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ECR Minerals #ECR – Further to the Sale of Non-Core Assets

ECR Minerals plc (LON:ECR), the exploration and development company focused on gold in Australia, is pleased to confirm that further to its announcement of December 18 2023 re the sale of non-core assets (see RNS here), ECR’s Australian subsidiary Mercator Gold Australia Pty Limited (“Mercator”) has today received the first payment of A$53,000 (excluding GST) relating to the hire purchase sale agreement with a mining operations company for its Coretech Drilling Rig.

The total sale consideration for the Coretech Drilling Rig is A$350,000. A further A$33,000 is due every month for nine months until title in the asset transfers. The full payment obligations under the agreement are guaranteed by a related company to the purchaser.

Additional Disposals

ECR continues to push ahead with plans to sell its remaining non-core assets including 20 acres of land at Springmount in Victoria. Further updates will be provided as appropriate.

The monies raised from these sales will be utilised to progress work on the Company’s portfolio.

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 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 – Sale of Non-Core Assets

ECRECR Minerals plc (LON:ECR), the exploration and development company focused on gold in Australia, is pleased to confirm that its subsidiary, Mercator Gold Australia Pty Limited (“Mercator”), has agreed to effect the sale of two under-utilised non-core assets.

Drilling Rig

Mercator has signed an agreement to dispose of its Coretech Drilling Rig with a mining operations company under a hire purchase arrangement.  The total consideration is A$350,000 of which Mercator will receive A$53,000 on the start date of the arrangement, being 1 January 2024, with a further A$33,000 due every month thereafter for nine months until title in the asset transfers.  The full payment obligations under the agreement are guaranteed by a related company to the purchaser.

Excavator

At the same time, Mercator has successfully sold an excavator at auction for a price of A$70,000. These funds have been received by Mercator.

Additional Disposals

The remaining non-core asset that ECR plans to sell is 20 acres of land in Victoria.  The Board has determined to apply for in principle planning permission for a residential house to be built on the land.  If such planning permission is granted then the Board expects the appeal of the land to increase to prospective buyers.  The cost of planning permission is modest with timing likely to be in the first half of 2024. Further updates will be provided as appropriate.

The monies raised from these sales will be utilised to progress work on the Company’s portfolio.

ECR Managing Director Nick Tulloch commented: “We have had a stated plan to realise value from assets within ECR that we are not using or do not require. Finalising these two agreements before the end of 2023 exceeds our expectations on timing but the fact that the expected proceeds from these sales should exceed our G&A expenses for the coming year is particularly pleasing.  It is a little over three months since Mike Whitlow and I joined the Company. In that time, we have recapitalised the Company, re-positioned our portfolio to be more cost-effective, commenced a drilling campaign and now realised funds from non-core assets. We believe 2024 holds a great deal of promise for ECR and we look forward to updating shareholders on our ongoing progress.”

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 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 – Appointment of Adam Jones as Technical Director, Exploration

ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that Non-Executive Director Adam Jones will become an Executive Director with immediate effect. Adam’s new role will be Technical Director of Exploration across ECR’s portfolio of projects.

As previously announced on December 16th 2020, Adam Jones holds a Bachelor of Science degree from Ballarat University and First Class Honours from Adelaide University. Adam has over 12 years’ experience as a professional geologist in Australia, including significant experience and knowledge of regional gold exploration and production.

Adam is a member of the Australian Institute of Geoscientists (AIG) and has worked as an independent consulting geologist since 2015. His clients include or have included the A1 gold mine, Dart Mining, Nagambie Resources in Victoria and Vendetta Mining in Queensland.

Adam is a director of and has provided consultancy services to ECR’s Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) since April 2018 and has been involved in the supervision of drilling programmes and has undertaken geochemical and rock chip sampling and geological mapping campaigns.

He has considerable experience in geological interpretation, geotechnical and fault modelling, geological mapping and sampling, turbidite sequence-structural interpretations, wireframing and 3D modelling using Vulcan Software.

Adam will assume technical responsibilities for all of ECR’s projects, including the Lolworth Range project in North Queensland owned by ECR’s 100% owned subsidiary LUX Exploration Limited (“LUX”). He lives in Victoria close to ECR’s Bailieston and Creswick gold projects.

