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ECR Minerals #ECR – Soil Geochemistry Results from License EL006184

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce updated results from soil sampling and other on-going exploration activities within licence EL006184 at Creswick, 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: “The ECR board is now of the opinion that the geochem results from the Davey Road prospect provides ample evidence that Creswick is host to an extended gold system, and that our decision to plan a drilling campaign and complete permit applications is fully justified. This view is further supported by the samples and anecdotal evidence of drill specks in road gutters from the Blue Gum South prospect in our ‘on the ground’ follow up to the 2021 diamond drill campaign.”

As we start to ramp up our activities ahead of the 2023 drilling campaign, I very much look forward to reporting back to you with our full Creswick drill plan, and on our activities across our other assets”

HIGHLIGHTS

  • Final results from soil sampling at the newly identified Creswick Davey Road ‘CDY’ prospect have just been received.
  • Results up to 1.59 ppm Au obtained at the Blue Gum South ‘BGS’ prospect.

Figures related to this announcement can be viewed here;

Figure 1: Location map

https://www.ecrminerals.com/images/2023/fig1_Overview_Map_230120.png

Figure 2: Update gold anomaly map for Davey Road Prospect (CDY)

https://www.ecrminerals.com/images/2023/fig2_Davey_Rd_update_230120.png

Figure 3: Gold anomalies identified at Blue Gum South (BGS)

https://www.ecrminerals.com/images/2023/fig3_BGS_230120.png

UPDATED SOIL RESULTS AT DAVEY ROAD

Further results have been received from soil sampling at the recently announced Davey Road Prospect ‘CDY’ (see RNS from December 22 2022 here). Plotting of all the results strongly suggests  that gold mineralisation originates from the North end of a line of historical gold workings, with another strong gold anomaly also present at the southern end of the historic workings. The Board believes these two anomalies represent the outcrop of two possible gold shoots.

GOLD ANOMALISM AT BLUE GUM SOUTH PROSPECT

Soil sampling has also been completed over a small grid area 200 metres to the north of some of the best drill intercepts from 2021’s diamond drilling (see Figure 3 above), where hole CSD003 returned 0.95m @ 9.93 g/t Au from 84.2m and 0.95m @ 23.58 g/t Au from 89.05m down hole. This grid lies within the Dimocks Main Shale trend., and the Company has named this prospect Blue Gum South ‘BGS’ after the access tracks to the area. Gold ‘specks’ can also be obtained from the road gutters within the grid. A small anomalous area of gold has been identified on the east side of the grid area with a maximum result of 1.59 ppm Au. Abundant quartz veining is visible across the hillside immediately above the anomalous area. Rock chips of the exposed part of the vein within the track have shown no gold result to date.

Table 1. Top 15 anomalous Soil Samples at Davey Road and Blue Gum South Prospect.
PROSPECT EASTING NORTHING AU (ppm)
BGS 759330 5853924 1.59
BGS 759339 5853924 0.066
CDY 759861 5853807 0.037
CDY 759877 5853374 0.032
CDY 759841 5853392 0.031
CDY 759852 5853806 0.028
CDY 759876 5853499 0.02
CDY 759850 5853815 0.019
BGS 759383 5853889 0.015
CDY 759882 5853478 0.012
CDY 759879 5853392 0.009
BGS 759325 5853917 0.009
CDY 759884 5853365 0.008
BGS 759349 5853924 0.008
CDY 759845 5853657 0.007

CDY (Creswick Davey Road Prospect), BGS (Blue Gum South Prospect)

*Co-ordinates in GDA94 Zone 54

**A complete set of results are set out in the Appendix at the end of this announcement.

NEXT STEPS

The soil exploration methodology utilised on EL006184 has proved effective in identifying blind outcrops of gold mineralisation. The anomalies identified to date will provide the foundations for a drilling program this year. Permits are being currently drafted for submission to the regional government.

Additionally, the field team have been actively sampling and mapping insitu quartz veins from exposed features accessible within historic adits, pits and trenches within EL006184 and the newly granted tenement EL006713 adjoining to the south. Added to this, the Company is also targeting other potential prospects along the strike of the Dimocks Main Shale trend. The aim of this work is to evaluate veining widths where possible and to provide some guidance in regard to possible gold grades from historical workings. This work will also form a key part of the drill programme planning process. Further details of the planning process will be released in due course. .

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

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

Andrew Haythorpe, CEO

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

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

Jon Belliss

Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green

 

ABOUT ECR MINERALS PLC

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

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

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

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

 

**APPENDIX 1: All reportable soil sampling results, CDY and BGS sampling grids

 

