plenty more to look forward to as well – Omeo hasn’t even been touched yet, plenty of blue sky potential, Hurricane mineralisation on surface, Lolworth assays pending from stream sediment and rock chips, field team back out there in a few days. All field samples now with the labs, looking like a good Christmas and strong start to 2023.

ECR Minerals #ECR – Encouraging Results from First Drill Hole of 2022 at Blue Moon, Victoria

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce gold results from the first drillhole for 2022 (BBMDD004) completed at Blue Moon.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat. The projects are operated and drilled by ECR’s Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR CEO Andrew Haythorpe commented: “I am pleased to report an encouraging grade from the first Blue Moon drill hole of the 2022 Blue Moon campaign. The programme has been designed to test for mineralised continuity of the Blue Moon gold bearing structure and we’re very encouraged by what we’ve seen so far. As previously stated, the drill site is located west of where the 2019 RC drill programme finished, so a decision on further drilling activity will be made once the results for the remaining holes are in.”

“ECR is entering a busy period as we complete our initial sampling campaign at Lolworth and finalise planning an initial field campaign at the Hurricane project in N Queensland. With soil sample lab results from Creswick also due, I am very much looking forward to reporting results of the next three Blue Moon holes along with our next steps to the market as and when we have them.”

HIGHLIGHTS

  • Results from the first diamond drillhole for 2022 are encouraging with 0.5m @ 7.29 g/t Au from 96.9m.
  • Drilling continues with three out of a planned four-hole program completed to date with samples awaiting results pending.

Figure 1. Best gold intercept with the BBMDD004 drill core is represented here;

https://www.ecrminerals.com/images/2022/fig1_Best_Intercept_BBMDD004.png

BBMDD004

BBMDD004 is the first diamond drillhole completed from an initial four-hole programme designed to test for mineralised continuity of the Blue Moon gold bearing structure. The drill site is located west of where the 2019 RC drill programme finished. Hosted within an east-west striking dyke formation, mineralisation at the Blue Moon prospect is characterised by alteration and bleaching of the dyke as seen in figure 1 above. The mineralised fluids responsible for the bleaching are also identified by the increase in the arsenic geochemistry and pyritic sulphidation. Geological logging to date has also identified that gold mineralisation is most evident in the vicinity of millimetre scale swarms of quartz-carbonate veinlets (figure 1). The best intercept in BBMDD004 of 0.5m @ 7.29 g/t Au from 96.9m downhole is associated with such veinlets. All reportable gold intercepts greater than 0.1 g/t Au from hole BBMDD004 are presented in Table 1 below.

NEXT STEPS

Drilling is now complete at three out of the four planned holes. Sampling has also been completed and we anticipate that the next results will be reported before the Christmas period. The drill core looks encouraging with typical bleaching and sulphides present in all holes drilled to date. Accordingly, the Directors have agreed that the final decision to continue with further drilling will be based on the pending drill results.

Table 1. Drill intercepts containing reportable levels of gold in BBMDD004

From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
35 36 0.11 1 0.11
36 36.6 0.11 0.6 0.07
85.4 86.4 0.56 1 0.56
86.4 87.4 0.17 1 0.17
87.4 88 0.27 0.6 0.16
88 89 0.15 1 0.15
89 89.9 0.72 0.9 0.65
89.9 91 0.31 1.1 0.34
92 93 0.20 1 0.20
96.9 97.4 7.29 0.5 3.65
97.4 98.4 0.21 1 0.21

*Gram metres represents the contained Au metal within the reported length, calculated as interval (m) multiplied by grade (g/t Au)

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman Andrew Haythorpe, CEO
Email: info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd   Tel: +44 (0) 207 220 1666
Nominated Adviser Katy Mitchell / Andrew de Andrade
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker Jon Belliss
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 Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

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

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

ECR holds a 70% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina

ECR Minerals #ECR CEO Andrew Haythorpe speaking at Mines & Money London

Given the industry interest generated by ECR MINERALS PLC #ECR recent activity in Victoria, Lolworth and the recently announced Hurricane deal, CEO Andrew Haythorpe will be presenting at the upcoming Mines and Money London

The show runs from Nov 29-Dec 1 2022

https://minesandmoney.com/london/speaker/andrew-haythorpe

 

Andrew Scott and ECR Minerals #ECR CEO Andrew Haythorpe discuss the Placer Gold & Hurricane Acquisition

Andrew Scott and ECR Minerals #ECR CEO Andrew Haythorpe discuss the Placer Gold & Hurricane Acquisition.

Andrew H explains how, through his previous work at Hurricane, the area is high prospective for gold and antimony. A raft of historical data, numerous veins of mineralisation between 2-5m thick containing 1, 2, 5, 20 g/t – commercial grades. The region is inland from Port Douglas, and due to the relatively inhospitable climate has never been drilled, although a colleague geologist visited the area last year and reported back to Andrew on the extensive veining and mineralisation.

Andrew then discusses the option to acquire the project, very much a try before you buy approach in that the initial fee goes into the ground. Then, armed with the knowledge of the region from drilling, the option to buy, is he believes a great, risk managed approach. The potential acquisition is a good fit for ECR, which sits well alongside the Lolworth project, also being in the same region. The acquisition is a step change for ECR – Andrew says the team will be knocking on the rocks with gold in them.

ECR Minerals #ECR – Proposed Acquisition of Placer Gold Pty Limited

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia is pleased to announce it has today entered into a Binding Term Sheet pursuant to which it has been granted a conditional option to acquire the entire issued share capital of Placer Gold Pty Limited (“Placer Gold”) (the “Option”).

Placer Gold is the beneficial holder of three granted mining tenements (EPM 27518, EPM 25855 and EPM 19437) located in NE Queensland, together known as the Hurricane Project (“Hurricane Project” or “Hurricane”)) (see Figure 1 and Figure 3 below).

To secure the option ECR has to pay a A$200,000 (approximately £144k) option fee (“Option Fee”), which is to be satisfied by a contribution to costs, the implementation of a work programme over the assets (details below) and a balancing cash payment to the shareholders of Placer Gold (“Vendors”). Once the Option Fee has been fully satisfied ECR can then exercise the Option at any time prior to 30 September 2023, at its absolute discretion. On exercise of the Option, ECR will enter into the transaction documents necessary to effect the acquisition in accordance with the requirements set out in the term sheet. The key details of that agreement are set out below. ECR has today made an initial payment of A$39,500 to the Vendors (a total of approximately £22k) which will be counted towards ECR’s payment of the Option Fee.

If the Option Fee is fully satisfied and the Option is exercised, the total consideration for the acquisition of Placer Gold is A$6.9m (approximately £3.8m, including the Option Fee, a further cash payment of A$200,000 payable in the event of certain milestones being reached, and a 2% net smelter royalty payable in the event the Hurricane Project is taken into production in the future, capped at £3m).  However, the acquisition is subject to, inter alia, completion of due diligence to ECR’s satisfaction, all necessary consents, approvals and licence renewals being obtained, and the execution of formal transaction documentation (including a royalty deed and shareholders agreement). Accordingly, at this stage there can be no guarantee that ECR will obtain the Option or acquire Placer Gold. Nevertheless, the Directors have every expectation that the work programme will commence, due diligence enquiries will produce favourable results and that all necessary approvals and renewals will be received, such that the acquisition can proceed as intended.

