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ECR Minerals #ECR – Fire Assay Results Confirm High Grade Gold Photon Analysis Numbers At Tambo, Victoria

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the fire assay gold results from the historic Duke of Cornwall Mine, Swifts Creek (Tambo), Victoria, Australia.

HIGHLIGHTS

  • Fire assay of 37 rock chips at the Duke of Cornwall Lode improves earlier best result from photon analysis from 51.5 g/t Au to 52.2 g/t Au
  • 10 Samples returned results above 5 g/t Au
  • Additional gold results for 19 rock chips include more best results including 9.79 g/t Au, 8.55 g/t Au and 5.31 g/t Au
  • The results fall within the 95% confidence interval indicating photon analysis does offer a reliable indication of fire assay results

Background to Photon Assay Analysis

As announced on 10 June 2024, ECR Minerals undertook an exploration campaign at its Eastern Victorian exploration tenement (EL007484) which included detailed mapping of historical gold workings and the collection of 56 rock chips and 84 soil samples at spaced intervals across and along strike of the known mineralisation. Initial testing of 37 rock chips using the Photon Assay method returned significant results with 8 samples showing gold concentrations exceeding 5 g/t Au, including a best result of 51.5 g/t Au.

Fire Assay Comparison

The Board has now received the gold and multi-element results for all 56 rock chip samples, analysed using both traditional Fire Assay and ME-ICPMS methods. In comparing the 37 Photon Assays to the Fire Assays, all samples are within a 95% confidence level. The largest variance observed between assay methods was 2.05 g/t Au in rock chip BTR054. It is acknowledged that gold results inherently exhibit some variance, as evidenced by duplicate and repeat testing for Au (refer to Table 1 below). A vein previously sampled in 2023, with a fire assay indicating 0.2 metres at 22 g/t Au, produced a photon analysis result consistent with expectations, measuring 24 g/t Au.

Multi-Element Pathfinders

All rock chip samples also underwent ME-ICP analysis to determine levels of Silver, Arsenic, Bismuth, Copper, Lead, and Zinc. Elements such as Arsenic (As) have traditionally been a key indicator for gold mineralisation. Bismuth (Bi) has shown the closest correlation with gold at higher elevations and falls within the detectable range of a pXRF device, a valuable tool included in the Company’s exploration toolkit (refer to Chart 1 below). Pathfinder elements can be crucial for expediting and cost-effectively generating future regional exploration targets.

Table One: Results above 5g/t Gold from 56 Rock Chip Samples, Tambo Project Exploration. Comparison between earlier Photon Analysis also shown.

Sample Photon Au g/t FA Ave Au g/t Au g/t

(FA-1)

Au g/t (Duplicate) Au g/t (Repeat) Bismuth ppm
BTR005 8.55 8.56 8.53 1230
BTR011 5.31 5.52 5.09 186
BTR019 9.79 8.88 10.70 482
BTR021 16.70 15.70 16.50 14.90 1200
BTR027 7.00 6.13 5.72 6.53 256
BTR044 26.50 26.25 25.60 26.90 1040
BTR046 16.90 17.20 17.00 17.40 747
BTR047 24.00 22.85 21.80 23.90 316
BTR054 19.70 17.65 16.50 18.80 640
BTR056 51.50 52.20 53.20 51.20 1450

* Fire Assay Average grade = (Au g/t + duplicate + repeat) / number of analysis

No other rock chip samples returned results above 5 g/t Au.

Chart 1: Plot of Au (g/t) against Bismuth (ppm) showing close correlation between the two elements.

Mike Whitlow Chief Operating Officer commented: The high grade gold results, and perhaps more importantly, the statistically significant correlation to the fire assay data has validated our decision to implement photon assaying at Tambo. A best result of 52.2 g/t Au in rock chips is an exceptional outcome and I look forward to our exploration teams resuming work at the project in due course.