Prospect SampleID Co-ordinate Easting Northing Au_ppb
CDY CDY068 GDA94_Z54 759844.6 5853657 7
CDY CDY069 GDA94_Z54 759854.1 5853656 5
CDY CDY070 GDA94_Z54 759864 5853656 3
CDY CDY071 GDA94_Z54 759873.2 5853654 2
CDY CDY072 GDA94_Z54 759885.2 5853656 3
CDY CDY073 GDA94_Z54 759845.2 5853667 2
CDY CDY074 GDA94_Z54 759855.6 5853665 1
CDY CDY075 GDA94_Z54 759863.6 5853664 1
CDY CDY076 GDA94_Z54 759873.7 5853666 1
CDY CDY077 GDA94_Z54 759884.2 5853664 5
CDY CDY078 GDA94_Z54 759843.7 5853675 3
CDY CDY079 GDA94_Z54 759854.8 5853676 1
CDY CDY080 GDA94_Z54 759864.8 5853676 3
CDY CDY081 GDA94_Z54 759874.2 5853676 2
CDY CDY082 GDA94_Z54 759883.3 5853675 1
CDY CDY083 GDA94_Z54 759842.9 5853686 1
CDY CDY084 GDA94_Z54 759853 5853686 2
CDY CDY085 GDA94_Z54 759864.7 5853686 2
CDY CDY086 GDA94_Z54 759874.2 5853686 3
CDY CDY087 GDA94_Z54 759883.9 5853684 1
CDY CDY088 GDA94_Z54 759845.2 5853696 1
CDY CDY089 GDA94_Z54 759853.6 5853695 2
CDY CDY090 GDA94_Z54 759864.3 5853696 4
CDY CDY091 GDA94_Z54 759873.3 5853695 1
CDY CDY092 GDA94_Z54 759884.1 5853696 1
CDY CDY093 GDA94_Z54 759843.8 5853705 1
CDY CDY094 GDA94_Z54 759853.1 5853706 1
CDY CDY095 GDA94_Z54 759862.6 5853706 1
CDY CDY096 GDA94_Z54 759872.8 5853705 1
CDY CDY097 GDA94_Z54 759884.3 5853704 1
CDY CDY098 GDA94_Z54 759844.7 5853716 1
CDY CDY099 GDA94_Z54 759853.9 5853717 1
CDY CDY100 GDA94_Z54 759862.9 5853716 1
CDY CDY101 GDA94_Z54 759874.5 5853716 3
CDY CDY102 GDA94_Z54 759883.5 5853717 1
CDY CDY103 GDA94_Z54 759843.3 5853725 1
CDY CDY104 GDA94_Z54 759853.5 5853726 1
CDY CDY105 GDA94_Z54 759863.1 5853726 1
CDY CDY106 GDA94_Z54 759873 5853726 1
CDY CDY107 GDA94_Z54 759882.4 5853727 3
CDY CDY108 GDA94_Z54 759842.8 5853736 1
CDY CDY109 GDA94_Z54 759853 5853736 1
CDY CDY110 GDA94_Z54 759862.1 5853736 5
CDY CDY111 GDA94_Z54 759873.2 5853736 1
CDY CDY112 GDA94_Z54 759882.3 5853735 1
CDY CDY113 GDA94_Z54 759842.8 5853746 1
CDY CDY114 GDA94_Z54 759852.2 5853746 1
CDY CDY115 GDA94_Z54 759862.5 5853746 1
CDY CDY116 GDA94_Z54 759872.1 5853746 2
CDY CDY117 GDA94_Z54 759883.1 5853744 1
CDY CDY118 GDA94_Z54 759842.7 5853756 1
CDY CDY119 GDA94_Z54 759853.3 5853757 1
CDY CDY120 GDA94_Z54 759861.9 5853756 2
CDY CDY121 GDA94_Z54 759871.7 5853755 4
CDY CDY122 GDA94_Z54 759880.5 5853754 1
CDY CDY123 GDA94_Z54 759841.6 5853765 6
CDY CDY124 GDA94_Z54 759851.9 5853767 1
CDY CDY125 GDA94_Z54 759861.7 5853767 3
CDY CDY126 GDA94_Z54 759874 5853765 6
CDY CDY127 GDA94_Z54 759881 5853766 1
CDY CDY128 GDA94_Z54 759842.1 5853775 1
CDY CDY129 GDA94_Z54 759852.4 5853777 2
CDY CDY130 GDA94_Z54 759861.9 5853775 4
CDY CDY131 GDA94_Z54 759872 5853775 2
CDY CDY132 GDA94_Z54 759881.6 5853776 1
CDY CDY133 GDA94_Z54 759842.6 5853786 2
CDY CDY134 GDA94_Z54 759853.3 5853786 5
CDY CDY135 GDA94_Z54 759860.9 5853787 5
CDY CDY136 GDA94_Z54 759871.4 5853784 3
CDY CDY137 GDA94_Z54 759882.6 5853786 1
CDY CDY138 GDA94_Z54 759842.6 5853795 1
CDY CDY139 GDA94_Z54 759851.4 5853795 6
CDY CDY140 GDA94_Z54 759861.1 5853796 5
CDY CDY141 GDA94_Z54 759871.9 5853796 2
CDY CDY142 GDA94_Z54 759881.8 5853796 1
CDY CDY143 GDA94_Z54 759841.1 5853806 4
CDY CDY144 GDA94_Z54 759852.3 5853806 28
CDY CDY145 GDA94_Z54 759861.4 5853807 37
CDY CDY146 GDA94_Z54 759871.4 5853804 1
CDY CDY147 GDA94_Z54 759883.5 5853806 1
CDY CDY148 GDA94_Z54 759840.3 5853816 3
CDY CDY149 GDA94_Z54 759850.1 5853815 19
CDY CDY150 GDA94_Z54 759862.4 5853816 4
CDY CDY151 GDA94_Z54 759870.8 5853817 1
CDY CDY152 GDA94_Z54 759880.4 5853814 1
CDY CDY402 GDA94_Z54 759871.1 5853409 4
CDY CDY403 GDA94_Z54 759883.6 5853408 6
CDY CDY404 GDA94_Z54 759893.2 5853409 3
CDY CDY405 GDA94_Z54 759900.3 5853407 1
CDY CDY406 GDA94_Z54 759907.7 5853405 1
CDY CDY407 GDA94_Z54 759853.9 5853417 2
CDY CDY408 GDA94_Z54 759863.9 5853417 4
CDY CDY409 GDA94_Z54 759872.7 5853416 2
CDY CDY410 GDA94_Z54 759883.2 5853416 7
CDY CDY411 GDA94_Z54 759851.4 5853447 1
CDY CDY412 GDA94_Z54 759904.7 5853451 1
CDY CDY413 GDA94_Z54 759884.3 5853365 8
CDY CDY414 GDA94_Z54 759852.1 5853476 3
CDY CDY415 GDA94_Z54 759863 5853476 7
CDY CDY416 GDA94_Z54 759871.7 5853479 3
CDY CDY417 GDA94_Z54 759881.7 5853478 12
CDY CDY418 GDA94_Z54 759891.7 5853477 2
CDY CDY419 GDA94_Z54 759901.3 5853478 4
CDY CDY420 GDA94_Z54 759910.5 5853477 1
CDY CDY421 GDA94_Z54 759877.3 5853374 32
CDY CDY422 GDA94_Z54 759850.6 5853378 2
CDY CDY423 GDA94_Z54 759834.6 5853384 1
CDY CDY424 GDA94_Z54 759823.7 5853381 1
CDY CDY425 GDA94_Z54 759816.3 5853382 1
CDY CDY426 GDA94_Z54 759902.4 5853390 1
CDY CDY427 GDA94_Z54 759891.9 5853392 4
CDY CDY428 GDA94_Z54 759878.6 5853392 9
CDY CDY429 GDA94_Z54 759873.9 5853392 3
CDY CDY430 GDA94_Z54 759861.6 5853392 1
CDY CDY431 GDA94_Z54 759851.7 5853392 3
CDY CDY432 GDA94_Z54 759841.5 5853392 31
CDY CDY433 GDA94_Z54 759824.4 5853394 1
CDY CDY434 GDA94_Z54 759868.2 5853500 1
CDY CDY435 GDA94_Z54 759876 5853499 20
CDY CDY436 GDA94_Z54 759887.1 5853497 2
CDY CDY437 GDA94_Z54 759895.4 5853496 1
CDY CDY438 GDA94_Z54 759903.7 5853497 1
CDY CDY439 GDA94_Z54 759911.5 5853496 1
CDY CDY440 GDA94_Z54 759919.2 5853499 1
BGS BGS1478 GDA94_Z54 759272.4 5853872 3
BGS BGS1479 GDA94_Z54 759282.3 5853873 1
BGS BGS1480 GDA94_Z54 759291.9 5853875 1
BGS BGS1481 GDA94_Z54 759299.7 5853875 1
BGS BGS1482 GDA94_Z54 759312.2 5853879 1
BGS BGS1483 GDA94_Z54 759321.8 5853877 1
BGS BGS1484 GDA94_Z54 759333.5 5853878 1
BGS BGS1485 GDA94_Z54 759345.4 5853876 1
BGS BGS1486 GDA94_Z54 759350.9 5853879 1
BGS BGS1487 GDA94_Z54 759362.2 5853876 1
BGS BGS1488 GDA94_Z54 759372 5853878 1
BGS BGS1489 GDA94_Z54 759381.1 5853877 1
BGS BGS1490 GDA94_Z54 759270.4 5853881 1
BGS BGS1491 GDA94_Z54 759282.1 5853884 1
BGS BGS1492 GDA94_Z54 759291.7 5853886 1
BGS BGS1493 GDA94_Z54 759302.9 5853884 1
BGS BGS1494 GDA94_Z54 759312.3 5853885 1
BGS BGS1495 GDA94_Z54 759321.4 5853886 1
BGS BGS1496 GDA94_Z54 759331.6 5853887 1
BGS BGS1497 GDA94_Z54 759341.3 5853887 1
BGS BGS1498 GDA94_Z54 759351.1 5853888 1
BGS BGS1499 GDA94_Z54 759360.5 5853886 1
BGS BGS1500 GDA94_Z54 759373 5853889 1
BGS BGS1501 GDA94_Z54 759383.2 5853889 15
BGS BGS1502 GDA94_Z54 759269.8 5853892 1
BGS BGS1503 GDA94_Z54 759280.8 5853895 1
BGS BGS1504 GDA94_Z54 759289.8 5853895 1
BGS BGS1505 GDA94_Z54 759298.5 5853894 1
BGS BGS1506 GDA94_Z54 759310.2 5853894 1
BGS BGS1507 GDA94_Z54 759321.6 5853895 4
BGS BGS1508 GDA94_Z54 759333.4 5853897 2
BGS BGS1509 GDA94_Z54 759340.9 5853896 1
BGS BGS1510 GDA94_Z54 759349.8 5853896 1
BGS BGS1511 GDA94_Z54 759361.3 5853895 1
BGS BGS1512 GDA94_Z54 759370.1 5853895 1
BGS BGS1513 GDA94_Z54 759381.9 5853896 1
BGS BGS1514 GDA94_Z54 759270.7 5853902 1
BGS BGS1515 GDA94_Z54 759280.6 5853903 1
BGS BGS1516 GDA94_Z54 759289.2 5853906 1
BGS BGS1517 GDA94_Z54 759297.7 5853905 5
BGS BGS1518 GDA94_Z54 759310.7 5853906 1
BGS BGS1519 GDA94_Z54 759316.1 5853905 1
BGS BGS1520 GDA94_Z54 759330.3 5853904 2
BGS BGS1521 GDA94_Z54 759341.4 5853905 1
BGS BGS1522 GDA94_Z54 759350.7 5853905 1
BGS BGS1523 GDA94_Z54 759360.5 5853904 1
BGS BGS1524 GDA94_Z54 759369.6 5853906 1
BGS BGS1525 GDA94_Z54 759378.1 5853904 1
BGS BGS1526 GDA94_Z54 759269.6 5853911 1
BGS BGS1527 GDA94_Z54 759278.4 5853911 1
BGS BGS1528 GDA94_Z54 759288.5 5853913 2
BGS BGS1529 GDA94_Z54 759298.2 5853913 1
BGS BGS1530 GDA94_Z54 759309.4 5853912 1
BGS BGS1531 GDA94_Z54 759324.7 5853917 9
BGS BGS1532 GDA94_Z54 759329.7 5853914 1
BGS BGS1533 GDA94_Z54 759338.4 5853914 1
BGS BGS1534 GDA94_Z54 759348.3 5853913 1
BGS BGS1535 GDA94_Z54 759354.6 5853913 1
BGS BGS1536 GDA94_Z54 759277.2 5853927 1
BGS BGS1537 GDA94_Z54 759294.7 5853926 4
BGS BGS1538 GDA94_Z54 759307.9 5853929 1
BGS BGS1539 GDA94_Z54 759319.2 5853923 1
BGS BGS1540 GDA94_Z54 759330.2 5853924 1590
BGS BGS1541 GDA94_Z54 759338.6 5853924 66
BGS BGS1542 GDA94_Z54 759349.4 5853924 8
BGS BGS1544 GDA94_Z54 759268.3 5853931 2
BGS BGS1545 GDA94_Z54 759279 5853942 1
BGS BGS1546 GDA94_Z54 759294.8 5853941 1
BGS BGS1547 GDA94_Z54 759304.5 5853939 1
BGS BGS1548 GDA94_Z54 759315.8 5853933 1
BGS BGS1549 GDA94_Z54 759324.1 5853937 1
BGS BGS1550 GDA94_Z54 759335.3 5853934 1
BGS BGS1551 GDA94_Z54 759347.6 5853933 1
BGS BGSA1535 GDA94_Z54 759268.9 5853920 1

