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ECR Minerals #ECR – Highly Encouraging Test Work Result Reveals 91.7% Gold Recovery From Blue Mountain Ore Sample
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce highly encouraging results from the enhanced gold recovery process at the Company’s Blue Mountain Project in Queensland (the “Blue Mountain Project”).
HIGHLIGHTS
- Single Stage Gravity Recoverable Gold (“GRG”) test work on ore samples collected at the Blue Mountain Project demonstrated a recovery rate of 91.7% gold.
- These findings suggest that the ore located at the Blue Mountain Project is suitable for gravity concentration using a batch centrifugal concentrator (“BCC”).
- If these results are repeatable across the Blue Mountain Project area, then the Company may have a commercial project suitable for a production plant on site.
Blue Mountain, Queensland
As announced by the Company on 1 August 2024, a trenching and bulk concentrate sampling programme was undertaken at the Blue Mountain Project during July 2024. Following highly encouraging results from sluice box concentrates, with best results including 192.15 g/t Au and 97.40 g/t Au, further samples were submitted to the laboratory to undergo an enhanced gold recovery process to determine the potential commercial options for recovery.
Gekko Systems Pty Limited (“Gekko”) has carried out the GRG test and Sighter Leach test worked on samples of ore collected at the Blue Mountain Project. The results have given the board of directors of ECR (the “Board” or the Directors”) further confidence that the Blue Mountain Project may be a viable commercial gold resource and, if these results are successfully corroborated through further work, a small-scale production plant could potentially be established on site.
It is important to note that, unlike other ECR projects, the Blue Mountain Project is based on an alluvial gold system. Gold is therefore found at or near the surface, meaning that the mining techniques used to extract any minerals are not associated with high capital expenditure that other projects may have, for example, where higher gold grades are located at great depth.
Production at the Blue Mountain Project would most likely be undertaken through gravity concentration of near-surface ore.
The full report provided by Gekko has been published on the ECR Minerals website (www.ecrminerals.com) and the executive summary is set out below:
“This report presents the results for Single Stage Gravity Recoverable Gold (GRG) and Sighter Leach testwork carried out by Gekko Systems on sample of Blue Mountain ore. The aim of the testwork program was to determine the Blue Mountain ore’s amenability to gravity concentration and cyanide leaching.
The following conclusions were made from the testwork results:
- The average assayed testwork head grade was 89.95 g/t gold. The average calculated head grade was 91.57 g/t gold. The average calculated head grade is considered a more accurate measure of gold content, as it is based on the largest number of assays.
- Gold distribution in the Single Stage GRG feed (P80 75 um) showed that the +106 µm size fraction contained 80% of the gold but only 6.03% of the mass indicative of the presence of liberated gold in this size fraction.
- The Single Stage GRG test recovered 91.7% of the gold into 0.40% of the mass. The concentrate grade was 22,043.25 g/t Au (2.2% Au). This GRG result indicates the gold in the ore is amenable to gravity concentration by a batch centrifugal concentrator (BCC).
- Sighter Leach Testwork (1,000 ppm NaCN) on the Single Stage GRG tail resulted in a gold recovery of 87.6% after 24 hours and a leach tail grade of 1.63 g/t Au having started off with a calculated leach head grade of 13.14 g/t.
Following a review of the results, the testwork indicates that a gravity recovery circuit and conventional cyanidation is a viable treatment option as a way of recovering the gold from Blue Mountain ore after further testwork and economic evaluation.”
Mike Whitlow, ECR’s Managing Director, said: “These results from the Blue Mountain Project, using a straightforward gravity recovery process, are highly encouraging and have significantly bolstered our confidence in the commercial credentials of the Blue Mountain Project. Although further analysis is still required, the concentrations of gold being found at or around surface level fully validates examining the viability of installing a production plant at the site. Significantly, the results so far have provided ample proof that potentially commercial opportunities still exist in some of the historical goldfields through the application of modern technology. Certainly at Blue Mountain, the indications are that, based on Gekko’s report, we can potentially recover materially higher quantities of gold than those levels achieved by the first prospectors. The Board and ECR’s technical team will now further evaluate these results and determine the next steps for the Blue Mountain Project. I will look forward to providing further updates in due course.”
