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ECR Minerals #ECR – Stockbox Media interview with MD Nick Tulloch
Stockbox interview with ECR Minerals #ECR MD Nick Tulloch. Alan Green and Nick discuss the show, the events of the past few months and the upcoming drilling campaign at Creswick. Click on the image to watch.
ECR Minerals #ECR – Interview – Back to Victoria
ECR Minerals #ECR – Interview – Back to Victoria. Andrew Scott talks to Nick Tulloch and Adam Jones about the rationale behind the return to drilling activities at Victoria following the exceptional drilling results fromSouthern Cross Gold (ASX: #SXG) at the Sunday Creek project & restart of work by Falcon Metals Ltd (ASX: #FAL) north of Bendigo Adam is speaking live from Kuboid Hill at Creswick
ECR Minerals #ECR – Update on drilling plans & Extension of Directors Share Agreements
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce its intention to return to drilling in Victoria by the end of the year alongside an extension of the directors’ salary sacrifice scheme.
Drilling plans
Since their arrival in September 2023, the new management team of ECR have been examining the Company’s properties, including looking at ECR’s own historic data as well as the results of previous and current exploration activity in the locality. Supported by professional advisers, the management team have conducted a thorough review of all information available, alongside an assessment of practical exploration objectives, in determining the Company’s forthcoming plans.
The Board as a whole has also been encouraged by the recent activity in Victoria, particularly the drilling intercepts by ASX listed Southern Cross Gold Ltd (ASX: SXG) at its Sunday Creek project and the recommencement of exploration to the north of Bendigo by ASX listed Falcon Metals Ltd. (ASX: FAL). With ECR’s infield work programme advancing into the progressive planning and development phase, the Board considers that this is the right time to re-evaluate ECR’s gold assets at Creswick and Bailieston for the Australian summer field season. Drilling permissions have been approved by the relevant governmental authorities and the Board is currently negotiating contracts and pricing with a local drilling company with a target of commencing before the Christmas holiday period. Importantly, any drilling undertaken will be funded from the Company’s existing cash resources.
Salary sacrifice
At the time of the fundraising announced in September 2023, four members of the board of directors, David Tang, Andrew Scott, Adam Jones and Trevor Davenport, agreed to subscribe for new ordinary shares in ECR (“New Ordinary Shares”) in lieu of an aggregate of £40,000 salary (£10,000 each), thereby further preserving the Company’s cash resources. These directors have agreed to extend this arrangement by subscribing for a further £40,000 (£10,000 each) of New Ordinary Shares in aggregate for the period up to 31 March 2024.
These New Ordinary Shares will be issued on or around 31 March 2024, with admission to trading commencing on or around 1 April 2024. The number of the New Ordinary Shares to be issued will be calculated by reference to (i) the price at which an equity fundraising in the Company is carried out in the period of the salary sacrifice or (ii) if there is no fundraising, the price equal to the volume weighted average price of ordinary shares in the Company calculated over the previous 14 days, provided always that the minimum ordinary share price that shall apply is 0.175 pence. In each case, the issue of these New Ordinary Shares is conditional on the relevant person being a director of the Company. A further announcement will be made at that time.
Nick Tulloch and Mike Whitlow are already remunerated substantially by the issue of New Ordinary Shares as announced on 18 September 2023.
ECR Chief Operations Officer Mike Whitlow commented: “The latest positive news within our postcode speaks for itself. We take great encouragement from the recent announcements reported by our peers and we believe that ECR has sufficient upside opportunities in Victoria to warrant a return to drilling. We will provide further details in the coming weeks as we finalise our plans.
“I am also pleased that our strategy is being further supported by members of the board who are continuing our ethos of aligning themselves with our shareholders and conserving the Company’s cash resources.”
Interview
Watch our Back to Victoria interview with Nick Tulloch and Adam Jones at the link below:
Non-Regulatory Announcement
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Nick Tulloch, Managing Director Andrew Scott, Director |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| 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 eight active exploration tenements and two in application (Ballarat and Tambo).
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), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.