 

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 – Creswick Exploration Licence Renewal Application EL006184

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce that it has submitted an application to renew current exploration license EL006184 for an extended five-year term.

EL006184 covers land owned by one of ECR Minerals plc 100% owned Creswick projects and is operated by its subsidiary company Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “We are pleased to report that ECR has completed the application to renew Creswick exploration license EL006184 for an extended five-year term. Together with our recently approved licence EL006907 covering the Ballarat East Nerrina Goldfield, this area provides access to the Dimocks Main Shale strike zone, believed to host the source veining for much of the alluvial gold within the Creswick deep lead alluvial system.”

“I look forward to providing further updates once our drill team and equipment return to Creswick”

SUMMARY:

  • Initial tenure of EL006184 expired on the 28th December 2021. The application renewal for the tenement for a further five-year term has been submitted.
  • MGA has first right in securing and applying to renew the ground covered by EL006184.

EL006184 has been a pivotal part of MGA’s exploration strategy and activities during 2021. Work undertaken includes the first ever diamond drill program conducted within the area, in addition to which MGA owns land and property at 35 Brewing Lane, Springmount sited within the tenement area. Exploration is scheduled to continue within MGA’s Creswick tenement area and will include further work along the Dimock Main Shale strike zone which is central to EL006184.

The renewal of EL006184 also complements recently approved licence EL006907 sited south and along strike of the mineralised belt towards Ballarat, Victoria, which the directors believe hosts the source veining for much of the alluvial gold within the Creswick deep lead alluvial system. Once the renewal is granted, the Company expects to return to recommence work at Creswick and within the new license area after completion of current operations at Bailieston, Victoria.

Further updates will be provided when the application has been processed.

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 – Approval of Two New Exploration Tenements in Victoria, Australia

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce the granting of two gold exploration tenements in Victoria, Australia.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433) and the Creswick Project (EL006184), both of which are currently undergoing intense exploration by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “On behalf of the board and our team on the ground in Victoria, I am very pleased to announce that we can confirm the award of exploration licenses EL006907 and EL007484. In particular, the granting of license EL006907 linking Creswick to Ballarat East-Nerrina goldfield was something our former CEO Craig Brown always viewed as a key step in developing our Creswick interests and our understanding of the Dimocks Main Shale. With the data and knowledge base we have amassed now, I know our team on the ground, headed by Adam Jones are very keen to start work in the new area and bring Craig’s vision to fruition.

Licence EL007484 is an important addition to our enlarged footprint to the east of Victoria in the Tambo region. With a second drilling machine due to arrive any day now, I look forward to reporting further exploration progress as our intensive exploration and drilling campaigns expand and develop.

Our board are actively engaged in a search for a new CEO, and I look forward to reporting back with developments here in the near term.”  

