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ECR Minerals #ECR – Drilling Identifies Further High Gold Grades at the Upper-Maori Anticline, Bailieston Victoria

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to provide another update from drilling at HR3 with further high gold grades identified at the upper part of the Maori Anticline in hole BH3DD022.

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 Chairman David Tang commented: “Hot on the heels of our best HR3 gold grade yet, Adam Jones and the team have reported another high-grade gold find from the Maori Reef at hole BH3DD022. As the backlog of assay results continue to arrive, our Maori Anticline target model continues to evolve.”

“I know our new CEO Andrew Haythorpe is monitoring developments very closely, and we are very much looking forward to his input as he takes the helm.

ECR CEO Andrew Haythorpe added: “I am delighted to see that the drilling campaign initiated by my predecessor Craig Brown and capably managed by Adam Jones is bearing fruit. We are seeing a detailed model of the Maori Anticline and surrounding reefs emerging, and once we have the remaining assay results in, the next steps in developing our asset can be set in motion.”      

HIGHLIGHTS:

  • Drillhole BH3DD022 has returned a result of 0.5m @ 12.74 g/t Au.
  • The Maori Reef is open for potential mineralisation further to the south-east of BH3DD022.

Links to two figures referencing hole BH3DD022 are below;

https://www.ecrminerals.com/images/2022/Fig1_BH3DD022_Section.png

https://www.ecrminerals.com/images/2022/Fig2_BH3DD022_Location_Plan.png

BH3DD022

Hole BH3DD022 was drilled into the upper part of the Maori Anticline at the point where our geologists had hypothesised the intersection of the Maori Reef and Hard-Up Reef. The Maori Reef was successfully intercepted at the shallow drilled depth of 49.5m, which included 0.5m @ 12.74 g/t Au. This intercept is supported by lower grades either side, making a total foot-wall to hanging-wall intersection of 3.5m @2.93 g/t Au. Although the intercepts are regarded as narrow, there is continuity of grades between previously reported holes BH3DD009, 010 and 011 (see RNS dated 26/11/2021 here and 22/12/2021 here). The Maori Reef system remains open and untested to the south east of BH3DD022 (see fig2).

Table 1. Summary of drill intercepts containing reportable levels of gold greater than 0.1 g/t Au for BH3DD022 (*highlights in bold).

BH3DD022

From To Grade (g/t Au) Interval (m) Comment
21.5 22.5 0.48 1.00
31.1 31.8 0.21 0.70
36.15 36.35 0.99 0.20
36.35 37.35 0.14 1.00
40.9 41.1 0.13 0.20
44.5 45.5 0.40 1.00
47.5 47.8 0.48 0.30 Foot-wall Zone
47.8 48.5 0.15 0.70 Foot-wall Zone
48.5 49.5 0.49 1.00 Foot-wall Zone
49.5 50 12.74 0.50 Maori Reef
50 51 0.80 1.00 Hanging-wall Zone
51.6 52 0.90 0.40
52.8 53.4 0.42 0.60
53.4 53.7 0.18 0.30
53.7 54.15 0.46 0.45
54.15 55.15 0.28 1.00
55.15 56.15 0.13 1.00
60 60.5 0.28 0.50
67.3 67.7 0.25 0.40
67.7 68.5 0.37 0.80
71 71.5 0.11 0.50
72 72.4 0.16 0.40
72.4 72.7 0.11 0.30
72.7 73.5 0.33 0.80
78.8 79.15 0.19 0.35
79.15 80.1 0.51 0.95
81 81.65 0.11 0.65
88.75 89.75 0.11 1.00
90.8 91.9 0.14 1.10
91.9 92.3 0.65 0.40

 

CURRENT DRILLING PROGRESS

Drilling has now been completed into selected zones of both the upper and north end of the known Maori Reef. Geological logging is helping us to model the Maori Anticline and understand how the main Reef systems consist of narrow stibnite-sulphide veining propagating up through the fold. Recently drilled hole BH3DD034 suggests gold mineralisation is still open along strike to the north, while high grade gold mineralisation and highest grade Gold intercept yet confirmed at hole BH3DD027 (under Hard-Up Reef), along with the result from hole BH3DD022 toward the southern end of the Maori Reef today provide evidence of mineralisation to the south. Further assay results will assist in follow-up drilling as needed.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of 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 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.

ECR Minerals #ECR increases shareholding in Danglay Gold Project from 25% to 70%

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that following an agreement with Philippines based company Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”, “Cordillera”), in which ECR has a 25% shareholding, the Cordillera Chairman & Vice President Ludevico Estacio has agreed to sell his shares (1,499,996 in total) to ECR Minerals.

The consideration for the additional 1,499,996 shares in Cordillera is 1,499,996.00 Philippine pesos (approx £22,000), which has been paid for in cash. Following this acquisition, ECR hold 2,333,329 Ordinary Shares in Cordillera representing 70% of its issued share capital

ECR Chairman David Tang commented: “We are delighted to have the opportunity to acquire a majority stake in the Danglay Gold project from an existing shareholder, alongside whom we have worked over the years. We have already invested £1.2 million into the Danglay Gold Project license EP-006 to date, and while ECR’s priority and focus is on the continued development of our Australian assets, we believe today’s acquisition adds value to the ECR asset portfolio given the continued improvement in the political climate for the minerals industry in the Philippines.”

ECR CEO Andrew Haythorpe added: “Although I have yet to visit the Philippines and view the Danglay project first hand, I am very much aware that not only did Cordillera renew license EP-006 in July 2021 for a further two years, but alongside Cordillera, ECR engaged in a Community Development Programme in the Danglay area to foodpack assistance to families affected by COVID19.”

“I look forward to reporting further developments at Danglay to our shareholders, and I also look forward to working with Adam Jones and the geology team here on the ground in Australia to bring shareholders the latest developments and results from drilling campaigns at Creswick and Bailieston.”    

Danglay Project Background

In July 2021, Cordillera Tiger successfully renewed Exploration License EP-006 at the Danglay gold project for a further two years. This licence is located in an established gold and copper mining district in the north of the Philippines.

Most recently ECR has been engaged in a Community Development Programme in the Danglay area. ECR, in the name of Cordillera, has provided foodpack assistance, helping to get rice, canned meat & fish delivered to families affected by COVID19 in the Danglay region.

As reported in the Annual Report on March 23rd 2021, ECR was at that stage entitled to a 25% interest in the Danglay gold project in the Philippines, which is held by Philippines corporation Cordillera Tiger Gold Resources, Inc. under an Exploration Permit. The issuance of the 25% shareholding in Cordillera Tiger to the Company had been delayed since 2016, largely due to a court case filed by an individual who is a minority shareholder and former director of Cordillera Tiger. This matter was successfully resolved (see announcement dated July 30th 2021)

The completion of today’s acquisition of a majority shareholding in Cordillera Tiger is timely. The ECR Directors believe the political climate for the minerals industry in the Philippines is improving and considers that the Danglay gold project has potential for further exploration to build upon the existing inferred mineral resource estimate of 63,500 ounces of gold at 1.55 g/t gold. This resource was reported by ECR in 2015 to the Canadian NI43-101 standard (see announcement dated 15 December 2015), based on exploration carried out at Danglay by ECR during 2014 and 2015. In addition to the resource, an NI43-101 target for further exploration (conceptual potential quantity and grade of mineralisation expressed as ranges) of 95,000 to 170,000 ounces of gold at 5 to 7.5 g/t was reported.

