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ECR Minerals #ECR – Exploration Update for Blue Mountain and Lolworth Projects, Queensland

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce an update on exploration activities across the Company’s Blue Mountain and Lolworth Projects in Queensland, Australia.

HIGHLIGHTS

Blue Mountain

  • Trenching completed at former alluvial gold sites producing 9 bulk concentrate samples
  • Samples submitted for laboratory analysis to determine next steps, which may include metallurgical test work to assess commercial opportunities
  • Application submitted for 5-year extension of the licence area

Lolworth

  • Initial hard rock trenching planned for Gorge Creek West
  • Chief Geologist to join field crews as focus shifts to the north of the Lolworth Project area where niobium and additional gold prospects are located
  • ECR remains fully funded for its planned operations in Queensland and Victoria in 2024

Blue Mountain

Trenching has now been completed by ECR across several former alluvial gold sites sampled by the previous owner of Blue Mountain in 2021. A total of 11 trenches were excavated, resulting in 9 individual bulk concentrate samples. Gravels from 9 of the trenches were processed through a trommel wash plant. These excavations were carried out jointly with the landholder who has been fully supportive of ECR’s exploration activities.

As previously announced, the Directors of ECR understand that, historically, the Cania & Kroombit Mineral Fields within Blue Mountain were gold producers. Alluvial gold was discovered in 1871 with a steady fall in alluvial mining by 1875 but, in 1879, the discovery of nearby gold bearing quartz reefs triggered a short-term revival. Independent work from BlueKebble Pty Limited (“BlueKebble”), the previous owner of the project, suggests that over 1,000 ounces of gold (reef and alluvial) were recovered in 1880. Whilst ECR has just commenced on-ground verification work at the tenements, as set out in this announcement, the Board believes that there is an excellent opportunity to investigate the hard rock potential source of the alluvial gold, based on internal reports provided by Bluekebble as part of the acquisition. The information from Bluekebble has not been verified by ECR (and accordingly it cannot be relied upon and there can be no guarantee the findings are correct), however the following key points from Bluekebble’s internal reports have helped inform the board as to the potential at this site:

‘The whole area is believed to host shallow gold mineralisation evidenced by trenches carrying gold.

An area 1 km by 2km was systematically tested and Bluekebble believed they could show visible gold to be present in the volcanic basalts to the south and within the metasediments to the north. Bluekebble also utilised a Wilfley Table to make a heavy mineral concentrate to calculate additional alluvial gold resources within Denny Gully. This table concentrates alluvial gravels down to a heavy mineral concentrate, which is then is analysed for gold. The results are back calculated to a meaningful grade per cubic metre of alluvial gravel equivalent. Bluekebble believed that nearby sources of the alluvial gold could be hosted in the northern section proximal to the creeks where they observed visible coarse and nuggetty gold during their Wilfley Table testing. Bluekebble also believed that good gold grades could be hosted within the volcanic basalts within the tenement and that shallow mineralisation down to 4 metres could potentially yield over 100,000 oz gold.’

Recent surveys by ECR have identified multiple locations along the creek system within the tenement that warrant further follow up and testing. Extensive creek flats, elevated creek gravels and remnants of historical ‘gold rush’ activities suggest substantial areas of unexplored and potentially prospective ground.

With both tenements scheduled to expire later this year, ECR, through its wholly owned subsidiary LUX Exploration Pty Ltd (“LUX”), has submitted an application for a 5-year extension of the licence area. The Directors believe that LUX is well placed for approval of this extension.

Next Steps

The bulk concentrate samples from the trenching have been dispatched to the laboratory for gold content analysis. Should the results meet with ECR’s expectations, the next steps for the project will involve metallurgical testing which will be crucial in assessing the viability and potential commercial opportunities for the project as well as further delineation of the alluvial gold potential both upstream and downstream of the recent testing.

The Board is of the view that, while the Company awaits the results from laboratory analysis, the Company’s cash resources and personnel are best spent accelerating exploration efforts at its other highly prospective asset in Queensland – Lolworth.

Confirmation of Acquisition of Blue Mountain

On 5 April 2023 the Company announced the potential acquisition of a 100% interest in the Blue Mountain Project, Queensland subject to certain conditions. The Company confirms that all conditions have been satisfied and 31,913,196 Ordinary Shares have been issued (at a price of 0.06267p being the VWAP for trading in ECRs shares on AIM in the 30 days prior to the date of the relevant agreement) (the ‘Consideration Shares”). Application has been made for the Consideration Shares to trading on AIM (“Admission”) and Admission is expected to commence, and dealing in the Consideration Shares is expected to start on or around 17 July 2024.  The Consideration Shares will rank pari passu with the existing ordinary shares.

Full details of the acquisition are set out in the announcement dated 5 April 2023. Link here to view.

Lolworth

Two field staff have been working on site since early May 2024 and Chief Geologist Adam Jones along with his team currently at Blue Mountain will join them in the coming weeks. Initial field work across several gold prospects in the Upper Gorge Creek area has shown promising signs, including visible gold in streams and hillsides. Soil sampling grids have been established above streams with previous positive results, and plans are in place for initial hard rock trenching in the Gorge Creek West area.

Geological mapping indicates an anomalous gold trend along the westerly striking contact between granite and altered sedimentary rocks. Previous rock chip samples have returned grades of up to 3.13 g/t Au, with localised higher grades up to 13.75 g/t Au (see Fig.1 below). Additionally, gold nuggets weighing up to 12 grams have been identified in the immediate watershed below. Further trenching is planned to assess the width of the granite and altered rocks.

Other notable prospects include a 4m x 200m rhyolitic intrusion where previous samples averaged about 0.4 g/t Au, with highs up to 8 g/t Au. This intrusion’s strike is a key focus for the team during the current visit.

Figure 1: Lolworth Project Overview and Results

Next Steps

ECR’s team will move north to focus on the Reedy Creek (Gold) and Oaky Creek (Niobium) prospects. They will conduct intensive soil sampling, geological mapping, and outcrop sampling, with particular interest in the headwaters between Reedy Creek and Butterfly Creek, known for coarse gold in stream samples of up to 962 ppm Au. Aerial imagery has identified potential quartz veining in the hills above this area.

Adam Jones Chief Geologist commented;’I’m delighted with the progress and results achieved at Blue Mountain. The recovery of visible gold through our washplant has exceeded expectations and validates our decision to acquire the asset.”

Mike Whitlow Chief Operating Officer added;We eagerly await the results of laboratory analysis which will guide our next steps for Blue Mountain and ideally it will support our view that this is a highly prospective gold project. I’m equally excited to have our Chief Geologist join the field crew at Lolworth in the coming weeks as we step up our exploration efforts there and seek to unlock the significant potential for gold and rare earths that the Board recognises in this project.‘’

Admission and Disclosure and Transparency Rules

Following Admission, ECR’s issued ordinary share capital will comprise 1,857,061,117 ordinary shares of 0.001 pence. This number represents the total voting rights in the Company, and, following admission may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.

Review of Announcement by Qualified Person

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

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc Tel: +44 (0) 1738 317 693
Nick Tulloch, Chairman

Andrew Scott, Director

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

Axis Capital Markets Limited Tel: +44 (0) 203 026 0320
Broker
Ben Tadd/Lewis Jones
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).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.  ECR holds a royalty on the SLM gold project in La Rioja Province, Argentina which could potentially receive up to US$2.7 million in aggregate across all licences.

MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.

ECR Minerals #ECR – Unaudited Half-Yearly Results for the Six Months Ended 31 March 2024 and Business Update

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce its unaudited half-yearly financial results for the six months ended 31 March 2024 for the Company, along with a review of significant developments during and post period.