SUMMARY:

  • Two new tenements recently granted for undertaking exploration work within Victoria, Australia. ‘MGA’ now has a total of 523 km2 of ground granted for exploration for gold within Victoria.
  • One tenement (EL006907) is strategically placed between the historical rich Ballarat East-Nerrina goldfield and the current exploration licence ‘EL006148’. This tenement is host to the continued strike of the Dimocks Main Shale (“DMS”) horizon, believed to host the source veining for much of the alluvial gold within the Creswick deep lead alluvial system.
  • The second tenement (EL007484) is situated 50km north of Bairnsdale in the east of the state of Victoria encompassing the alluvial fields of Swifts Creek and the Mid to Upper reaches of the Tambo River.

EL006907 (Creswick)

MGA is pleased to report that Exploration licence 006907 was granted on 26/11/2021 for a period of five years, with the added possibility of an extension, provided expenditure requirements, (a minimum of $160,050 AUD over the five-year term), are met. The licence lies midway between the current Creswick lease of EL006184 and the Ballarat East and Nerrina goldfields, with a total ground area of 81km2.

EL006907 contains the southern strike extension of the DMS horizon believed to host the source rocks to the abundant historical alluvial gold production within the region. Although the true figures of alluvial gold produced are not known, the Geological Survey of Victoria estimates the region has produced in excess of one million ounces of gold, with most of the production occurring between the period of 1852-1930. Around 4km of DMS strike length is believed to be within this tenement.

Records of past exploration show that no known extensive drilling or geochemical surveys have been undertaken within the tenement.

EL007484 (Tambo North)

Licence EL007484 was also granted on 26/11/2021 for a five-year term. The total land area covers 374 km2, and covers the historic alluvial goldfields of the Tambo River and Swifts Creek. Exploration work for both precious metals and base metals has been undertaken previously, added to which the region is known for intrusives that may offer opportunity for discovering new deposits.

The figure showing location of both tenements are shown in the link below;

https://www.ecrminerals.com/images/fig1_mga_new_tenements_12_21.jpg

FORWARD LOOKING STATEMENTS

We are delighted that the long-awaited license grants for these two tenements have been awarded to MGA. MGA is still awaiting the final grant of EL006713 (Creswick) and EL007486 (Tambo South), which are both adjacent to the newly approved tenements. If approved, MGA will have exploration licenses covering the majority of the ground linking Ballarat and Creswick – an exciting and challenging prospect given the historical abundance of alluvial gold and under-explored nature of the region. Initially, the company intends to define geochemical patterns related to known alluvial gold dispersion to help define the optimum method to locate the ‘blind’ gold ‘shoots’ the central Victorian region is known for. Best outcomes will be followed up by drilling using MGA owned and operated equipment. The MGA team are very well aware that many of the gold deposits at Creswick are ‘spotty’ and coarse in nature, but this consideration is always in balance with the potential rewards.

MGA will continue to prioritise EL5433 (Bailieston) into the new year as this tenement is reaching maturity. Staff will be transitioning into exploration within the Creswick area which will include follow-up work on the recently drilled EL006184. Exploration opportunities are also available on the companies owned land also within EL006184.

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) 161 832 2174
Nominated Adviser
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 six licence applications outstanding including one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently exploring 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 – Property Purchase in Central Victorian Goldfields, Australia

Central Victorian Goldfields Property Purchase to Provide Accommodation, Potential Site for New Core Shed, Storage and Workshop Facilities, and additional Exploration Opportunity

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that its 100% owned Australian subsidiary Mercator Gold Holdings Pty Ltd (“MGA”) has concluded the purchase of a property at 177 Bassett Road, Sebastian (the “Property”). The Property is located approx. 12.5 miles north of Bendigo (11 miles from current core shed location) and is located within easy reach of ECR’s 100% owned Bailieston and Creswick license areas.

Highlights:

  • Accommodation with five bedrooms and three living rooms plus an office currently, with plans to convert into seven bedrooms and two living rooms. The Bassett Road property will save ECR a substantial amount in annual hotel accommodation and commercial property rental costs, providing convenient co-location of employees and consequentially a substantial reduction in travel time and expenses.
  • Bassett Road is positioned on approx. 59 acres of farming land, with ability to construct additional buildings on the land subject to planning approval.
  • The potential exists to develop and construct a geological core processing facility with sample storage shed, drilling supplies warehouse and mechanical workshop on the land, subject to local council planning approval being granted.
  • Currently connected to the mains power supply with an additional 3kW Solar system with batteries and 3kW wind turbine, the property can be powered “off grid” as it has been for the past 10 years, along with an independent water supply connection.
  • The purchase price of the property is A$887,500, has been settled in full. The purchase has been funded by the Company’s existing cash resources. As at the close of business on 17 September 2021 the Group had £3,400,000 (USD equivalent $4,650,000) in the bank after paying the full settlement for the property.
  • Quartz is visible at sites across the 59 acres of the Property. As gold in Australia can be contained in quartz the Company is looking to obtain an exploration licence over the Property.

Craig Brown, Chief Executive Officer commented: I am pleased to announce ECR’s third property acquisition in the Victoria Goldfields. As we maintain our aggressive drilling campaigns at Bailieston and Creswick, our profile in Victoria is growing rapidly. The Bassett Road property and land acquisition marks the next step along the road, cutting out our mounting monthly accommodation and property rental costs, and bringing our Bendigo storage and core logging activities all onto one site. Added to this, regional property market data indicates that the Victoria property market should see our properties and land at Bassett Road, Nagambie-Rushworth Road and Brewing Lane grow in value in the coming months and years. Furthermore, within the 59 acres of the property, there is visible evidence of quartz which could also indicate potential for gold. With this positive indication, we have been in discussions to obtain the exploration licence over the property.”

“In addition, mining companies are often receiving negative press for their lack of ‘green’ credentials, so the opportunity to run the Bassett Lane property and site wholly ‘off grid’ with our own solar and wind turbine power marks a small step for ECR along the road to reducing our carbon footprint.”

Rationale for Purchase of 177 Bassett Road, Sebastian

As ECR continues its aggressive drilling campaigns at its 100% owned Bailieston and Creswick licence areas, the costs of hiring and accommodating employees is growing exponentially. Since drilling with the Midas rig kicked off at Bailieston in January 2021, we have seen our monthly accommodation expenses increase substantially, on top of the considerable monthly outlay for renting the core logging premises at Bendigo. Given this backdrop, the ECR Board (“Board”) took the decision to seek a fixed cost alternative, with the potential to create accommodation, core logging and processing and storage all in one location.

The Property was shortlisted against a number of properties conveniently located around Bendigo and following due consideration the decision was taken to purchase 177 Bassett Road. The Property is positioned on approx. 59 acres of farming land, currently with the potential to sleep at least seven people. The property enjoys an independent water supply connection, with connection to the mains power supply plus an additional 3kW Solar system with batteries and 3kW wind turbine. As such the property has the ability to run “off the grid” (power) as it has for the last 10 years. Most significantly, the Property comes with approx. 59 acres of farming land, of which 50 acres has been used for sharecropping, a system where the landlord allows a tenant to use the land in exchange for a share of the crop. The land offers ample scope to construct buildings for a geological core processing facility with sample storage shed, drilling supplies warehouse and mechanical workshop.