The Directors recognise that this resource statement is not prepared to a standard currently recognised by AIM and accordingly this information is provided for guidance purposes only and is subject to further work, verification and updating. In addition, targets for further exploration are not mineral resource estimates, are conceptual in nature, are used where there has been insufficient exploration to define the target as a mineral resource, and where it is uncertain if further exploration will result in the target being delineated as a mineral resource.

In the year to December 2021, Cordillera Tiger Gold Resources Inc recorded no revenues or profits, and a deferred mine exploration cost of 27,800,747 Philippine pesos (approx £406,000) (audited).

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of 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 REGULATION (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) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. 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

Blytheweigh 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.

 

ECR Minerals #ECR – Highest grade Gold intercept yet revealed below Soil Anomaly at HR3, Bailieston

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to provide an update on drilling at HR3 including the highest grade Gold intercept yet below the soil anomaly drilled by hole BH3DD027.

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 Chairman David Tang commented: “A significant amount of work has gone into the drilling programme at HR3, and I am delighted that having seen encouraging and consistent gold grades in the assay results to date, today’s result has provided our best intercept yet. Our team hoped that the ground under Hard-Up Reef would reveal a solid result – and it didn’t disappoint!”

“I look forward to working with our new CEO Andrew Haythorpe and Geologist Adam Jones as we build the results from BH3DD027 into the Maori Anticline target model.”

ECR CEO Andrew Haythorpe added: “As the new CEO my work for the next few weeks entails getting my feet under the proverbial desk. Regardless, given my previous experience as geologist and mining company CEO, along with David and Adam I am very pleased to see the HR3 prospect return the best assay result to date. I look forward to speaking with shareholders as the year progresses.”    

HIGHLIGHTS:

  • ECR Minerals has received the highest single assay result to date from the drilling at Bailieston with 0.2m @ 52.5 g/t Au from 126.3m depth in hole BH3DD027 (reported drilled thickness).
  • Hole BH3DD027 represents assays received from the first of two holes initially drilled into the Hard-Up Reef underneath a previously identified soil anomaly.
  • Drilling continues in HR3 (Bailieston) strengthening the Maori Anticline target model with multiple narrow mineralised structures observed.

The following statements can be referenced to the following link, a plan showing the location of hole BH3DD027 and recently drilled targets awaiting results;

https://www.ecrminerals.com/images/2022/Fig1_220421

BH3DD027

ECR Minerals announced the identification of four soil anomalies respectively named (A, B, C and D) in the vicinity of the projected Scoulers and Hard-Up Reef lines (see RNS dated 23rd December 2021 “Bailieston (HR3) Soil Sampling Strengthens Mineralisation Model”). Two initial drillholes (BH3DD026 and BH3DD027) were drilled underneath soil anomaly ‘A’. Results for hole BH3DD027 have now been received with the results pending for BH3DD026.

ECR is both pleased and proud to report the best gold intercept to date at Bailieston with 0.2m @ 52.5 g/t Au from 126.3m depth (BH3DD027). This intercept is supported by lower grade foot-wall and hanging-wall mineralisation located between 124 metres and 127 metres drilled depth. Geological interpretation confirms this mineralisation coincides with the Hard-Up Reef. Visible Antimony sulphide (Stibnite) is also present within the shear zone. The best intercept of 52.5 g/t Au ties in with a laminated quartz vein with a stibnite-sulphide shear zone grading at 1.76 g/t Au. All anomalous grades are reported in Table 1 below.

Although mineralisation between 124 metres and 127 metres has a represented drilled width of 3 metres, the low-dip angle of mineralisation to the drill core represents the true width of mineralisation at approximately 0.79 metres, demonstrating that at least some of the mineralisation at HR3 will likely be of a high-grade, narrow-vein style gold deposit.

Table 1. Summary of drill intercepts containing reportable levels of gold greater than 0.1 g/t Au for BH3DD027 (*highlights in bold).

BH3DD027

From To Grade (g/t Au) Interval (m) Comment
35.7 36.4 0.41 0.7
49.8 50.8 0.19 1
65 65.75 0.23 0.75
88.2 89 0.43 0.8
124 124.6 0.13 0.6
124.6 125 0.58 0.4
125 125.6 0.51 0.6 Start of mineralised zone
125.6 125.9 0.47 0.3
125.9 126.3 1.76 0.5 Shear Zone with visible Stibnite
126.3 126.5 52.50 0.2 Visible Stibnite (Hard-Up Reef)
126.5 127 1.57 0.5 End of mineralised zone

 

CHANGE OF ASSAY METHOD

Visible Stibnite (Antimony Sulphide) has been observed to occur in some of the drillholes into the Maori Anticline. As gold has been the primary mineral of interest, earlier assay results from the drilling have not been analysed for the Antimony content. Until recently, the preferred assay method has been to leach the bulk 2 kg drill sample using a cyanide solution. This is followed by fire assay of the residual tails from the solution, thereby tracing any potential undissolved coarser gold particles. With the increasing importance of Stibnite, the Company has refined the assay method to include such metals as Antimony. Additionally, all samples will have an initial 50g fire assay with only bulk leaching amendable to samples that show trace gold levels. This will save costs and speed up results without compromising quality of the assay.

CURRENT DRILLING PROGRESS

Drilling has now been completed into selected zones of both the upper and north end of the known Maori Reef. Geological logging is confirming our understanding of the Maori Anticline and how the main Reef systems consist of narrow stibnite-sulphide veining propagating up through the fold. Recently drilled BH3DD034 suggests gold mineralisation is still open along strike to the north. Assay results from this drilling will assist in follow-up drilling as needed.

Currently, the drilling programme is designed to investigate Scoulers Reef and associated soil anomalies which run along strike, parallel to the Maori Anticline. Some of the drillholes will be extended to target the Maori Anticline at depth to aid geological interpretation.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of 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

Blytheweigh 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 25% 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 – Andrew Haythorpe appointed as CEO

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce the appointment of Andrew Haythorpe as CEO of the Company. Andrew will join ECR as a non-board CEO prior to assuming the role of executive director, subject to approval, in six months’ time.

Andrew has more than 30 years of experience managing listed gold miners and explorers on the ASX and TSX as well as working as a mining analyst and actively exploring for gold as a geologist.