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: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
||
| 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
|
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Glossary
| Au: | Gold |
| g/t: | Grammes per Tonne (Metric) |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
| NaCN: | Sodium Cyanide |
| ppm: | Parts per million (Metric) |
| µm: | Micrometre (Metric) |
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 also holds a royalty on the SLM gold project in La Rioja Province, Argentina.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Appointment of Mike Parker as Consultant Geologist
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce it has appointed Mike Parker as a consultant geologist to the Company.
Mike has extensive experience in exploration and project development, overseeing projects from discovery through construction to production. In the UK, he is best known for his 22 year tenure at First Quantum Minerals (FQM) where he held progressively senior country manager positions, and was instrumental in two major copper discoveries: the Lonshi and Frontier mines. He was country manager in the Democratic Republic of Congo (DRC) for FQM, overseeing up to 3,000 staff with 2 operating copper mines and a mine construction project. Between 2011 to 2017, he was country manager for FQM in Peru, responsible for the design and implementation of FQM’s corporate strategy in Latin America, including Argentina and Chile. He oversaw community relations programs and sustainability processes, ensuring that projects complemented community development in remote areas including preparations for resettlement programs. He was responsible for all government relations and communications throughout Latin America.
He is currently COO and Director of Aftermath Silver Ltd, pure-silver exploration play in Chile and Peru and listed in Canada, and Executive Director Solis Minerals, a critical minerals explorer, focused on South America, with a dual listing in Canada and Australia. At Aftermath Silver, his focus is on the Berenguela deposit with battery metal potential and he leads Solis Minerals’ copper exploration programmes.
Mike is a fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and member of the Institute of Mining Engineers of Peru (IIMP) and holds a a BSc Mining Geology (Honours), University of Leicester.
Nick Tulloch chairman said: “I am delighted to welcome Mike to ECR. His experience and track record in project development speaks for itself and, as our Company advances the development of our assets in Australia, we will benefit from his expertise and knowledge to support our operations. In line with our current policy on aligning senior members of our team with our shareholders, Mike will also receive part of his remuneration in ECR shares.”
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals Plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
|||
| Email: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
||
| 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. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
Alan Green covers Cadence Minerals #KDNC, ECR Minerals #ECR & Global Petroleum #GBP on this week’s Stockbox Research Talks
Alan Green covers Cadence Minerals #KDNC, ECR Minerals #ECR & Global Petroleum #GBP on this week’s Stockbox Research Talks
ECR Minerals #ECR – Collaboration with Geological Survey of Queensland on Lolworth Project
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce it is working in partnership with the Geological Survey of Queensland (“GSQ”) to further investigate the critical minerals potential at the Company’s Lolworth Project.
HIGHLIGHTS
- Site visit and sample collection undertaken by GSQ in September 2024
- Samples to undergo geochemical analysis for critical minerals including Niobium and Tantalum
- Work is being undertaken at no cost to ECR Minerals
- Data will provide valuable insights and help guide further exploration initiatives at the Lolworth Project
Geological Survey of Queensland
The GSQ is the state’s custodian of geoscience knowledge as well as data and provides advice regarding Queensland’s mineral and energy resources and resource potential. GSQ plays a key role in attracting investment to Queensland’s resources sector by improving understanding of the state’s prospectivity and resource potential.
Lolworth Project, Queensland
In September 2024, ECR Minerals was approached by the GSQ to undertake an evaluation of the critical minerals potential at some of the Company’s prospect areas at the Lolworth Gold and Rare Earths Project in Queensland. A site visit, which included mapping and the collection of rock chip samples, took place predominantly at the Oaky Creek prospect in the central-north area of the Lolworth Project. Stream sampling in this area has previously detected Niobium in concentrate samples. Geochemical analysis will be carried out by the GSQ on pegmatites to better understand their fertility for hosting critical minerals, in particular Niobium and Tantalum. Results are expected in the coming weeks.
Stream sampling by ECR Minerals’ own field crews for rare earths on the eastern side of the 1,000 km² project area is almost complete. Regional geological mapping has indicated the presence of significant pegmatitic intrusions. As previously announced by the Company, a bulk sample has been taken from the Oaky Creek Niobium streamline which will be used for mineralogical purposes to aid in tracking down the source rock.