A further update will be provided if and when ECR satisfies the Option Fee and another announcement will be made if ECR exercises the Option and begins the process of acquiring Placer Gold.

HIGHLIGHTS

  • Conditional option to acquire 100% of Placer Gold, which wholly owns the Hurricane Project located west of Cairns in the Hodgkinson Province, NE Queensland.
  • The Hodgkinson Province hosts several goldfields including Palmer River, West Normanby and Hodgkinson. Together these fields have produced more than 45 tonnes of gold from alluvial workings and mines.
  • The Hurricane Project has previously been the subject of intensive field work and sampling, and the Directors consider it to be a late-stage exploration project with three tenements all highly prospective for gold and antimony.
  • The Hurricane Project does not currently have a JORC-compliant resource, but the Directors believe the physical extent of the identified mineralisation, coupled with rock chip sampling results supports additional exploration and study work ultimately focussed on mine development.
  • Payment of a A$200,000 Option Fee to secure the Option (comprised of a A$39,553.25 cash payment on signing of the Binding Term Sheet and the balance amount to be spent on exploration activities over the 12 month Option Period expiring on 30 September 2023) – this will not be recoverable by ECR if the Option is not exercised.
  • The total proposed consideration for the acquisition of Placer Gold is A$6.9m (approximately £3.8m) comprised of the Option Fee, a cash payment upon completion of certain milestones and a capped royalty fee (more details below).

About the Hurricane Project

The Hurricane Project area is situated in the Hodgkinson Province of NE Queensland (see Figure 2 below) and located in the Tregoora Belt to the north-west of the Northcote District. The area hosts several goldfields such as the Palmer River, West Normanby and Hodgkinson. Together these fields have produced more than 45 tonnes of gold from alluvial workings and mines.

The Directors consider Hurricane to be a late-stage exploration project. Previously the area has been the subject of intensive field work and sampling with three tenements all highly prospective for gold and antimony, a pathfinder mineral often associated with the presence of gold, see ‘Background to Hurricane’ below.

The Hurricane Project is located approximately 400km due north of the Lolworth Range project, where ECR will shortly complete a soil sampling programme across its three exploration tenements.

ECR CEO Andrew Haythorpe commented: I am pleased and proud to announce that ECR has arranged this conditional option to acquire Placer Gold, which wholly owns the Hurricane Project in North Queensland. This is a project I have detailed knowledge of through work prior to joining ECR. It is also in an area I am very familiar with having worked as a geologist in Far North Queensland and studied at James Cook University. Historic mineral and rock chip samples are detailed in the raft of historical data on Hurricane compiled by Dr Harry Wilhelmij. Hurricane is a later stage gold and antimony property which I believe has exceptional near-term development potential.”

“I believe this potential acquisition could add a new dimension of value to the ECR offering, and on the signing of the associated transaction documents, we expect to be in a position to commence additional exploration and study work on the ground, with the aim of establishing a maiden JORC Resource for the project. We anticipate satisfying the Option Fee and exercising the Option towards the end of the Option Period, after an extensive period of due diligence and additional exploration, and we look forward to providing shareholders with updates as this potential acquisition progresses”

ECR Chairman David Tang added: “I speak for the ECR board when I say I am delighted that having appointed Andrew as CEO earlier this year, he is bringing his own vision and expertise to bear on our asset portfolio. The potential acquisition of the Hurricane Project is an exciting opportunity for ECR as it could bring in a relatively late-stage exploration asset that Andrew and the team can fast-track using our in-house expertise and resources. I look forward to seeing how this potential acquisition progresses”

A map showing the location of the Hurricane Project can be found at Figure 1 below:

https://www.ecrminerals.com/images/2022/ECR_Hurricane_fig1.png

Map showing the location of the Hurricane Project in the Tregoora Belt at Figure 1 below:

https://www.ecrminerals.com/images/2022/ECR_Hurricane_fig2.png

Map showing the location of the Hurricane Project exploration permits at Figure 3 below:

https://www.ecrminerals.com/images/2022/ECR_Hurricane_fig3.png

KEY AGREEMENT TERMS

The binding term sheet agreement provides ECR or its Nominee with a conditional option to acquire 100% of the fully paid ordinary shares in the capital of Placer Gold, a Company 100% owned by Bannister Group Pty Ltd (ACN 128 064 737) and Geoprospect Pty Ltd (ACN 139 704 993) (together, the Vendors).

This consideration for the acquisition is A$6.9m (approximately £3.8m) which comprises:

  • The A$200,000 Option fee comprised of an initial sum of $39,553.25 payable on signing of the agreement, with the balance to be spent on exploration activities in accordance with the Option Period Work Program (see below) (“Option Fee”).
  • If the balance of the Option Fee (i.e. other than the cash payment of $39,553.25) has not been spent on exploration activities by 31 July 2023, then ECR may elect to pay the remaining balance of the Option Fee to the Vendors in cash.
  • A$1,000,000 payable in cash and ECR Shares (comprising a minimum cash payment of AUD$250,000 and a maximum cash payment of AUD$750,000 as determined by ECR is its sole discretion). The ECR Shares to be issued at a price equivalent to the 60-day VWAP prior to Completion.
  • A deferred cash payment of A$200,000 (JORC Milestone Cash Payment), payable pro-rata to the Vendors, on the day ECR/Placer Gold announces a maiden mineral resource estimate in accordance with the JORC Code at any of the Tenements.
  • A royalty of 2% of the net smelter return on all minerals, mineral products and concentrates subject to a Royalty Cap and Royalty buy back right by ECR, produced and sold from the Tenements (capped at £3m).

ECR and the Vendors will work together to finalise and develop a work program to be implemented during the Option Period (“Option Period Work Program“) by 30 November 2022. The Option Fee (less the initial payment of $39,553.25) will be spent on exploration in accordance with the Option Period Work Program (or paid in cash as mentioned above).

ECR anticipates satisfying the Option Fee and exercising the Option to acquire Placer Gold before the expiry date of 31 October 2023, following:

  • an approximate ten month due diligence process including the ongoing satisfaction of the conditions set out below; and
  • the implementation of the Option Period Work Program set out above.

Completion of the Acquisition is conditional upon:

  • ECR receiving all necessary regulatory, government, shareholder and third-party consents and approvals required to complete the transaction contemplated, including any necessary authorisations and consents;
  • completion of due diligence by ECR to the absolute satisfaction of ECR;
  • renewal of EPM19437 and renewal of EPM25855, or the approval of such other mining tenement or tenements as may be granted over the relevant ground in lieu of EPM19437 and EPM25855;
  • completion of Cultural Heritage Clearance Survey and issue of the Inspection Report;
  • execution of Landholder Conduct and Compensation Agreement; and
  • the completion and execution of the formal Transaction Documentation (including a Share Sale Agreement, an Escrow Agreement for the ECR Shares and a Royalty Deed).