ECR Minerals #ECR Queensland Progress – Andrew Scott talks to Andrew Haythorpe and Adam Jones
ECR Minerals #ECR Queensland Progress – Andrew Scott talks to Andrew Haythorpe and Adam Jones. Having finished an intensive week at the Hurricane project, Adam is back at the Lolworth project seeking drill targets. Gold remains the key focus and with stream sediment data scheduled for release, the team are aiming to establish 4 main prospects for drill targets. Reflecting on the work at Hurricane, with 249 samples collected, the first two batches are processing right now. The focus is antimony, and once the samples return the team will evaluate vein size, best drill sites and the best access points. Andrew also touches on the Blue Mountain project, which is similar to Lolworth with visible gold shedding in the drainage systems, but no work has been done there yet. Andrew then puts his analyst hat on and discusses the massive disconnect between valuations and markets. Historically, equities trade at prices greater than spot gold, and despite high inflation and interest rates, with stocks as low as they are, Andrew believes we are seeing a repetition cycle similar to the lows for resource stocks in the late 1980s and 1990’s, there is an opportunity to get underpriced gold stocks into your portfolio with a 2-5 year view.
ECR Minerals #ECR – Adam Jones discusses the latest developments at Lolworth, Hurricane and Creswick
In the latest interview, Technical Director Adam Jones discusses the Lolworth niobium / tantalum announcement, the samples from the soil grid covering the main drainage channel and why the pXRF gun has proved so effective in identifying minerals like niobium. Adam explains how team originally went to Lolworth for gold, but they quickly realised the area’s potential for niobium, tantalum and rare earths and that the geology is very suited to hosting critical minerals. With 140+ rock chips collected, ECR expects a 2-3 week turnaround, but that the sheer size and scale of the area will require further rock chip collections and further refining of the best anomalous target areas.
Adam then moves to the Hurricane project, and his plans to return in August to determine access points and undertake further field work to collect rock chips. Finally Adam talks through yesterday’s Creswick announcement, and the company’s commitments to keep the ground work ticking along and further define ore shoots.
The interview finishes with Adam highlighting the expected news flow for the coming months, and explaining why the Queensland projects are lower risk and represent a bigger bang for the buck.
ECR Minerals #ECR – Further Gold Results from Soil Sampling at Quartz Hill, Creswick
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce newly received gold results from soil sampling activities at license EL006184 (Creswick), Victoria, Australia.
ECR Minerals also has 100% ownership of two adjacent approved exploration tenements (EL006713 and EL006907) at Creswick.
ECR CEO Andrew Haythorpe commented: “Although our current focus is on developing our Lolworth and Hurricane projects in Queensland, Creswick remains a key part of the ECR asset portfolio. I am delighted that the sampling work undertaken by Adam and the team has identified two potential 100m gold ‘shoots’, with additional potential for further shoots along the DMS strike and south towards Ballarat. We have planned a further visit to the Quartz Hill area at Creswick for the field team once our scheduled work at Hurricane and Lolworth in Queensland has been completed.”
“l look forward to reporting further findings from our asset portfolio in the coming days and weeks.”
HIGHLIGHTS
- Results from soil sampling activities at Quartz Hill, Creswick have identified two likely sources of gold mineralisation.
- Gold results in residual soils up to 0.3 ppm Au. Two anomalous ‘shoots’, each approximately 100m long delineated.
- Exploration for other sources or ‘shoots’ further along strike is open to the north and south of the area sampled.
Figures related to this announcement can be found here:
Figure One: Overview of the Creswick Project area and prospect locations:
Figure 1: https://www.ecrminerals.com/images/2023/Fig1_CQH_230721.png
Figure Two: Soil sampling results for Creswick (Quartz Hill) showing results (Au ppb), gold anomalies and historic gold workings.
Figure 2: https://www.ecrminerals.com/images/2023/Fig2_CQH_230721.png
QUARTZ HILL SAMPLING
Quartz Hill is a ridgeline located 3km to the NW of ECR’s Brewery Lane property (see Figure One above). The area is surrounded by historic alluvial gold workings, some of which head to the base of Quartz Hill. A soil sampling grid at a spacing of 15m x 15m was completed over the area to test up-hill for potential sources of gold. The final results from this work have delineated two possible sources of gold within the gridded area. These two anomalous areas (also known as ‘shoots’), each cover a 100m area along strike. Two historically mined alluvial gullies are sited adjacent to these two anomalies and can be seen clearly on the map in Figure 2 above.