ECR Chairman David Tang commented: “Adam has been a key member of the ECR team since the day he joined, and I am delighted that he is now assuming an executive director role. I know he impressed our CEO on his recent trip to Victoria, and, looking forward, the Company will now benefit from his guidance and input on a higher strategic level.

ECR CEO Andrew Haythorpe added: “My decision to join ECR was very much influenced by the manner in which Adam has managed the Company’s ongoing drilling campaigns in Victoria as well as the skillset and vision demonstrated in his assessment and acquisition of the Lolworth Range project. My recent trip served to confirm my early impressions, and I very much look forward to working closely with him and benefitting from his expertise as we develop our asset portfolio.”         

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

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

Andrew Haythorpe, CEO

Email:

info@ecrminerals.com

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

Katy Mitchell / Andrew de Andrade

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

Jon Belliss

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

 

ABOUT ECR MINERALS PLC

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

https://mercatorgold.com.au/

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

https://luxexploration.com/

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

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

ECR Minerals #ECR – 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 – Initial Results From The First Ever Drilling Campaign at Cherry Tree (HR4) Identify Anticlinal Hinge Anomaly

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce initial results from its first drilling campaign at Cherry Tree (“Historic reserve number 4”, “HR4”, “Cherry Tree”) at the Bailieston Project in central Victoria, Australia.

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

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented:

“Following the purchase of our second drilling rig, ECR’s strong funding position and growing local infrastructure ensures the Company can continue to maintain a series of aggressive drilling campaigns across the Victoria Goldfields. We have also made a small bit of history; ECR’s Australian subsidiary MGA completed the first ever diamond drillhole at Cherry Tree (HR4) and I am delighted to report a highly significant early result there from hole BCTDD003, both in terms of the geological setting and the gold mineralisation identified.”

“As the data continues to arrive, our senior geologists are working hard to ascertain structural geological interpretations. It is widely accepted that culminations in folded strata cut by shears and faults are favoured locations for deposition of thrust-reef style lode gold deposits, and with the cross-striking faults at this anticline filled with quartz-gold-bearing fluids in Holes BCTDD001, BCTDD002 and BCTDD003, there is encouraging early evidence. We are keen to see what the next raft of data will reveal so we can determine our next exploration steps.”

HIGHLIGHTS:

  • Hole BCTDD001, the first ever diamond drilling work undertaken at HR4 has delineated an anticlinal hinge striking through the centre of the goldfield.
  • Holes BCTDD002 and BCTDD003 were drilled to define cross striking faults. Drilling continues using orientated diamond drill-core for structural geological interpretation
  • Hole BCTDD003 shows broad zones of low-grade gold mineralisation, often associated with anomalously high Arsenic (pXRF readings). The best intercept includes 0.5m @ 11.02 g/t Au from 98.85m depth.

PROGRESS AT CHERRY TREE

Hole BCTDD001, the first ever diamond drillhole completed at HR4 has delineated an anticlinal hinge striking through the centre of the goldfield. This anticline forms the geological backbone of mineralisation at Cherry Tree where cross-striking faults to this anticline have filled with quartz-gold-bearing fluids. Holes BCTDD002 and BCTDD003 were drilled to define such cross striking faults.

MGA continues to drill orientated diamond core to gain structural geological information, and recently drilled holes BCTDD004 and BCTDD005 were designed to test the interpreted position of multiple cross-striking faults. Geological logging of BCTDD004 and BCTDD005 is currently in progress.

Hole BCTDD003 shows broad zones of low-grade mineralisation, often associated with high Arsenic (pXRF readings). The best intercept includes 0.5m @ 11.02 g/t Au from 98.85m depth.