HIGHLIGHTS

Operational highlights:

  • Geological mapping at Lolworth led to the discovery of numerous quartz outcrops within the ridgeline above those gold bearing streams in the Upper Gorge Creek area with best results from rock chipping of 13.75 g/t Au, 3.13 g/t Au and 2.17 g/t Au over a number of outcrops measuring up to 3m wide x 20m long
  • Discovery of a rhyolitic dyke in Gorge Creek East, Lolworth 5.5m wide x 200m long having anomalous gold valueswith the best rock chip from the centre of the dyke returning 8.02 g/t A
  • Results from mapping a quartz veinlet system within the upper creek drainage of Flaggy Creek, Lolworth over a length of 70 metres long and within a zone up to 100m wide have proven to be gold-bearing with best results being 6.05 g/t Au, 5.96 g/t Au, 4.66 g/t Au and 3.97 g/t Au
  • Application submitted for an Exploration Licence at Kondaparinga, Queensland, approximately 120km2in area within the Hodgkinson Gold Province
  • Broader mineralisation and increased levels of high-grade gold reported from our drilling programme at Creswick, Victoria, with best individual grades 8.87g/t Au and 8.06g/t Au
  • Bulk sample testing at Davey Road, Victoria indicated extensive gold mineralisation, with a best result of 41.03 g/t Au
  • Tambo rock chip results comfortably exceeded those from previous exploration activities, with eight samples having gold grades greater than 5 g/t Au and best results of 51.5 g/t Au, 26.5 g/t Au and 24 g/t A

Financial highlights:

  • Sale of non-core assets realise A$420,000
  • Ongoing examination of historic tax losses of A$75 million to potentially unlock significant value
  • Cost reductions through salary sacrifice scheme and closure of London office
  • Two fundraisings completed in September 2023 and March 2024 to raise almost £1.2 million in aggregate

Nick Tulloch Chairman said: “In the nine months since Mike Whitlow and I joined ECR, we have sought to implement a step change in the pace of our operations, coupling increased activity in our Australian projects with a prudent approach to cash management. Mike and I have always viewed ECR’s project portfolio as a potential sleeping giant, and now with the results and developments reported across our tenements in recent months, we believe the Company is well on the way to realising the value of these assets.”  

“As a Board, we are receptive to ideas to add value, new initiatives and projects to our operations. In recent months we have received approaches from other businesses in the resources sector offering co-development and other collaborative opportunities. While these developments in themselves have served to further confirm the nascent value within our project portfolio, in line with our own projects, we have retained a conservative approach to these discussions.  Expanding ECR’s business is high on our agenda but we will do so only when we are satisfied the risk is low and that we can maximise gains for our shareholders.”

“For the remainder of 2024, I want to reassure shareholders that, following on from a very successful period of work in Victoria, they can look forward to further newsflow as we re-commence our operations in Queensland.”

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc Tel: +44 (0) 1738 317 693
Nick Tulloch, Chairman

Andrew Scott, Director

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

Axis Capital Markets Limited Tel: +44 (0) 203 026 0320
Broker
Ben Tadd/Lewis Jones
 
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green

Link here to review Chairman’s report and financial statements

ECR Minerals #ECR – Further Significant Increase of Gold Grades at Creswick & Exploration Activities Update

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the final bulk sampling results from its reverse circulation drilling programme at the Kuboid Hill site in Creswick earlier this year. Bulk sampling of drilled material highlights high-grade pockets of gold within the broader scale mineralisation footprint.

The Company also provides an update on its operations at Bailieston and Tambo in Victoria as well as its forthcoming plans in Queensland.

HIGHLIGHTS

  • Five bulk samples upgrade initial Kuboid Hill drill results. Most significant is the upgrade from 1m @ 1.04 g/t Au to 1m @ 8.37 g/t Au
  • Results expected shortly from photon assay pilot testing at Tambo Project
  • Analysis underway for antimony in selected diamond core from Bailieston, Victoria
  • Resumed field operations in Queensland at Lolworth Project, focusing on priority targets including Gorge Creek, Reedy Creek, and Butterfly Creek, with stream samples yielding up to 1395 ppm Au
  • Additional test work at Blue Mountain, Queensland expected to commence within weeks.
  • ECR is fully funded for its planned work programs in Victoria and Queensland in 2024.

Details of the Programmes

Creswick

As announced on 8 April 2024, a total of 1,032 metres of reverse circulation (“RC”) drilling was completed at Kuboid Hill on 16 February 2024. This was the second part of an extended reverse circulation drilling programme at Creswick, following on from 522 metres completed at Davey Road where, as previously announced on 12 February 2024, ECR reported a best overall grade gold of 41.03g/t Au. The Kuboid Hill programme was designed to follow up on the Company’s anomalous gold soil sampling campaign that was completed in 2022.

Final bulk sampling results for the outstanding 13 RC drill holes at Kuboid Hill, consistent with the results reported on 7 May 2024, have revealed higher gold content. This was anticipated because of the presence of coarse gold in the area. Five bulk samples are now evidencing significant intercepts, the most prominent of which is an increase from 1m @ 1.04 g/t Au to 1m @ 8.37 g/t Au in hole KHRC005 from 17m depth. The bulk sampling of the other drill holes did not return any reportable results. These findings support the presence of higher-grade gold pockets within a broader low-grade mineralisation halo at Kuboid Hill which differs from Davey Road’s narrow vein, higher-grade style of mineralisation. The results provide encouragement that similar mineralisation styles exist within the Creswick license area.

Details of Significant Intercepts from the Latest Bulk Sampling (Kuboid Hill RC Drilling) > 0.5 g/t

HOLE Sample From To Bulk g/t Original g/t
KHRC005 CRB1357 17 18 8.37 1.04
KHRC001 CRB1549 19 20 1.78 0.27
KHRC006 CRB1231 19 20 1.73 0.03
KHRC010 CRB543 20 21 1.03 0.51
KHRC001 CRB1539 10 11 0.71 0.03

Photon Assaying

ECR has submitted a number of Kuboid Hill bulk samples, as well as rock chips recently taken from its Tambo Project, for testing. Traditional fire assay methods will also be used to back up the results for comparison. Photon assaying is an emerging gold analysis method, which is environmentally friendly and available locally, providing quicker results with less preparation and non-destructive sample analysis. A number of well-known producing gold mines, including Fosterville, are currently employing this method of analysis.

Victoria Exploration – Tambo and Bailieston

ECR has now wrapped up its initial reconnaissance exploration on its Eastern Victorian licence at Swifts Creek, Tambo River (EL007484), focusing on the historic Duke of Cornwall mining area. The exploration team collected rock chips, including in-situ samples, and also completed a number of soil sample lines along the strike of mineralisation to identify pathfinder elements for future exploration programs. Initial findings from a year ago revealed arsenic, bismuth minerals and gold.

As previously announced, following the success of its stream sampling campaign at Bailieston, which produced best results of 798 ppb Au and 712 ppb Au, ECR is also re-analysing the core from its earlier drilling at the HR3 prospect at Bailieston for antimony. The Costerfield-Bailieston-Nagambie district is noted for economic veins of antimony and elevated antimony has been observed from previous pXRF analysis of the drill core.

Queensland Exploration Programme for 2024

Exploration plans for the 2024 season at the Lolworth Project, North Queensland, have resumed. Initial plans include following up on last year’s stream sample results at Butterfly Creek, Reedy Creek, and Upper Gorge Creek, where gold samples of up to 1395 ppm were reported. Soil sampling is also underway on selected ridgelines above these areas. Additionally, a sampling program for Niobium and Tantalum will be conducted on the eastern side of the project area this season.

In Central Queensland, a trenching program is expected to commence within weeks at the Blue Mountain Project. Prospects with previous alluvial gold findings will be revisited where the Board believes there is potential for a significant alluvial gold resource. Investigation of hard rock prospects in the area is also planned.