NEXT STEPS
Two historical adits (tunnels) lead underneath the gridded hill which the Board believes will provide further opportunities for sampling of in-situ veins when our field team returns to Creswick. Quartz Hill is located within Crown Land to which ECR has full access to undertake any future drilling campaigns. In the meantime, soil sampling activities will continue on an ad-hoc basis at Creswick given that the Board’s primary focus is on building the Company’s North Queensland exploration assets at Lolworth and Hurricane. Nonetheless, Creswick is still considered an key asset within the ECR portfolio.
PREVIOUS SOIL SAMPLING ACCOMPANYING PROJECT AREA
The results today compliment previously reported soil sampling results across ECR’s Creswick tenements from exploration campaigns undertaken throughout 2021-2022. The primary focus at Creswick remains along strike at the Dimocks Main Shale trend (DMS) and parallel mineralised systems which are believed to extend south towards the historic mining centre of Ballarat. These mineralised systems are also believed to be the source of the historic rich alluvial gold (>70 tonnes) shed into the adjacent creeks and ancient river beds and mined over the last century. Previous announcements regarding sampling along strike of the mineralised trends can be found below:
- Davey Road Prospect – 22 December 2022 here
- Bush Inn Road Prospect – 17 April 2023 here
- Kuboid Hill and Mills Reef – 2 May 2023 here
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: | ||||
| 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 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences
ECR Minerals playing the big game – Andrew Scott talks to Andrew Haythorpe and Adam Jones
In a new June 2023 ‘on the ground’ interview, Andrew Scott talks to Andrew Haythorpe and Adam Jones about the exploration programme. Adam covers his schedule, boots on the ground at Hurricane (5-7 days) meeting the previous owner, and he will then be at Lolworth for the rest of June taking rock chips and sampling where the tantalum & niobium and rare earths were discovered last year. Andrew Haythorpe talks about the bigger picture for Lolworth in the back yard of Charters Towers, Pajingo etc, looks at the 1980s results, how the area is so unexplored and why the results, size and scale of the area offers so much potential. Both believe that very little would be needed to put the Lolworth discoveries on the scale of Charters Towers, given the 10km ridgeline, the specific area of interest 3.5 x 4km (12-20sq km), but there is also an overlap in the SE of the tenement with the same geology, which is totally untested, which could be 3x the size of the current ridgeline. Adam and Andrew then discuss the planning for Hurricane, putting in access tracks to the breccia veins with bulldozers and an initial RC drilling plan. Andrew explains how the current private landowners have been unable to exploit the asset, and how ECR are the first company with significant resources to get on the ground there.
Moving to Creswick, Adam touches on the underwhelming initial results, but points to the fact there is a 10k trend that remains to be tested, and the reasons why ECR has to work smarter. Adam looks at the geology of nearby Ballarat compared to Creswick – similar structure, narrow vein, anticlines etc, with some 30 veins already identified along the 10k strike. In summary, Andrew highlights the work Adam and the team have done with soil geochemistry and sampling and how they are ‘ranking’ the prospects to get the biggest bang for the ECR buck. In summary, the ECR team are are here to find good grades. Lolworth has some ‘smoking’ mineralisation and Andrew believes at Hurricane will deliver at 20-40-60m below surface, in other words a classicAustralian open cut mining start up which gives ECR a chance to play the big game.
ECR Minerals #ECR – CEO Andrew Haythorpe discusses exploration progress at Queensland & Victoria
ECR CEO Andrew Haythorpe discusses the latest exploration progress at Victoria and the transition to Queensland. Andrew discusses the potential he sees at Lolworth, with 30 different gold occurrences plus niobium and tantalum already at such an early phase. He then looks at the Hurricane project, and how the gold in veins at surface are consistently 1-5m thick (one was 60m thick), which leads to a consistent 1-5 g/t at surface, and the most recent project acquisition, the Blue Mountain project where there is a lot of alluvial gold. Andrew then covers how low cost work programmes including geophysics and geochemistry, RC drilling keep the costs down and will identify the biggest and best anomalies. On funding, there are plans for further asset sales, and he confirms ECR are fully funded for all QLD and Victoria exploration this year. In summary, Andrew believes the chances of pinning down a major find in Queensland is much better. ECR has the right people and right geology, plus there could be some major players keen on partnering in Queensland.
ECR Minerals #ECR – Victoria Exploration and Queensland Project Updates
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, announces updated results from gold exploration activities within licences EL006184 (Creswick), EL5433 (Blue Moon) and EL7484 (Tambo North), Victoria, Australia.