DETAILS OF ALL INTERCEPTS CONTAINING REPORTABLE LEVELS OF GOLD GREATER THAN 0.1 G/T – HOLES BCTDD001-003

BCTDD001
From

(m)

To

(m)

Grade Au g/t Interval

(m)

BCTDD001 No significant intercepts 0.1 g/t Au
Results greater than 0.1 g/t Au
From

(m)

To

(m)

Grade Au g/t Interval

(m)

BCTDD002 65.6 66.1 1.08 0.5 Associated with high Arsenic pXRF
BCTDD002 87 88 1.14 1 Associated with high Arsenic pXRF
BCTDD002
Other broad mineralised zones results noted
From

(m)

To

(m)

Grade Au g/t Interval

(m)

BCTDD002 68.3 69.3 0.11 1 Broad LG zone associated with
BCTDD002 69.3 70.3 0.22 1 higher arsenic. 4m @ 0.19 g/t Au
BCTDD002 70.3 71.3 0.2 1
BCTDD002 71.3 72.3 0.24 1
BCTDD003
Results greater than 0.1 g/t Au
From

(m)

To

(m)

Grade Au g/t Interval

(m)

BCTDD003 74.9 75.5 1.11 0.6 0.6m @ 1.11 g/t Au
BCTDD003 79.7 80 1.01 0.3 0.3m @ 1.01 g/t Au
BCTDD003 98.85 99.35 11.02 0.5 0.5m @ 11.02 g/t Au

 

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.

OR 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

 

NOTES AND FULL INTERCEPT SUMMARY

 

BCTDD001
From

(m)

To

(m)

Grade Au g/t Interval

(m)

BCTDD001 No significant intercepts 0.1 g/t Au
Results greater than 0.1 g/t Au
From

(m)

To

(m)

Grade Au g/t Interval

(m)

BCTDD002 65.6 66.1 1.08 0.5 Associated with high Arsenic pXRF
BCTDD002 87 88 1.14 1 Associated with high Arsenic pXRF
BCTDD002
Other broad mineralised zones results noted
From

(m)

To

(m)

Grade Au g/t Interval

(m)

BCTDD002 68.3 69.3 0.11 1 Broad LG zone associated with
BCTDD002 69.3 70.3 0.22 1 higher arsenic. 4m @ 0.19 g/t Au
BCTDD002 70.3 71.3 0.2 1
BCTDD002 71.3 72.3 0.24 1
BCTDD003
Results greater than 0.1 g/t Au
From

(m)

To

(m)

Grade Au g/t Interval

(m)

BCTDD003 74.9 75.5 1.11 0.6 0.6m @ 1.11 g/t Au
BCTDD003 79.7 80 1.01 0.3 0.3m @ 1.01 g/t Au
BCTDD003 98.85 99.35 11.02 0.5 0.5m @ 11.02 g/t Au
Other broad mineralised zones results noted
From

(m)

To

(m)

Grade Au g/t Interval

(m)