He has significant experience as a board member on numerous listed mining companies including as Managing Director of Crescent Gold Limited. The TSX and ASX-listed company started with a market capitalisation of $8 million and, under his leadership, reached $250 million within four years. He was also Managing Director of top performing ASX-listed gold producer Michelago Resources.

As an analyst, Andrew was considered a global leader in the Industrial Minerals sector and rated 12th best gold analyst at Hartley Poynton Ltd.

Andrew is currently the Managing Director of GoldOz Limited, a gold company seeking to relist on the ASX. A full list of his current directorships/partnerships together with those held within the last five years is set out below.

David Tang, Chairman commented: “I am delighted ECR has attracted a CEO of Andrew’s calibre. With more than 30 years of experience as a managing director and chairman of junior and mid-tier gold explorers and producers, he’ll be an exceptional addition to our team. Andrew built Crescent Gold from an $8 million explorer into a $250 million gold producer. He clearly sees the potential within the ECR portfolio.’’

Adam Jones, Non-Executive Director commented: ‘’I’m thrilled to welcome Andrew, a fellow geologist, to ECR. Being based initially in Australia he’ll be working closely with me and the field team in Victoria and Queensland, to ensure the exciting developments we are working on are progressed as quickly as possible. We look forward to providing more updates in due course.”

Additional Disclosures

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies:

Andrew John Haythorpe (aged 57) has three past directorships or partnerships in the past five years being Accelerate Resources Limited; Petratherm Limited and XS Resources PTY LTD.

He also has thirteen current directorships being, Gold Oz Limited; Allup Silica Limited; Stunalara Metals Limited; Stunalara (Operations) PTY LTD; Tempest Minerals Limited; Thort PTY LTD; Warrigal Mining PTY LTD; Magmetal Tech PTY LTD; Witchimag PTY LTD; Eveos PTY LTD; Mustang Incentive PTY LTD; Tesha PTY LTD and Ouro PTY LTD.

There is no further information regarding Mr Haythorpe required to be disclosed pursuant to AIM Rule 17 and Schedule Two (g) of the AIM Rules for Companies and Mr Haythorpe holds no shares or options in the Company.

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
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

Blytheweigh 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 25% 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 – Audited Financial Results for Year Ended 30 September 2021

LONDON: 31 MARCH 2022 – ECR Minerals plc is pleased to announce its audited financial statements for the twelve months ended 30 September 2021 (“FY 2021”). The information presented below has been extracted from the Company’s Annual Report and Accounts for FY2021.

Copies of the Annual Report and Accounts for FY2021 with the notice of annual general meeting will be posted to shareholders today and will be available from today on the Company’s website www.ecrminerals.com. The Company intends to holds its annual general meeting at 9am on 25 April 2021 at Hurlingham Studios, Ranelagh Gardens, London SW6 3PA.

Market Abuse Regulations (EU) No. 596/2014

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (“MAR”). Upon the publication of this announcement via a Regulatory Information Service, 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
Adam Jones, Non-Executive Director

Dr Trevor Davenport, Independent Non-Executive Director

Andrew Scott, Non-Executive Director

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  
Joint Broker      
Nick Emerson    
       
Novum Securities Limited   Tel: +44 (0)2073 999400  
Joint Broker      
Jon Belliss      

 

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 25% 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.

FORWARD LOOKING STATEMENTS

This announcement may include forward looking statements. Such statements may be subject to numerous known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward-looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward-looking statements because of new information, future events or for any other reason.

The Directors of ECR Minerals plc (the “Directors” or the “Board”) present their report and audited financial statements for the year ended 30 September 2021 for ECR Minerals plc (“ECR”, the “Company” or the “Parent Company”) and its subsidiaries on a consolidated basis (the “Group”)

 

Chairman’s Statement

As the COVID-19 pandemic continued to wreak havoc across the globe, for ECR the twelve months ending 30 September 2021 was one of great operational progress that saw our determined management team and workforce overcome adversity to deliver solid progress.

All that was achieved during the year was, however, overshadowed by the untimely and tragic death of our long serving CEO Craig Brown. Craig was a close personal friend and confidant of mine. Although he died a few weeks after the year-end, progress continued through our interim management committee. I speak for everyone working with and associated with the Company to say we miss him deeply.

Our operational hub is centred in the state of Victoria in Australia, where ECR’s wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has continued to develop Bailieston and Creswick, ECR’s two flagship gold exploration projects. In addition, ECR Minerals formed a subsidiary company, LUX Exploration Pty Ltd (“LUX”) in May 2021, to develop potential gold licence assets in the Lolworth Range area in Northern Queensland, and on 3 February 2022  the three Lolworth exploration licences were granted.

Throughout the year MGA conducted intensive drilling and soil sampling programmes at the Historic Reserve #3 (HR3) prospect, which includes the prospective Byron, Dan Genders, Scoulars and Maori Reefs, plus numerous cross-structures. Drilling results have provided us with some initial good cross-sections of gold grades and a detailed understanding of the geology that have, in turn, identified further targets. Post year-end results from core logging and soil sample testing have left us enthusiastic with the scale and development potential of HR3 as a whole.

An intensive campaign of drilling and soil sampling at Creswick has also provided us with some good initial gold grades and again a detailed understanding of the narrow vein geology of the region, which is similar in many ways to the Ballarat gold mine located directly south of the Creswick area. Unfortunately, the prevalence of COVID has resulted in delays to assay results and supply chain disruption, but the team on the ground have worked tirelessly to overcome these challenges.

Following a £2m (gross) fundraise in April 2021, ECR decided to use its strong cash position to invest into three properties; 35 Brewing Lane, Springmount (Creswick), 127 Nagambie –Rushworth Road (Bailieston) and 177 Bassett Road, Sebastian. Many mining groups operating in Victoria have encountered difficulties with land access in the region, so immediately the Brewing Lane and Nagambie-Rushworth Road properties provided full access and working rights across our flagship projects, while the Bassett Road property now provides accommodation for the Bendigo-based workforce. We believe that the buoyant Victoria property market should in time see a comfortable increase in the value of each property, giving ECR a far superior return to keeping cash on deposit. Despite the loss of Craig, we are hugely optimistic with the future and what we will achieve in the current year.

Through MGA, ECR also owns two exploration licence applications in eastern Victoria, known as the Tambo project. Post year-end, one of the exploration licences covering the Tambo River and Swifts Creek region was granted (see announcement dated 15 Decmber 2021).

Separately, approaching the end of the financial year, our 25% interest in the Danglay Gold project in the Philippines was confirmed. Previously, uncertainties over formalising our stake in the asset saw the value written down on our 2020 annual report, but I am happy to say this is no longer the case. Discussion on the Danglay valuation is addressed by our auditors in this report.

The costs of maintaining intensive drilling campaigns have all served to reduce the cash position during the year, which as at 31 March 2022 stands at £1.23m. Nonetheless, we have significantly advanced the value of our assets across the Group, together with our Victoria properties at this stage we do not believe there is an additional cash requirement in the immediate future.