ECR Minerals plc has 100% ownership of all three exploration licences. ECR Minerals also holds 100% ownership of 6 other active exploration tenements along with 2 other exploration tenements in application with the State of Victoria, Australia.
ECR CEO Andrew Haythorpe commented: “While the Board are pleased to have finally received assays for our drill programs in Victoria, the latest results have not been as encouraging as we would have hoped.”
“On taking up the position as CEO last year, I have worked with management to ensure that low-cost work programmes, including soil geochemistry and mapping, have and will continue to be used to rank prospects prior to drilling. This approach will be applied to future campaigns in both Queensland and Victoria.”
‘’In contrast to the Company’s historical projects in Victoria, we believe the prospects identified for drilling and further mapping and sampling in Queensland are of superior width and consistency.”
“The outcome from work undertaken in Victoria over the coming months will be weighed against the results we anticipate seeing in Queensland and I look forward to reporting back on progress in the coming days and weeks.’’
HIGHLIGHTS
- Results from the recent western extension drilling at Blue Moon, Bailieston from two drill holes. Best results include 9m @ 0.56 g/t Au from 83.2m in hole BBMDD012.
- Drilling results from four diamond holes at Brewery Lane Creswick have been received which include 1m @ 4.29 g/t Au from 94.8m in hole CSD016.
- On-ground work within Eastern Victoria on EL7484 (Tambo) has commenced. The Board is encouraged by initial investigations.
- Exploration strategy transitions to North Queensland, Australia as field season commences.
DRILL RESULTS, BLUE MOON (BAILIESTON)
The most recent results from diamond drilling at the Blue Moon Prospect, Bailieston included the excellent result of 0.5m @ 17.77 g/t Au from 84.9m in hole BBMDD010 (see RNS from February 24 2023 here). A further two holes have now been drilled (BBMDD012 and BBMDD013) targeting the potential down plunge of the high-grade result in BBMDD010 and following the historic drill hole from the 2019 RC drill program. Unfortunately, the grade trend did not expand at depth, but still generated an excellent results of 9m @ 0.56 g/t Au from 83.2m drilled depth in hole BBMDD012. All reportable drill results from BBMDD012 and BBMDD013 are tabulated in Table 1 below. As the grades and widths of the Blue Moon Prospect within the drilled area downgraded the potential of an immediate commercial discovery, the drill rig was moved to Brewery Lane, Creswick.
CRESWICK (BREWERY LANE) DRILLING PROGRAM
A total of 4 drill holes were completed into the Slades and Spring Hill Reefs (lodes). The best results from this drilling campaign include 1m @ 4.29 g/t Au from 94.8m in hole CSD016 plus a full list of reportable gold intercepts from the 4 holes in Table 2 below. There is a considerable amount of additional work required to establish mineral resources at Creswick, including drilling at Mills Reef, Kuboid Hill and other prospects where soil sampling and rock chipping have shown the presence of gold (see RNS from April 17 2023 here, and RNS from May 2 2023 here). However, with global markets currently reflecting a lack of appetite for long-term investment into junior gold exploration companies the Board has decided to halt exploration drilling at Brewery Lane, Creswick for the remainder of this year and focus instead on exploration at ECR’s Queensland projects.
GOLD EXPLORATION IN EASTERN VICTORIA (TAMBO)
ECR has two tenements (EL007484 and EL007486) in the Tambo River region residing in the eastern part of Victoria state. EL007484 is currently active and license EL007486 is in the final stages of application. The field team have recently gained access to historical gold workings within EL007484 on private land, and with the landowner’s support for gold exploration a programme of rock chipping and pXRF mapping within quartz veins from underground exposures is now on-going. The field team are reporting good visual findings with plenty of sulphides seen within quartz veins. Initial results are expected shortly.
NEXT STEPS – EXPLORATION TRANSITION TO NORTH QUEENSLAND
Exploration has commenced at the Lolworth Project in North Queensland. The results from last year’s field season revealed numerous Gold, Niobium and Tantalum anomalies within many of the drainage lines within the Lolworth Range (see RNS from March 26 2023 here, and RNS from April 3 2023 here). Although the project is in the early stages of exploration, initial findings are already showing a larger footprint of diverse mineralisation and the potential to identify a commercial resource of not only Gold, but also for critical minerals. Using our now established process of detailed mapping and sampling, the Board plans to identify a number of drill targets at Lolworth by the end of this year.