BCTDD003 28 29 0.24 1 1.3m @ 0.24 g/t Au
BCTDD003 29 29.3 0.23 0.3
BCTDD003 31 32 0.22 1 LG zone 20.3m @ 0.35 g/t
BCTDD003 32 32.7 0.23 0.7
BCTDD003 32.7 33.2 0.9 0.5
BCTDD003 33.2 34.2 0.94 1
BCTDD003 34.2 35.1 0.16 0.9
BCTDD003 35.1 36.1 0.1 1
BCTDD003 36.1 36.5 0.48 0.4
BCTDD003 36.5 37.5 0.53 1
BCTDD003 37.5 38.5 0.34 1
BCTDD003 38.5 39 0.36 0.5
BCTDD003 39 40 0.6 1
BCTDD003 40 41 0.55 1
BCTDD003 41 42 1.13 1
BCTDD003 42 42.5 0.17 0.5
BCTDD003 42.5 43.5 0.14 1
BCTDD003 43.6 44.5 0.13 0.9
BCTDD003 44.5 45.1 0.29 0.6
BCTDD003 45.1 46.1 0.11 1
BCTDD003 46.1 47.1 0.21 1
BCTDD003 47.1 48.1 0.14 1
BCTDD003 48.1 49.1 0.16 1
BCTDD003 49.1 50.1 0.21 1
BCTDD003 50.1 51.4 0.11 1.3
BCTDD003 54.1 55.1 0.37 1 LG zone 17m @ 0.21 g/t Au
BCTDD003 55.1 56.1 0.23 1
BCTDD003 56.1 57.1 0.1 1
BCTDD003 57.1 58.1 0.1 1
BCTDD003 58.6 59.6 0.28 1
BCTDD003 59.6 59.9 0.48 0.3
BCTDD003 59.9 60.4 0.5 0.5
BCTDD003 60.4 60.9 0.16 0.5
BCTDD003 60.9 61.4 0.41 0.5
BCTDD003 61.4 62 0.74 0.6
BCTDD003 62 62.5 0.14 0.5
BCTDD003 62.5 63.2 0.33 0.7
BCTDD003 63.2 63.8 0.15 0.6
BCTDD003 63.8 64.5 0.13 0.7
BCTDD003 64.5 65.3 0.1 0.8
BCTDD003 65.3 66.1 0.12 0.8
BCTDD003 66.1 66.7 0.13 0.6
BCTDD003 66.7 67.4 0.13 0.7
BCTDD003 67.4 68.4 0.15 1
BCTDD003 68.4 69 0.16 0.6
BCTDD003 69 70 0.1 1
BCTDD003 70 70.6 0.11 0.6
BCTDD003 70.6 71.6 0.15 1
BCTDD003 89.6 89.8 0.82 0.2 11m @ 1.14 g/t Au
BCTDD003 89.8 90.05 1.4 0.25 (incl 0.5m @ 11.02 g/t Au from 98.85m)
BCTDD003 90.05 90.9 0.54 0.85
BCTDD003 90.9 91.9 0.31 1
BCTDD003 91.9 92.4 1.17 0.5
BCTDD003 92.4 93.4 0.1 1
BCTDD003 93.4 94.4 0.1 1
BCTDD003 94.4 94.9 1.65 0.5
BCTDD003 94.9 95.4 0.48 0.5
BCTDD003 95.4 96.4 0.34 1
BCTDD003 96.4 96.9 0.26 0.5
BCTDD003 96.9 97.8 0.15 0.9
BCTDD003 97.8 98.4 0.1 0.6
BCTDD003 98.4 98.85 0.12 0.45
BCTDD003 98.85 99.35 11.02 0.5
BCTDD003 99.35 100 0.27 0.65
BCTDD003 100 100.6 0.15 0.6

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 – Commencement of Drilling at Creswick and Bailieston Gold Project Update

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on Australia, is pleased to provide an exploration update for shareholders covering drilling and related activities underway across the Bailieston and Creswick gold exploration projects.

Both projects are located in the Victoria Goldfields, Australia and are 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

Craig Brown, Chief Executive Officer, commented:

“We are pleased to now have drilling underway at two gold projects in the Victoria Goldfields, and we look forward to updating the market with assay results in due course.

Our drilling at Bailieston continues successfully using our in-house diamond drill rig and we look forward to assay results of recent holes, particularly following the initial geological review of the drill core.  Additionally, soil sampling from the HR3 area (see below) has identified very high gold grades in soils, further supporting the geological modelling and drill targeting.

With our strong cash position we have been able to expand drilling operations and have now commenced drilling at Creswick using external contractors.   We are very excited by the potential scale of the opportunity at Creswick and a larger scale drill programme at the project is something we have been eager to undertake.

We look forward to providing further updates in due course.”

COMMENCEMENT OF DRILLING AT CRESWICK GOLD PROJECT

In 2019 exploration drilling was undertaken at Creswick targeting gold mineralisation associated with quartz veins hosted in the Dimocks Main Shale (DMS).

The DMS is the hard-rock source of much alluvial and deep lead gold, with historical alluvial and deep lead production estimated at up to 2.5 million ounces in the Creswick/Berry lead system, and up to 11 million ounces in the entire Ballarat area, of which the DMS is a significant contributor.

A 2019 drill programme conducted by the Company tested circa 300 metres of the DMS trend, which extends over approximately 15 kilometres, 7 kilometres of which is covered by MGA’s granted exploration licence and two exploration licence applications.

MGA has engaged a contractor for a minimum of 1,200 metres of diamond drilling at Creswick, and the first drill hole in this programme is now underway.  It is planned to drill around 10 holes from drill sites located on State Forest land within exploration licence EL006184.