“In Queensland, the earlier recovery of visible gold through our washplant at Blue Mountain has exceeded expectations and we’re eagerly awaiting the results of laboratory analysis which will guide our next steps for the project. In the coming days, I’m looking forward to our chief geologist Adam Jones joining our field crews at Lolworth where initial hard rock trenching is planned for Gorge Creek West.”  

Adam Jones Chief Geologist added: Our geological team has been very impressed with the Photon Assay method, noting its close correlation with reported Fire Assays. It not only provides faster and more cost-effective results but also represents a significant shift in our approach moving forward. Our next objective at this prospect is to confirm the consistency of gold hits within the vein structure which is likely to include a short drill program.”

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
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.

ABOUT PHOTONASSAY

Developed by Australia’s national science agency, CSIRO, photon assay is described as a technique that can deliver faster, safer, and more accurate gold analysis. The developers of PhotonAssay are positioning it as an environmentally-friendly replacement for fire assay that can provide rapid turnaround on high sample volumes.  Samples can be processed in less than 2 minutes in an automated process, compared to 3-4 hours for fire assay samples. A number of companies have undertaken a thorough evaluation of the method on their projects by undertaking extensive testing against fire assays (currently considered the gold standard for grade determination) with excellent results. PhotonAssay is considered most suitable for coarse gold mineralisation where analysis of large sample sizes is advantageous.

The technique works by hitting samples with high-energy X-rays, which causes excitation of atomic nuclei allowing enhanced analysis of gold, silver, copper and other elements in as little as two minutes. A highly sensitive detector picks up the unique atomic signatures from these elements to determine concentrations.

PhotonAssay has the following features:

  • Bulk measurement of large samples, typically 400–650 g
  • Minimal sample preparation e.g. crush to 2–3 mm top-size
  • Non-destructive; no chemical reagents required
  • Rapid (< 2 mins per sample, 70 samples/hour)
  • Excellent sensitivity (0.01 ppm detection limit on reagent blanks, 0.015-0.030 on typical gold ores)
  • Independent of sample matrix, chemistry or mineralogy
  • Fully-automated

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 – Exceptional Antimony Results At Bailieston, Victoria

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the latest results for additional testing for the critical mineral Antimony (Sb) from diamond core previously drilled at Bailieston, Central Victoria, Australia.

HIGHLIGHTS

  • 44 samples from previous diamond drilling at Bailieston submitted for additional multi-element testing.
  • Best results include 0.3m grading 32% Sb and 0.1m grading 1.20 % Sb.
  • A total of 12 samples returned results greater than 0.1% Sb
  • Antimony is classified as a critical mineral by the Australian Government and many other major economies
  • Prices have soared to record highs in 2024 of ~$18,000/t antimony trioxide (Argus Media), the highest price in over 10 years, as declining ore grades and depleting mines squeeze supply
  • The Bailieston Goldfield, part of the Costerfield-Nagambie Geological Zone, is known for its Antimony deposits and active mining.
  • ECR remains fully funded for its planned operations in Queensland and Victoria in 2024.

Antimony Exploration In Victoria

The ECR Board made the decision to reanalyse diamond core samples for Antimony from the Bailieston Project, drilled during the 2021-2022 campaign, due to the Melbourne Geological Zone’s reputation as a prominent host for Antimony lodes and the increasing demand for the critical mineral.

The Costerfield Mine, owned by Mandalay Resources, is a significant Antimony producer in the region, recording 1,860 tonnes of Sb in 2023. Nearby, Nagambie Resources recently announced a maiden JORC resource estimate of 17,800 tonnes of Sb, while Southern Cross Gold is actively exploring for Antimony at its Sunday Creek Project.

ECR holds exploration licenses situated 45 kilometres east of Costerfield and 25 kilometres west of Nagambie. The Bailieston Prospect (HR3) is positioned on the Bailieston Anticline, renowned for its Antimony mineralisation.