The field team will also commence work at the Hurricane Project, also in North Queensland (see Hurricane project detail in RNS from October 27 2022 here). Work undertaken by previous explorers identified a number of quartz-breccia outcrops of varying widths carrying a broad range of Gold and Antimony values, (antimony is a valuable critical mineral). A 50km2 LIDAR aerial mapping survey has just been completed by ECR across the areas containing the quartz-breccia outcrops, which to date have not been drilled. LIDAR can assess the ground through the vegetation and allows the field team to quickly target and test breccia outcrops. ECR Geologists will be on the ground at Hurricane from June 2023 and the Board will report on progress in due course. Subject to satisfactory progress, the first drilling at Hurricane is scheduled for the second half of 2023.
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: | ||||
| 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 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.
APPENDIX 1
Table 1. Drill intercepts containing reportable levels of gold (> 0.1 g/t Au) for the remaining drillholes at the Blue Moon Prospect, Bailieston, Victoria
| Drillhole | From (m) | To (m) | Interval (m) | Grade (g/t Au) |
| BBMDD012 | 83.2 | 84.2 | 1 | 0.18 |
| BBMDD012 | 84.2 | 85.2 | 1 | 0.12 |
| BBMDD012 | 85.2 | 86.2 | 1 | 0.16 |
| BBMDD012 | 86.2 | 86.8 | 0.6 | 0.32 |
| BBMDD012 | 86.8 | 87.4 | 0.6 | 0.66 |
| BBMDD012 | 87.4 | 88.4 | 1 | 0.49 |
| BBMDD012 | 88.4 | 89.4 | 1 | 0.97 |
| BBMDD012 | 89.4 | 90.05 | 0.65 | 0.31 |
| BBMDD012 | 90.05 | 90.85 | 0.8 | 0.18 |
| BBMDD012 | 90.85 | 91.2 | 0.35 | 0.12 |
| BBMDD012 | 91.2 | 91.65 | 0.45 | 0.14 |
| BBMDD012 | 91.95 | 92.25 | 0.3 | 1.26 |
| BBMDD012 | 93.25 | 94.35 | 1.1 | 0.28 |
| BBMDD012 | 94.35 | 95.2 | 0.85 | 0.11 |
| BBMDD012 | 100 | 100.4 | 0.4 | 0.11 |
| BBMDD012 | 100.4 | 100.8 | 0.4 | 0.12 |
| BBMDD012 | 102.2 | 102.95 | 0.75 | 0.15 |
| BBMDD013 | 70.8 | 71.5 | 0.7 | 0.13 |
| BBMDD013 | 71.5 | 72.5 | 1 | 0.3 |
| BBMDD013 | 73.5 | 74.1 | 0.6 | 0.15 |
| BBMDD013 | 74.7 | 75.4 | 0.7 | 0.15 |
| BBMDD013 | 76.1 | 77 | 0.9 | 0.13 |
| BBMDD013 | 77.2 | 78 | 0.8 | 0.16 |
| BBMDD013 | 78 | 79 | 1 | 0.15 |
| BBMDD013 | 79.95 | 80.2 | 0.25 | 0.15 |
| BBMDD013 | 81.7 | 82.7 | 1 | 0.23 |
| BBMDD013 | 82.7 | 83.7 | 1 | 0.12 |
| BBMDD013 | 83.7 | 84.4 | 0.7 | 1.6 |
| BBMDD013 | 85.4 | 86.4 | 1 | 0.27 |
Table 2. Drill intercepts containing reportable levels of gold (> 0.1 g/t Au) for the Brewery Lane diamond drilling, Creswick, Victoria
| Drillhole | From (m) | To (m) | Interval (m) | Grade (g/t Au) |
| CSD015 | 6.8 | 7.2 | 0.4 | 0.15 |
| CSD015 | 7.2 | 7.5 | 0.3 | 0.14 |
| CSD015 | 26.15 | 27.15 | 1 | 0.13 |
| CSD015 | 27.5 | 27.95 | 0.45 | 0.12 |
| CSD015 | 27.95 | 28.15 | 0.2 | 0.13 |
| CSD015 | 28.15 | 28.3 | 0.15 | 0.15 |
| CSD015 | 29.65 | 29.95 | 0.3 | 0.27 |