The Commonwealth Bank of Australia (“CBA”), Australia’s biggest housing lender, published its full year results in February 2021 and forecast property prices would rise by 8 per cent in 2021 and 6 per cent in 2022, with house prices to rise 16 per cent in that time and unit prices by 9 per cent. Whilst there can be no guarantee as to the performance of the property market in Australia, in making the purchase, the Board has given due consideration to the prevailing property market, including the data published by CBA*.

*Commonwealth Bank of Australia statistics (February 2021)

The vendors are a private family who have been using the Property for residential purposes.

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
Craig Brown, Director & CEO
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 161 832 2174
Nominated Adviser
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 and Creswick 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://luxeploration.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 has earned 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 – Property purchase within the Creswick License Area

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that its 100% owned Australian subsidiary, Mercator Gold Holdings Pty Ltd (“MGA”), has purchased a property at 35 Brewing Lane, Springmount. The property is located within the Company’s existing 100% owned Creswick license area.

Highlights:

  • The property consists of 16 acres, within the 45 square kilometre Creswick license area in Victoria, Australia
    • The property is held over three titles
  • The property will provide a base for activities across the license area as ECR advances its drilling programmes and, when appropriate will be the site for development for the mine decline
  • The purchase price of the property is US$500,000, which is settled in two tranches, consisting of a US$50,000 deposit which has already been paid, with the balance to be paid on 27 September. The purchase will be funded by the Company’s existing cash resources. Currently the Group has £4,222,940 in cash after paying the deposit.  This is the equivalent of USD 5,824,631.

Craig Brown, Chief Executive Officer commented: “Following the positive progress of the drilling programme at Creswick, we are pleased to announce the purchase of the Brewing Lane property which sits in our existing license area. The property will provide 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.

“Earlier this year, we reported strong results from the [ongoing/current] drilling programme at the Creswick license which has continued to delineate gold mineralisation along strike, with all assayed holes returning gold. Of particular significance are holes CSD003 and CSD004 which returned 9.93 g/t and 23.58 g/t gold, respectively.”

“I remain enthused by the pace of developments at Creswick, Bailieston and our other assets, and look forward to receiving the remaining assay results at Creswick and reporting on progress.”

The property was purchased from a private individual.

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
Craig Brown, Director & CEO
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0) 161 832 2174
Nominated Adviser
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 and Creswick 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 has earned 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 – Ongoing Drilling Success at Creswick Gold Project Provides a Deeper Understanding of Dimocks Main Shale Prospectivity

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce a drilling update from the Creswick Gold project (the “Project”), in the Victoria Goldfields, Australia. The Project is 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

HIGHLIGHTS

  • Diamond drilling along the Dimock Main Shales (DMS) trend has continued to delineate gold mineralisation along the strike zone in a southerly direction from the first drill hole at CSD001. This is outlined in detail under ‘Technical Information’ and at Figure 1 and Figure 2 below.
  • To date six holes have been completed, four holes have been fully assayed, with final gold assays now received for holes (CSD001, CSD002, CSD003 and CSD004).
  • Drill holes have tested near the centre and near the southern end of the tenement to gain a full overview of the prospectivity of the trend across the whole tenement. The drilling in the centre of the tenement (CSD003 & CSD004) tested a portion of the system with no historic mining.
  • All holes drilled to date have hit multiple and significant zones of quartz and all holes with assays returned have intercepted gold, with the best results from CSD003 drilled where there were no historic workings.
  • Assay results received include; 1m @ 4.78 g/t Au from hole (CSD002) and 0.95m @ 9.93 g/t and 0.95m @ 23.58 g/t Au both respectively from (CSD003).
  • Diamond drilling has just been completed for holes CJD001 and CSD005, confirming structures hosting quartz, parallel to and within the Dimocks Main Shales, are persistent along strike to the south of CSD001 and CSD002. Assays results will be provided following receipt and interpretation.

Craig Brown, Chief Executive Officer, commented:

“I am pleased to report continued positive progress for the Creswick drill programme. The aggressive drilling campaign undertaken by our contractors at Creswick continues apace, and the consequential raft of core data and intelligence processed by the core shed in Bendigo is now providing our geological team with a much deeper understanding of the prospectivity of the trend across our license areas.

I am also pleased to report that assay results from hole CSD001, the first drill hole of the campaign, show we have intersected gold, a factor that is particularly significant considering that CSD001 is the first diamond hole into the DMS in the entire tenement. 

We are delighted with Holes CSD003 and CSD004, which have provided our best gold intersections yet on this 2021 diamond drilling programme of 9.93g/t and 23.58g/t gold. The work undertaken in the current campaign has enabled us to locate and confirm the position of the DMS, and increase our understanding of the types of folding and faulting within the system to assist with ongoing drill targeting.

To date 6 drill holes have been completed successfully and safely at the Project, with 4 holes now assayed and all containing gold. 

Overall, the assay results to date have delivered the outcome we were all hoping for, and I would like to put on record my thanks to Adam Jones, Dr. Rod Boucher and the drilling and core shed teams for their hard work that has delivered a considerable amount of data and information in a very short space of time. I look forward to reporting to the market with regard to further assay results, and their geological significance following analysis.”

TECHNICAL INFORMATION

Note: Quartz develops in the thicker shales, particularly where intercepted by east-dipping faults.  As previously hypothesised by the company, the geology is complex and some work is needed to fully understand the faulting and folding.

Preliminary interpretations of the latest three holes are provided below.

All quartz zones show variable sericite-carbonate-chlorite alteration but are low in sulphides.

CSD002

Following on from the success of CSD001, hole CSD002 was drilled from the same site, but at a steeper dip to CSD001. CSD002 was collared 10m to the west of CSD001 and drilled to test projected parasitic folding and an interpreted low angle fault hosting gold mineralisation as seen at 131.9m in CSD001. CSD002 drilled through the projected fault with associated significant quartz mineralisation at a depth of 108.5m. Assay results show this section of quartz to contain no significant gold mineralisation despite visual similarities to the gold-bearing quartz in the first hole. Drilling passed through further quartz and pyrite at a depth of 173.2m. Gold is present within this structure, with assays returning 1m @ 4.78 g/t Au from 173.1m. CSD002 was drilled to a final length of 215.2m.

Geological correlation between CSD001 and CSD002 shows gold mineralisation to have some spatial interplay between sub-vertical quartz veining and the offset of the low angle fault. The faulting and folding in the holes is complex and work is ongoing to fully map these out and better define targets.

Figure 1 showing the preliminary geological interpretation between CSD001 and CSD002:

https://mercatorgold.com.au/images/fig1_CSD002_210713c.jpg 

CSD003 and CSD004

CSD003 and CSD004 were drilled 900m on strike to the south from CSD001 and CSD002. This drill location has no known historical gold workings nearby, the closest workings being over 200m to the north.

CSD003 was collared in at a dip of -65 and drilled towards the east. The drillhole passed through multiple parasitic folds on a larger west dipping fold similar as noted in CSD001 and CSD002. Bedding parallel quartz with associated carbonate bleaching was passed through at a depth of 83.2m. A second, parallel zone of quartz was passed through at 89.05m depth. These two quartz intersections returned 0.95m @ 9.93 g/t Au from 84.2m and 0.95m @ 23.58 g/t Au from 89.05m. Drilling continued to a depth of 191.9m. These intersections represent the true width of the gold quartz veins.