If the Conditions are not satisfied (or waived by ECR in writing) on or before 5.00pm 31 October 2023 (EST) (or such other date agreed by ECR and the Vendors, in writing), the agreement will be at an end and the parties will be released from their obligations to each other.

As set out above, there can be no assurance that this acquisition will complete but the Directors have every expectation that the transaction will proceed as intended.

BACKGROUND TO HURRICANE

The Hurricane Project area is situated in the Hodgkinson Province of NE Queensland (see Figure 1 and Figure 2 above) which forms the northernmost part of the Palaeozoic Tasman Fold Belt. The Hodgkinson Province hosts several goldfields such as the Palmer River, West Normanby and Hodgkinson. Together these fields have produced more than 45 tonnes of gold from alluvial workings and mines. Within the Hodgkinson Province there are several gold districts, including the Northcote, Tregoora, Atric and Reedy districts which host a total JORC 2004 resource of 11.4 million tonnes at 1.7g/t Au for 618,000oz Au (ASX releases by Bulletin Resources on 3 August 2018 and by Republic Gold Limited on 30 October 2009).

The Hurricane Project is located in the Tregoora Belt to the north-west of the Northcote District, (as shown in Figure 2 above) and consists of three mining tenements EPM 27518, EPM 25855 and EPM 19437, across which threemineralised vein systems are present. The Project does not currently have a JORC-compliant resource, however in the opinion of the Directors, the physical extent of the identified mineralisation, coupled with rock chip sampling results supports additional exploration and study work ultimately focussed on mine development.

ECR has been provided with certain historical data from previous exploratory activities at site. However, this data has not been verified by ECR, accordingly it is provided for guidance purposes only and should not be relied upon:

Historic rock chip samples from surface-oxidised quartz breccia veins appear to contain significant gold grades. Excluding samples collected from the wall rock, the average gold-in-rock chip values reported in historic results include:

  • 92 g/t Au from seven samples collected along the Typhoon Vein that is +500m long and +0.5m wide (with minimum/maximum grades of 0.08 and 163 g/t Au respectively)
  • 64 g/t Au from twenty four samples collected along the lenticular Holmes Vein that is +100m long and +60m wide (with minimum/maximum grades of 0.03 and 21.7 g/t Au respectively)
  • 33 g/t Au from fifty four samples collected along the Tornado Vein that is +700m long and +3.5m wide (with minimum/maximum grades of 0.01 and 17.6 g/t Au respectively)
  • 79 g/t Au from twenty four samples collected along the Monsoon Vein that is +600m long and +8m wide (with minimum/maximum grades of 0.01 and 3.96 g/t Au respectively) 1.57 g/t Au from the seventy samples collected along the Bouncer/Pederson Vein Systems (with minimum/maximum grades of 0.01 and 9.7 g/t Au respectively).
  • Certain of the rock chip samples from the quartz breccia veins contain significant antimony (Sb) grades. Average antimony-in-rock chip values include:
  • 1% Sb from 24 samples collected within the Holmes Vein with grades ranging from 0.005% to 20.8% Sb in 24 samples
  • 4% Sb from two samples collected within the Bouncer Vein System
  • Rock chip samples from other gold mineralised veins contained less than 0.2% Sb.

In addition, ECR has been provided with the additional information, which has also not been verified by ECR and therefore is provided for guidance purposes only and should not be relied upon, of a 60kg bulk metallurgical surface sample from the Tornado Vein which averaged 4.2 g/t Au.

BACKGROUND TO PLACER GOLD

For the financial period ended 30 June 2022 (unaudited) Placer Gold generated profits of A$35.5k (c.£20k), had a turnover of A$95.8k (c.£54.6k) and gross assets of A$32.5k (c.£18.5k).

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

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

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc   Tel: +44 (0) 20 7929 1010  
David Tang, Non-Executive Chairman

Andrew Haythorpe, CEO

     
       
Email:

info@ecrminerals.com

     
Website: www.ecrminerals.com      
       
WH Ireland Ltd   Tel: +44 (0) 207 220 1666  
Nominated Adviser

Katy Mitchell / Andrew de Andrade

     
       
SI Capital Ltd   Tel: +44 (0) 1483 413500  
Broker      
Nick Emerson      
       
Novum Securities Limited    Tel: +44 (0) 20 7399 9425  
Broker

Jon Belliss

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

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

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

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

ECR Minerals #ECR – CEO Andrew Haythorpe talks to Andrew Scott, October 2022

Andrew Haythorpe talks to Andrew Scott about the latest developments. He explains the nuggety gold nature of Creswick and how he has approached assessing Creswick as a prospect for the company. He is very encouraged by the results and proven sampling process, stating he believes it adds confidence as the team work towards planning resources, reserve estimate and mine plan. Andrew then talks through the final results from drilling at Bailieston, the multiple hits, and the search for more consistent grades to build a feasibility study. He tells Andrew Scott why Blue Moon is one of the lead prospects due to the grades, widths, consistency and geology – potentially a massive system. Andrew then looks at the new drill rig and how that will be deployed, before discussing the further progress on non-core asset sales. Andrew looks at next steps, with a focus on Blue Moon drilling through to Christmas, bringing the new rig work to bring up to spec, then moving it to Creswick. He talks through the sampling programme at Lolworth in N Queensland, what the team have seen so far is v encouraging, with potential for multiple gold occurrences. Andrew finishes with a look at the macro picture for investors, and how ECR are building value from the ground up.

ECR Minerals #ECR – Re-assay of Creswick Diamond Drill Core Reveals High Grade Results Including 0.7m @47.75 g/t Au

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce results from a re-assay of selected diamond drill core from the Creswick diamond drilling program completed in 2021.

ECR Minerals plc has 100% ownership of the Creswick Project within licence area (EL006184), which resides 14km north-east of the City of Ballarat, Victoria, Australia. The Company is exploring a number of parallel-gold mineralisation trends that are believed to extend 10km south towards Ballarat through two other tenements in hand, respectively (EL006907) and (EL006713). Licence EL006907 is approved for commencement of work whilst the EL006713 application has been accepted and is awaiting final approval from the Victoria State Government, at this stage there can be no guarantee that this licence will be granted but the Directors have every expectation it will be. All Creswick tenements are operated by the 100% owned Australian subsidiary company Mercator Gold Australia Pty. Ltd.(” MGA”).

ECR CEO Andrew Haythorpe commented: “On behalf of the board, we are delighted that a programme to retest the 2021 Creswick drill core has yielded these exceptionally good gold grades. On my visit to the Creswick tenements with Adam Jones earlier this year, I saw the potential on the ground for myself, and it was this that convinced me that our plan to retest the Creswick core samples was well justified.”