Finally, while we look forward to progressing ECR interests in 2022, our thoughts remain with Craig and his family.

Weili (David) Tang
Chairman
31 March 2022

Link here to view the full report and financial statements

ECR Minerals #ECR – Drilling the Victoria Goldfields | March 2022

ECR Minerals #ECR – Head Geologist Adam Jones talks to Alan Green about the latest developments from the company’s Lolworth Range, Creswick and Bailieston gold assets in Australia. Adam discusses plans to get on the ground at Lolworth later in 2022, before we look at the most recent assay results and license awards at Creswick. Adam lays out plans for exploration and drilling at Creswick in the coming year. We then discuss assays for hole BH3DD019 at HR3, the deepest hole drilled under the north end of the Maori Anticline which identified four mineralised zones, some of which correlate with nearby deposits at Costerfield, Nagambie and Whroo mines. Adam then talks through the gold grades in hole BH3DD012 and how he arrived on site as the drillers were washing the core and saw the visible gold sample in core from hole BH3DD034. We then look at drilling plans for the Blue Moon prospect this June, on working farm sites which the company now has access to, before turning to the search for a new CEO, and the shortlist the company now has. Finally Adam summarises upcoming events for the next few months.

ECR Minerals #ECR – Visible Gold Identified at HR3. Progress of Drilling Continues into the Maori Anticline Target

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce a current update on drilling at HR3 including results and geological interpretation completed for BH3DD012, current drilling activities and future drilling plans within EL5433.

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

ECR Chairman David Tang commented: ““A significant amount of work has gone into the drilling programme at HR3, and I am delighted to note that following on from the results at hole BH3DD019, we continue to see encouraging and consistent gold grades in BH3DD012 and visible gold in BH3DD034. Importantly we continue to build on our understanding of the Maori Anticline and the regional gold trend ahead of an infill drilling programme.”

“I know Adam and his team are excited by the potential at the Blue Moon prospect, and I look forward to reporting back to you once work commences there.”

“Finally, regarding our search for a new CEO, I am pleased to report we have shortlisted three candidates and we will provide updates to the market in due course, as required.”

HIGHLIGHTS:

  • Diamond drill hole BH3DD012 was drilled 100m south and parallel to the previously announced hole (BH3DD019). Five mineralised zones have been identified and correlated to the Maori Anticline.
  • The best intercepts within each of the five mineralised zones include 0.8m @ 3.81 g/t Au (Zone 1); 0.5m @ 3.87 g/t Au (Zone 2); 0.5m @ 4.26 g/t Au (Zone 3); 0.6m @ 2.25 g/t Au (Zone 4) and 1m @ 0.51 g/t Au (Zone 5).
  • Drilling and sampling of holes BH3DD032, BH3DD033, BH3DD034 and BH3DD035 are currently in progress to follow up best gold intercepts found in BH3DD019. Visible gold has been identified in BH3DD034 at 149.5m downhole.

 

This announcement is written to reference to the following three figures:

Fig 1: BH3DD012 geological section:

https://www.ecrminerals.com/images/2022/fig1_BH3DD012.png

 

Fig 2: Location and plan of recent drilling with current status, HR3:

https://www.ecrminerals.com/images/2022/fig2_Current_drillplan_HR3.png

 

Fig 3: BH3DD034 visible gold

https://www.ecrminerals.com/images/2022/fig3_BH3DD034_vg.png

 

OVERVIEW OF BH3DD012

On 30 February 2022, ECR announced that a series of four holes (BH3DD012, BH3DD014, BH3DD020 and BH3DD021) had been drilled perpendicular to the trend of reef lines within the HR3 Goldfield to aid interpretation of the main faults and folding with known mineralisation. The Company has now received gold results for hole BH3DD012.

BH3DD012 was collared in 100m to the south and drilled parallel to adjacent hole BH3DD019. Geological interpretation is now revealing the main rock-type groupings and the style of mineralised veins that are associated with the Maori Anticline. MGA’s geology team has correlated the veins identified in BH3DD012 to hole BH3DD019, giving further understanding to the structural architecture of the HR3 Goldfield.

Five zones of mineralisation have been identified from hole BH3DD012. (Fig 1)

Zone 1 features a quartz stockwork zone hosted within a massive brittle sandstone rock unit that has a drilled thicknes of 2.7 metres. Best intercepts were 0.8m @ 3.81 g/t Au (from 57.3m) and 0.7m @ 3.32 g/t Au (from 59.3m)

Zone 2 can be linked to the Scoulers Reef structure represented by orthogonal veining within a sheared zone. Mineralisation is broad at a drilled width of 9.3 metres. Two of the highest intercepts included 1m @ 3.75 g/t Au (from 72m) and 0.5m @ 3.87 g/t Au (from 73.8m)

Zone 3 is represented by narrow bedding-laminated sulphidic veins at a drilled depth of 175.5m which returned 0.5m @ 4.26 g/t Au. The veins are hosted with a planar-laminated siltstone which correlates well to the same lithology in hole BH3DD019. Given this good correlation, it is highly probable Zone 3 veins match to the best intercept of 0.5m @ 9.5 g/t Au in BH3DD019 at 99.9m.

Zone 4 consists of a fault with linking stockwork quartz veining. Best result was 0.6m @ 2.25 g/t Au (from 191m drilled depth).

Zone 5 is a minor occurrence of bedded laminated carbonate veining at 255.6m drilled depth. Traces of stibnite (antimony sulphide) were identified in adjacent veining. This zone has only elevated gold, the best result being 1m @ 0.51 g/t Au (from 255.6m).

BH3DD012 was drilled to a depth of 302.1m. The dip angle of bedding, sedimentary depositional indicators (called younging) have located the hinge zone of the Maori Anticline at an approximate depth of 220m down the drill hole. The geology team is currently interpreting the projection of this hinge to the earlier drilling (BH3DD009) near surface.

Table 1. Summary of drill intercepts containing reportable levels of gold greater than 0.1 g/t Au for BH3DD012 (*highlights in bold). Mineralised ‘Zones’ shown in Fig 1.