| CSD015 | 29.95 | 30.3 | 0.35 | 0.15 |
| CSD015 | 36.7 | 37.05 | 0.35 | 0.14 |
| CSD015 | 40.55 | 40.8 | 0.25 | 0.11 |
| CSD016 | 75.85 | 76.1 | 0.25 | 0.13 |
| CSD016 | 94.8 | 95.8 | 1 | 4.29 |
| CSD017 | 14.7 | 15 | 0.3 | 0.14 |
| CSD017 | 28 | 28.3 | 0.3 | 0.11 |
| CSD017 | 34.5 | 34.7 | 0.2 | 0.12 |
| CSD017 | 68.9 | 69.2 | 0.3 | 0.34 |
| CSD017 | 87.9 | 88.7 | 0.8 | 0.67 |
| CSD017 | 101.55 | 101.85 | 0.3 | 0.8 |
| CSD017 | 105.4 | 106.15 | 0.75 | 0.24 |
| CSD018 | 3.1 | 3.3 | 0.2 | 0.25 |
| CSD018 | 11.4 | 12 | 0.6 | 0.39 |
| CSD018 | 12.5 | 13 | 0.5 | 0.26 |
| CSD018 | 13 | 13.5 | 0.5 | 0.33 |
| CSD018 | 20.9 | 21.6 | 0.7 | 0.22 |
| CSD018 | 23.6 | 24.2 | 0.6 | 0.63 |
| CSD018 | 38.4 | 39.4 | 1 | 0.12 |
| CSD018 | 46.8 | 47 | 0.2 | 0.13 |
| CSD018 | 73.8 | 74.2 | 0.4 | 0.15 |
| CSD018 | 89 | 89.4 | 0.4 | 0.12 |
| CSD018 | 97.1 | 97.4 | 0.3 | 0.16 |
| CSD018 | 100.6 | 101.8 | 1.2 | 0.13 |
| CSD018 | 101.8 | 102.1 | 0.3 | 0.13 |
| CSD018 | 118 | 118.75 | 0.75 | 0.18 |
| CSD018 | 118.75 | 119.1 | 0.35 | 1.3 |
| CSD018 | 119.1 | 120 | 0.9 | 0.11 |
| CSD018 | 120 | 120.5 | 0.5 | 0.19 |
| CSD018 | 121.6 | 122 | 0.4 | 0.11 |
| CSD018 | 122 | 123 | 1 | 0.18 |
| CSD018 | 127 | 128 | 1 | 0.14 |
ECR Minerals #ECR – Latest Results from Soil Sampling at the Creswick Project, Victoria, Australia
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the latest soil sampling results from the Creswick Project, Victoria, Australia.
ECR Minerals plc has 100% ownership of the Creswick Project which includes exploration tenements EL006907, EL006713 and EL006184. All licences reside north to 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 NE from the Nerrina Goldfields at Ballarat.
ECR CEO Andrew Haythorpe commented: “As the MIDAS drill rig team continues the campaign across our Creswick tenements, the soil sampling results in today continue to build a picture of mineralisation in the area – improving resolution of potential new drill targets for the future. The Board and geo teams are pleased to see that the regional historical precedents from the Ballarat East Mine and the spatial relationship between arsenic and gold are very much in evidence with ECR’s own results at Creswick.”
I look forward to reporting back with the remainder of the sampling results, along with the first results from the diamond drilling campaign.”
HIGHLIGHTS
- Gold Results from initial 297 soil samples from Mills Reef Prospect received. Highest result includes 0.68 ppm Au.
- A comparison study between Gold results and Arsenic analysis by pXRF shows a close spatial relationship at Creswick.
- Arsenic analysis by pXRF has been completed for the Mills Reef, Bush Inn Road, Blue Gum prospects (on the proposed Dimocks Main Shale (DMS) mineralised trend).
- Additional pXRF analysis coupled with rock chip results on new prospects on the western side of EL006713 highlight further potential sources of Gold.