Mike Whitlow Chief Operating Officer said: These positive results from our bulk sampling campaign are highly encouraging, validating the significant potential value we see in our Creswick gold assets. The discovery of higher-grade gold pockets within a broader low-grade mineralisation halo at Kuboid Hill provides additional evidence that similar mineralisation styles may be present within the Creswick license area. The extent of our drilling programme, and the volume of bulk samples, took time both in preparation and also for laboratory results and, going forward we will also be utilising new techniques, such as photon assaying, to expedite the delivery of future results.”

Adam Jones Chief Geologist added: ECR is now entering a busy period with several exploration programmes underway across our portfolio of projects. I look forward to reporting back on the results of our initial exploration programs at Tambo in Victoria and our re-analysis for antimony in Bailieston. My time will now be focused on our follow-up activities in Queensland and I am particularly excited about the commencement of exploration at our Blue Mountain project where historical work conducted by the previous operator presents compelling opportunities, especially for its alluvial gold potential. At Lolworth, our soil sampling will follow up last year’s discovery of gold samples with concentrations of up to 1395 ppm and, later in the season, we will undertake a sampling program for niobium and tantalum on the eastern side of the project area.”

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

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

FOR FURTHER INFORMATION, PLEASE CONTACT:  

ECR Minerals plc Tel: +44 (0) 1738 317 693
Nick Tulloch, Chairman

Andrew Scott, Director

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

Axis Capital Markets Limited Tel: +44 (0) 203 026 0320
Broker
Ben Tadd/Lewis Jones
 
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
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).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.  MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.

ECR holds a royalty on the SLM gold project in La Rioja Province, Argentina which could potentially receive up to US$2.7 million in aggregate across all licences.

ECR Minerals #ECR – Review of Lolworth Project

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the following overview of its Lolworth Project in Queensland. The 2023 field work season concluded with soil sampling which, together with exploration work already undertaken, has provided the Company with a solid overview of the project area and, importantly, a guide for the next phase of exploration this year.

HIGHLIGHTS

  • Reedy Creek returned best rock chips of 22g/t with stream samples of 205 PPM.
  • Gorge Creek returned rock chips of 75g/t with stream samples of 1395 PPM.
  • Butterfly Creek reported stream samples of 962 PPM.
  • An overview of soil, rock chip and stream sediment sampling indicate that the best-ranking gold prospects so far may be Flaggy Creek, Butterfly Creek and Gorge Creek West areas. Other prospects identified but yet to be explored in more detail include Brumby Creek and Gorge Creek East where our soil sampling campaign demonstrated sporadic anomalous gold.
  • Laboratory results have been received for soil sampling completed at Flaggy Creek and Reedy Creek West. Peak gold results in soils at Flaggy Creek include 0.41 g/t Au, 0.19 g/t Au and 0.13 g/t Au. The results align to an obscure North-Easterly trend. Anomalous peak results of lead within these soils correlate adjacent to previous rock-chipped gold-bearing veins. Best results from soil sampling at Reedy Creek West were 2.01 g/t Au. Early interpretations of geochemistry results show these are near to a possible geological boundary.
  • Previous pan concentrate sampling identified Oaky Creek to be carrying good values of Niobium and Tantalum (Nb-Ta) mineralisation. Follow-up soil sampling led to specific outcropping areas that are yet to be sampled and mapped.
  • Similar geological rock types associated with Nb-Ta mineralisation at Oaky Creek have been noted to exist within the eastern boundary of the Lolworth tenements. No modern exploration has been undertaken within this region before.

ECR Technical Director Adam Jones commented: We took on Lolworth as a ‘greenfield’ project and, with some 900 square km of ground to explore, we believed that it was within a geological province that had every potential for significant discoveries for ECR Minerals. Our work in 2023 has gone some way to endorse that, proving that gold exists in multiple places within the project area.  Our soil sampling results back up the high-grade stream sedimentary samples and rock chips reported in 2023.  By definition work at surface, whilst early stage, is designed to predict what may occur in greater concentrations at deeper levels and the widespread presence of gold in our sample results increases our confidence in both the prospectivity and potential scale of the Lolworth resource.” 

Mike Whitlow Chief Operating Officer said: “The conclusion of the 2023 field work season at Lolworth has given us a solid platform from which to plan the next stage of our reconnaissance programme.  We have identified several locations to hone in on and we believe that there are still other gold sources that can be followed up over in the coming year. Alongside the gold, we also have found the presence of the sought after Niobium-Tantalum Rare Earth minerals and, whilst this is only an initial indication, we expect this story will continue to develop.  Our work for the 2024 season in Queensland is likely to include trench sampling and drill target generation. Additionally, we look forward to updating shareholders as operations continue In Victoria.”

OVERVIEW OF GOLD EXPLORATION TO DATE

The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) covering over 900 square kilometres of ground where numerous Gold, Niobium and REE anomalies have been identified within the project. The operations are being explored by LUX Exploration Pty Ltd, a wholly-owned subsidiary of ECR.

Exploration has been undertaken by methods of stream sampling (heavy pan concentrate sampling), rock chip (outcrop mapping) and soil sampling over prospective ridgelines. The Lolworth Project covers over 900 km2 of exploration ground. The host rocks have undergone some degree of alteration by intrusive rocks and pegmatites and hence are favourable for exploring for multiple commodities. Approximately 700km2 of the project has now been initially explored by stream sampling. Gold, Niobium-Tantalum and REE (in particular Neodymium) are the main commodities discovered from the stream sampling programmes. The gold prospects of interest are named Gorge Creek West, Gorge Creek East, Reedy Creek, and of recent discovery Flaggy Creek, Butterfly Creek and Reedy Creek West. The main focus of Niobium-Tantalum exploration has been at Oaky Creek. See Figure One for locations in the project area. Best results from exploration to date are included in Table One below.

Figure One: Lolworth Project Prospects

All gold prospects have been found from following up positive stream sampling results and now are targeting the hill slopes above such streams, looking for the source of the gold. The directors consider the results to be outstanding. Visible gold has often been found in creeks that have had no modern exploration. Best results to date include 1395 ppm Au (Gorge Creek), 962 ppm Au (Butterfly Creek), 594 ppm Au (Reedy Creek). Multiple clusters of gold mineralisation have been found in specific streams of Flaggy Creek, Gorge Creek West, Reedy Creek West and Butterfly Creek. This has led to outcrop sampling and mapping and soil sampling firstly at Flaggy Creek and Gorge Creek West. Further detailed work has been planned for Reedy Creek and Butterfly Creek and will include geological mapping and outcrop sampling and detailed soil sampling. The ridgeline between Reedy Creek and Butterfly Creek which the gold bearing creeks are draining from is an area over 1km in strike length to explore in detail.

NIOBIUM-TANTALUM AND REE EXPLORATION

Critical listed minerals Niobium-Tantalum (Nb-Ta) and other REE (Neodymium) have been discovered in the Oaky Creek drainage system. High Niobium and Tantalum results from pan concentrate sampling in the headwaters of Oaky Creek led to the completion of a regional soil sampling programme over the adjacent hillslopes. Results from this show the best Niobium concentrations in soils (up to 146 ppm Nb) (see RNS September 25 2023 here). A mapping and sampling programme over the immediate outcrop of the best Niobium results is planned for 2024. Elevated Nb-Ta and REE results are associated with a mapped pegmatitic intrusive complex. The same type of rock outcrop has been noted to occur on the eastern province of the Lolworth Project area. The field team will access the streams within this eastern province to investigate the potential for gold and critical minerals.