BH3DD012

From To Grade (g/t Au) Interval (m) Zone
38 39 0.18 1
41 41.5 0.11 0.5
41.5 42.5 0.41 1
44.5 45.5 0.18 1
48.5 49.5 0.14 1
49.5 50 0.62 0.5
50 50.5 1.54 0.5
50.5 51 0.8 0.5
51 52 0.74 1
52 53 0.33 1
53.7 54.2 1.16 0.5
54.2 54.5 1.38 0.3
54.5 55.5 0.15 1
55.5 56.5 0.28 1
56.5 57.3 0.53 0.8
57.3 58.1 3.81 0.8 ZONE 1
58.1 58.9 1.25 0.8 ZONE 1
58.9 59.3 0.32 0.4 ZONE 1
59.3 60 3.32 0.7 ZONE 1
65 66 0.16 1
66 67 0.82 1
67 68 1.22 1 ZONE 2 (Scoulers Reef)
68 69 1.77 1 ZONE 2 (Scoulers Reef)
69 70 2.28 1 ZONE 2 (Scoulers Reef)
70 71 1.32 1 ZONE 2 (Scoulers Reef)
71 72 1.39 1 ZONE 2 (Scoulers Reef)
72 73 3.75 1 ZONE 2 (Scoulers Reef)
73 73.8 1.24 0.8 ZONE 2 (Scoulers Reef)
73.8 74.3 3.87 0.5 ZONE 2 (Scoulers Reef)
74.3 74.8 1.14 0.5 ZONE 2 (Scoulers Reef)
74.8 75.3 0.73 0.5 ZONE 2 (Scoulers Reef)
75.3 76.3 0.45 1 ZONE 2 (Scoulers Reef)
76.3 76.9 0.15 0.6
76.9 77.4 0.31 0.5
77.4 78 1.02 0.6
78 79 0.98 1
79.5 80 0.28 0.5
80 81 0.24 1
81 81.7 0.74 0.7
81.7 82.3 1.06 0.6
82.3 83 0.77 0.7
126.8 127.3 0.26 0.5
128 129 0.13 1
133.25 134 0.14 0.75
134 135 0.24 1
136 137 0.29 1
138 139 0.19 1
139 140 0.24 1
144 145 0.13 1
145 146 0.17 1
151.1 151.9 0.15 0.8
151.9 152.3 0.13 0.4
175 175.5 0.13 0.5
175.5 176 4.26 0.5 ZONE 3
176 177 0.21 1
183.3 183.8 0.18 0.5
187.3 188.3 0.13 1
189.2 190 0.11 0.8
190 190.3 0.11 0.3
190.3 191 0.16 0.7
191 191.6 2.25 0.6 ZONE 4
191.6 192.2 0.82 0.6
192.2 193 0.7 0.8
193 194 0.38 1
213.5 214 0.17 0.5
215 216 0.18 1
219 220 0.69 1
241.3 242 0.2 0.7
242 242.7 0.27 0.7
248 248.5 0.13 0.5
248.5 249.1 0.14 0.6
249.1 249.8 0.28 0.7
250.5 251 0.14 0.5
251.7 252 0.14 0.3
252 252.8 0.24 0.8
252.8 253.8 0.11 1
253.8 254.6 0.22 0.8
254.6 255.6 0.23 1
255.6 256.6 0.51 1 ZONE 5
256.6 257.6 0.33 1

 

BH3DD034-VISIBLE GOLD IDENTIFIED

Drilling of BH3DD019 showed narrow arsenic-stibnite veining emanating from the Maori Anticline. ECR is currently following up these targets by drilling four additional supporting holes (BH3DD032, BH3DD033, BH3DD034 and BH3DD035). Hole BH3DD033 and BH3DD034 has been completed, now awaiting sampling. BH3DD034 has drilled through a narrow-laminated vein 50mm wide showing a visible speck of coarse gold around 1mm in diameter (Fig 3). This is a typical example of a narrow ‘nuggetty’ vein and shows the low probability of drilling such mineralisation. The vein is supported by a broad halo of hydrothermal sulphide. This hole is in the process of being geologically logged in detail and sampled and further updates will be provided in due course.

FUTURE PLANS

ECR is now starting to see the benefits of utilising its own diamond drill rig operated by an ‘in house’ drill team. The team have been drilling an average of c.35m of good quality core per day, reducing the drill meterage rate compared to contracting out the work.

Since the beginning of 2022, the Company has drilled holes into the northern limits of the Maori Reef and drilled two initial holes under the southernmost soil anomaly underneath the Hard-Up Reef. The geological team is also eagerly awaiting outstanding assay results for drilling completed into the Maori and Hard-Up Reef intersection, which will tie in with the results of this announcement.

Upon completion of the complimentary holes to BH3DD019, we plan to move the drill rig up on the low ridgeline to begin initial drilling into the Scoulers Reef and under the other soil anomalies identified along this ridge. Locations of the planned drilling along with recent drilling is shown in Fig 3. Ultimately, we expect that the outcome of the diamond drilling will provide a detailed understanding of the relationship of veining to structures and the possible control on gold deposition within the veins. This is all preparation work for infill RC drilling at a later date.

Additionally, planning is well under way to follow up the RC drilling completed in 2019 over the nearby “Blue Moon” prospect, also on EL5433.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of 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
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

Blytheweigh 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 25% 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 – Drilling Continues to Extend Gold Mineralisation within the Maori Reef

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to provide results from hole BH3DD019, drilled into the north end of the Maori Reef within HR3 at Bailieston, Victoria, Australia.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which is operated under its Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “I am delighted to report that our team of geologists headed by Adam Jones are reporting some very encouraging gold grades at hole BH3DD019. Furthermore, the epizonal mineralisation identified through the drilling work and assay results correlates with nearby deposits at Costerfield, Nagambie and Whroo mine and this is assisting with our understanding of the regional gold trend as we work towards identifying a possible ore resource.”

“As outlined below, following COVID-19 delays the assay results are now starting to flow back to us, and I look forward to announcing further results in the coming weeks.” 

SUMMARY:

  • Assays from one drill hole (BH3DD019) now received. This is the deepest hole drilled under the north end of the Maori Reef and it has identified four mineralised zones. Best intercepts include 0.5m @ 9.5 g/t Au from 99.9m, 0.8m @ 4.96 g/t Au from 100.4m, 0.3m @ 4.59 g/t Au from 143.4m and 0.6m @ 6.15 g/t Au from 231.5m.
  • Geological logging of visible stibnite in holes drilled into the Maori Reef also correlates well with expectations of reportable gold.
  • Stibnite, arsenopyrite and gold mineralisation collectively identifies with an ‘epizonal’ style of mineralisation which is typical of the nearby deposits such as Costerfield, Nagambie and Whroo. 

BH3DD019

Hole BH3DD019, drilled into the Maori Reef at the northern limits of the historical gold workings was part of a series of 4 holes (including BH3DD012, BH3DD014, BH3DD020 and BH3DD021), designed to crosscut the HR3 goldfield to aid interpretation and identify the main faults and folding that is associated with gold mineralisation. Staffing issues at the laboratory due to COVID-19 outbreaks have resulted in slower than expected drilling reports and data over the new year period, but we are pleased to report that ECR is now starting to receive assay results from these overdue drillholes. To date BH3DD019 have been received, 3 holes are awaited.

A visual reference to the following geological notes regarding BH3DD019 is provided in figure 1:

https://www.ecrminerals.com/images/2022/Fig1.jpg

BH3DD019 was drilled due east at a dip of -58° from surface. Drilling ended at a depth of 279.5m. Geological logging of bedding has revealed a broad inclined hinge zone located around 120 metres down hole. The hinge correlates well to the inferred anticline zone which hosts the Maori Reef, and our hinge projections back up to the surface will become targeted in follow-up drilling. Two zones featuring an arsenic and antimony high within laminated quartz in faulted ground returned some of the best results including 0.5m @ 9.5 g/t Au from 99.9m followed by 0.8m @ 4.96 g.t Au from 100.4m depth. A similar zone was intersected on the east side of the hinge point where assays returned 0.3m @ 4.59 g/t Au from 143.4m. This last interval also included a visible solid stibnite vein with a drilled thickness of approximately 10cm wide.