Map analysis images related to this announcement can be viewed here:
Figure 1: Overview map of prospects referred to in this announcement:
https://www.ecrminerals.com/images/2023/Fig1_230414_Overview.png
Figure 2: Gold and Arsenic soil geochemistry results for Mills Reef area:
https://www.ecrminerals.com/images/2023/Fig2_230414_Mills_Reef.png
Figure 3: Plan showing spatial comparison between Gold and Arsenic analysis:
https://www.ecrminerals.com/images/2023/Fig3_230414_Davey_Rd.png
Figure 4: Plan showing Arsenic geochemistry and rock chipping at Kuboid Hill and Green Lode prospects:
https://www.ecrminerals.com/images/2023/Fig4_230414_KH_GL.png
Figure 5: Plan showing Arsenic geochemistry at the Central and South Blue Gum prospects:
https://www.ecrminerals.com/images/2023/Fig5_230414_CBG-BGS.png
Figure 6: Plan showing Arsenic geochemistry at the Central and South Blue Gum prospects:
https://www.ecrminerals.com/images/2023/Fig6_230414_BIR.png
INITIAL SOILS RESULTS FOR MILLS REEF AREA
On March 3 2023, ECR announced the commencement of soil sampling campaigns over the Mills Reef area (see RNS here). Located approximately 6km south of ECR’s wholly owned Brewery Lane property, Mills Reef lies along the proposed line of the DMS and associated gold lodes contained therein. Results for the first 297 soil samples have been received from a total of 685 samples taken across the postulated strike of three gold lodes. The samples revealed a best reading of 685 ppb Au, along with a raft of additional elevated gold values between 25 and 75 ppb (see Figure Two above). All samples are additionally analysed for potential pathfinder elements such as arsenic using an in-house portable x-ray fluorescent gun (pXRF).
RELATIONSHIP OF GOLD TO ARSENIC VALUES IN SOIL
Across the countless previous exploration campaigns undertaken across the Victoria Gold Fields, it is generally accepted that arsenic values are closely related spatially to gold-bearing structures. Previous studies of the nearby Ballarat East Mine showed that arsenic increases in values within approximately 50 metres of the surrounding wall rock to gold bearing structures, (refer to Geoscience World article for context here). Gold and arsenic results from ECR’s soil geochemistry to date is supportive of this theory and the Board believes that arsenic values in soils above 10 ppm are to be considered anomalous and worthy of follow-up analysis at the laboratory for any coincidental gold content. Taking into account the spatial relationship between gold and arsenic on two prospects at Creswick, Mills Reef (Figure Two above) and Davey Road (Figure Three above), the Board are of the view that the close relationship of gold to arsenic can be used to identify which samples should be sent to the laboratory for gold analysis, thereby reducing operating costs.
NEW PROSPECTS EL006713
Work also continued at other regional prospects within the EL006713 tenement, with soil sampling now complete for Bush Inn Road, Kuboid Hill and Blue Gum prospects. pXRF analytical results showing arsenic (As) highlights from these prospects are shown in the figures listed above. Initial As results from the Blue Gum prospect, located approximately 2km south of Brewery Lane, Springmount, highlight potential blind gold shoots along strike of the DMS (see Figure Five above). Results from Bush Inn Road also have highlighted arsenic anomalies that will need further checking for actual gold values, with a major arsenic high identified at the north-east end of the current soil grid (see Figure Six above). Bush Inn Road is located 1.5km to the south of Mills Reef and is also along strike of the DMS.
In addition to the work at the prospects already outlined, initial soil testing and rock chipping of prospects situated on the western side of EL006713 are being investigated. Soil sampling and surface rock chipping has been completed at a prospect known as Kuboid Hill. Rock chips and arsenic soil geochemistry has highlighted elevated gold in the circled area in (see Figure 4b above) with best chips up to 6.23 g/t Au. Another prospect known as Greens Lode is located nearby Kuboid Hill. Greens Lode contains historical works including a shaft and small open cut that has revealed a major quartz lode up to 4 metres wide. Rock chips from dumps and from in-situ veining has shown gold values up to 6.53 g/t Au. The best gold values have been obtained from a quartz system that lies some 10 metres east of the main strike of historical workings (see Figure 4a above). Soil sampling along strike has been completed and analysis of these soils is in progress.
NEXT STEPS
Infill soil sampling work is continuing along the strike areas containing the better soil sample results. Soils that show elevated arsenic have been set aside for further laboratory analysis for gold, and soil sample results (gold) are due shortly for the remaining Mills Reef area and Kuboid Hill prospect. ECR has also completed initial soil sampling on the north end of EL006184 at Quartz Hill where the quartz veins continue to the north.
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 |
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| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
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| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
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| Brand Communications | Tel: +44 (0) 7976 431608 | |||
| Public & Investor Relations | ||||
| Alan Green
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ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Queensland, Australia.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.