Adam Jones, ECR’s Chief Geologist, said: ‘’We’ve been saying for some time that the Lolworth Project has significant potential for critical minerals and I’m delighted that the GSQ has formed a similar opinion and is now assisting us as we get a better handle on its geology. The work currently being done by the GSQ, which is at no cost to ECR, will provide an invaluable second opinion and verification of our own findings and will help guide our next steps. I’m looking forward to receiving the results which will give us an indication as to just how prospective for critical minerals the source rocks are. I would like to thank the GSQ for the work they’re undertaking as we continue to develop the Lolworth Project into an asset which could become significant not just for ECR but potentially also for the state of Queensland.”
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: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
||
| 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 | |||
Glossary
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
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 also holds a royalty on the SLM gold project in La Rioja Province, Argentina.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations
ECR Minerals #ECR – Salary Sacrifice, Issue of Equity and Total Voting Rights
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the issue of new ordinary shares of 0.001 pence each in ECR (“Ordinary Shares”) in respect of the board of directors of ECR’s (the “Board” or the Directors”) salary sacrifice scheme.
Proposed extension of salary sacrifice scheme
On 19 September 2023, it was announced that the Company’s non-executive directors agreed to subscribe for new Ordinary Shares (“New Ordinary Shares“) in lieu of their salary. These arrangements have been extended each quarter through to 30 September 2024.
Nick Tulloch, Chairman, and Mike Whitlow, Managing Director, are also remunerated substantially by the issue of New Ordinary Shares, as announced by the Company on 19 September 2023 and most recently on 17 September 2024.
With the salary sacrifice scheme reaching its first anniversary, the Board proposes to review the arrangements in line with the Company’s strategy and financial position. Each member of the Board has confirmed that they will continue to accept a majority of their remuneration through the issue of New Ordinary Shares for at least a further 12 months. Further details will be announced in due course.
Issue of New Ordinary Shares
ECR is pleased to confirm that the New Ordinary Shares awarded to certain Directors pursuant to the existing salary sacrifice scheme have been issued and allotted. Each of David Tang (who has since left the Board), Andrew Scott and Trevor Davenport have received 3,748,438 New Ordinary Shares in lieu of an aggregate of £27,000 accrued salary. The New Ordinary Shares were issued at a price of 0.2401 pence per new Ordinary Share, being in this instance a price equal to the volume weighted average price of Ordinary Shares calculated over the 14 days prior to 30 September 2024.
In total 11,245,314 new Ordinary Shares have been issued by the Company. Following this issuance, the total numbers of Ordinary Shares currently held by Andrew Scott and Trevor Davenport, as Persons Discharging Managerial Responsibility (“PDMRs”) of the Company, are as follows:
| Name | New Ordinary Shares issued | Total Ordinary Shares now held in the Company | As a percentage of the Company’s enlarged issued ordinary share capital |
| Andrew Scott | 3,748,438 | 17,612,654 | 0.93% |
| Trevor Davenport | 3,748,438 | 17,612,654 | 0.93% |
| Total | 7,496,876 |
The FCA notification in respect of these PDMR dealings, made in accordance with the requirements of the UK Market Abuse Regulation, is appended further below.
Admission and Disclosure Guidance and Transparency Rules
Application has been made for 11,245,314 New Ordinary Shares to be admitted to trading on AIM (“Admission“) and it is expected that Admission will become effective on or around 8 October 2024. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares. Upon Admission, ECR’s issued ordinary share capital will comprise 1,904,006,225 Ordinary Shares. 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 Guidance and Transparency Rules.
Nick Tulloch, Chairman of ECR, said: “Throughout the past financial year, the Board has adopted a policy of aligning itself with our shareholders and conserving the Company’s cash resources. As we pass through the first anniversary of these arrangements being implemented, I am pleased to say that the entire Board will continue to accept a majority of our remuneration in Ordinary Shares and will do so until at least the end of the new financial year. Our recent work programmes have evidenced the considerable potential within ECR’s asset base, and we remain determined to demonstrate our own confidence in the opportunities that we have before us.”
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals Plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
|||
| Email: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
||
| 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. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Total Voting Rights
ECR Minerals Plc (LON: ECR), the exploration and development company focused on gold in Australia, announces that the issued share capital of the Company as at the date of this announcement comprises 1,892,760,911 ordinary shares of 0.001 pence each with one voting right per share (“Ordinary Shares”). The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company is 1,892,760,911.
