ECR Minerals #ECR – Contractor engaged and civil works underway for drilling at Tambo gold project

ECR Minerals Plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the following update in relation to its forthcoming maiden diamond drilling program at its Tambo gold project in Victoria, Australia (the “Tambo Project”).

HIGHLIGHTS

• Civil works have now commenced for maiden diamond drilling program at the Tambo Project
• Drilling contractor now engaged and diamond drilling campaign to commence shortly

Tambo Project, Victoria

Following a site visit by ECR’s chief geologist Adam Jones to the Tambo Project, and following terms being agreed as announced on 10 September 2024, an approved drilling contractor has now been engaged for a maiden diamond drilling programme at the Company’s Tambo Project in Victoria, Australia. Civil works, including the preparation of work areas and access to drill sites, have also commenced for the campaign which is expected to get underway shortly.

On 12 July 2024, ECR announced the fire assay gold results from the historic Duke of Cornwall Mine in Swifts Creek (Tambo) with a best result including 52.2 g/t Au. A total of 10 samples returned results above 5 g/t Au. Subsequently, 84 soil samples were taken perpendicular to the strike of the Duke of Cornwall lode to gain a better understanding of the geochemical orientation with a best result of 0.56 ppm Au.

Mike Whitlow, ECR’s Managing Director, said: “We announced earlier this month that our focus for our projects in Victoria is firmly on drilling. I am pleased to report that site preparation at the Tambo Project is now well underway, and we have secured an approved drilling contractor ready to commence work. The continuity of gold results from our recent rock chip samples and soil analysis at the Tambo Project has significantly enhanced our confidence in the Tambo Project. We will ensure our shareholders are kept informed as we approach the start of drilling shortly.’’ 

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.

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Glossary  

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, 80 km 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