CSD004 was collared as a scissor hole to CSD003 to test for the westward continuation of the main structural zone and to drill beneath veins outcropping down the adjacent hillslope. Structures hosting quartz mineralisation were drilled through at 114m and at 124.7m depth. Veining was found to have widths of up to 1 metre and consisted of chlorite and carbonate bleaching. Only one assay returned anomalous gold; 1m @ 0.18 g/t Au from 125.7m. CSD004 ended at 207.1m

With the success of CSD003, there are plans for additional drillholes to follow the continuity of the high gold mineralisation.

Figure 2 showing geological interpretation section through CSD003 and CSD004:https://mercatorgold.com.au/images/fig2_CSD003_004_210714.jpg

 

Table 1 Intercepts from holes CSD002, CSD003 and CSD004

HOLE ID EASTING       (GDA Zone 54) NORTHING (GDA Zone 54) Dip AZIMUTH (True North) TOTAL DEPTH (metres) AVERAGE GRADES OF MINERALISATION*
CSD002 759261 5854636 -65 101 215.2 -1m @ 4.78 g/t Au from 173.1m

-0.6m @ 0.22 g/t Au from 65.9m

-0.35m @ 0.39 g/t Au from 179.85m

CSD003 759244 5853704 -65 096 191.9 -0.95m @ 23.58 g/t Au from 89.05m

-0.95m @ 9.93 g/t from 84.2m

 

CSD004 759253 5853702 -67 281 207.1 1m @ 0.18 g/t Au from 125.7m

*no other intercepts returned significant levels of gold.

FURTHER INFORMATION 

A total of 6 drillholes have been completed to date on the Creswick gold project. Out of these, assays have been returned from 4 of the holes and each of these contain gold, including the scissor hole (CSD004) that was drilled in the opposing direction away from the main structural zone to test peripheral structures. In particular two of these show high-grades (CSD001 CSD003). Current drilling activity is focussing on assessing the strike extent of quartz mineralisation associated with a series of shallow historical gold workings along the Dimocks Main Shale trend between sites CSD001-CSD002 and CSD003-004. There is a strike length of 900m between these two initial drill sites that has not been drilled before. The Directors believe Mercator Gold Australia (MGA) is the first company in history to undertake such mineral exploration in this region to such a high level, and plans are underway to cover the shallow, up-dip extensions of drilled quartz reefs by soil geochemistry.

 

Results are pending for recently drilled CJD001, which is our most southerly drilled hole along strike to date (2km south of CSD001-CSD002). Significant quartz veining has been intersected within this hole.

Visual evidence of the limited extent of hard-rock gold workings and the mapped extent of eroded alluvial gold workings leading up to the Dimocks Main Shale area provide a practical demonstration to show the potential strike length of this gold system (see announcement 25/9/18). Furthermore, (as announced on 23/03/21), MGA has applied for additional licenses EL006713 and EL006907 on the southern extension of this vein system to the south.

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 (AIG). 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
Craig Brown, Director & CEO
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0)1483 413500
Broker

Nick Emerson

 

Novum Securities Limited

Broker

Jon Belliss

                                              Tel: +44 (0)20 7399 9425

 

Brand Communications

Public Relations                                                                               Tel: +44 (0) 7976 431608

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

 

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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 Queesnland, Australia.

 

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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 has earned 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 resources. 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 – Unaudited half-yearly financial results for six months ending 31 March 2021 & Update

LONDON: 29 JUNE 2021 – ECR Minerals plc, the gold exploration and development company, is pleased to announce unaudited half-yearly financial results for the six months ending 31 March 2021 for the Company as consolidated with its subsidiaries (the “Group”), along with a review of significant developments during the period and subsequently.

HIGHLIGHTS 

  • Victoria, Australia continues to enjoy a gold exploration boom, with continued third-party interest in ECR’s Creswick project in Victoria. Discussions are ongoing in respect to a potential commercial transaction in relation to our Creswick project.
  • Late in 2020, the Company took delivery of its new Cortech CSD1300G diamond drill rig and at the same time established a new operational base at Bendigo in the Central Victoria Goldfields.
  • The Company announced three new strategic licence applications, adding new exploration opportunities in North Queensland, Australia. Three applications for Exploration Permits – Minerals (“EPM”) licences have been submitted by LUX Exploration Pty Ltd, ECR’s 100% owned subsidiary.
  • In January 2021, ECR’s 100% owned Australian subsidiary MGA commenced drilling operations at the Byron Prospect in the HR3 area of the Bailieston Project. The Company’s newly acquired ‘Midas’ drill rig was utilised to undertake the first of numerous planned drilling campaigns, all of which are being coordinated from ECR’s central exploration facility compound at Bendigo.
  • Announced results from exploration activity in Victoria included immediate success at the first drill hole at Creswick, intersecting 1m @ 9.68 g/t and confirming high gold anomalies (up to 3.75 g/t Au) along with spatially associated antimony which is thought to be from the mineral stibnite which forms a close association with gold mineralisation. Furthermore, a total of 720 B-horizon soil samples were taken across the central and eastern part of the Bailieston Historic Reserve #3 (HR3) between February and March 2021.
  • Post-period end, the Company’s cash position was strengthened by a £2,000,000 equity financing by Novum Securities in April 2021 to ramp-up drilling and exploration activities on ECR’s gold exploration projects.
  • During the period, the Company issued an aggregate of 11,800,000 share options from the management and consultant option pool to certain key consultants and staff, and also issued an additional 235,420,387 shares from the exercise of warrants and options, receiving a total of £3,289,520.
  • Group total comprehensive expenses of £468,112 are reported for the six months ended 31 March 2021 (£1,846,202 for the six months ended 31 March 2020) and net assets of £6,442,465 at 31 March 2021 (£2,206,211 at 31 March 2020).
  • A Group Operating Loss is reported for the six months ended 31 March 2021 of £403,079, compared with £369,102 for the six months ended 31 March 2020.
  • Adam Jones appointed as a Non-Executive Director.
  • Despite the effect of the COVID-19 pandemic on the global economy, ECR is in a robust financial position and continues to provide shareholders with exposure to an exciting range of gold projects.

FINANCIAL RESULTS

For the six months ended 31 March 2021 the unaudited financial statements of the Group record a total comprehensive expense of £468,112.

The Group’s total assets were £6,522,307 at 31 March 2021, compared with £2,275,479 at 31 March 2020. The increase in total assets has occurred largely due to the increase in purchase of property, plant and equipment and exercise of warrants during the period.

The Group held £3,928,905 of cash and cash equivalents at 31 March 2021, compared with £166,852 at 31 March 2020.  Post the period end, the Group’s cash position benefited from a £2,000,000 equity financing completed by the Company in April 2021.  Cash at 23 June 2021 is £5,242,081.