FLAGGY CREEK AND REEDY CREEK WEST SOIL SAMPLING RESULTS

Results from a soil sampling programme centred around a cluster of gold bearing creeks discovered by pan concentrate sampling at Flaggy Creek (previously called Woolshed Creek) and Reedy Creek West has been received. Initial rock chip and outcrop mapping at one notable hillslope at Flaggy Creek were reported last October (see RNS 31st October 31 2023 here). Best results from rock chip and outcrop mapping included 4.66 g/t Au, 3.97 g/t Au and 3.28 g/t Au. Gold has also been discovered in quartz fragments that is lying on the nearby surface, indicating gold veinlets in a primary source is nearby. Where visible, the quartz veining at Flaggy Creek is running in groups of narrow veins that lie parallel to each other. The veins can be traced along the surface for 70 metres before passing under soil cover. The anecdotal evidence from surface scree and fragments shows the parallel veins to be in a zonation of up to 100m wide. The potential size of this zonation is what makes Flaggy Creek an attractive gold exploration target. The soil sampling programme has been completed north and south of these discovered veins, the target being to discover any gold values in soils that are potentially hiding other parallel gold veins hiding under the shallow soil cover. The best gold results from the soil sampling were 0.41 g/t Au, 0.19 g/t Au and 0.13 g/t Au (see Table Two), highlighting three ‘spot’ anomalies which lie along a discrete north-easterly trend. (see Figure Two). This north-easterly trend also correlates to the upper source line of the gold found in the surrounding streams. Interestingly, lead is elevated in the soil immediately surrounding the known gold bearing veins and is now looked at being a pathfinder element to the proximity to gold veins. Lead results are also elevated in previous best gold results from rock chipping.  The best gold result from this soil sampling is located to the north-east of the already mapped veins. ECR has not mapped these new anomalous areas and will extend mapping and sampling of visible outcrop to these new areas this year.

Figure Two: Flaggy Creek Exploration Update

A soil sampling programme was also completed over the headwaters of three gold bearing creeks that drain into the western side of Reedy Creek. Previous pan concentrate sampling revealed plenty of visible gold backed up with good laboratory results within these creeks. One spot gold anomaly of 2.01 g/t Au was picked up in the soil sampling results. An abrupt boundary where background higher values of lead concentration in soil is higher in the southern half of the soil sampling (see Figure Three). Early interpretations show this boundary is likely coincide with a geological boundary. Field staff reported the nearby soil to be red (from iron) and contain quartz float which are evidently from nearby quartz veins. Mapping and sampling of all quartz veining within the anomalous area and near the geological contact will be completed this year.

Figure Three: Reedy Creek West Exploration Update

Table One. Some of the best results from exploration at the Lolworth Project to date (see previous announcements).

NOTE: (1 ppm Au = 1 g/t Au)

PROSPECT EXPLORATION METHOD Easting Northing Au g/t Pb ppm Announcement Date
Gorge Creek Stream Sampling 314342.3 7749643 1395 n/a 23/03/23
Butterfly Creek Stream Sampling 310193.5 7749951 962 n/a 20/11/23
Butterfly Creek Stream Sampling 310289 7750626 594 n/a 8/8/23
Reedy Creek Stream Sampling 310475.6 7751531 205 n/a 23/03/23
Gorge Creek West Stream Sampling 314025 7751352 152.5 n/a 12/12/22
Butterfly Creek Stream Sampling 310247.8 7750052 139 n/a 20/11/23
Reedy Creek Stream Sampling 309411.5 7750724 138 n/a 8/8/23
Reedy Creek West Stream Sampling 308154.7 7751007 128 n/a 25/9/23
Reedy Creek West Stream Sampling 308394.7 7751332 60.9 n/a 25/9/23
Reedy Creek Stream Sampling 310359.1 7752184 51 n/a 01/02/23
Reedy Creek Rock Chip 309345.6 7750941 22.00 104 15/8/23
Gorge Creek West Rock Chip 313557.5 7751157 13.75 14250 23/10/23
Gorge Creek East Rock Chip 314942.4 7751994 8.02 199 20/10/23
Flaggy Creek Rock Chip 298711.6 7760551 6.05 267 31/10/23
Flaggy Creek Rock Chip 298696.6 7760564 5.96 751 31/10/23
Flaggy Creek Rock Chip 298694 7760685 4.73 542 01/02/23
Flaggy Creek Rock Chip 298697.5 7760694 4.66 480 31/10/23
Flaggy Creek Rock Chip 298694.4 7760683 3.97 91 31/10/23
Flaggy Creek Rock Chip 298705.1 7760729 3.28 685 31/10/23
Flaggy Creek Rock Chip 298701.1 7760710 3.19 3270 31/10/23
Gorge Creek West Rock Chip 313268.9 7751424 3.13 375 20/10/23
Flaggy Creek Soil Sampling 298875.9 7760698 0.41 8 This announcement
Flaggy Creek Soil Sampling 313239 7751347 0.39 12 This announcement
Flaggy Creek Soil Sampling 313198.6 7751347 0.32 11 This announcement
Flaggy Creek Soil Sampling 299071.3 7761011 0.19 4 This announcement
Flaggy Creek Soil Sampling 313267 7751305 0.18 17 This announcement
Flaggy Creek Soil Sampling 313295.6 7751171 0.13 18 This announcement
Flaggy Creek Soil Sampling 298434.6 7760314 0.13 12 This announcement
Reedy Creek West Soil Sampling 308349.2 7751205 2.01 n/a This announcement

Table Two. Latest Gold results above reportable levels (>0.01 ppm Au) for Soil Sampling at Flaggy Creek and Reedy Creek, Lolworth Project.

NOTE: (1 ppm Au = 1 g/t Au)

 

PROSPECT SAMPLEID EASTING

(GDA94 Zone 55)

NORTHING

(GDA94 Zone 55)

Au ppm
Reedy Creek West LWL3650 308349.2 7751205 2.01
Reedy Creek West LWL3610 308190.5 7751091 0.03
Reedy Creek West LWL3616 308317 7751089 0.02
Flaggy Creek LWL3400 298875.9 7760698 0.41
Flaggy Creek LWL3439 299071.3 7761011 0.19
Flaggy Creek LWL3179 298434.6 7760314 0.13
Flaggy Creek LWL3394 298908.6 7760741 0.09
Flaggy Creek LWL3438 299105.6 7760974 0.09
Flaggy Creek LWL3493 299497.2 7761071 0.07
Flaggy Creek LWL3038 298725.4 7760724 0.05
Flaggy Creek LWL3487 299377.4 7761287 0.05
Flaggy Creek LWL3408 299380 7760838 0.04
Flaggy Creek LWL3007 298717.2 7760799 0.03
Flaggy Creek LWL3029 298626 7760805 0.03
Flaggy Creek LWL3039 298703.8 7760737 0.03
Flaggy Creek LWL3068 298698.7 7760697 0.03
Flaggy Creek LWL3359 299052.5 7760806 0.03
Flaggy Creek LWL3374 298983.1 7760815 0.03
Flaggy Creek LWL3403 298790.9 7760822 0.03
Flaggy Creek LWL3448 299056.1 7760954 0.03
Flaggy Creek LWL3452 299193.7 7760809 0.03
Flaggy Creek LWL3009 298760.6 7760774 0.02
Flaggy Creek LWL3014 298715.6 7760777 0.02
Flaggy Creek LWL3033 298712.5 7760755 0.02
Flaggy Creek LWL3043 298617.3 7760787 0.02
Flaggy Creek LWL3110 298730 7760585 0.02
Flaggy Creek LWL3123 298549.3 7760597 0.02
Flaggy Creek LWL3268 298863.9 7760492 0.02
Flaggy Creek LWL3380 298948.6 7760771 0.02
Flaggy Creek LWL3402 298819.2 7760780 0.02
Flaggy Creek LWL3453 299228.1 7760773 0.02
Flaggy Creek LWL3464 299386.8 7760934 0.02
Flaggy Creek LWL3468 299325.6 7761125 0.02

 

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

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

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

Jon Belliss

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

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight active exploration tenements and two in application (Ballarat and Tambo).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”), which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

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

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences

ECR Minerals #ECR – Latest Lolworth Gold Exploration Results Suggest Extended Mineralisation

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the latest gold exploration developments at its Lolworth Project, North Queensland, Australia. The results from the latest pan concentrate stream samples, whilst still early stage, are considered significant by the Directors as they suggest an extension in the size of the gold footprint south of the Reedy Creek area into Butterfly Creek. The latest soil results from the Gorge Creek West area also correlate with a quartz sub-crop which has been mapped across the ridgeline.