The drill sites for the current programme are approximately 2.2 km south along the DMS-trend from those used in MGA’s previous drilling programme at Creswick in 2019, individual samples from which returned assays as high as 80.97 g/t gold over one metre (announced on 5 November 2019).

PROGRESS AT BAILIESTON GOLD PROJECT

As previously announced, drilling is ongoing in the Historic Reserve #3 (HR3) area of the Bailieston project using ECR’s own diamond drill rig.  Assay results from the first four holes (BH3DD001 to 4) were announced on 20 April 2021.  Assay results and final geological interpretations are currently awaited in respect of four further holes (BH3DD005 to 8).

Hole BH3DD005 has targeted the Maori Reef, and holes BH3DD006 and 7 have targeted a hypothesised central anticline (as discussed in the Company’s announcement dated 20 April 2021). Hole BH3DD006 was also drilled to test the Dan Genders Reef. Initial geological interpretation of holes BH3DD005, 6 and 7 indicates that the hypothesised central anticline does exist and represents a favourable target for hosting gold mineralisation such as limb-thrust type vein systems.

SOIL SAMPLING

MGA has received the results from laboratory analysis of 229 soil samples taken across the central and eastern part of the HR3 area. These results are currently being plotted and analysed in comparison with results from portable X-Ray Fluorescence (“XRF”) analysis. The laboratory results include gold values up to 3.75 parts per million (equivalent to grams per tonne). The results will help identify potential extensions of and potential undiscovered veins running parallel to known reef systems and further updates will be provided in due course as appropriate.

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
Craig Brown, Director & CEO
Email:

info@ecrminerals.com

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

Novum Securities Limited

Broker

Jon Belliss

Tel: +44 (0)20 7399 9425
SI Capital Ltd Tel: +44 (0)1483 413500
Broker

Nick Emerson

 

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, and two licence applications lodged in eastern Victoria for the 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.

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.

ECR Minerals #ECR CEO Interview – Alan Green talks to Craig Brown

Brand Comms CEO Alan Green talks to ECR Minerals #ECR CEO Craig Brown about the company’s flagship gold exploration projects in the heart of Australia’s Victoria Goldfields.

Craig talks about the recent placing to raise a further £2m with Novum Securities at 2.2p, and elaborates on the rationale behind it, before discussing the initial drilling results at the Bailieston Historic Reserve 3 prospect, that led to a fall in the share price despite identifying gold and gold mineralisation.

We look at slides from the current company presentation, and examine the scale of the operations and historic gold grades from the other Bailieston prospects including Blue Moon, Black Cat, HR4 (Cherry Tree, Cherry Tree South) and Yellow & Red Moon.

We move to Creswick and discuss the Dimocks Main Shale geological feature, the historical (2019) grades, license applications and JV implications and the upcoming drilling campaign. Craig then updates on the Tambo Project, and the connection with ECR’s Head Geologist Dr Rodney Boucher before we discuss the Bendigo HQ operation.

Alan and Craig then summarise by looking at the current company valuation vs. assets and work underway.

ECR Minerals #ECR – High-Grade Drilling Results at Bailieston Gold Project, Victoria Goldfields, Australia

ECR Minerals plc (LON: ECR), the gold exploration and development company, is pleased to announce high-grade drilling results from the Bailieston gold project in the Victoria Goldfields, Australia. The Bailieston project is 100% owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia (“MGA”).

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “These are the first results generated by our new drilling rig, and to our knowledge they are also the first diamond drilling results ever obtained from the HR3 area. The extra geological insight afforded by diamond drilling will be of great use in vectoring further work, and this is an advantage which previous explorers have not had.

As is to be expected with early-stage exploration drilling, not all holes reported today have intersected significant gold mineralisation, but we are very encouraged by the fact that BH3DD001 returned two high-grade intercepts, including one of 0.5 metres at 19 g/t gold, and all holes have provided data which will feed into our evolving geological model for the area. Drilling is continuing and we look forward to reporting the next round of results.

We remain as excited as ever about the potential of the Bailieston gold project, which is located around 30 kilometres from the Fosterville gold mine owned by Kirkland Lake Gold and which includes the Blue Moon gold discovery confirmed by high-grade results from previous drilling by ECR.”