REVIEW OF PRINCIPAL DEVELOPMENTS DURING THE PERIOD AND SUBSEQUENTLY

The six months to 31 March 2021 and the subsequent period since have been marked by a series of exciting developments for ECR, all of which are related to the Group’s primary strategic activity, of exploration and development in Australia through ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

Currently, the Company is focused on an aggressive drilling programme at Bailieston and Creswick properties in Victoria, with two diamond drill rigs working every day to deliver large quantities of drill core for technical review, processing and assay testing. The ongoing pace and sheer volume of core and data recovered, along with the EPM applications in N Queensland is expected to expose ECR to potential new gold discoveries.

Application for 300 Sub-Blocks West of Charters Towers in the Lolworth District of North Queensland, Australia.

In May 2021, ECR Minerals announced three new strategic licence applications with a view to adding new exploration opportunities in Queensland, Australia. These were submitted by LUX Exploration Pty Ltd which is a 100%-owned Australian subsidiary of ECR Minerals.

The three Exploration Permits – Minerals (EPM) in application (27901, 27902 and 27903) represent 300 sub-blocks covering a total 900 km2 of highly prospective ground located within the Lolworth Range, 200km WSW of Townsville and 30km north from Pentlands, North Queensland Australia.

The application area contains metamorphic rocks of the Charters Towers Province, that host historical large gold producing centres such as Charters Tower (6.6M Oz Au) and Ravenswood (>1M Oz Au). The structural and basement geology is poorly understood in the area, suggesting numerous opportunities to find new deposits. The area also contains reported rhyolitic volcanism, which play host to intrusion-related breccia gold deposits in the region such as Mount Leyshon (>2.5M oz) and Mount Wright (>1M oz).

The application area is encompassed on the southern boundary by rich alluvial gold deposits of the Cape River and Gorge Creek area, which drain the southern Lolworth Range.

The east boundary of EPM27902 and EPM27903 is bordered by current exploration permits across the Lolworth dyke swarm; a north-west trending system of rhyolitic dykes and small breccia pipes containing gold, copper and molybdenum.

Historic samples also highlighted tin-tungsten mineralisation in the western areas of EPM27902. Reports show no detailed follow-up work has been undertaken.

ECR considers EPM27901, 27902 and 27903 offer significant potential for precious and base metal discoveries in an area of Australia where multiple large-scale discoveries have already been made.

Soil Sampling – HR3 Bailieston Project

In May 2021, MGA carried out soil sampling generated within the Historic Reserve #3, (HR3) Bailieston in Victoria, Australia. The results of the study were announced on 15 June 2021, and revealed high gold anomalies (up to 3.75 g/t Au) along with spatially associated antimony, which is thought to be from the mineral stibnite, which forms a close association with gold mineralisation. A total of 720 B-horizon soil samples were taken across the central and eastern part of the Bailieston Historic Reserve # 3 (HR3) between February and March 2021.

These findings mean we have now submitted a request for consent to undertake additional exploration drilling at the location, which is over and above initial planned drill holes in the area. The collected samples were tested by portable X-ray fluorescence (“pXRF”) for anomalous pathfinder elements for gold and a selected sub-set of 229 samples have been sent for trace element analysis (TL) for Au, Ag, As, Sb, Zn, Cu and Pb. Results of this work show a strong spatial relationship between Au (gold), Sb (antimony) and to a lesser extent As (arsenic). Plotting of spatial Au-Sb elemental maps reveals trends that may correspond to the weathering of high-grade gold shoots under shallow cover.

Field mapping shows sub-cropping quartz with little to no historical workings associated with these anomalies. Plans have been submitted for approval to drill along strike to test these quartz reefs at depth.

Soils grids were designed over known and possible strike extensions of gold-bearing quartz reefs. A 10m x 10m spaced grid was chosen as it is known that narrow high-grade gold reefs will erode over a small spatial area into the adjacent soil. Soils have been taken from the B-horizon, often at the gravel-clay interface at a depth around 10cm. This is where the gravels have not transported too far from their source rocks. Soils located within gullies and adjacent mullock dumps were removed due to contamination. All soils were sieved on site to < 2mm and bagged, producing a sample around 300g in weight. A total of 720 samples have been taken to date (June 2021).

All soils were systematically analysed in-house using ECR’s owned Olympus pXRF. Analysis is undertaken using three sequential beams with a 15 second count attributing to each beam. Results are evaluated for traditional pathfinder elements such as As, Ag, Pb, Zn, Cu and Sb.

Soil with moderate arsenic content (generally > 40 ppm) and soils spatially close to extensions to known reef lines were selected for further trace elemental analysis for Au, Ag, As, Pb, Zn, Cu and Sb. A total of 229 sub-samples have been selected and sent to ALS laboratories, Adelaide, South Australia. Method Au-TL44/ME-ICP44 was chosen for analysis.

A detection limit in ppm is sufficient given the proximity to possible gold sources. Any Au-TL44 results greater than 1 ppm was analysed by Au-AROR44, which is used for ‘ore grade’ analysis. A 50g charge from a 95% passing 75µm pulverise was chosen due to the likely presence of coarse gold.

Thirteen samples returned gold values above 0.1 g/t Au. Silver, Copper, Lead and Zinc results are low within the soils.

Arsenic is traditionally used as a pathfinder element for gold mineralisation and occurs at moderate levels within soils at HR3 and is fairly distributed, masking blind gold deposits.

Antimony (Sb) results are variable with high results correlating spatially with high gold assays.

Rock chips taken during 2018 along strike of the main soil anomaly showed a visible speck of coarse gold. Assays for these rock chips were analysed using a small charge fire assay resulting in variable results (up to 0.32 g/t Au) reflecting how coarse gold can be missed using traditional assay methods. Furthermore, non-executive director (Adam Jones) in February 2019 has found coarse gold by using a metal detector within the shallow soils in the vicinity of the reported soil anomalies.

Early Successful RC Diamond Drilling at Creswick Project

MGA has made great progress to date with the completion of the four diamond holes at Creswick and 909.2m of diamond drilling has been undertaken efficiently at the Creswick Project.  So far, the Company has received assay results from hole CSD001, with gold intersected in the first drill hole.

The first hole, CSD001 has been completed to 295m. This hole is an orientation hole to establish the position of the Dimocks Main Shale (DMS) and associated structures. As previously reported (21 June 2019) data from the RC drilling conducted in 2019 showed a lack of geological continuity indicating faulting and folding of the DMS. CSD001 intersected quartz zones within the DMS in addition to multiple reefs above and below it. Drilling of CSD001 has demonstrated that much of the 2019 RC drilling was done into the minor reefs above the DMS.

CSD001 revealed three parallel reef systems above the DMS that have been folded by small and large parasitic folds. The DMS was reached at 72m down the hole and continued to 93m and intersected two 2m quartz zones at the upper contact and at 86m with minor veining throughout the shale. The hole continued to 295m to test the folding and faulting beneath the DMS and encountered an additional 8 reef zones that mostly related to east-dipping faults and minor shales. 76 of the 108 samples sent for laboratory testing from CSD001 have been reported from the lab with the best result 1 m @ 9.68 g/t from an east-dipping fault beneath the DMS. Results from the final 32 samples are awaiting laboratory analysis.