The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of ECR (“LUX”). Numerous Gold, Niobium and REE anomalies have been identified within the project.

HIGHLIGHTS

  • Pan concentrate sampling south of the Reedy Creek drainage divide into Butterfly Creek indicates the likely existence of a gold source that also extends further south. Visible gold continues to be seen in sampling.
  • The peak soil sampling results from Gorge Creek West area correlate along strike to a mapped quartz vein sub-crop. Further investigations are planned.
  • Results from Flaggy Creek and Reedy Creek West soil sampling are due soon, with interpretation of these results determining the next steps to be taken. Operations have been paused while we evaluate our workplan.
  • Follow-up investigations into targeting other Niobium and REE stream anomalies also in progress.

ECR Technical Director Adam Jones commented: “I am pleased to report good grades from pan concentrate sampling, which indicate that additional sources of gold could exist within the headwaters of Butterfly Creek and extend the region’s prospectivity some 2km further south of Reedy Creek. Local landholders have reported to us that good sizeable gold discoveries were made in this watershed by early prospectors and the evidence of our work to date supports these theories. In addition to this, the field team are steadily building a picture of extended gold mineralisation in the headwaters of Gorge Creek West resulting from on-going results from soil sampling and outcrop mapping.”

ECR Chief Operations Officer Mike Whitlow added: “Our Lolworth project is progressing nicely and we are consistently seeing visible gold, which supports the historical evidence, but more importantly validates our own thesis. We are collating the data into our work plan to conclude the reconnaissance work and prepare for the target generation stage. We expect to provide further updates soon.” 

Figure One: Plan showing the location of the latest results;

https://www.ecrminerals.com/images/2023/Fig1_Latest-Results-Lolworth_231115.jpg

Reportable results from sampling presented in Table 1 and Table 2 below.

STREAM SAMPLING INTO BUTTERFLY CREEK

Butterfly Creek runs south from the dividing range that separates the Reedy Creek area to the north (see Figure One above). Recent field work completed infill pan concentrate sampling along the headwaters of streams in the Reedy Creek area and Butterfly Creek, with visible gold consistently noted throughout the sampling process. The most recent lab results confirm these findings, with high concentrations of gold resulting in 962 ppm Au, 139 ppm Au and 29.7 ppm Au. One ppm is equal to One g/t Au; however, these results are from concentrating a 5kg stream sample into a laboratory sized sample and therefore are not representative of an in situ-resource within the stream. The results do however show the coarse nature of the gold, confirming that the stream is strongly gold-bearing and close to a nearby source up the hillslopes. From the sampling evidence received ECR can conclude the source of gold is likely to reside within the saddle ridge as marked on Figure One. The round coloured markers on the map relate to the corresponding gold grades in the map legend, with previous pan sampling results shown as coloured stars. Gold anomalies are clustered as shown on Figure One at Reedy Creek West, Reedy Creek and Gorge Creek West. ECR is still waiting for final soil sampling results within the Reedy Creek West area.

GORGE CREEK WEST SOIL SAMPLING

Results from soil sampling over part of the western ridgeline above the gold-bearing streams of Gorge Creek West have also been received. 14 samples report gold above background levels of 0.01 g/t Au, with best results of 0.39 g/t Au and 0.32 g/t Au. Although modest, these results are important in context as they correlate spatially along strike of a large quartz sub-crop vein exceeding 4 metres wide. This vein was sampled previously and delivered a best result of 0.56 g/t Au.

The results from the quartz sub-crop vein do not match the results from the creek below, where the team located numerous gold nuggets during previous pan concentrate sampling. A single rock chip along strike to the east returned 13.75 g/t Au, while rock chip results immediately to the north of the soil sampling and the quartz sub-crop show promise, with large outcrops of quartz veins (grading up to 3.13 g/t Au) sited adjacent to the contact of the intruded granite. Further investigation is required.

NIOBIUM AND REE EXPLORATION

Niobium (Nb) and Rare Earth elements discoveries have also been reported previously at Oaky Creek, which contains an anomalous (Nb) zone located in the northern part of the project area. Sampling work at Oaky Creek transitioned from Nb and REE exploration to gold exploration during the last couple of months to give landholders the chance to conduct agricultural activities in the north of the project area. ECR has a good working relationship with all landholders in the area, and field work to follow-up on the Niobium and REE regions will recommence at the earliest availability.

Table One. Gold results for all pan concentrate stream sampling from the Butterfly Creek region. Results in Au ppm. Best results presented first.

 

SAMPLEID EASTING

(GDA94 Zone 55)

NORTHING

(GDA94 Zone 55)

Au ppm
LWSS963 310193 7749951 962
LWSS966 310248 7750052 139
LWSS965 310230 7750014 29.7
LWSS946 310693 7749535 25.8
LWSS949 310491 7749771 10.25
LWSS967 310201 7750188 8.95
LWSS917 311380 7749011 2.2
LWSS964 310259 7750002 2.04
LWSS957 310145 7749398 0.84
LWSS919 311136 7749379 0.64
LWSS950 310323 7749768 0.58
LWSS918 311245 7749317 0.36
LWSS948 310664 7749669 0.33
LWSS921 311348 7749487 0.14
LWSS923 311820 7749490 0.07
LWSS955 310839 7749895 0.07
LWSS929 312026 7749435 0.04
LWSS939 311195 7749033 0.04
LWSS956 311086 7749538 0.04
LWSS922 311546 7749380 0.03
LWSS940 311118 7749082 0.02
LWSS947 310406 7749538 0.02
LWSS924 311854 7749454 0.01
LWSS938 310996 7750078 0.01
LWSS942 311014 7749071 0.01
LWSS943 310773 7749239 0.01
LWSS944 310796 7749314 0.01
LWSS945 310676 7749448 0.01
LWSS958 310046 7749512 0.01
LWSS959 310037 7749442 0.01
LWSS960 309808 7749938 0.01
LWSS961 309985 7750079 0.01
LWSS962 309981 7750127 0.01

 

Table Two. Reportable gold results (> 0.01 g/t Au) for soil sampling the Gorge Creek West area.

 

SAMPLEID EASTING

(GDA94 Zone 55)

NORTHING

(GDA94 Zone 55)

Au ppm
LWL2900 313239 7751347 0.39
LWL2892 313199 7751346.7 0.32
LWL2888 313267 7751305.2 0.18
LWL2830 313296 7751170.6 0.13
LWL2786 313080 7751653.4 0.09
LWL2748 313048 7751412.8 0.07
LWL2925 313392 7751355.9 0.05
LWL2904 313307 7751305 0.04
LWL2913 313302 7751372.3 0.03
LWL2947 313126 7751741.3 0.03
LWL2805 313287 7751153.9 0.02
LWL2811 313184 7751216.4 0.02
LWL2875 313218 7751312.3 0.02
LWL2902 313273 7751326 0.02

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

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

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

Jon Belliss

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

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight active exploration tenements and two in application (Ballarat and Tambo).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”), which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

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

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences

ECR Minerals #ECR – MD Nick Tulloch talks to Thomas Warner at Proactive Investors

ECR Minerals #ECR – MD Nick Tulloch talks to Thomas Warner at Proactive Investors
~ First few weeks undertaking project assessments
~ #lolworth project – exploration potential much greater than at first thought
~ A number of different opportunities across ECR’s asset portfolio
~ Careful management & ‘Scottish’ approach to housekeeping & expenditure

ECR Minerals #ECR – Discovery of Gold Bearing Quartz Veins in Flaggy Creek, Lolworth, Queensland

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that following rock chip sampling and outcrop mapping at the Flaggy Creek area at the Lolworth Project, N Queensland, Australia, gold bearing quartz veins have been discovered.

