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ECR Minerals #ECR – Australia Projects Update
Up to 75.6g/t Gold Rock Chip Identified at Lolworth, Queensland
Maiden Diamond Drilling Program to Commence at Tambo Gold Project in Coming Weeks
Drilling Application Lodged to Follow up 32% Antimony Result At Bailieston, Victoria
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce an update on its gold and rare earths projects in Queensland and Victoria.
HIGHLIGHTS
Queensland
- Up to 75.6 g/t gold rock chip discovered at the Uncle Terry Prospect at the Lolworth Project
- Results expected from enhanced gold recovery process at the Blue Mountain Project
Victoria
- Planning for diamond drill programme to commence at the Tambo Gold Project in coming weeks
- Drilling application lodged to further investigate the potential at Bailieston given the recently announced exceptional Antimony results
Lolworth, Queensland
Two field teams have been working on site at the Company’s Lolworth Project since early May 2024, where initial field work across several gold prospects in the Upper Gorge Creek showed promising signs, including visible gold in streams and hillsides.
First rock chip results now received from the Uncle Terry Prospect are encouraging, with samples of up to 75.6 g/t Au, 1.32 g/t Au and 1.29 g/t Au from a new mineralised quartz vein situated approximately 400m north-west from the main prospect. Follow-up mapping has traced the visible part of this outcrop for at least 100m in strike and ending in a quartz blow where Galena (Lead-Silver) is clearly visible. Numerous mineralised quartz shears at least 1m wide have been mapped over the entire Uncle Terry Prospect area. The main shear zone is showing to host Lead (Pb) and Silver (Ag) with best outcrop rock chips of 1.89% Pb and 11 samples greater than 5 g/t Ag, including two highlights of 272 g/t Ag and 69 g/t Ag. ECR’s field teams are currently extending soil sampling to explore for hidden gold-bearing outcrops in the immediate vicinity.
The results for 378 rock chip samples covering all five gold prospects at the Lolworth Project are due in the coming weeks. Confirmation of the presence of further high-grade gold is expected, as samples anomalous in silver have been routinely sent to the laboratory for gold analysis. Silver has been identified as the strongest pathfinder element correlating to gold mineralisation at the Lolworth Project.
Stream sampling for gold and rare earths on the eastern side of the 1,000 km² project area is progressing well and nearing completion. Regional geological mapping has indicated the presence of significant pegmatitic intrusions. Previous work suggests that this eastern area features the same geological formations as the Oaky Creek region of the tenement where stream sampling has previously detected niobium in concentrate samples.
ECR’s field crews have also taken a bulk sample from the Oaky Creek Niobium streamline which will be used for mineralogical purposes to aid in tracking down the source rock.
Table 1: Summary of latest rockchip results from the Uncle Terry Prospect, Lolworth.
| Prospect | Sample ID | Easting | Northing | Au g/t | Ag g/t | Pb % | ||||
| Uncle Terry | LWC432 | 312178 | 7752097 | 75.6 | 272 | 0.03 | ||||
| Uncle Terry | LWC431 | 312194 | 7752128 | 1.32 | 1.5 | 0.02 | ||||
| Uncle Terry | LWC463 | 308392 | 7751048 | 1.29 | 4.3 | 0.02 | ||||
| Uncle Terry | LWC548 | 312418 | 7751770 | 0.08 | 69.00 | 0.09 | ||||
| Uncle Terry | LWC545 | 312418 | 7751766 | 0.02 | 12.20 | 0.23 | ||||
| Uncle Terry | LWC401 | 312355 | 7751894 | 0.04 | 11.00 | 0.00 | ||||
| Uncle Terry | LWC410 | 312382 | 7751852 | 0.01 | 10.60 | 0.00 | ||||
| Uncle Terry | LWC481 | 312327 | 7751879 | 0.01 | 8.40 | 0.00 | ||||
| Uncle Terry | LWC402 | 312358 | 7751890 | 0.03 | 8.10 | 0.24 | ||||
| Uncle Terry | LWC544 | 312420 | 7751766 | 0.01 | 7.50 | 0.14 | ||||
| Uncle Terry | LWC406 | 312370 | 7751870 | 0.01 | 6.70 | 0.00 | ||||
| Uncle Terry | LWC543 | 312420 | 7751764 | 0.01 | 6.10 | 0.04 | ||||
| Uncle Terry | LWC546 | 312418 | 7751766 | 0.01 | 5.40 | 0.40 | ||||
| Uncle Terry | LWC549 | 312420 | 7751769 | 0.01 | 0.20 | 1.89 | ||||
| *Locations in GDA94 Zone 55 datum. | ||||||||||
Blue Mountain, Queensland
As announced on 1 August 2024, a trenching and bulk concentrate sampling programme was undertaken at the Blue Mountain Project during July of this year. A total of 15.4 cubic metres of alluvial gravel was processed through a pilot trommel wash plant, yielding 9.95 grammes of visible gold, an overall average of 1.55 grammes per b.c.m. Additionally, six bulk samples of sluice box concentrates were submitted for laboratory analysis, with best results including 192.15 g/t Au and 97.40 g/t Au within these concentrates.