CSD002 was collared 10 m to the west of CSD001 and drilled steeper to target where projected parasitic folding and the mineralised east-dipping fault intersect the DMS. The previously reported result from 2019 from CSR005 of 1m @ 81.0 g/t came from quartz in the parasitic folds. Drilling of CSD001 intersected an 8m quartz zone where the DMS and these structures intersect plus minor veining throughout the shale. The core from CSD002 has been logged, sampled and sent to the laboratory for analysis.

Work to better understand the nugget effect at Creswick is ongoing. As described in the release dated 5 November 2019 grade variability due to the nugget effect was demonstrated at Creswick with some of the initial samples under-reported and others over-reported.

Outlook, Future Prospects and COVID 19

The Board of ECR Minerals plc is very positive in regard to the outlook for the Company and for sustained demand for Gold over the longer term. We remain enthused over the potential and prospectively of the Company’s projects in Victoria, Australia.

As a consequence of COVID 19, governments around the world have imposed restrictions on

international travel, and in particular extensive restrictions have been imposed on domestic travel within Australia. These restrictions have meant that until May 2021, the board have been unable to visit the assets. However, the team on the ground in Victoria have continued the work at site without interruption, and as a result there has been no significant negative impact on the Company from the coronavirus.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc

 

Tel: +44 (0)20 7929 1010

David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
Email:  info@ecrminerals.com
Website:  www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
Novum Securities Tel: +44 (0)20 7399 9425
Broker
Jon Belliss
SI Capital Tel: +44 (0)1483 413500
Broker
Nick Emerson
Brand Communications Tel: +44 (0)7976 431608
PR & IR
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 licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick 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 Queesnland, 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), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production at any of those projects.

ECR has earned 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, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.

FORWARD LOOKING STATEMENTS

This announcement may include forward-looking statements. Such statements may be subject to a number of 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 as a result of new information, future events or for any other reason.

 

Please find the full financial statements here

ECR Minerals #ECR – CEO and geologist upbeat as first Creswick hole hits gold

ECR Minerals PLC’s (LON:ECR) CEO Craig Brown and director and geologist Adam Jones update Proactive on drilling at its Creswick and Bailieston gold projects in Victoria, Australia.

ECR’s this week announced it has intersected gold with the first hole drilled into the Dimocks Main Shale (DMS) at Creswick. The first four drill holes at the project are now complete.

Adam Jones comments on the quality of both prospects, and says Creswick is coming up fast behind Bailieston for prospectivity… ‘a mine at both places’

ECR Minerals #ECR – Early Success at Creswick Gold Project, Victoria, Australia

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce a drilling update from the Creswick Gold project (the “Project”), in the Victoria Goldfields, Australia. The Project is 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

The programme is designed to establish the position of the Dimocks Main Shale (“DMS`’) and associated structures within the Project, and target the main geological structures considered to be gold bearing at Creswick.

Craig Brown, Chief Executive Officer, commented:

“We have made great progress to date, with the first four holes at Creswick now complete and approaching 1,000m of diamond drilling undertaken efficiently and safely at the Project.

The Company has now received assay results from hole CSD001 and I am delighted to confirm we have intersected gold in this, the first drill hole, in our Creswick campaign.  This is highly encouraging and particularly significant considering that CSD001 is the first diamond hole into the DMS in the entire tenement. 

With CSD001 we have located the position of the DMS and are building our understanding of the types of folding and faulting within the system which will assist with ongoing drill targeting.

Overall, the hole one assay result has delivered the outcome we were all hoping for. This has been very much a team effort, and I would like to put on record my thanks to Dr. Rod Boucher, Adam Jones, the drilling team and the core shed staff for their hard work that has delivered a raft of data and information in record time. I look forward to reporting to the market with regard to further assay results, and their geological significance, as they become available.”

HIGHLIGHTS

  • Four diamond holes completed to date for 909.2m completed (CSD001 – CSD004).
  • Currently drilling the fifth hole CJD001. At the date of release this hole was at 220m.
  • Assay testing has now been undertaken on the first Creswick hole, CSD001 and the assay results confirm immediate success intersecting gold, with 1m @9.68 g/t confirmed.
  • Drilling continues with diamond hole CSD005 now underway, and assay results are awaited in respect of holes CSD002 – CSD004.
  • Following receipt of additional assay results and our in-house geological interpretation, our findings will be provided in further announcements.

TECHNICAL INFORMATION

The first diamond hole drilled at Creswick has immediate success intersecting 1 m @ 9.68 g/t.

The first hole, CSD001 has been completed to 295m.  This hole is an orientation hole to establish the position of the Dimocks Main Shale (DMS) and associated structures.  As previously reported (21/6/19) data from the RC drilling conducted in 2019 showed a lack of geological continuity indicating faulting and folding of the DMS.  CSD001 intersected quartz zones within the DMS in addition to multiple reefs above and below it.  Drilling of CSD001 has demonstrated that much of the 2019 RC drilling was done into the minor reefs above the DMS

CSD001 revealed three parallel reef systems above the DMS that have been folded by small and large parasitic folds.  The DMS was reached at 72m down the hole and continued to 93 m and intersected two 2 m quartz zones at the upper contact and at 86m with minor veining throughout the shale.  The hole continued to 295m to test the folding and faulting beneath the DMS and encountered an additional 8 reef zones that mostly related to east-dipping faults and minor shales.  76 of the 108 samples sent for laboratory testing from CSD001 have be reported from the lab with the best result 1 m @ 9.68 g/t from an east-dipping fault beneath the DMS.  Results from the final 32 samples are awaiting laboratory analysis.

CSD002 was collared 10 m to the west of CSD001 and drilled steeper to target where projected parasitic folding and the mineralised east-dipping fault intersect the DMS.  The previously reported result from 2019 from CSR005 of 1 m @ 81.0 g/t came from quartz in the parasitic folds.  Drilling of CSD001 intersected an 8 m quartz zone where the DMS and these structures intersect plus minor veining throughout the shale.  The core from CSD002 has been logged, sampled and sent to the laboratory for analysis.

Figure 1 shows the best quartz zone intercepted in the DMS in CSD002: https://www.ecrminerals.com/images/CSD002_DMS_quartz.jpg

Work to better understand the nugget effect at Creswick is ongoing.  As described in the release dated 5/11/19 grade variability due to the nugget effect was demonstrated at Creswick with some of the initial samples under-reported and other over-reported.

ASSAY RESULTS – CSD001

See TABLE 1 below for initial results:

Table 1 Best intercepts from the first 76 to 108 assays results from CSD001

HOLE ID EASTING       (GDA Zone 54) NORTHING (GDA Zone 54) Dip AZIMUTH (True North) TOTAL DEPTH (metres) SIGNIFICANT INTERCEPTS
CSD001 759,271 5,854,636 -58.0 101.0 295 1.0 m @ 9.68 g/t from 131.9 m, 0.9 m @ 0.88 g/t from 58.2 m,  1.0 m @ 0.21 g/t from 147.7 m

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Dr Boucher 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
Craig Brown, Director & CEO
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0)1483 413500
Broker

Nick Emerson

 

Novum Securities Limited

Broker

Jon Belliss

Tel: +44 (0)20 7399 9425

 

Brand Communications

Public Relations                                                            Tel: +44 (0) 7976 431608

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 licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick 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), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production at any of those projects.

ECR has earned 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, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.

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