The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of ECR (“LUX”). Numerous Gold, Niobium and REE anomalies have been identified within the project.

HIGHLIGHTS

  • Results from mapping a quartz veinlet system within the upper creek drainage of Flaggy Creek have proven to be gold-bearing.
  • The veinlet system consists of multiple narrow veins outcropping over a length of 70 metres long and within a zone up to 100m wide.
  • Best rock chip results from outcrop include 6.05 g/t Au, 5.96 g/t Au, 4.66 g/t Au and 3.97 g/t Au.
  • Soil sampling programme just completed over the ridgelines in Flaggy Creek, above the best gold bearing pan concentrate samples.

ECR Technical Director Adam Jones commented: “The veinlet gold system we have now identified at Flaggy Creek has come about through our systematic approach to the groundwork. The geology field team have seen for themselves how the initial sampling work and mapping has through a process of elimination arrived at an outcrop that has delivered some encouraging grades within a concentrated area. We are confident that we have potentially identified a style of gold bearing vein system that we can expect to find throughout the region, and furthermore, we have identified other gold bearing creeks from our stream sampling programme that are in close proximity to and show very similar geological features to the Flaggy Creek area. Coupled with the major soil sampling work completed along strike at the Flaggy Creek outcrop, we are hoping the results from this work may show a much larger system than currently mapped.”

ECR Chief Operations Officer Mike Whitlow added: “It is still early days, but the ECR Board share Adam’s excitement at what would seem to be a robust gold vein discovery at Lolworth. We will continue to be led by the geology and the assay results, but the discovery announced today has indicated the potential for further discoveries along strike and over the broader area. This has certainly provided us with some cause for optimism.” 

Figure One: Plan to show locations of reportable rock chips at Flaggy Creek:

https://www.ecrminerals.com/images/2023/Fig1_Flaggy-Creek_301023.png

ROCKCHIP RESULTS

Flaggy Creek is located in the NW part of ECR’s Lolworth exploration tenements. Previous work in 2022 shows the presence of gold in pan concentrate sampling and a single rock chip from outcrop (see announcement from 12 December 2022 here). As a result of further mapping and multiple rock chip sampling work undertaken along the exposed outcrop, the team has now expanded on these initial results, with grades of up to 6.05 g/t Au recorded.

Geological mapping shows that the gold is contained within narrow quartz veinlets cutting through the granitic host rock. Each quartz veinlet ranges between 0.2 and 1m wide. Multiple veinlets have been observed, running in parallel groups that form a system 70 metres long and up to 100m wide. Significantly, a broken quartz rock ‘float’ sitting on top of the adjacent surface indicates the vein system could possibly be wider than mapped. Some of this quartz float has been sampled and results of up to 5.96 g/t Au have been recorded.

ADDITIONAL SOIL SAMPLING PROGRAMME

Further supporting the mapped outcrop detailed in this announcement, the field team have also completed a large soil sampling programme over and along strike of the quartz vein system identified. The extent of this programme can be seen by the black points shown in Figure 1 above.

The soil programme has two objectives. Firstly, to discover gold bearing soils that are likely sitting in close proximity to other quartz vein systems in the adjacent creek system and secondly, to identify the best gold ‘hotspots’ above the sub-cropping gold bearing quartz float. The geo team fully expect this methodology will provide specific targeting for subsequent trenching and drilling work.

With additional results still due from Flaggy Creek and other Lolworth prospects, further updates will be provided in the coming months.

Table One. Gold results greater than 0.1 g/t Au from recent rock chip sampling and outcrop mapping at Flaggy Creek (in order of best results):

 

SAMPLEID EASTING

(GDA94 Zone 55)

NORTHING

(GDA94 Zone 55)

Au g/t Ag g/t
LWC294 298788.8 7760822 6.05 7.12
LWC295 298696.6 7760564 5.96 28.9
LWC256 298697.4 7760687 4.66 1.94
LWC251 298694.4 7760683 3.97 2.35
LWC267 298703.6 7760728 3.28 2.33
LWC261 298698.4 7760708 3.19 14.15
LWC264 298693.9 7760692 2.89 4.03
LWC266 298700.3 7760723 2.63 4.49
LWC268 298705.1 7760729 2.17 1.18
LWC252 298694.4 7760683 2.01 1.08
LWC276 298657.6 7760751 2 4.7
LWC259 298697.7 7760705 1.6 2.98
LWC275 298639.9 7760758 1.53 2.91
LWC262 298701.1 7760710 1.44 5.86
LWC265 298699.1 7760718 1.37 2.52
LWC257 298697.5 7760694 1.33 1.08
LWC263 298697.1 7760697 1.22 0.86
LWC260 298698.5 7760707 0.88 2.84
LWC253 298692.3 7760681 0.67 0.7
LWC292 298765.3 7760783 0.65 1.31
LWC291 298765.6 7760784 0.61 24.3
LWC255 298688 7760673 0.54 0.2
LWC258 298697.7 7760702 0.47 4.43
LWC254 298692.7 7760681 0.41 0.22
LWC288 298738.7 7760724 0.38 0.2
LWC273 298632.4 7760734 0.22 5.94
LWC284 298736.9 7760680 0.21 4.95
LWC272 298642.1 7760737 0.2 7.27
LWC283 298760.8 7760659 0.17 1.72
LWC274 298633.5 7760739 0.14 3.81
LWC293 298785.2 7760818 0.12 0.26
LWC278 298704.5 7760673 0.1 3.37

 

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

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

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

Jon Belliss

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

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight active exploration tenements and two in application (Ballarat and Tambo).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”), which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

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

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

ECR Minerals #ECR – Encouraging Gold Results from Lolworth Project

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the results from outcrop mapping and sampling within the vicinity of the Upper Gorge Creek at the Lolworth Project, North Queensland, Australia.

The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of ECR (“LUX”). LUX has identified numerous Gold, Niobium and REE anomalies within the project.

HIGHLIGHTS

  • Mapping and sampling results from recent on-site geological investigations in the Upper Gorge Creek show the presence of gold.
  • A number of exposed outcrops up to 3m wide x 20m long in the Gorge Creek West ridgeline show gold results up to 13.75 g/t Au from initial rock chip testing. Results from soil grid work over the ridgeline to test for other gold bearing sub-crops in the vicinity are also due shortly.
  • A rhyolitic dyke 5m wide x 200m long that contains anomalous gold has been discovered in the Gorge Creek East area. Rock chips collected over the extent of the outcrop average 0.25 g/t Au, with one best result of 8.02 g/t Au. Whilst the results are still at an early stage, the Board are greatly encouraged by these findings and the Directors believe these gold sources within the rocks could form part of a larger system within the tenement.

ECR Technical Director Adam Jones commented: “Following on from the Reedy Creek, Gorge Creek and Woolshed Creek results announced on 25 September 2023, today’s results from Gorge Creek provides further evidence that Lolworth is becoming a bona fide exploration opportunity. Our best result of 128 ppm Gold announced in September 2023 is backed up by a number of additional high-grade samples taken within the surrounding area. We still have further data to collect, but we are now entering this information and historical data into our area plan so we can start to accurately map out drill targets.”