Given these highly encouraging results ECR has submitted further samples to the laboratory to undergo an enhanced gold recovery process to determine the potential commercial options for recovery. The results are expected in the coming weeks.
The Blue Mountain Project consists of two exploration permits (EPM27175 and EPM27183). Both permits are in good standing and the Company has recently applied to extend the terms for an additional five years. Both tenements contain at least 12km of strike length available for follow up sampling and testing.
Tambo Project, Victoria
On 12 July 2024, ECR Minerals announced the fire assay gold results from the historic Duke of Cornwall Mine in Swifts Creek (Tambo Gold Project) 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.
ECR Minerals is pleased to announce that terms have now been agreed with a drilling contractor and a site visit by ECR chief geologist, Adam Jones, is due to take place this week. A maiden diamond drilling campaign is expected to commence at the project in the coming weeks.
Bailieston, Victoria
On 3 July 2024, ECR Minerals announced results from additional testing for the critical mineral Antimony (Sb) from diamond core previously drilled at Bailieston, Central Victoria. 44 samples were submitted for additional multi-element testing with best results including 0.3m grading 32% Sb and 0.1m grading 1.20 % Sb.
A drilling application has now been lodged with the relevant Governmental authorities to further investigate the potential at Bailieston given the recently announced exceptional Antimony results. Further details will be announced in due course.
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 this 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 inferred resource estimate of 17,800 tonnes of Sb, while Southern Cross Gold has been actively exploring for Antimony at its Sunday Creek Project.
ECR Minerals holds exploration licenses situated 45 kilometres east of Costerfield and 25 kilometres west of Nagambie. ECR’s Bailieston Prospect (HR3) is positioned on the Bailieston Anticline, renowned for its Antimony mineralisation.
Mike Whitlow, Managing Director, said: “It has been a highly productive year for ECR, with significant progress made across our portfolio of gold and rare earths projects, and exploration activities are set to accelerate even further. We consider that we’re on the verge of identifying the key sources of gold at Lolworth, with a number of high-priority drill targets soon to be lined up for testing. This marks a pivotal step forward as we look to unlock the project’s full potential. At the Blue Mountain Project, we are eagerly anticipating the results from our enhanced gold recovery process which will be critical in guiding us towards the potential commercial options for gold extraction. In Victoria, our focus remains firmly on drilling. We’re set to commence drilling at the Tambo Project in the coming weeks and work is underway to further explore the highly prospective Antimony potential at Bailieston. With the recent surge in this critical mineral’s price, we believe that the Bailieston project’s Antimony potential may become increasingly significant.”
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 | ||
Glossary
| Ag: | Silver |
| Au: | Gold |
| b.c.m | Bank Cubic Metre |
| g/t: | Grammes per Tonne (Metric) |
| HR3: | The Bailieston Prospect |
| JORC: | Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2012 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy. |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
| M: | Metres (Metric) |
| Pb: | Lead |
| ppm: | Parts per million (Metric) |
| Sb: | Antimony |
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 – 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 at the date of this announcement comprises 1,871,510,911 ordinary shares of 0.001p each in issue 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 1,871,510,911.
The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will 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 FCA’s Disclosure Guidance and Transparency Rules.
For further information please contact:
|
ECR Minerals Plc Nick Tulloch, Chairman Andrew Scott, Director
|
Tel: +44 (0) 1738 317 693
|
|
Allenby Capital Limited Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj
|
Tel: +44 (0)20 3328 5656
|
|
Axis Capital Markets Limited Broker Ben Tadd / Lewis Jones
|
Tel: +44 (0) 203 026 0320 |
|
SI Capital Ltd Broker Nick Emerson
|
Tel: +44 (0) 1483 413500 |
|
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 – Expanded strategic focus
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia announces that, in order to diversify the Company’s business, the Board is currently considering prospective investments in producing helium assets in the US.