HIGHLIGHTS:

  • Five diamond drillholes across the Historic Reserve #3 (HR3) area covering the Byron and Maori reef lines have been completed for a total of 1082m. Drilling at Byron shows west dipping sediments whereas drilling at Maori intersected all east (and south-east) dipping beds, indicating the possibility of anticline-related gold mineralisation between the two reefs.
  • Drilling of BH3DD006 is currently in progress to test a hypothesised anticline that may exist in the vicinity of the Dan Genders-Scoulers line of workings. Historic shallow gold workings may be small reefs linking and coalescing to a much larger fault related anticline system at depth.
  • Drilling to date has been on the periphery of a central mineralised system (Byron and Maori Reef lines). Drilling has been through mostly shales, however sandy bedding, which is best for brittle vein development is expected to be more likely in the central part of the HR3 goldfield.
  • Drillhole BH3DD001 into the Byron Reef returned a high-grade intersection of 0.5m @ 19 g/t Au from 110.9m downhole. Furthermore, a potentially new mineralised system was intersected at 157m (1m @ 4.25 g/t Au). Rubbly quartz from this same intersection assayed 21.1 g/t Au.
  • Drilling of BH3DD005 into the Maori Reef shows an increase in sandy bedding and sulphide development compared to the Byron Mine area. Final assay results for this hole are pending.
  • Geochemical soil sampling has been completed over half of the HR3 goldfield. Some 720 samples have been taken with 229 samples currently being analysed for key gold pathfinder elements, and these results will assist with drill targeting.

SUMMARY OF DRILLING TO DATE

(fig. 1) – Plan showing locations of 2021 drilling, historical gold workings and reef lines.

https://www.ecrminerals.com/images/0421fig1.jpg

BYRON REEF

908m of the 1082m total drilling to date has been drilled into the Byron Reef surrounding the historic Byron Mine. Production records show the Byron Mine to have produced a total of 8698 tonnes for 4416 oz (average 15.5 g/t Au), indicating it was the biggest producer within the HR3 goldfield. On this basis and considering the relative ease of drilling access at Byron, holes BH3DD001 to BH3DD004 were drilled into this reef.

BH3DD001

This hole was designed to test the down-dip mineralisation underneath the historic Byron Mine and understand the structural context of the orebody. The target (Byron Main Reef) intersected a milky, massive-vuggy quartz reef with laminated margins, 5.3m in apparent thickness. A visible speck of gold was seen when sampling the core. Results show the laminated hanging-wall portion of this reef contains the gold with assay returning (0.5m @ 19.0 g/t Au) from 110.9m. The massive-vuggy portion of the reef did not return gold. Additionally, a newly discovered potential mineralised position occurs in thin, overturned sands containing perpendicular veins that returned (1m @ 4.25 g/t Au) from 157m. Furthermore, cave-in (rubbly quartz) resulting from a drill bit change within these veins at the same depth of 157m returned 21.1 g/t Au. Drilling continued into the footwall of the reef to end of hole at 296.6m depth. The entire hole was drilled down the western limb of a large anticline, likely to exist at an unknown distance to the east. A parallel reef system known as ‘Scoulers Reef’ may be situated on such an anticline.

BH3DD002

BH3DD002 was drilled to test the vertical down-dip extension of the Byron Main Reef intersected in BH3DD001. The reef was drilled through at 144m down hole where the vein had narrowed to 25cm in width. Assay results show no significant intercepts with gold below the detection limit (BDL). There is 40m in vertical difference between the reef intersection in BH3DD001 and BH3DD002. Drilling continued to test the hypothesis that the reef may be bedding-parallel and be dipping back under eastwards, however no additional quartz related mineralisation was intersected. No sulphides were visible and portable XRF (pXRF) readings failed to identify any significant pathfinder elements in the quartz or surrounding wall-rock. This hole ended at 242.5m depth.