Figure One: Plan locations of reportable rock chips: https://www.ecrminerals.com/images/2023/Fig1_Gorge-Ck-Rockchips.png

ROCKCHIP RESULTS

A number of rock chips were taken from the Upper Gorge Creek area during recent field mapping in during August 2023. The locations are shown in Figure One linked above.

The recent heavy concentrate pan sampling programme has helped us to confirm that the streams within the Upper Gorge Creek Western area are highly anomalous in gold, added to which the field team have also discovered numerous gold nuggets within these drainages. Recent geological mapping during August this year led to the discovery of numerous silica outcrops within the ridgeline above these gold bearing streams. The Company has now received the results from rock chipping at these outcrops with best results of 13.75 g/t Au, 3.13 g/t Au and 2.17 g/t Au (full details are set out in Table 1 at the end of this announcement). Where mapped, a number of outcrops measure up to 3m wide x 20m long, while the remaining outcrops are hidden under the shallow soil cover. A large soil sampling grid has recently been completed over the cover sequence to confirm the direction of the extensions to the gold bearing outcrops. The results from this are due shortly.

Geological mapping and sampling of outcrop has also been completed in parts of the Gorge Creek East area. A Rhyolitic dyke (intrusion) 5.5m wide x 200m long and anomalous in gold has been discovered. The majority of rock chips from the dyke returned an average of 0.25 g/t Au. One rock chip from the centre of the dyke returned 8.02 g/t Au. Other dykes are known to exist within the tenement area and these have never been sampled or mapped. Whilst these results are still at an early stage, and significant work is still required at site to determine the economic potential of the opportunity, the Board are greatly encouraged by these findings and the Directors believe these gold sources within the rocks could lead to further gold discoveries in other dykes yet to be sampled.

ADDITIONAL WORK PROGRAMMES

Other exploration work continues to be undertaken on the Lolworth Project and results are due shortly from soil sampling over the ridgeline of Gorge Creek West. The Board believes this work could help the Company confirm whether other hidden gold bearing outcrops are present under the soil cover, particularly given that the streams draining this ridgeline have already been proven to contain gold.

The field team are also continuing to soil sample two other gold-bearing areas, namely Woolshed/Flaggy Creek and Reedy Creek. Rock chip results from a system of narrow stringer quartz veins from Flaggy Creek are also expected shortly.

Further announcements will be made when the results are known.

Table One. Gold results greater than 0.1 g/t Au from recent rock chip sampling and outcrop mapping at Gorge Creek:

 

SampleID Easting (GDA94 Z55) Northing (GDA94 Z55) Au g/t Prospect
LWC145 294145 7755719 0.02
LWC147 314942 7751994 8.02 Rhyolite Dyke
LWC162 313557 7751157 13.75 Gorge Ck West
LWC166 313695 7751338 0.1
LWC168 313707 7751331 0.15
LWC169 313680 7751310 0.56
LWC170 313682 7751308 2.64
LWC171 313682 7751307 0.19
LWC172 313683 7751306 0.78
LWC173 313684 7751306 0.34
LWC174 313684 7751307 0.16
LWC193 313269 7751424 3.13 Gorge Ck West
LWC194 313351 7751428 0.33 Gorge Ck West
LWC195 313358 7751441 1.73 Gorge Ck West
LWC196 313352 7751428 0.68 Gorge Ck West
LWC197 313358 7751433 0.84 Gorge Ck West
LWC198 313358 7751436 0.24 Gorge Ck West
LWC199 313327 7751421 0.33 Gorge Ck West
LWC200 313335 7751418 0.85 Gorge Ck West
LWC201 313361 7751446 2.17 Gorge Ck West
LWC202 313366 7751452 0.62 Gorge Ck West
LWC215 313162 7751359 0.38
LWC216 314940 7751988 0.52 Rhyolite Dyke
LWC217 314941 7751992 0.19 Rhyolite Dyke
LWC218 314944 7751996 0.39 Rhyolite Dyke
LWC219 314949 7752002 0.16 Rhyolite Dyke
LWC221 314956 7752008 0.17 Rhyolite Dyke
LWC222 314965 7752019 0.18 Rhyolite Dyke
LWC225 314971 7752029 0.22 Rhyolite Dyke
LWC227 314991 7752049 0.42 Rhyolite Dyke
LWC228 314944 7752004 0.11 Rhyolite Dyke
LWC230 314918 7751965 0.16 Rhyolite Dyke
LWC231 314915 7751962 0.33 Rhyolite Dyke
LWC232 314910 7751955 0.2 Rhyolite Dyke
LWC311 316430 7750263 0.26
LWC313 316435 7750265 0.19
LWC317 316443 7750263 0.35
LWC318 316432 7750259 1.64
LWC319 316432 7750259 0.29
LWC320 316433 7750259 0.26
LWC321 316434 7750258 0.61
LWC325 316435 7750255 0.1
LWC326 316434 7750253 1.43

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

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

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

Jon Belliss

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

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight active exploration tenements and two in application (Ballarat and Tambo).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”), which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

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

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

ECR Minerals #ECR – Extended Gold Prospectivity and Niobium Bullseye Discovery at the Lolworth Project

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the latest exploration developments for the Lolworth Project, North Queensland, Australia.

The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) and are operated under the 100% owned LUX Exploration Pty Ltd. The Company has identified numerous Gold, Niobium and REE anomalous within the project.

HIGHLIGHTS

  • 81 follow-up pan concentrate stream samples results have been returned. Best results include 128 ppm Au, 23.7 ppm Au, 42.3 ppm Au and 60.9 ppm Au. These results have further extended the gold prospectivity of the Reedy Creek area to the west.
  • Results (pXRF) from a tighter spaced soil sampling campaign in the Oaky Creek area have identified an interesting Niobium target.
  • Field work, including rock chipping, mapping and tighter spaced pan concentrate stream sampling at both Woolshed Creek and Gorge Creek prospects continue to reveal visible gold, indicating potential for increased prospectivity across the project area.

ECR Managing Director Nick Tulloch commented: “In the midst of significant structural changes at ECR and our ongoing work to evaluate the Company’s asset base, Adam Jones and the field team are to be commended for their tireless work in bringing these exciting developments at our Lolworth Range project to life.”

ECR Chief Operations Officer Mike Whitlow added: “Echoing Nick’s words, our team have been particularly pleased with the latest results as this gives confirmation to our exploration thesis at Lolworth, 128 ppm Gold being our best result has been supported by a number of additional very high-grade samples taken within the surrounding area. Whilst we recognise the early stage nature of this work, the confidence in today’s announcement leaves us naturally inspired to continue our efforts at Lolworth towards the end of the year, at which point we will have the perfect opportunity to plan our accelerated future work programme. We are understandably very excited by this latest development.”

Figure One: Oaky Creek Niobium soil anomaly:

https://www.ecrminerals.com/images/2023/Fig1_Niobium-230924.png

Figure Two: Reedy Creek gold result:

https://www.ecrminerals.com/images/2023/Fig2_Reedy-Ck-230924.png

Figure Three: Woolshed Creek gold anomalism:

https://www.ecrminerals.com/images/2023/Fig3_Woolshed-Ck-230924.png

Figure Four: Visible gold extent from sampling in Upper Gorge Creek:

https://www.ecrminerals.com/images/2023/Fig4_Gorge-Ck-West.png

NIOBIUM SOIL SAMPLING RESULTS (Oaky Creek)

Since commencing work at Oaky Creek, ECR has logged a series of highly anomalous Niobium (Nb) and Tantalum (Ta) stream sampling results from the upper reaches of the creek.