The Company’s shareholders may be aware of the recent excitement around helium prospects following a sustained price increase for the gas. With no natural or manufactured substitute currently available and critical applications in electronics, defence, space and medical devices (amongst others), the Board believes there is good reason to expect this robust pricing to be maintained. Given the roles of ECR’s chairman and managing director at Voyager Life plc, there is now strong in-house understanding of the helium sector and the most suitable economic models. This will enable the Board to review potential opportunities in the helium sector in-house and therefore limit external overhead expenditure.
In assessing potential helium investments, the Board’s strategic focus will be on assets which have recognised or historic helium production and access to existing infrastructure (a gathering system and processing facility) and are either: (i) in production; (ii) capable of near-term production; or (iii) able to process helium.
As an established market, one of the world’s existing largest helium producers and with extensive and developed infrastructure, the US is considered the most likely location to target potential new opportunities.
Over the past 12 months, ECR has implemented a low-cost operating structure and, should the Company expand its operations into the helium market, it is intended that this principle will be adhered to. The Company would seek an appropriate level of outsourcing and would work with trusted partners to ensure that any Company funds committed would be spent on operations and not on overheads. In addition, should any investment require the issue of new ordinary shares in the Company, such new ordinary shares will not be issued at a discount to the current market price of an ordinary share.
Nick Tulloch, Chairman of ECR Minerals plc, commented:
“We have spent many months streamlining ECR’s business and improving its efficiency. The robust model that we have established now allows us to consider other opportunities.
“As stake holders in ECR, we naturally have an acute focus on our share price and I can reassure shareholders that any investment would be based on attractive terms to our Company in addition to having a probability of material upside.
“Although it is often tempting to think that the important part of developing a natural resources play is to find the resource, in fact we consider that it is production and sales that really define a company. There are many substantial resource deposits globally that are simply not economic – or possible – to extract and sell. This is particularly the case with helium. Despite its high value, it is not a straightforward element to process or transport.
“Therefore, as we examine this possible expansion of ECR, it is critical that we source assets that are capable of near term production, and therefore sales, of helium and access to nearby infrastructure, both gathering lines and a processing plant, is a must.”
For further information please contact:
| ECR Minerals Plc
Nick Tulloch, Chairman Andrew Scott, Director
|
Tel: +44 (0) 1738 317 693 |
| Allenby Capital Limited
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj
|
Tel: +44 (0)20 3328 5656 |
| Axis Capital Markets Limited
Broker Ben Tadd / Lewis Jones
|
Tel: +44 (0) 203 026 0320 |
| SI Capital Ltd
Broker Nick Emerson
|
Tel: +44 (0) 1483 413500 |
| 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 – Change of Nominated Adviser & Board Appointment
ECR Minerals Plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that Allenby Capital Limited has been appointed as the Company’s Nominated Adviser with immediate effect.
In addition, the Company is pleased to announce the appointment with immediate effect of Mike Whitlow to the board of directors of ECR Minerals (the “Board”) as Managing Director.
Mike has been the Company’s Chief Operating Officer in a non-Board capacity since 15 September 2023. Mike has spent over 20 years investing and financing small cap and start-up companies. Having started his career in the natural resources industry, more recently Mike has overseen and assembled a number of resource projects through his company Axies Ventures Ltd, where he has personally overseen two funding rounds and three work programmes in the Mediterranean and North America including a successful drilling campaign in 2023.
Andrew Scott, Non-Executive Director of ECR Minerals Plc, commented:
“I am delighted to welcome Mike Whitlow to the Board as our Managing Director. Mike originally joined ECR Minerals plc in September 2023 as a non-board Chief Operating Officer and has been instrumental in delivering key operational and strategic objectives for the business. We look forward to continuing to work with him at the Board level.”
Additional disclosures required under the AIM Rules for Companies
Pursuant to Rule 17 and Schedule Two Paragraph (g) of the AIM Rules for Companies, Michael (“Mike”) David Whitlow, aged 45 is, or has during the last five years, been a director or partner of the following companies and partnerships:
| Current: | Past: |
| Axies Ventures Ltd
My Inspiration Holdings Volant Services (VSL) Limited Holding365 Ltd
|
None |
Mr. Whitlow owns 30,055,417 ordinary shares of 0.001 pence each in the Company.