“The Board believes Creswick to be a valuable asset with great potential. We look forward to reporting back with the soil sample lab results and subsequent action plan in the coming weeks.”

HIGHLIGHTS

  • Duplicate sampling of selected quartz-mineralised intercepts from the diamond drilling campaign of 2021 shows significant increase in reportable gold grades including;
  • 7m @ 47.75 g/t Au from 147m in hole CSD001.
  • 1m @ 6.13 g/t Au from 98m in hole CJD002.
  • 1m @ 3.9 g/t Au from 86.5m, also in hole CJD002.
  • Results from duplicate samples reveal the high variability of coarse gold present at Creswick.
  • Sampling protocols are proving to be the right strategic method for continuing a sound and aggressive exploration method at Creswick.
  • Ongoing surface exploration in the immediate area is testing for follow-up drill targets.

Link to a plan of the diamond drilling in 2021 can be found here in Figure 1:

https://www.ecrminerals.com/images/2022/fig1_Creswick_DD2021_Re-assay_221018.png

BACKGROUND

ECR Minerals completed a 16-hole diamond drill program on EL006184 during 2021. A total of 3433 metres of HQ sized, orientated diamond core was drilled. The location of the diamond drilling can be seen in Figure 1 above. As per standard industry practice, the original samples were half-sawn and submitted into the Gekko Laboratory, Ballarat to undergo bulk Leachwell analysis and fire-assay for gold content. The remnant other half of the sampled core is kept and preserved for future reference. The erratic and coarse nuggety nature of the gold particle size at Creswick was known from previous sampling campaigns in 2019 (see RNS ‘Update on Creswick Gold Project, Victoria, Australia dated 5 November 2019 here), where bulk sampling of RC Drilling residues showed the presence of coarse gold that was missed from initial sampling and subsequently improved the gold grades. With this knowledge, selected remaining half-core samples (known as duplicates) from the 2021 diamond drill campaign were recently submitted for further analysis.

DUPLICATE RESULTS

As suspected, the results from duplicating the diamond drilling also show high variability in gold grades. The best result came from duplicating a 70cm sample that originally assayed at 0.1 g/t Au in hole CSD001 from 147m drilled depth. In this case the duplicate returned 0.7m @ 47.75 g/t Au. Other results of note include 1.1m @ 6.13 g/t Au (originally assayed at 0.15 g/t Au) from 98m depth in hole CJD002. It must be also pointed out that some of the high-grade gold results in the original sampling did not replicate with the follow up duplicate samples. The Directors view this disparity as a positive sign, believing that it further confirms the nature of the coarse, high-grade gold style of mineralisation previously encountered. A full list of all duplicate results is listed in Table 1 below.

Table 1. Full list of all gold results (g/t Au) from the duplicate sampling of the 2021 diamond drilling campaign. A comparison of the duplicate assays to the original assays is shown by a positive or negative difference.

HoleID From (m) To (m) Length(m) Original Assay (g/t Au) Duplicate Assay (g/t Au) Difference (g/t Au)
CJD001 254.6 255 0.4 0.11 0.04 -0.07
CJD001 324 324.5 0.5 0.54 0.04 -0.5
CJD001 325.5 326 0.5 0.11 0.04 -0.07
CJD002 8 9 1 0.2 0.04 -0.16
CJD002 55.4 56.5 1.1 0.34 0.05 -0.29
CJD002 78.5 79.1 0.6 2.99 0.06 -2.93
CJD002 79.1 80.1 1 0.26 0.04 -0.22
CJD002 83.4 84.4 1 0.19 0.24 0.05
CJD002 86.5 87.5 1 0.15 3.9 3.75
CJD002 93.6 94.6 1 0.75 1.69 0.94
CJD002 98 99.1 1.1 0.15 6.13 5.98
CJD002 109.4 110.4 1 0.13 0.17 0.04
CJD002 214.9 215.4 0.5 0.13 0.04 -0.09
CSD001 12.3 12.55 0.25 0.19 0.04 -0.15
CSD001 43.15 44.15 1 0.23 0.04 -0.19
CSD001 58.2 59.1 0.9 0.92 0.04 -0.88
CSD001 86 87 1 0.13 0.3 0.17
CSD001 131.9 132.9 1 9.68 0.81 -8.87
CSD001 147 147.7 0.7 0.1 47.75 47.65
CSD001 147.7 148.7 1 0.25 0.04 -0.21
CSD001 205.65 206.45 0.8 0.11 0.04 -0.07
CSD001 206.45 207.4 0.95 0.14 0.18 0.04
CSD001 211.95 212.45 0.5 0.11 0.06 -0.05
CSD001 224.9 225.9 1 0.1 0.04 -0.06
CSD001 225.9 226.9 1 0.12 0.04 -0.08
CSD001 226.9 227.9 1 0.11 0.04 -0.07
CSD001 231.4 232.45 1.05 0.11 0.04 -0.07
CSD001 240 241.05 1.05 0.37 0.61 0.24
CSD001 257.3 257.7 0.4 0.26 0.04 -0.22
CSD002 65.9 66.5 0.6 0.22 0.04 -0.18
CSD002 99.9 100.8 0.9 0.2 0.04 -0.16
CSD002 173.1 174.1 1 4.78 0.04 -4.74
CSD002 178.7 179.2 0.5 0.16 0.04 -0.12
CSD002 179.55 179.85 0.3 0.19 0.04 -0.15
CSD002 179.85 180.2 0.35 0.39 0.05 -0.34
CSD002 182.1 183.1 1 0.11 0.04 -0.07
CSD003 84.2 85.15 0.95 9.93 0.04 -9.89
CSD003 89.05 90 0.95 23.58 1.45 -22.13
CSD004 125.7 126.7 1 0.18 0.04 -0.14
CSD005 84 85 1 0.22 0.04 -0.18
CSD005 91.8 92.3 0.5 0.16 0.04 -0.12
CSD005 94.32 95.3 0.98 0.13 0.04 -0.09
CSD007 26 27 1 0.15 0.04 -0.11
CSD007 67.6 68.2 0.6 0.16 0.04 -0.12
CSD007 233 233.5 0.5 0.1 0.04 -0.06
CSD007 233.5 234.5 1 0.11 0.04 -0.07
CSD008 26.4 27.1 0.7 0.45 0.04 -0.41
CSD008 27.1 27.9 0.8 0.69 1.29 0.6
CSD009 88.3 88.7 0.4 0.28 0.27 -0.01
CSD009 149.7 151 1.3 0.21 0.26 0.05
CSD011 62 62.5 0.5 0.29 0.35 0.06
CSD011 71 72 1 0.12 1.99 1.87
CSD012 113 113.5 0.5 0.61 0.04 -0.57
CSD013 80.5 81.5 1 1.98 1.51 -0.47
CSD014 18.4 19.4 1 0.14 0.88 0.74
CSD014 19.4 20.4 1 0.12 0.16 0.04
CSD014 55.8 56.4 0.6 0.24 0.32 0.08

SUMMARY

As with the results from the 2019 bulk sampling testing, our results also prove the gold at Creswick is coarse and erratic, and as a result mineralisation sampling protocols must take these factors into account. Poor sampling practices could potentially jeopardise a gold project such as Creswick, so armed with this knowledge, previous results from past exploration companies could reveal new opportunities for missed targets.