The above figure may be used by shareholders in the Company as the denominator for the calculations by which they determine if they are required to notify their interest in or a change to their interest in the share capital of the Company under the Disclosure Guidance and Transparency Rules of the UK Financial Conduct Authority.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals Plc |
Tel: +44 (0) 1738 317 693 |
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Nick Tulloch, Chairman Andrew Scott, Director |
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Email: |
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Website: www.ecrminerals.com |
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Allenby Capital Limited |
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Tel: +44 (0) 3328 5656 |
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Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
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Axis Capital Markets Limited |
Tel: +44 (0) 203 026 0320 |
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Broker |
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Ben Tadd / Lewis Jones |
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SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
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Broker |
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Nick Emerson
|
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Brand Communications |
Tel: +44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green |
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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.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals Plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
|||
| Email: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
||
| 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 | |||
Glossary
| Au: | Gold |
| g/t: | Grammes per Tonne (Metric) |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
| ppm: | Parts per million (Metric) |
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
ECR Minerals #ECR – Change of registered office
ECR Minerals Plc (LON: ECR), the exploration and development company focused on gold in Australia, announces that it has changed its registered office to Riverbank House, 1 Putney Bridge Approach, London SW6 3JD.
For further information please contact:
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ECR Minerals Plc Nick Tulloch, Chairman Andrew Scott, Director
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Tel: +44 (0) 1738 317 693
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Allenby Capital Limited Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj
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Tel: +44 (0)20 3328 5656
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Axis Capital Markets Limited Broker Ben Tadd / Lewis Jones
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Tel: +44 (0) 203 026 0320 |
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SI Capital Ltd Broker Nick Emerson
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Tel: +44 (0) 1483 413500 |
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Brand Communications Public & Investor Relations Alan Green |
Tel: +44 (0) 7976 431608 |
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 – Issue of Equity and Total Voting Rights
ECR 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, Chairman, and Mike Whitlow, Managing Director, pursuant to their remuneration arrangements announced by ECR on 19 September 2023, have been issued and allotted.
Accordingly, each of Nick Tulloch and Mike Whitlow have received 9,375,000 new ordinary shares of 0.001 pence each in ECR (“Ordinary Shares”) as payment in lieu of £22,500 of accrued remuneration for the period 15 June 2024 to 14 September 2024, at an issue price of 0.24 pence per new Ordinary Share, being in this instance a price equal to the volume weighted average price of Ordinary Shares calculated over the previous 14 days, (together the “Fee Shares”).
Additional Issue of Equity
At the same time, the Company has agreed to issue and allot 2,500,000 new Ordinary Shares as payment in lieu of £6,000 of accrued fees owed by the Company in order to assist the Company in conserving its cash resources. These new Ordinary Shares have also been issued at an issue price of 0.24 pence per new Ordinary Share, which was the volume weighted average price for Ordinary Shares over the 14 trading days prior to the date of the invoice.
In total 21,250,000 new Ordinary Shares have been issued by the Company. Following this issuance the total Ordinary Shares currently held by Nick Tulloch and Mike Whitlow, as Persons Discharging Managerial Responsibility (“PDMRs”) of the Company, are as follows:
| Name | Fee Shares issued | Total Ordinary Shares now held in the Company | As a percentage of the Company’s enlarged issued ordinary share capital |
| Nick Tulloch | 9,375,000 | 39,430,417 | 2.08% |
| Mike Whitlow | 9,375,000 | 39,430,417 | 2.08% |
| Total | 18,750,000 |
The FCA notification in respect of these PDMR dealings, made in accordance with the requirements of the UK Market Abuse Regulation, is appended further below.
Admission and Disclosure Guidance and Transparency Rules
Application has been made for 21,250,000 new Ordinary Shares to be admitted to trading on AIM (“Admission“) and it is expected that Admission will become effective on or around 23 September 2024. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares. Upon Admission, ECR’s issued ordinary share capital will comprise 1,892,760,911 Ordinary Shares. 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 Guidance and Transparency Rules.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 1738 317 693 | |
| Nick Tulloch, Chairman
Andrew Scott, Director |
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| Email: | ||
| Website: www.ecrminerals.com | ||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | |
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj
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info@allenbycapital.com
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| 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. 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