The Company reported up to 146 ppm Nb in the first pass soil sampling grid on the 19th July 2023 (see July 19 2023 RNS here). Whilst still early stage, the high priority zones identified from the first pass grid and tested in-house using a pXRF have been followed up, and 17 samples reporting greater than 80 ppm Nb have been identified, with a best result of 497 ppm Nb. It is important to note the results from pXRF data are qualitative not quantitative and should only to be used for identifying the pathfinder anomaly.

These new results combined with the first pass soil sampling show strongly elevated levels of Nb within the centre of the sampled area. Previous high-grade Nb and Ta results from sampling the drainage systems that originate from this elevated centre support the new soil sampling results within the anomalous area and bullseye identified (shown in Figure One above).

The field team and the Board have agreed that the next logical next step will be to undertake a traverse ‘ridge and spur’ rock chip sampling program over the anomalous area. This work is expected to be completed before the 2023 field season ends.

PAN CONCENTRATE SAMPLING PROGRAMME UPDATE

Results from a further 81 samples have been received from the ongoing pan concentrate stream sampling program from streams tested in the northern part of the tenement area. Although these results returned no gold, a small group of samples were taken from streams located approximately 2km to the west of the Reedy Creek area which returned high concentrations of gold with results up to 128 ppm Au. Visible coarse gold particles were often seen during the sampling process and for the majority, correlate well with the best laboratory gold results. More significantly, these results extend the gold footprint further west from Reedy Creek, and a follow-up soil sample grid programme has been scheduled for completion in the near future (see Reedy Creek map images in Figure Two above). All gold results greater than 0.1 ppm Au have been tabled in Appendix One to this announcement.

The majority of these stream results have been taken from outside of the Niobium-Tantalum and REE prospective area. Results have returned 14 stream samples reporting greater than 80 ppm Nb with one best result of 2380 ppm Nb. This best result also correlates to other REE elements including Lanthanum (La), Neodymium (Nd), Praseodymium (Pr), Ta and Yttrium (Y). The best Nb results have been identified within isolated creeks in the eastern part of the project area and are encouraging signs for the regional prospectivity for critical minerals and REE in other unexplored areas of the tenement area. All received Nb results greater than 80 ppm are tabulated in Appendix One to this announcement.

RECENT FIELD WORK

ECR Technical Director Adam Jones visited the Lolworth Project in September. He and his field team collected some 180 rock chips from prospective outcrops at Woolshed Creek area and the upper reaches of Gorge Creek and were greatly encouraged by the general prospectivity of the region. The lab results for this work are due in October 2023.

Within the upper reaches of the Gorge Creek catchment area, the creek system divides into western and eastern tributaries. While undertaking sampling work in the western tributary, the field team noted visible gold up to the dividing range spur, and acquired a number of small gold nuggets up to 11 grams in weight. A targeted soil sampling program is now underway across the spur to identify the source of this gold.

The Company has also undertaken detailed outcrop mapping and rock chip sampling within the Woolshed Creek area which is located north west of Reedy Creek (see Figure Three above). A series of parallel creeks showing gold values backed up by visible gold were identified previously, and a rock chip located in a narrow-mineralised vein returned 4.73 g/t Au. The field team returned to this vein during the September 2023 work programme to map out and rock chip sample other similar small veins running in parallel. Results from this work are expected in October 2023. Although it is unlikely that all veins will be gold-bearing, the Board and field team are of the opinion that the trend of previous stream results in the area along the strike of outcrop provides sufficient evidence to mark out the zone as an area of high prospectivity. A follow-up soil sampling grid over this strike area is planned shortly.

NEXT STEPS

The exploration season in North Queensland typically ends by December 2023 with the onset of the tropical wet season and with flooding preventing access. Before this, our exploration work plan is shown below with the objective being to gather sufficient data to be analysed whilst the team are off-site during the wet season to identify the broader exploration potential of the region.

  1. Soil sampling programme across the creeks at the head of Gorge Creek West.
  2. Ridge and spur sampling across the best Niobium soil anomalies at the Oaky Creek prospect.
  3. Soil Sampling over the Woolshed Creek headwaters.

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

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
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

ECR Minerals #ECR – Asset Overview and Evaluation

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that the new directors are already conducting a comprehensive review of all exploration activities currently being undertaken. In addition a detailed evaluation of the existing asset base is underway, including the Company’s property, plant and other readily realisable assets.

A summary of the Company’s exploration assets, royalty assets, property and plant follows:

North Queensland assets:

  • Lolworth Project – An extensive fieldwork campaign of soil sampling and rock chips has already been successfully completed. However, ECR’s geological team continues to concentrate on areas of high potential to help delineate a series of future high-priority zones and drill targets.
  • Hurricane Project – Following a campaign of fieldwork undertaken during August and early
    September 2023, the Company is awaiting the highly anticipated sampling programme results to prove the near-term development potential of Hurricane.
  • Blue Mountain Project – Following the announcement of the conditional acquisition of the project in April 2023, initial studies have yet to commence. Based on reports from previous explorers, the Board believes that the project has potential for a gold discovery.

Victoria assets:

  • Creswick Project – The new directors are reviewing all of the Company’s assets at Creswick where ECR plans to seek a secondary (technical) opinion of its opportunities in Victoria. This will run alongside plans to investigate the discovery of two potential 100m gold ‘shoots’ at the Quartz Hill prospect and potential for further shoots along the Dimocks Main Shale strike and south towards Ballarat, further exploration work at the Davey Road prospect, Bush Inn Road prospect and at the Kuboid Hill and Mills Reef prospects.
  • Bailieston – The Company believes that the Bailieston licenses still hold considerable nascent value. Further work at the HR3 prospect at Bailieston tenement EL5433 is planned, including a soil geochemistry programme and follow-up drilling to the north of HR3.
  • Tambo Project – Following an initial field visit to the Tambo project, the rock chip sample results from the Duke of Cornwall prospect will be assessed prior to taking any next steps.  

Philippines asset

  • Danglay gold project – ECR owns 90% of 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. The Company is currently considering how best to extract value from this asset.

Royalty assets

  • Fosterville South Exploration Ltd (TSX-V: FSX) (“Fosterville South”) – Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), ECR has the right to receive up to A$2m in payments subject to future resource estimation or production from the projects sold to Fosterville South (see announcement dated 20 April 2020).
  • SLM gold project, La Rioja Province, Argentina – ECR holds a royalty and can potentially receive up to US$2.7 million in aggregate across all licences.

Property

  • ECR owns a property at 35 Brewing Lane, Springmount, Australia. The property consists of 16 acres and is located within the Company’s existing 100% owned Creswick license area. The Board are considering a sale of the property, which is currently being used as a base for Creswick operations.

Plant

  • ECR owns several items of valuable mechanical equipment. All options including future deployment, plant rental or disposal are being considered by the Company.

ECR Managing Director Nick Tulloch commented: “It is very evident that ECR owns a valuable
and diverse portfolio of assets which we believe in time have the potential to offer considerable upside. This factor was certainly a catalyst in driving the recently announced board changes and the share subscription that is of course subject to approval at our forthcoming General Meeting. We hope to have a comprehensive technical view of both our historical projects as well as the conclusion of our latest work programme on Queensland in the coming weeks.”

ECR Chief Operations Officer Mike Whitlow added: “The Board are engaged in an intensive review of all of ECR’s assets and operations. Our primary objective is to ensure the Company is on a secure financial footing for all future activities, and we will be making a series of decisions that will be announced to our shareholders in the coming weeks. I would like to take this opportunity to thank our shareholders for their patience and steadfastness in these matters, and I look forward to reporting back to you on these next steps as they occur.”

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

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

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

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).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company also has an option to acquire 100% of Placer Gold, which wholly owns the Hurricane Project, a later stage gold and antimony project located west of Cairns in the Hodgkinson Province, NE Queensland.

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

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

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