Sampling Method

As part of the Company’s drilling program undertaken in 2021-2022 at Bailieston, all diamond drill core underwent regular analysis using a handheld pXRF unit. The data has subsequently been analysed specifically for Antimony concentrations exceeding 2000 ppm Sb. 44 samples were chosen and forwarded to OSLS Laboratory in Bendigo for comprehensive multi-element analysis (ME-ICP). Samples returning Sb higher than 4000 ppm are tested for higher Sb concentrations by XRF method.

Results

The best sample returned an Antimony result of 0.3m @ 32% Sb (drillhole BH3DD019) while a further 11 samples returned highly anomalous results.

Table 1: Antimony (Sb) Results (%) reported above 0.1 % Sb from the selected drill core from Bailieston.

HOLEID FROM TO Length Sb %
BH3DD019 143.4 143.7 0.3 32
BH3DD027 126.4 126.5 0.1 1.2
BH3DD027 125.9 126.4 0.5 0.99
BH3DD012 72 73 1 0.88
BH3DD022 49.5 50 0.5 0.6
BH3DD009 52.7 53.4 0.7 0.24
BH3DD010 64.4 65.3 0.9 0.18
BH3DD035 90.9 91.3 0.4 0.17
BH3DD037 40.2 40.6 0.4 0.16
BH3DD037 40.6 41 0.4 0.14
BH3DD012 52 53 1 0.13
BH3DD012 73 73.8 0.8 0.11

Next Steps 

The Board believes the findings demonstrate further the potentially significant inherent value within ECR’s Bailieston Project and nearby exploration areas. Previous drilling results from the Project are now undergoing internal review where follow up plans will be announced in due course.

Mike Whitlow Chief Operating Officer said: We’ve identified a highly promising opportunity at Bailieston that warrants further follow-up. The discovery of 32% Antimony over an intersection of 0.3m, coupled with multiple other highly anomalous results, marks a significant breakthrough and validates our decision to re- submit these samples for further analysis. The  finding is truly remarkable, especially considering the current surge of interest and demand for the critical mineral. In the near term, our primary focus will be on identifying a suitable strategic partner to collaborate with and fund further exploration to maximise what has the potential to become an exciting multi-commodity asset at Bailieston.

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.  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 – COO Mike Whitlow discusses the work at Blue Mountain, and provides a general operational update

ECR Minerals #ECR COO Mike Whitlow discusses the work at Blue Mountain, and provides a general operational update with Alan Green. Mike provides an update on work undertaken so far in 2024, before we discuss the trenching work at Blue Mountain, the relationship with the landowner, the gold resource identified by previous owners BlueKebble. We then look at the next steps at Blue Mountain, before Mike provides an update on the financial position, company assets and potential tax credits.

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 – Issue of Equity, TVR & PDMR Dealing

ECRECR Minerals plc (LON:ECR), the exploration and development company focused on gold in Australia, is pleased to confirm that the new ordinary shares awarded to Nick Tulloch, managing director, and Mike Whitlow, chief operating officer pursuant to their remuneration arrangements announced on 19 September 2023 have been issued and allotted.  Accordingly, each of Nick Tulloch and Mike Whitlow have received 7,500,000 new ordinary shares, in lieu of £22,500 of their remuneration for the period 15 March 2024 to 14 June 2024, at a price of 0.3 pence per share.

The total ordinary shares in ECR Minerals currently held by Nick and Mike, as PDMRs of the Company, are as follows:

Name Shares in the Company Issued today Total Shares in the Company now held Percentage of the Company’s issued equity held
Nick Tulloch 7,500,00 30,055,417 1.62%
Mike Whitlow 7,500,00 30,055,417 1.62%
Total 15,000,000

Additional Issue of Equity

At the same time, the Company has agreed to issue and allot 2,307,692 new ordinary shares in lieu of £6,000 of fees owed by the Company in order to assist the Company in conserving its cash resources. These shares have been issued at a price of 0.26 pence, which was the volume weighted average price for ECR Mineral’s ordinary shares over the 14 trading days prior to the date of the invoice.