A parasitic flexure causing two smaller hinges within the steeply east dipping bedding at 220m hosts perpendicular massive quartz veins ‘PMQ’ with interconnecting quartz stockworks. The PMQ veins form a fan pattern around the first hinge zone. Unfortunately, this hinge only carries low reportable levels of gold. Between the two parasitic hinges, a bedding laminated vein ‘BLQ’ carrying visible stibnite returned 0.6m @ 6.15 g/t Au from 231.5m downhole. The up-dip projection of this vein is not revealed at the surface and will be followed up with future drilling.

EPIZONAL MINERALISATION

Mineralisation formed at temperatures below 300°C often with associated arsenic and antimony sulphides visibly presented in drill core as arsenopyrite and stibnite is defined as ‘Epizonal’. MGA geologists are frequently recording such sulphides below the oxide level within the Maori Reef, a phenomenon that has also prompted the team to investigate how nearby gold deposits are mineralised. This investigation has shown that narrow stibnite veins with arsenopyrite have also been identified by adjacent tenement holders at the Costerfield Mine, the historic Nagambie Mine open pits and more recently at the historic Whroo Mine by ‘Mawson Gold’.

FUTURE PLANS

Geological interpretation of BH3DD019 is now providing an insight into the bigger picture of mineralisation within the HR3 Goldfield. With the assay results now flowing in more regularly, we are anticipating more targets to follow up. Although the drilling work undertaken to date is still very much in its infancy, the Directors note that no drilling campaign of this complexity and detail has ever been undertaken in this area previously. The Company’s objective is to identify the trends of gold mineralisation or ‘shoots’ and once completed, ECR expect to be able to complete an accurate assessment in regard to a possible ore resource.

ECR also recently reported that drilling into the Maori Anticline at the intersection of the Hard-Up Reef was continuing. These holes have been recently completed and assay results are awaited. Again, once completed the Directors anticipate these results will help towards identifying the gold trend.

The Company has also drilled two holes (BH3DD026 and BH3DD027) to investigate the ground underneath soil ‘anomaly A’ that was reported from soil sampling results in December 2021. Assays are also pending for these drillholes. The soil sampling also revealed three other anomalies associated with the central reef known as ‘Scoulers’ that are still to be followed up with drilling once the initial Maori Reef drilling is completed.

Table 1. Summary of drill intercepts containing reportable levels of gold greater than 0.1 g/t Au for BH3DD019 (*highlights in bold). Mineralised ‘Zones’ shown in figure 1.

BH3DD019

From To Grade (g/t Au) Interval (m) Zone
5.6 6.4 0.22 0.8
22.3 22.7 0.2 0.4
26.3 27 0.17 0.7
38.3 39.4 0.31 1.1 ZONE 1
39.4 39.9 0.39 0.5 ZONE 1
39.9 40.3 0.74 0.4 ZONE 1
47 48 0.12 1
48 49 0.49 1
49 50 0.14 1
51.8 52.3 0.17 0.5
52.3 52.9 0.26 0.6
54 55 0.14 1
55 56 0.27 1
56 56.8 0.28 0.8
56.8 57.5 0.15 0.7
57.5 58 0.11 0.5
58 58.7 0.2 0.7
58.7 59.2 0.16 0.5
60 61 0.11 1
61 61.5 0.23 0.5
61.5 62 0.23 0.5
76.3 76.6 0.11 0.3
90.5 90.9 0.12 0.4
92.7 93.4 0.12 0.7
93.4 94.3 0.2 0.9
95.3 96.2 0.14 0.9
96.2 96.7 0.25 0.5
96.7 97.5 0.22 0.8
97.5 98.4 0.76 0.9 ZONE 2
98.4 98.7 2.46 0.3 ZONE 2
98.7 99.2 3.16 0.5 ZONE 2
99.2 99.9 1.66 0.7 ZONE 2
99.9 100.4 9.5 0.5 ZONE 2
100.4 101.2 4.96 0.8 ZONE 2
101.2 101.7 0.64 0.5 ZONE 2
101.7 102.7 0.43 1 ZONE 2
102.7 103.4 0.13 0.7
103.4 104.4 0.18 1
105.4 106.4 0.11 1
107.4 108.4 0.12 1
116.2 116.7 0.32 0.5
124.1 124.9 0.11 0.8
131.6 132.3 0.2 0.7
132.7 133.4 0.19 0.7
137.1 137.8 0.11 0.7
142.7 143.4 0.22 0.7 ZONE 3
143.4 143.7 4.59 0.3 STIBNITE VEIN
143.7 144.5 0.2 0.8
164.1 164.4 0.19 0.3
165 165.6 0.13 0.6
165.6 166.2 0.76 0.6
166.2 167 0.14 0.8
173.4 174 0.46 0.6
197.6 198.4 0.13 0.8
215.8 216.4 0.15 0.6
222.1 223 0.18 0.9 Hinge Stockwork
223 224 0.11 1 Hinge Stockwork
224 225 0.14 1 Hinge Stockwork
225 226 0.29 1 Hinge Stockwork
226 227 0.38 1 Hinge Stockwork
227 228 0.35 1 Hinge Stockwork
228 229 0.21 1 Hinge Stockwork
231.5 232.1 6.15 0.6 ZONE 4
232.1 232.5 0.2 0.4 ZONE 4
232.5 232.9 0.94 0.4 ZONE 4
232.9 233.4 0.12 0.5
234 234.6 0.13 0.6
234.6 235.5 0.15 0.9
241 241.7 0.11 0.7

 

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of 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
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

Blytheweigh 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 25% 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 – Creswick Project Update

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to provide an update regarding the Creswick exploration project to shareholders.

ECR Minerals plc has 100% ownership of EL006184 and EL006907 located at Creswick, Central Victoria, Australia. Exploration is being undertaken by ECR’s Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “On behalf of our board I am pleased to report that these results show that Creswick, while complex in its geology and the nature of its mineralisation, has provided a solid platform of data that fully justifies our decision to progress Creswick and EL006184 to the next phase of exploration. The latest data also further justifies the strategy behind the purchase of the Brewing Lane property in September 2021, as it now provides a centre for our operations in Creswick and the potential to develop a mine decline should we decide to embark on that course in the future. Our board and exploration team are also excited by the potential at the recently awarded license area at EL006907, adjacent to Creswick”

“I would also like to apologise to shareholders for the delay in publishing the Creswick results. The prevalence of COVID-19 in Victoria in recent months has resulted in delays in results from the laboratory and interruptions in the supply chain supporting exploration activities.”