The Directors believe that in addition to the presence of gold in drilling samples, the erratic nature of mineralisation at Creswick means that gold can also be found in soil and rock chip samples. Recently a suite of soil samples was submitted to the laboratory to test different sampling methodologies. The results will help decide if one (or multiple) methods will be used to target blind gold outcrops for follow-up drilling. Now the backlog in receiving lab samples has been dealt with, the Directors expect these sample results very soon.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

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

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman

Andrew Haythorpe, CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd   Tel: +44 (0) 207 220 1666
Nominated Adviser

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

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

https://mercatorgold.com.au/

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

https://luxexploration.com/

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

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

ECR Minerals #ECR – Two Mineralisation Corridors Identified in Hole BH3DD032 at Bailieston, Victoria

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the final gold results from the 2022 drill program at the HR3 prospect at Bailieston.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat. The projects are operated by ECR’s Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR CEO Andrew Haythorpe commented: Some very encouraging grades have emerged from these results, and in particular the average of 9.01g/t over 4m at hole BH3DD043 could very likely result in follow up work, which is supported by our Technical Director Adam Jones. We will now evaluate this full dataset, decide on the next steps and report back in due course.”

“Drilling at Blue Moon is progressing and I look forward to reporting the lab results back to you as soon as they arrive.”   

HIGHLIGHTS

  • Best results in BH3DD043 with a composited grade of 9.01 g/t Au over a drilled width of 4 metres.
  • Further results from the Maori Anticline include 1m @ 4.96 g/t Au (BH3DD042) at a depth of 273m
  • Multiple intersections along strike of the Scoulers Reef including 0.2m @ 9.22 g/t Au (BH3DD042), 0.5m @ 4.55 g/t Au (BH3DD037) and 1m @ 3.34 g/t Au (BH3DD038)

A plan of the HR3 Goldfield and the location of this reported drilling with the 10 ten intercepts can be found here:

Fig 1: https://www.ecrminerals.com/images/2022/fig1_221015_Final_Drilling_Results_2022_HR3.png

BACKGROUND TO DRILL PROGRAM

ECR Minerals have been drilling targets throughout 2022 on their Bailieston tenements located in Victoria, Australia. Our drilling activity has been predominantly within the HR3 Goldfield, focussed on the main NNW striking gold-quartz mineralised systems including Byron Reef, Scoulers Reef and the Maori Reef. Initial drilling by ECR in 2021 focussed on the Byron Reef and indicated that gold mineralisation was not continuous (see RNS 1 below).

In early 2022 the focus shifted to the Maori Reef which is the most easternly known vein system within the HR3 Goldfield. ECR geologists concluded that the Maori Reef is hosted within an anticlinal fold now called the ‘Maori Anticline’. Early drilling into this anticline has been successful (Holes BH3DD009, BH3DD010 and BH3DD011). Drilling continued to follow the anticlinal fold to the north and in depth with successful intersections in holes BH3DD019, BH3DD012 and BH3DD034, which contained visible gold (see RNS dated 22 November 2021 for more details of these drill hole results, a link of which is also set out below).

The reported drill results in this announcement are for the final drilling completed to date at HR3 and follow up the best results adjacent to hole BH3DD034, and in additional test drilling into the parallel quartz reef systems. Drilling was completed at the end of July 2022. Final results have just been received after long delays in laboratory turn-around due predominantly to issues relating to the COVID-19 pandemic.

Previous Drill results for HR3

  1. 22 December 2021 – BH3DD010, BH3DD011;

https://polaris.brighterir.com/public/ecr_minerals_plc/news/rns/story/wkn801w

  1. 23 December 2021 – Bailieston (HR3) Soil Sampling

https://polaris.brighterir.com/public/ecr_minerals_plc/news/rns/story/rmzlq5w

  1. 14 March 2022 – BH3DD012, BH3DD034 (Visible Gold)

https://polaris.brighterir.com/public/ecr_minerals_plc/news/rns/story/xeekpyx

  1. 22 April 2022 – BH3DD027 (Hard-Up Reef)

https://polaris.brighterir.com/public/ecr_minerals_plc/news/rns/story/w0mnmnx

DETAILS OF FINAL DRILLING

A total of eight holes were drilled in this final stage of drilling, and a summary of the work and associated results are set out below. Full details of the drill results are set out at the end of this announcement:

BH3DD036

BH3DD036 was drilled underneath the north end of the Maori Reef at the point where historical workings ended. The Maori Anticline was passed through at 92m where the hinge faulted. The best result was 0.3m @ 0.28 g/t Au from 176m. Drilling ended at a depth of 206.55m

BH3DD037

The drill team moved to the centre of the HR3 Goldfield to test the Scoulers Reef near the surface. A selected number of the following drillholes were also extended to test the Maori Anticline at depth. BH3DD037 drilled underneath the coincidental reported soil ‘Anomaly C’ (see RNS dated 23 December 2021, a link for which is above) and the location of earlier high-grade rock chips. Drilling results show a broad zone of lower grade mineralisation (see Table 2 below). The best intersection was 0.5m @ 4.55 g/t Au from 33.6m which relates to the Scoulers Reef. The hole ended at 115.8m.

BH3DD038

This hole drilled towards the east, passing through the Scoulers Reef at 27m depth and the Maori Anticline at 280m depth. The best intercept was 1m @ 3.34 g/t Au from 27m. A speck of visible gold was noted in thin quartz veinlets at 175.8m, however this was not reflected in the sampled grade of (0.4m @ 0.42 g/t Au from 175.8m). Drilling ended at a depth of 308.5m.

BH3DD039

Hole BH3DD039 was drilled underneath soil anomaly ‘B’ as reported in December 2021 (see RNS dated 23 December 2021, a link for which is above). Despite the presence of anomalous gold, no significant results greater than 1 g/t Au where intersected. Best result was 1m @ 0.96 g/t Au from 62.7m. This hole finished drilling at 140.8m.