For further information please contact:
| ECR Minerals Plc
Nick Tulloch, Chairman Andrew Scott, Director
|
Tel: +44 (0) 1738 317 693 |
| Allenby Capital Limited
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj
|
Tel: +44 (0)20 3328 5656 |
| Axis Capital Markets Limited
Broker Ben Tadd / Lewis Jones
|
Tel: +44 (0) 203 026 0320 |
| SI Capital Ltd
Broker Nick Emerson
|
Tel: +44 (0) 1483 413500 |
| 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 – Positive Gold Soil Sampling Results at Lolworth, with Niobium-REE sampling set to commence
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce initial gold results from soil sampling at the Company’s Lolworth Project in Queensland, Australia.
HIGHLIGHTS
- Soil sampling undertaken at prospective locations in the central region of the project area
- 41 samples returned results equal to, or greater than, 0.05 ppm Au (Gold) at the ‘Dagwood Prospect’ including 4 results above 1.00 ppm Au
- 15 samples returned results greater than 0.05 ppm Au from the ‘Gorge Creek Diggings’ Prospect’ with a best result including 16.85 ppm Au
- Focus now turns to the Eastern part of the tenement area to test for Gold, Niobium and Tantalum mineralisation
- ECR remains fully funded for its planned operations in Queensland and Victoria in 2024
Results
Two field teams have been working on site at Lolworth since early May 2024 and ECR Minerals has now received the first batch of results from soil geochemistry sampling, following up on results from earlier stream sediment pan sampling. 41 samples returned results equal to or greater than 0.05 ppm Au (50 ppb Au) at the Dagwood Prospect with 4 results exceeding 1.00 ppm Au. (See table 1). At the Gorge Creek Diggings Prospect, 15 samples returned results greater than 0.05 ppm Au with a best result of 16.85 ppm Au. (See table 2).
Analysis
The geochemical trends have been interpreted to strike NNW at Gorge Creek Diggings where further discoveries of nuggety gold have been identified further north along strike of these soil grids suggesting the source of gold is likely nearby. Soil sampling has now been expanded to include these prospective areas. Geochemical trends at the Dagwood Prospect are likely northerly striking. Outcrop mapping and rock chip sampling along these prospective trends is now also in progress. The high-grade results in the soils are due to the coarse nature of some of the gold contained within the soil medium. Where nuggety gold has been found in the area, it is ragged, which suggests the gold is found close to the source as it has not travelled far and is therefore not smooth. What is significant, is the coloured geochemical highlighted anomaly trends as seen in Figure 1 and Figure 2. The high soil results are interpreted to represent high grade pockets within the overall strike of the gold trend.
About the prospects
Dagwood (Figure 1)
Three gold trends have been identified at the Dagwood Prospect. A limited number of rock chip samples taken from a large quartz outcrop, measuring 10 metres x 10 metres, yielded grades of up to 1.64 g/t Au (Sample LWC318, announced on October 23, 2023). These promising gold trends will guide the next phase of mapping and rock chip sampling, with the expectation the findings will help define additional drill targets.
Gorge Creek Diggings (Figure 2)
Initial soil results for the Gorge Creek Diggings Prospect area have revealed two parallel NW-trending gold geochemical lineations. The field team has discovered a ‘patch’ of nuggety gold just northwest of this ongoing trend, prompting ECR to extend mapping and sampling efforts in that direction. A rhyolitic dyke measuring 5 metres x 200 metres outcrops to the north of this area. Previous rock chip samples from this outcrop averaged 0.25 g/t Au. However, where quartz veining intrudes the dyke, rock chip samples have yielded up to 8.02 g/t Au (as announced on 23 October 2023). Further reconnaissance mapping along the SW strike of this dyke has shown that the outcrop extends beyond its previously mapped limits. Sampling of this dyke is continuing and dependent on rock chip results may offer an additional larger, drill target.
Additional Prospects
Significant progress has been achieved at several other gold prospects, including Butterfly Creek, Reedy Creek West, Uncle Terry’s, and Gorge Creek West. Extensive rock chipping, mapping, and soil grid sampling have been conducted in these areas. At Gorge Creek West, gold has been traced up the ridgelines, with recent bulldozing revealing a series of quartz veins. The results from these work programs are expected shortly. Meanwhile, additional trenching and sampling is ongoing at the Butterfly Creek prospect, where recent soil sampling and prospecting has uncovered coarse, ragged gold.