“Our search for a CEO continues, some early candidates have been identified and the interviewing process is underway. I would ask shareholders to bear with us during this time. I am also aware that some shareholders are concerned that our social media communication process has fallen below previous levels. We are working to address this.”

SUMMARY:

  • Anomalous gold results have been received from the remaining samples from the diamond drilling program completed at the end of 2021.
  • Recent duplicate sampling is revealing erratic gold results due to the presence of coarse gold, potentially undervaluing the true estimated grade.
  • Assay result turn-around time has been delayed due to COVID-19 management and related staff shortages at the laboratory.

BACKGROUND

The Creswick project is located approximately 18km to the north of the City of Ballarat. Ballarat itself has a rich history of gold and is still producing at the nearby Ballarat East Goldmine. The Creswick project consists of two active tenements respectively EL006184 and EL006907, plus MGA are awaiting the outcome of licence applications in the surrounding adjacent ground.

Intense historic alluvial gold workings exist within the tenements. Mapping the extent of the alluvial gold workings has traced the potential source of the gold to quartz veining associated with a wide, shale rich rock unit termed the Dimocks Main Shale (“DMS”). The company believes the strike extent of the DMS can be traced for at least 15km.  On September 2nd 2021 ECR announced the acquisition of a property at 35 Brewing Lane, Springmount, which sits in our existing license area EL006184. As stated in the announcement of Sept 2nd, the property has provided the Company with an operational base and, in future, can be developed as a site for the decline access to existing, and potential, vein mineralisation. Link to the Brewing Lane property announcement here

Our recent work has been concentrated within EL006184 close to Springmount, and the last three years has seen the Company complete RC drilling totalling 1691 metres and most recently complete 16 diamond drill holes for a total of 3433 metres. A detailed plan view showing the location of exploration activities undertaken during the 2021 year is linked below:

https://www.ecrminerals.com/images/2022/Fig1_Plan_of_Creswick_Project_Area_2021-1.png

OUTCOME OF DIAMOND DRILLING ACTIVITIES DURING 2021

Diamond drilling was undertaken to confirm the structural architecture of quartz mineralisation that was interpreted from the 2019 RC drilling program. The hypothesis was that quartz is situated in both bedding and axial cleavage planes formed within the DMS horizon which in places can be up to 25 metres in width. The substantial width and strike length of the DMS means the target is of great importance to ECR. Initial results from diamond holes CSD001 and CSD002 showed early success for gold mineralisation. Geological logging of diamond core also successfully proved that quartz mineralisation has preferentially developed within the shales. Drilling continued at broad spaced intervals approximately 300m apart and along strike of the DMS to the south for 2.1 km. Results show quartz mineralisation is still present along the strike limits of the drilling completed to date. Anomalous gold was detected in the southern most drill hole (CJD001) with 0.5m @ 0.54 g/t Au from 324m. As previously reported, the best intercept was from hole CSD003 drilled on top of a ridge south of Blue Gum Track. This important hole is located in an area with no previous mining history. Follow up drilling to CSD003 intercepted quartz mineralisation where expected, however grades were not as extraordinary as hole CSD003 with the best intercept being in CSD013 for 1m @ 1.98 g/t Au from 80.5m downhole. Drilling of hole CSD005 and CSD006 intercepted a large milled fault zone, believed by MGA geologists to be a cross-course fault, as commonly seen at the Ballarat East goldfield. All gold intercepts from the 2021 drilling considered anomalous above the lowest reportable levels are shown in Table 1 below.

Table 1. Summary of drill intercepts containing reportable anomalous levels of gold (0.11 g/t Au for the diamond drilling program completed on EL006184 during 2021. (*highlights in RED bold)

CSD001

From (m) To (m) Grade (g/t Au) Interval (m)
12.3 12.55 0.19 0.25
43.15 44.15 0.23 1
58.2 59.1 0.92 0.9
86 87 0.13 1
131.9 132.9 9.68 1
147.7 148.7 0.25 1
205.65 206.45 0.11 0.8
206.45 207.4 0.14 0.95
211.95 212.45 0.11 0.5
225.9 226.9 0.12 1
226.9 227.9 0.11 1
231.4 232.45 0.11 1.05
240 241.05 0.37 1.05
257.3 257.7 0.26 0.4

 

CSD002

From (m) To (m) Grade (g/t Au) Interval (m)
65.9 66.5 0.22 0.6
99.9 100.8 0.2 0.9
173.1 174.1 4.78 1
178.7 179.2 0.16 0.5
179.55 179.85 0.19 0.3
179.85 180.2 0.39 0.35
182.1 183.1 0.11 1

 

CSD003

From (m) To (m) Grade (g/t Au) Interval (m)
84.2 85.15 9.93 0.95
89.05 90 23.58 0.95

 

CSD004

From (m) To (m) Grade (g/t Au) Interval (m)
125.7 126.7 0.18 1

CSD005

From (m) To (m) Grade (g/t Au) Interval (m)
84 85 0.22 1
91.8 92.3 0.16 0.5
94.32 95.3 0.13 0.98

 

CSD007

From (m) To (m) Grade (g/t Au) Interval (m)
26 27 0.15 1
67.6 68.2 0.16 0.6
233.5 234.5 0.11 1

 

CSD008

From (m) To (m) Grade (g/t Au) Interval (m)
2.3 3.3 0.21 1
26.4 27.1 0.45 0.7
27.1 27.9 0.69 0.8

 

CSD009

From (m) To (m) Grade (g/t Au) Interval (m)
88.3 88.7 0.28 0.4
149.7 151 0.21 1.3

 

CSD011

From (m) To (m) Grade (g/t Au) Interval (m)
62 62.5 0.29 0.5
71 72 0.12 1

 

CSD012

From (m) To (m) Grade (g/t Au) Interval (m)
113 113.5 0.61 0.5

 

CSD013

From (m) To (m) Grade (g/t Au) Interval (m)
80.5 81.5 1.98 1

 

CSD014

From (m) To (m) Grade (g/t Au) Interval (m)
18.4 19.4 0.14 1
19.4 20.4 0.12 1
55.8 56.4 0.24 0.6

 

CJD001

From (m) To (m) Grade (g/t Au) Interval (m)
254.6 255 0.11 0.4
324 324.5 0.54 0.5
325.5 326 0.11 0.5

 

 

 

CJD002

From (m) To (m) Grade (g/t Au) Interval (m)
8 9 0.2 1
55.4 56.5 0.34 1.1
78.5 79.1 2.99 0.6
79.1 80.1 0.26 1
83.4 84.4 0.19 1
86.5 87.5 0.15 1
93.6 94.6 0.75 1
98 99.1 0.15 1.1
109.4 110.4 0.13 1
121.1 122.2 0.41 1.1
147.9 148.4 0.17 0.5
179.8 180.3 0.16 0.5
214.9 215.4 0.13 0.5

 

COARSE GOLD REVEALED IN SAMPLING

Geologists generally consider coarse gold deposit results above 0.2 g/t Au as anomalous and worth duplicating. Recently, a series of rock chips were taken by MGA geologists from exposed quartz veins in historic pits and trenches adjacent to Blue Gum Track. Duplicate sampling has revealed a large variability in gold grades. In particular, a chip sample 0.4m wide (true width) across outcrop initially showed 0.15 g/t Au. Replicating this sample with the same sampling protocols revealed 0.4m @ 31.8 g/t Au.