BH3DD040

This hole was drilled towards the intersection of the Maori and Hard-Up Reef at depth. The Maori Reef was intersected at 242.3m with a grade of 1.96 g/t Au over a length of 0.35m. The best result from this hole was from the Scoulers Reef with 0.4m @ 3.99 g/t Au from 13.6m depth. This hole ended at 275.1m

BH3DD041

Whilst drilling continued towards the east into the Maori Antcline and Scoulers Reef, the decision was taken to drill a preliminary hole into the Byron Reef to the south of the old Byron Mine (see figure 1 above) after locating an exploration percussion hole from an earlier phase of exploration in the 1980’s. Historical documentation showed the hole BLP140 had previously yielded 3m @ 28 g/t Au from 33m. ECR’s drilling revealed the presence of a major shear zone containing sulphide and quartz mineralisation around 104m in depth. No significant gold was intercepted with the best result being 0.4m @ 0.53 g/t Au from 64.6m. This hole finished at 139.8m

BH3DD042

This hole was intended to drill deep into the Maori Anticline underneath the previous drilling of BH3DD017 and BH3DD012. The anticline was successfully identified at 273m where mineralisation was sampled returning 1m @ 4.96 g/t Au. The Scoulers Reef was also intersected in the upper portion of this hole with an intercept of 0.2m @ 9.22 g/t Au from 41.1m drill depth. This hole ended at 356.6m.

BH3DD043

Hole BH3DD043 was the last drill hole completed at HR3 this year. The hole was intentionally drilled to intercept the Maori Anticline approximately 25m to the immediate north of nearby drillholes BH3DD034, BH3DD035 and BH3DD019. The best mineralisation drilled was identified in a footwall vein to the Maori Anticline, with best intercepts beginning at a depth of 54m including 1m @ 4.82 g/t Au followed immediately by adjacent high-grade intercepts of 1m @ 5.54 g/t Au, 1m @ 9.79 g/t Au and 1m @ 15.91 g/t Au. This high-grade zone represents a length-weighted composite grade of 4m @ 9.01 g/t Au. This is the best length multiplied by grade intercept drilled to date in HR3. Drilling ended at a final depth of 194.5m.

SUMMARY OF EXPLORATION

Drilling at HR3 throughout the 2021-2022 period has been largely successful. Notable outcomes include:

  1. Identifying the Maori Anticline as a major host to gold mineralisation at the HR3 Goldfield.
  2. Initial high-grade intercepts located underneath the Maori Reef,Hard-Up Reef intersections.
  3. Locating and testing gold mineralisation at depth and strike within the Maori Anticline. An approximate strike length of 300m has now been initially drilled. Mineralisation is open along strike to the north and south.
  4. Exploration work during this period has also successfully identified a close spatial relationship of high arsenic (Arsenopyrite) and high antimony (Stibnite) ratios as pathfinders to gold mineralisation.

Table 1. Summary of the top ten drill intercepts containing reportable levels of gold for holes BH3DD036-BH3DD043. Arranged by hole name and depth.

HOLE From (m) To (m) Interval (m) Au (g/t) gram metres*
BH3DD037 33.6 34.1 0.5 4.55 2.27
BH3DD037 40.6 41 0.4 3.61 1.45
BH3DD038 27 28 1 3.34 3.34
BH3DD040 13.6 14 0.4 3.99 1.60
BH3DD042 41.1 41.3 0.2 9.22 1.84
BH3DD042 273 274 1 4.96 4.96
BH3DD043 54 55 1 4.82 4.82
BH3DD043 55 56 1 5.54 5.54
BH3DD043 56 57 1 9.79 9.79
BH3DD043 57 58 1 15.91 15.91

*Gram metres represents the contained Au metal within the reported length, calculated as interval (m) multiplied by grade (g/t Au)

Table 2. Drill intercepts for all reportable levels of gold above 0.1 g/t Au for holes BH3DD036-BH3DD043.

*Gram metres represents the contained Au metal within the reported length, calculated as interval (m) multiplied by grade (g/t Au)

BH3DD036        
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres*
55 55.8 0.28 0.8 0.22
57 57.3 0.23 0.3 0.07
65.1 65.4 0.28 0.3 0.09
118.8 119.2 0.15 0.4 0.06
176 176.3 0.28 0.3 0.08
         
BH3DD037        
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
4.7 5.7 1.81 1 1.81
5.7 6.7 1.69 1 1.69
9.5 9.7 0.12 0.2 0.02
11.5 11.8 1.25 0.3 0.38
12.25 12.7 0.61 0.45 0.27
16 16.6 0.26 0.6 0.15
16.6 17 0.51 0.4 0.20
17 17.5 0.68 0.5 0.34
28 29 1.26 1 1.26
29.75 30.25 2.63 0.5 1.31
30.8 31.8 0.17 1 0.17
31.8 32.3 1.97 0.5 0.98
32.3 33 2.50 0.7 1.75
33 33.35 0.79 0.35 0.28
33.6 34.1 4.55 0.5 2.27
35.1 35.5 0.27 0.4 0.11
35.5 36.5 2.92 1 2.92
36.5 37.5 1.38 1 1.38
37.5 38 2.82 0.5 1.41
38 38.5 0.42 0.5 0.21
38.5 39.5 0.58 1 0.58
39.5 40.2 0.37 0.7 0.26
40.2 40.6 1.31 0.4 0.53
40.6 41 3.61 0.4 1.45
41 42 1.03 1 1.03
42 43 0.23 1 0.23
71.8 72 0.15 0.2 0.03
72 72.6 0.17 0.6 0.10
72.6 72.8 0.50 0.2 0.10
72.8 74 0.53 1.2 0.63
74 75 0.22 1 0.22
75 76 0.57 1 0.57
76 77 0.69 1 0.69
94.5 95.5 0.32 1 0.32
95.5 96.5 0.46 1 0.46
97.5 98.2 0.13 0.7 0.09
105.55 106 0.24 0.45 0.11
109 110 0.21 1 0.21
         
BH3DD038        
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
3.45 4.45 1.22 1 1.22
4.45 5 0.90 0.55 0.49
5 5.4 1.91 0.4 0.77
5.4 6 1.06 0.6 0.63
18 19 0.19 1 0.19
19 20 0.81 1 0.81
25 26 0.36 1 0.36
26 27 1.28 1 1.28
27 28 3.34 1 3.34
28 29 0.44 1 0.44
30 31 0.28 1 0.28
33.7 33.9 0.22 0.2 0.04
35.5 36.3 0.35 0.8 0.28
56.5 57.5 0.44 1 0.44
57.5 58 0.76 0.5 0.38
58 58.3 1.62 0.3 0.49
58.3 58.6 1.54 0.3 0.46
58.6 59 1.53 0.4 0.61
59 59.4 1.92 0.4 0.77
59.4 60.4 0.17 1 0.17
60.4 61.2 0.17 0.8 0.13
61.2 61.4 1.23 0.2 0.25
61.4 62.2 0.37 0.8 0.30
62.2 63 0.19 0.8 0.15
63 63.4 0.60 0.4 0.24
66.3 66.8 0.26 0.5 0.13
66.8 67.4 0.82 0.6 0.49
67.4 68.2 0.81 0.8 0.65
170.6 170.9 0.18 0.3 0.06
170.9 171.9 0.18 1 0.18
173.5 174.4 0.59 0.9 0.53
175.4 175.8 0.21 0.4 0.09
175.8 176 0.42 0.2 0.08
176 176.6 0.35 0.6 0.21
176.6 177.6 0.27 1 0.27
177.6 178 0.22 0.4 0.09
178 178.7 0.64 0.7 0.45
178.7 179.3 0.31 0.6 0.19
199 199.4 0.16 0.4 0.06
201.4 202 0.16 0.6 0.09
237.35 237.55 0.25 0.2 0.05
237.55 238 0.16 0.45 0.07
296.3 296.5 0.90 0.2 0.18
296.5 296.7 0.20 0.2 0.04
296.7 297 0.57 0.3 0.17
297 298 0.20 1 0.20
298 298.5 0.38 0.5 0.19
298.5 299 0.70 0.5 0.35
299 299.35 0.55 0.35 0.19
299.5 299.65 1.13 0.15 0.17
300.2 300.6 0.19 0.4 0.08
         