Admission and Disclosure and Transparency Rules

Application has been made for 17,307,692 new ordinary shares to be admitted to trading on AIM (“Admission”) and it is expected that Admission will become effective on or around 17 June 2024. The new ordinary shares will rank pari passu with the existing ordinary shares. Upon Admission, ECR’s issued ordinary share capital will comprise 1,857,061,117 ordinary shares of 0.001 pence. This number will represent 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.

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 – Photon Analysis Yields Grades Up to 51.5 g/t Gold at Swifts Creek (Tambo)

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the first gold results from photon analysis of rock chips from the historic Duke of Cornwall Mine, Swifts Creek (Tambo), Eastern Victoria, Australia.

HIGHLIGHTS

  • A selection of 37 rock chips from the Duke of Cornwall Lode have been analysed for gold using photon analysis.
  • Best results include 5 g/t Au, 26.5 g/t Au and 24 g/t Au.
  • A further 5 rock chips contain gold grades greater than 5 g/t Au.
  • Total of 56 rock chips and 84 soil samples were taken across the broader strike of mineralisation with results from these additional samples due shortly.
  • The Eastern Victorian exploration tenements offer a new area for gold and base metal exploration.

Recently completed exploration

ECR Minerals holds exploration tenement EL007484 in eastern Victoria, Australia. It has also applied for, but is awaiting final approval, for exploration licence EL007486 (in the same area). Situated approximately 500km east of ECR’s Central Victorian projects (Creswick and Bailieston), the project area hosts distinct geology offering potential opportunities for gold and base metals.

There has been no significant exploration work completed on EL007484 since a site visit by ECR in 2023. Initial findings at that time included a significant rock chip sample of 0.2m @ 22 g/t Au from the Duke of Cornwall Mine. Elevated levels of pathfinder elements arsenic and bismuth alongside gold indicated the potential for further discoveries.

A recent exploration campaign included detailed mapping of historical gold workings and the collection of 56 rock chips and 84 soil samples taken at spaced intervals across and along strike of the mineralisation to gain a better understanding of the spread of pathfinder elements. Notably, historical mine development below 20m from surface remains unexplored.

With positive community and landowner relations the Board is confident that ECR is well positioned to make substantial progress on the project going forward.

Photon analysis

In response to recent challenges in obtaining laboratory results for gold through conventional fire assay methods, as previously announced, ECR has been trialling alternative approaches, including the use of photon analysis. PhotonAssay, described in more detail at the end of this announcement, is a novel, cost effective and non-destructive analytical technique, which can significantly reduce both sample preparation time and the duration of final analysis. This method has undergone testing by a number of mining companies and its consultants, in recent years, to understand its precision and the Directors understand it has been extensively used for grade control sampling at the Fosterville Goldmine (owned by Agnico-Eagle). Whilst it is still a new technique, the work done to date suggests that gold grade analysis does not necessarily need fire assay accuracy and that photon analysis can achieve the same results, particularly if grades mined are high and the sample size is large.

Out of the 56 rock chips, 37 have been analysed for their gold content using Photon analysis. The initial findings suggest encouraging indications of high-grade gold. Notably, eight samples have revealed gold concentrations exceeding 5 grams per tonne (g/t). Sample BTR056 was obtained from in-situ unmined vein material and has demonstrated an expected grade of up to 51.5 g/t Au. Sample BTR047, extracted from a vein previously sampled in 2023 where a fire assay indicated 0.2 meters at 22 g/t Au, yielded a photon analysis result consistent with expectations, measuring 24 g/t Au.

All 56 rock chips are now undergoing duplicate analysis for gold by way of fire assay, and the results of this analysis will be announced as soon as they are available. In addition, earlier findings from 2023 indicate the presence of the metal bismuth, with concentrations reaching up to 0.4 kilograms per tonne, alongside gold. Further work is underway to better understand the significance and implications of bismuth in these samples.