Managing costs
Silver (Ag) has been identified as the strongest pathfinder element correlating to gold mineralisation at the Lolworth Project. Samples anomalous in Ag measured by pXRF will be routinely sent to the laboratory for gold analysis to ensure ECR’s work programs remain as cost effective as possible.
Next Steps
ECR field teams will soon begin stream sampling on the eastern side of the 1000 km² Project area, where regional geological mapping indicates the presence of significant pegmatitic intrusions. Previous work suggests that this eastern area features the same geological formations as the Oaky Creek region of the tenement, where stream sampling has previously detected niobium in concentrate samples. Notably, the best results include stream samples with more than 500 ppm niobium (Nb) and pXRF soil samples up to 497 ppm Nb, as reported on September 25, 2023.
Adam Jones Chief Geologist commented: “These latest developments have significantly bolstered our confidence in uncovering substantial value at Lolworth for ECR shareholders. Field observations of the potential host for the visible gold we’ve seen so far are continuing to better our understanding of the project and its potential. We’re now zeroing in on optimal sites to focus on as we continue work towards identifying the best potential drill targets. Drilling in such remote locations is expected to be more challenging than we have seen in Victoria, therefore we must have good targets aligned to enable ECR to take full advantage of the programme. I’m also looking forward to gaining a better understanding of the Niobium and rare earths potential that sits within our vast Lolworth landholding with sampling set to get underway imminently. Investors will be kept up to date on further progress and results as we receive them’’.
Table 1: Geochemistry Gold and Silver Results > 0.05 ppm Au, Dagwood Sampling
| Prospect | Easting | Northing | SampleID | Au ppm | Ag ppm |
| Dagwood | 316468 | 7750245 | LWL4383 | 3.09 | 0.40 |
| Dagwood | 316375 | 7750178 | LWL4311 | 2.98 | 0.20 |
| Dagwood | 316446 | 7750168 | LWL4341 | 2.20 | 0.20 |
| Dagwood | 316476 | 7750220 | LWL4380 | 1.67 | 0.10 |
| Dagwood | 316412 | 7750100 | LWL4595 | 0.36 | 0.10 |
| Dagwood | 316379 | 7750229 | LWL4576 | 0.36 | 0.10 |
| Dagwood | 316397 | 7750256 | LWL4401 | 0.34 | 0.10 |
| Dagwood | 316430 | 7750148 | LWL4667 | 0.33 | 0.20 |
| Dagwood | 316433 | 7750251 | LWL4394 | 0.33 | 0.30 |
| Dagwood | 316445 | 7750249 | LWL4389 | 0.27 | 0.10 |
| Dagwood | 316364 | 7750116 | LWL4609 | 0.26 | 0.10 |
| Dagwood | 316420 | 7750089 | LWL4589 | 0.22 | 0.10 |
| Dagwood | 316441 | 7750225 | LWL4391 | 0.20 | 0.10 |
| Dagwood | 316433 | 7750157 | LWL4333 | 0.19 | 0.20 |
| Dagwood | 316391 | 7750092 | LWL4586 | 0.18 | 0.10 |
| Dagwood | 316391 | 7750212 | LWL4317 | 0.16 | 0.10 |
| Dagwood | 316420 | 7750149 | LWL4666 | 0.15 | 0.10 |
| Dagwood | 316443 | 7750237 | LWL4390 | 0.13 | 0.20 |
| Dagwood | 316453 | 7750223 | LWL4386 | 0.13 | 0.10 |
| Dagwood | 316419 | 7750241 | LWL4396 | 0.13 | 0.10 |
| Dagwood | 316337 | 7750139 | LWL4632 | 0.11 | 0.10 |
| Dagwood | 316379 | 7750214 | LWL4308 | 0.11 | 0.10 |
| Dagwood | 316385 | 7750258 | LWL4406 | 0.10 | 0.10 |
| Dagwood | 316385 | 7750165 | LWL4313 | 0.09 | 0.10 |