Previous bulk sampling of 1m drill composite samples from the 2019 RC drilling highlighted the presence of coarse gold which showed significant variability to the grades received from the initial 2kg riffle split samples from the RC drill rig. Samples that showed detectable gold were later bulk sampled in entirety from the remaining 1m drilled, 50 kg sample. Random nuggetty gold particles within the bulk samples increased the overall grade. Examples of this is shown in fig 2 linked below:

https://www.ecrminerals.com/images/2022/Fig2_Creswick_gold_particle_examples.png

The variability in gold grade is a reflection of the sample size (known as the volume-variance relationship). The larger the sample size, the better representation of the true average grade. Gold at Creswick is coarse and unevenly distributed, although the different size particles are located close together. HQ sized diamond drilling produces a core of rock 63.5mm in diameter with half of this diameter sent as a sample. The probability of sampling a coarse particle of gold within the core is low. RC drilling is larger in diameter and therefore produces a larger sample size increasing the probability of sampling a particle of gold. RC drilling however produces rock chips where geological quality is lost and understanding of the structural host to the best mineralisation cannot be interpreted and followed up on. A balance between drilling for structure by diamond drilling combined with grade drilling by RC drill methods targeted at the most extensively mineralised part of the system is now believed to be the best methodology with which to progress the Creswick asset.

The volume-variance relationship between diamond and RC drill methods in a coarse gold mineralised system is visually shown in fig 3 in the following link:

https://www.ecrminerals.com/images/2022/Fig3_volume-variance_drill_sizes.png

PROPOSED DEVELOPMENT PLAN
MGA have applied to renew EL006184 for another 5 years and are awaiting final approval. As the current incumbent, MGA has first rights over the license, and MGA Director and Geologist Adam Jones is proposing the next phase of exploration within EL006184 as follows;

  • Soil sampling programmes over the up-dip projections of quartz mineralisation identified from the 2021 diamond drilling campaign to test for sub-cropping gold shoots.
  • ECR’s property at Brewing Lane, Springmount contains numerous old abandoned gold workings with some underground exposures that offer opportunities for mapping and sampling, followed up by drilling.
  • The Company is currently seeking advice on which appropriate geophysical techniques may highlight important structures that control the distribution of gold mineralisation within the DMS.
  • Follow up drilling to include detailed RC and diamond drilling within the Brewing Lane property and adjacent ground with emphasis on bulk sampling techniques as was done in 2019.

Furthermore, MGA will start to evaluate prospects further south of existing drilling in the recently approved EL006907 using exploration techniques that proved successful on EL006184.

MGA is continuing to progress with drilling at the Bailieston tenements (EL5433), focussing on the Maori Reef and parallel reef systems within the HR3 goldfield. The geology team is also making progress with plans to re-enter and continue exploration on the Blue Moon prospect located on the southern extent of EL5433.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of 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
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

Blytheweigh 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 25% 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 – Three Exploration licences granted in the Lolworth Region, North Queensland

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce that exploration licences EPM27901, EPM27902 and EPM27903 have been granted to its subsidiary LUX Exploration Limited (“LUX”), in the Lolworth Region, North Queensland.

LUX  is a wholly owned subsidiary of ECR with a specific focus on exploration projects in the North Queensland region in Australia.

ECR Chairman David Tang commented: “I am delighted to announce that the Lolworth Range license applications have been granted. Once again, along with our Head Geologist Adam Jones, our former CEO Craig Brown was instrumental in bringing LUX and the Lolworth Range tenements into the ECR Minerals asset portfolio, and all the indications are that Adam and the team could unlock significant additional value from these three new license areas.”

“I look forward to deploying our team for a reconnaissance survey in the Lolworth Range region this year, and reporting progress back to our shareholders.”

SUMMARY:

  • LUX EXPLORATION HAS BEEN GRANTED THREE EXPLORATION LICENSES COVERING A TOTAL OF 964 KM2
  • HISTORIC STREAM SEDIMENT SAMPLING INDICATES THAT THE LOLWORTH RANGE IS PROSPECTIVE FOR GOLD, TUNGSTEN AND TIN.

Exploration licenses for tenements EPM27901, EPM27902 and EPM27903 were applied for in May 2021, and we are pleased to report that these were granted to LUX on 1 February 2022. The tenements will expire in 5 years (on 31 January 2027) and, while they will be available for renewal after the initial 5-year term, the area available for renewal will be reduced by 50%, which is a standard term of exploration licences to encourage companies to focus their exploration activities. LUX has a commitment expenditure of AUD$650,000 for the first three years across the three licence areas, which is expected to be funded from ECR’s existing cash resources.

The exploration licences are located approximately 120km west of the historic Charters Towers Gold Mine in North Queensland, Australia and cover an area of 964 km2.

PROSPECTIVITY OF THE AREA

The directors of ECR believe the Lolworth Range is under explored. The area has been closely monitored by ECR’s Head Geologist Adam Jones for at least eight years.

Historical documentation of exploration undertaken within the area, which has not been verified by ECR, reveals that a (pan concentrate) stream sediment campaign was undertaken in 1987-1988 within the granted tenements under the old tenement permit number AP4855M. This work revealed seven gold anomalous drainage sites within the mountain range, including visible gold in pan concentrates. Research has found these anomalies have not been followed up as they were interpreted as sourced from possible terrace alluvial deposits upon the sides of the drainage sites. It is the Directors current belief that even if this was the case, the terrace deposits must still have their source within the Lolworth Range. Tin and tungsten anomalies were also recorded in streams within license area EPM27901. The metamorphic rocks of the range are still not well understood, however rhyolitic rock chips from historic exploration reports within the range were noted to be elevated in gold. These factors have led the Directors to conclude that the Lolworth licence areas have the potential to develop into a valuable asset for ECR Minerals plc. An initial reconnaissance survey of the area is planned for this coming year, and we look forward to updating on progress in due course..

(Figure 1) The location of the tenements in a regional context can be viewed within the link below:

https://www.ecrminerals.com/images/2022/fig1_Lux_Granted.png

(Figure 2) A summary of the anomalous drainage areas and the granted tenements can be viewed with the following link:

https://www.ecrminerals.com/images/2022/fig2_Lux_Granted.png 

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of 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
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

Blytheweigh 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 two granted exploration licences of approximately 964 km2 and one licence application of 300km2 covering a relatively unexplored area in the Lolworth region of 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 25% 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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