Table One: Rock chip results above 0.5g/t Gold from Latest Tambo Project Exploration

SAMPLE ID g/t Au Comment
BTR056 51.5 40cm wide Unmined quartz outcrop above Adit
BTR044 26.5 Quartz from dump
BTR047 24 20cm Quartz vein in situ. (Same sample site from 2023 at 22 g/t Au)
BTR054 19.7 10 cm Unmined vein extension within Adit
BTR046 16.9 Quartz from mine dump
BTR021 16.7 Quartz from mine dump
BTR027 7 Subcropping quartz vein
BTR025 5.01 Quartz from mine dump
BTR045 2.03
BTR028 1.07
BTR029 1.04
BTR026 0.84

No other rock chip samples returned reportable results.

Figure One: Plan view of Duke of Cornwall Lode and Best Rock Chips.

Mike Whitlow Chief Operating Officer said: Our technical strategy in Victoria continues to deliver promising results. We are observing significant variations in the geological age and footprint at our easternmost tenement, Tambo. Today’s findings are particularly encouraging, as they are based on new scientific data analysis, further supporting the potential for drilling this asset in the second half of this year.’’

Adam Jones Chief Geologist added:The Eastern Adit has shown very encouraging high-grade results which merit further exploration. Although still early stage, our work done to date suggests these grades continue at greater depths below surface and beyond the shallow historical workings. These encouraging findings have pinpointed several high-priority drill targets which we will revisit in the coming months.  What was also apparent during my visit is that large parts of the tenement are yet to be explored so there is considerable scope to follow up. It’s worth considering what other sites have been overlooked since the early days of mining, especially in the current strong gold price environment.’’ 

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
 
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. 

ABOUT PHOTON ASSAY

Developed by Australia’s national science agency, CSIRO, photon assay is described as a technique that can deliver faster, safer, and more accurate gold analysis. The developers of PhotonAssay are positioning it as an environmentally-friendly replacement for fire assay that can provide rapid turnaround on high sample volumes.  Samples can be processed in less than 2 minutes in an automated process, compared to 3-4 hours for fire assay samples. A number of companies have undertaken a thorough evaluation of the method on their projects by undertaking extensive testing against fire assays (currently considered the gold standard for grade determination) with excellent results. PhotonAssay is considered most suitable for coarse gold mineralisation where analysis of large sample sizes is advantageous.

The technique works by hitting samples with high-energy X-rays, which causes excitation of atomic nuclei allowing enhanced analysis of gold, silver, copper and other elements in as little as two minutes. A highly sensitive detector picks up the unique atomic signatures from these elements to determine concentrations.

PhotonAssay has the following features:

  • Bulk measurement of large samples, typically 400–650 g
  • Minimal sample preparation e.g. crush to 2–3 mm top-size
  • Non-destructive; no chemical reagents required
  • Rapid (< 2 mins per sample, 70 samples/hour)
  • Excellent sensitivity (0.01 ppm detection limit on reagent blanks, 0.015-0.030 on typical gold ores)
  • Independent of sample matrix, chemistry or mineralogy
  • Fully-automated

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 – Victoria Projects Update – Significant increase in gold grades from Bulk Sampling at Creswick

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide an update on the bulk sample results for the first four reverse circulation drill holes as well as the final two holes drilled at the Kuboid Hill prospect in Creswick earlier this year.  The Company is also pleased to provide results from stream sampling that was carried out last month at its Bailieston Project.

HIGHLIGHTS

Creswick

  • Reportable bulk sampling results of 05g/t Au and 2.53 g/t Au over 1 metre upgraded from 0.76 and 0.37 g/t Au respectively.
  • Techniques employed give potential scope for a marked improvement in grades for the remaining “best hole” bulk samples from pan concentrate.