BH3DD039        
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
61.7 62.7 0.47 1 0.47
62.7 63.7 0.96 1 0.96
63.7 64.7 0.19 1 0.19
65.5 66 0.14 0.5 0.07
67 68 0.17 1 0.17
72.4 72.7 0.21 0.3 0.06
72.7 73 0.25 0.3 0.07
74.35 74.55 0.13 0.2 0.03
75.5 75.8 0.31 0.3 0.09
90.2 90.6 0.17 0.4 0.07
96 97 0.18 1 0.18
97.4 98.1 0.21 0.7 0.15
98.5 98.9 0.42 0.4 0.17
98.9 99.9 0.40 1 0.40
106.5 107 0.16 0.5 0.08
107 108 0.34 1 0.34
BH3DD040        
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
13.6 14 3.99 0.4 1.60
15 15.35 0.24 0.35 0.09
15.8 16.8 0.41 1 0.41
16.8 17.05 0.68 0.25 0.17
17.05 17.4 1.65 0.35 0.58
17.4 18 2.61 0.6 1.56
22.3 22.7 0.89 0.4 0.36
22.7 23 1.66 0.3 0.50
24.4 25.4 1.82 1 1.82
25.4 26.1 0.20 0.7 0.14
31.6 32.1 1.12 0.5 0.56
44 44.6 0.64 0.6 0.38
46.7 47.5 0.22 0.8 0.17
48.55 49 0.77 0.45 0.34
52.65 53.2 0.90 0.55 0.49
144.6 145.1 0.77 0.5 0.39
145.1 146.3 0.29 1.2 0.35
178 178.3 0.20 0.3 0.06
189 189.6 0.17 0.6 0.10
189.6 190.5 1.22 0.9 1.09
190.5 191.2 0.24 0.7 0.16
191.2 191.6 1.17 0.4 0.47
191.6 192 0.35 0.4 0.14
192 193 0.17 1 0.17
193.7 194.7 0.39 1 0.39
194.7 195.7 0.54 1 0.54
195.7 196.7 0.13 1 0.13
204.5 205 0.44 0.5 0.22
205 206 0.17 1 0.17
206 207 0.26 1 0.26
210 211 0.44 1 0.44
211 211.45 0.41 0.45 0.18
212.45 213.4 0.78 0.95 0.74
214 214.35 0.43 0.35 0.15
214.35 214.6 0.95 0.25 0.24
214.6 215.2 0.80 0.6 0.48
215.2 215.7 0.19 0.5 0.09
219.4 219.75 0.29 0.35 0.10
225.5 225.75 0.34 0.25 0.09
238.7 239.2 0.16 0.5 0.08
240.2 241.2 0.78 1 0.78
241.65 242.3 1.11 0.65 0.72
242.3 242.65 1.96 0.35 0.69
242.65 243.1 0.21 0.45 0.10
258.6 259.3 0.17 0.7 0.12
259.3 259.65 1.13 0.35 0.40
259.65 260 0.67 0.35 0.23
260 260.5 0.23 0.5 0.12
         
BH3DD041        
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
41.7 42.25 0.27 0.55 0.15
42.25 42.7 0.42 0.45 0.19
49.2 49.6 0.15 0.4 0.06
64.6 65 0.53 0.4 0.21
91.7 92.7 0.22 1 0.22
104 104.25 0.12 0.25 0.03
104.25 104.6 0.18 0.35 0.06
         
BH3DD042        
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
37.55 38.4 0.16 0.85 0.13
40.8 41.1 1.79 0.3 0.54
41.1 41.3 9.22 0.2 1.84
41.3 42 1.30 0.7 0.91
44 45 0.17 1 0.17
56.8 57 0.20 0.2 0.04
61.6 61.85 0.23 0.25 0.06
73.2 73.5 0.24 0.3 0.07
74.7 75.05 0.25 0.35 0.09
75.05 75.4 0.21 0.35 0.07
81.45 82 0.17 0.55 0.09
103.3 103.6 0.19 0.3 0.06
103.6 103.95 0.65 0.35 0.23
103.95 104.5 0.33 0.55 0.18
104.5 105.2 0.38 0.7 0.27
105.2 106.2 0.24 1 0.24
106.2 106.8 0.82 0.6 0.49
106.8 107.2 0.62 0.4 0.25
107.2 107.6 1.08 0.4 0.43
107.6 108.7 0.33 1.1 0.36
108.7 108.9 0.41 0.2 0.08
109.1 109.7 0.26 0.6 0.16
109.7 110.7 0.53 1 0.53
110.7 111 0.38 0.3 0.12
111 111.6 1.13 0.6 0.68
111.6 112.6 1.45 1 1.45
112.6 113.6 1.36 1 1.36
113.6 114.4 0.66 0.8 0.52
114.4 114.7 1.09 0.3 0.33
115 115.7 0.98 0.7 0.69
115.7 116.2 0.30 0.5 0.15
118.2 118.7 0.32 0.5 0.16
118.7 119 0.94 0.3 0.28
119 119.25 1.07 0.25 0.27
119.25 119.7 1.48 0.45 0.67
119.7 120.1 0.99 0.4 0.39
120.1 120.4 0.72 0.3 0.22
149.25 150.2 0.16 0.95 0.15
152.1 152.4 0.17 0.3 0.05
153.7 154.3 0.16 0.6 0.09
169.9 170.2 0.26 0.3 0.08
198.9 199.5 0.18 0.6 0.11
205.05 206.2 0.30 1.15 0.35
247.8 248.6 0.22 0.8 0.17
248.6 249.4 0.31 0.8 0.25
252 252.7 0.48 0.7 0.34
252.7 253 0.30 0.3 0.09
267.9 268.7 0.22 0.8 0.17
269.9 270.9 0.82 1 0.82
270.9 271.9 0.38 1 0.38
271.9 272.4 0.43 0.5 0.22
273 274 4.96 1 4.96
274 275 0.22 1 0.22
309.8 310.3 0.35 0.5 0.18
311 311.6 0.19 0.6 0.11
311.9 312.5 0.25 0.6 0.15
314.05 314.3 0.29 0.25 0.07
349.8 350.25 0.16 0.45 0.07
         