(fig. 2) – Geological interpretation and best results are shown.

https://www.ecrminerals.com/images/0421fig2.jpg

BH3DD003

BH3DD003 was designed to test the hypothesised down-plunge shoot extension of the Byron Main Reef to the north of BH3DD001 and BH3DD002. In reference to the deepest known historical workings in the Byron Mine on long-section and the down-dip direction of mined stopes, the productive mineralised portion of the reef, known as a ‘shoot’ possibly plunges to the north (fig. 3). The reef was intersected at 126.3m downhole where flexures in the bedding caused a large body of quartz-sulphide development. This mineralisation continued to 147.5m. Best results were 0.8m @ 1.19 g/t Au from 135.8m depth.

https://www.ecrminerals.com/images/0421fig3.jpg

BH3DD004

BH3DD004 was drilled to test the vertical extent of the large quartz-sulphide dilation intersected in BH3DD003. The conclusion of this drillhole, as with BH3DD002, was that the width of the Byron Reef narrows and has no grade continuity at this depth.

(fig. 4) – Geological interpretation of BH3DD003 and BH3DD004 shown.

https://www.ecrminerals.com/images/0421fig4.jpg

MAORI REEF

BH3DD005

BH3DD005 was designed to test the structural context of the Maori Reef. Bedding is shown to be dipping towards the east and south-east directions. Between 76 and 151 metres the host rocks are more sand dominated and below this zone a 40cm wide laminated quartz vein was intersected. This hole was drilled to a final depth of 174.3 metres. Assays results are pending for this hole.

ANTICLINE HYPOTHESIS

BH3DD006

Drilling to date covers the western and eastern boundaries of the currently known mineralisation within the HR3 goldfield. Geological observations of drilling to date confirms the lithology of the bedding to be more sand dominant in the vicinity of the Maori Reef. Bedding dips towards the west at the Byron Mine and dips east to south-east at the Maori Reef, suggesting a main anticline hinge zone to exist between these two reef lines. It is likely the north-west striking Dan Genders Reef and Scoulers Reef systems may be linked to a potential larger anticline-system at depth. (refer to fig. 1 for reef locations). Similar anticline-related faulting is seen at the nearby old Bailieston open pit (located 2.8km to the north) and characteristic elsewhere in Central Victoria. BH3DD006 is currently being drilled across strike of the Dan Genders Reef to test this hypothesis.

(fig. 5) – Hypothesised Central Anticline Model.

https://www.ecrminerals.com/images/0421fig5.jpg

Table A Details of current drilling and significant intercepts to date (April 2021).

HOLE ID

EASTING (GDA

Zone 55)

NORTHING (GDA

Zone 55)

DIP

AZIMUTH (True North)

TOTAL DEPTH (metres)

SIGNIFICANT INTERCEPTS

BH3DD001

326313

5931394

-60

060

296.6

0.5m @ 19.0 g/t Au from 110.9m

1m @ 4.25 g/t Au from 157m*

*rubbly quartz from this zone re-assayed 21.1 g/t Au

BH3DD002

326313

5931394

-70

060

242.5

No significant intercepts (below detection limit)

BH3DD003

326313

5931394

-60

023

165.6

0.8m @ 1.19 g/t Au from 135.8m

BH3DD004

326313

5931394

-67

023

203

No significant intercepts

All samples were assayed by Gekko Systems Pty Ltd in Ballarat, Australia.

Review of Announcement by Qualified Persons

The Exploration Results in this report have been compiled by Adam Jones and Dr Rodney Boucher.

Adam Jones is a Member of the Australian Institute of Geoscientists (MAIG). Adam Jones has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. He consents to the inclusion in this report of these matters based on the information in the form and context in which it appears.

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 Regulation (EU) No. 596/2014 (MAR) (as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc

Tel: +44 (0)20 7929 1010

David Tang, Non-Executive Chairman

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

SI Capital Ltd

Tel: +44 (0)1483 413500

Joint Broker

Nick Emerson

Novum Securities Limited

Tel: +44 (0) 20 7399 9400

Joint Broker

Jon Belliss

ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, and two license applications lodged in eastern Victoria for the Tambo Gold project. ECR is currently drilling high priority targets on the Bailieston gold project using the Company’s own diamond drill rig, backed by a support network at the company’s central Victoria HQ at Bendigo. ECR has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

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$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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