Bailieston

  • Best results of 798 ppb Au and 712 ppb Au from stream sampling.
  • Sampling was carried out at three areas with no known historical workings and have shown encouraging surface expression of anomalous gold which gives merit to further follow up
  • Now re-analysing a number of drill cores from HR3 at Bailieston for the presence of Antimony, which correlates with this latest reconnaissance work showing a presence of Antimony.
  • ECR is funded for its planned activities 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.

ECR has received final results from bulk sampling for the first four of the 17 RC drill holes at Kuboid Hill (being KHRC012, KHRC008, KHRC009 and KHRC015). Only KHRC012 generated any reportable results from the bulk sampling, significant improvement was seen in three of the samples from that hole, as set out below:

 Details of bulk sampling and significant intercepts > 0.5g/t

HOLE From (m) To (m) Interval (m) Original Au g/t Bulk Au g/t
KHRC012 27 28 1 0.76 3.05
KHRC012 28 29 1 0.26 0.81
KHRC012 40 41 1 0.37 2.53

The bulk samples from the remaining drillholes are currently in the laboratory. Based on the improved results for hole KHRC012, the ECR Board considers that there is a reasonable expectation of an improvement in grades for some of the remaining bulk samples from other mineralised zones.

Additional Kuboid Hill Drill Holes

The remaining samples for the final two drill holes at Kuboid Hill (see announcement 8 April 2024) have revealedfurther mineralised zones, consistent with what has been seen previously, although neither reported intercepts above 1 g/t.

Bailieston

At the Company’s Bailieston Project, a stream sampling campaign was recently completed throughout the northern part of the tenements (EL006911, EL006912 and EL007296) with the campaign being designed to test for initial evidence of gold mineralisation within the unexplored part of the region.

All three areas have had no historical work and, based on the results obtained, the Company believes there is merit in undertaking additional near-term follow up exploration.

  • Black Cat South

Best results of 798 ppb Au and 712 ppb Au from two streams on the western flank of the Black Cat Fault. The two streams drain a prominent ridgeline that is approximately 400m long in strike and offers further prospectivity. The regional Black Cat Fault is associated with other gold and antimony historical mining activity along strike.

  • King’s Cross

Result of 150 ppb Au from a stream that drains an old prospect known as King’s Cross. Highly oxidised quartz veins are present in this area and require follow up testing.

  • Freisland Hills

An anomaly of 100ppb Au was obtained from an unnamed creek in the centre of the area.

In all three prospects, LIDAR mapping shows there has been no previous mining activity or prospecting in the area which provides for an opportunity for development and deeper exploration.

In addition to stream sampling, two small soil orientation surveys were completed on the north fringes of the HR3 goldfield area and the Cherry Tree South goldfield. Both soil surveys show coincidental elevated arsenic and antimony. Previous soil sampling at HR3 has identified arsenic and antimony as pathfinders to gold mineralisation.

ECR is now 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.

Mike Whitlow Chief Operating Officer said: “Today’s news points to further potential value at our Creswick gold assets and we’re looking forward to the results from the remaining bulk samples from our “best holes” following onfrom our ‘off the rig’ sample results, which include observations of visible gold.”

Adam Jones Chief Geologist said: “Results from the Bailieston stream sampling survey are also encouraging and we firmly believe ground exploration above these streams is now merited. The Bailieston field is prospective for not only gold, but also for antimony, and we’re fortunate to be located between the two proven fields of Costerfield and Nagambie. Today’s results give further validation to our rationale to re-analyse our historical core from HR3 and Cherry Tree.”

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

Glossary

Au Gold
ppb parts per billion
pXRF Portable x-ray fluorescence (analyser)

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 COO Mike Whitlow provides a comprehensive operational update

ECR Minerals is busy wrapping up the previous drilling campaign, with encouraging results including high-grade findings at Davey Road and broader mineralization at Kuboid Hill. The company is revisiting Baillieston to renew licenses and explore historical data for antimony, recognizing the increasing global interest in this mineral. COO Mike Whitlow provides a full operational update.

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