BH3DD043        
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
35.9 37 1.54 1.1 1.69
38 38.2 0.79 0.2 0.16
44 45 0.56 1 0.56
45 46 1.54 1 1.54
46 47 1.19 1 1.19
53 54 0.42 1 0.42
54 55 4.82 1 4.82
55 56 5.54 1 5.54
56 57 9.79 1 9.79
57 58 15.91 1 15.91
58 59 1.87 1 1.87
59 59.3 1.45 0.3 0.43
59.3 59.7 0.39 0.4 0.16
59.7 60.2 0.22 0.5 0.11
60.9 61.6 2.52 0.7 1.77
61.6 62 0.29 0.4 0.12
63 64 0.20 1 0.20
64 65 0.34 1 0.34
65 66 0.20 1 0.20
68 69 0.17 1 0.17
69 69.8 0.52 0.8 0.42
69.8 70.9 0.22 1.1 0.24
72 73 0.24 1 0.24
98 98.5 0.31 0.5 0.16
109.4 110.4 0.17 1 0.17
110.4 111.2 0.22 0.8 0.17
111.2 112 0.25 0.8 0.20
123.2 124 0.24 0.8 0.20
124 125 0.31 1 0.31
150.4 150.8 0.69 0.4 0.27
158.8 159.1 0.98 0.3 0.29
159.1 160.1 0.72 1 0.72
160.1 161 0.36 0.9 0.32
161 162 0.43 1 0.43
189.4 190 1.17 0.6 0.70

Table 3. Gram-metre intersections for BH3DD036-BH3DD043 (for intersections containing => 1g/t Au)

*Gram metres represents the contained Au metal within the reported length, calculated as interval (m) multiplied by grade (g/t Au) 

BH3DD037      
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
4.7 5.7 1.81 1 1.81
5.7 6.7 1.69 1 1.69
28 29 1.26 1 1.26
29.75 30.25 2.63 0.5 1.31
32.3 33 2.50 0.7 1.75
33.6 34.1 4.55 0.5 2.27
35.5 36.5 2.92 1 2.92
36.5 37.5 1.38 1 1.38
37.5 38 2.82 0.5 1.41
40.6 41 3.61 0.4 1.45
41 42 1.03 1 1.03
BH3DD038      
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
3.45 4.45 1.22 1 1.22
26 27 1.28 1 1.28
27 28 3.34 1 3.34
         
BH3DD040      
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
13.6 14 3.99 0.4 1.60
17.4 18 2.61 0.6 1.56
24.4 25.4 1.82 1 1.82
189.6 190.5 1.22 0.9 1.09
         
BH3DD042      
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
41.1 41.3 9.22 0.2 1.84
111.6 112.6 1.45 1 1.45
112.6 113.6 1.36 1 1.36
273 274 4.96 1 4.96
         
BH3DD043      
From (m) To (m) Grade (g/t Au) Interval (m) Gram x Metres
35.9 37 1.54 1.1 1.69
45 46 1.54 1 1.54
46 47 1.19 1 1.19
54 55 4.82 1 4.82
55 56 5.54 1 5.54
56 57 9.79 1 9.79
57 58 15.91 1 15.91
58 59 1.87 1 1.87
60.9 61.6 2.52 0.7 1.77

SUMMARY

Whilst varied, the Directors are pleased with the outcome of the final results from HR3. These results show that mineralisation is still open to the north of hole BH3DD043 and at depth. Technical director Adam Jones will evaluate the potential of follow up drilling for these results over the coming Australian summer period.

In the meantime, drilling continues at the nearby Blue Moon prospect with two holes now completed and samples submitted to the laboratory for analysis. Drilling is planned to continue into the Christmas holiday period.

Soil sampling and rock chip sampling have been completed on adjacent parallel quartz reefs on the Creswick tenements (EL6184) with results expected by the end of this month. The outcome of this work will delineate further drill targets for the 2023 drilling season.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

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

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT: 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman

Andrew Haythorpe, CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd   Tel: +44 (0) 207 220 1666
Nominated Adviser

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

BlytheRay Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe

 

ABOUT ECR MINERALS PLC

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

https://mercatorgold.com.au/

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

https://luxexploration.com/

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

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

ECR Minerals #ECR – Second ECR Drill Rig Update

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide an update on the second drilling rig.

A contract announced on July 27 2021 (see RNS here) agreed the purchase of a new Cortech CMR1000 multi-purpose drilling rig for a total of US$402,957.

The Board subsequently made the decision to delay completion of the rig purchase to allow for the appointment of CEO Andrew Haythorpe and the completion of a new strategic plan announced on July 6 2022 (see RNS here).

The rig purchase has now been completed, following the agreement of a meaningful discount, on what the board consider to be competitive and attractive terms. Arrangements are currently being made for the rig to be loaded onto a ship for delivery to Melbourne Port.

ECR CEO Andrew Haythorpe commented: “I am delighted that we have now completed the purchase of our long awaited second drill rig, and on very attractive terms. Our MIDAS drill rig has proved its value in the field time and time again.’’

I believe the new Cortech, multi-purpose rig will significantly enhance our on-the-ground capabilities, offering both RC and diamond drilling systems. As Technical Director Adam Jones works on expanding our existing drill campaign plans, I look forward to announcing details of the rig’s maiden deployment once it arrives at Melbourne.”

ECR Chairman David Tang added: “I am pleased that we have finally secured our new Cortech rig on very preferential terms. Given the challenges that regional operators face in scheduling drill teams and equipment, the board considers that the new rig is a solid investment that will ramp up our operational capability and flexibility. In addition, this could also provide ECR with potential rig hire income should a suitable opportunity arise in the future.”

BACKGROUND

A contract for the purchase of a new Cortech CMR1000 multi-purpose drilling rig was initially signed for a total of US$402,957 in 2021. This followed the purchase of the Midas Drilling Rig (“MIDAS”) currently engaged in the diamond drilling programme currently underway at the Blue Moon project, Bailieston.

The Cortech CMR1000 is a high capacity, heavy duty multi-purpose drill rig which is highly effective in diamond coring, reverse circulation and rotary drilling techniques. It has been purchased complete with spares and all downhole equipment and is capable of drilling as deep as 2,000 metres*.

ECR has an experienced team of drilling personnel to operate the rig, and along with Midas, the addition of the new CMR1000 rig should increase the Company’s flexibility in the field. Owning and operating the two rigs is expected to accelerate future drilling schedules and enable drill programmes to be completed at lower cost, and should a suitable opportunity arise, provide ECR with rig rental income.

*Factory data sheet specification http://cortech.cn/product_show.asp?id=2&lan=en

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman

Andrew Haythorpe, CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd   Tel: +44 (0) 207 220 1666
Nominated Adviser

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

BlytheRay Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe

 

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 eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston (EL5433) and Creswick (EL6148) projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

https://mercatorgold.com.au/

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia.

https://luxexploration.com/

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

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

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