| Dagwood | 316431 | 7750239 | LWL4393 | 0.08 | 0.10 |
| Dagwood | 316424 | 7750183 | LWL4330 | 0.08 | 0.10 |
| Dagwood | 316428 | 7750138 | LWL4646 | 0.08 | 0.10 |
| Dagwood | 316450 | 7750146 | LWL4669 | 0.08 | 0.10 |
| Dagwood | 316429 | 7750227 | LWL4392 | 0.07 | 0.10 |
| Dagwood | 316464 | 7750275 | LWL4423 | 0.07 | 0.10 |
| Dagwood | 316387 | 7750222 | LWL4570 | 0.07 | 0.10 |
| Dagwood | 316444 | 7750278 | LWL4421 | 0.07 | 0.20 |
| Dagwood | 316435 | 7750181 | LWL4335 | 0.06 | 0.10 |
| Dagwood | 316434 | 7750169 | LWL4334 | 0.06 | 0.10 |
| Dagwood | 316421 | 7750252 | LWL4395 | 0.06 | 0.10 |
| Dagwood | 316454 | 7750276 | LWL4422 | 0.06 | 0.10 |
| Dagwood | 316486 | 7750292 | LWL4439 | 0.06 | 0.60 |
| Dagwood | 316455 | 7750235 | LWL4387 | 0.05 | 0.10 |
| Dagwood | 316402 | 7750101 | LWL4596 | 0.05 | 0.10 |
| Dagwood | 316405 | 7750121 | LWL4622 | 0.05 | 0.10 |
| Dagwood | 316394 | 7750112 | LWL4612 | 0.05 | 0.10 |
Table 2: Geochemistry Gold and Silver Results > 0.05 ppm Au, Gorge Creek Diggings Sampling
| Prospect | Easting | Northing | SampleID | Au ppm | Ag ppm |
| Gorge-Ck-Diggings | 314827 | 7751438 | LWL4767 | 16.85 | 1.00 |
| Gorge-Ck-Diggings | 314800 | 7751459 | LWL4738 | 1.33 | 1.10 |
| Gorge-Ck-Diggings | 314732 | 7751557 | LWL4716 | 0.66 | 0.50 |
| Gorge-Ck-Diggings | 314847 | 7751426 | LWL4780 | 0.43 | 0.10 |
| Gorge-Ck-Diggings | 314828 | 7751453 | LWL4755 | 0.35 | 0.60 |
| Gorge-Ck-Diggings | 314860 | 7751478 | LWL4759 | 0.20 | 0.10 |
| Gorge-Ck-Diggings | 314821 | 7751447 | LWL4754 | 0.16 | 0.10 |
| Gorge-Ck-Diggings | 314826 | 7751493 | LWL4733 | 0.16 | 0.10 |
| Gorge-Ck-Diggings | 314838 | 7751404 | LWL4783 | 0.11 | 0.10 |
| Gorge-Ck-Diggings | 314835 | 7751444 | LWL4766 | 0.09 | 0.10 |
| Gorge-Ck-Diggings | 314794 | 7751468 | LWL4737 | 0.09 | 0.10 |
| Gorge-Ck-Diggings | 314813 | 7751441 | LWL4753 | 0.08 | 0.10 |
| Gorge-Ck-Diggings | 314819 | 7751502 | LWL4730 | 0.08 | 0.10 |
| Gorge-Ck-Diggings | 314860 | 7751492 | LWL4745 | 0.08 | 0.10 |
| Gorge-Ck-Diggings | 314852 | 7751472 | LWL4758 | 0.07 | 0.10 |
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 | |||
| Zeus Capital Limited | Tel: +44 (0) 203 829 5000 | ||
| 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 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, Admission of Shares and TVR
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce an extension of the directors’ salary sacrifice scheme as well as the issue of new ordinary shares in respect of the existing salary sacrifice scheme.
Extension of Salary Sacrifice
In September 2023, four members of the then board of directors, David Tang, Andrew Scott, Adam Jones and Trevor Davenport, agreed to subscribe for new ordinary shares in ECR (“New Ordinary Shares”) in lieu of an aggregate of £40,000 salary (£10,000 each). These four then directors subsequently agreed to extend this arrangement to 31 March 2024 by subscribing for a further £40,000 (£10,000 each) of New Ordinary Shares in aggregate. Subsequently, David Tang, Andrew Scott and Trevor Davenport agreed to extend this arrangement for a third time through to 30 June 2024 by subscribing for New Ordinary Shares in lieu of an aggregate of £39,000 salary (£13,000 each).
Andrew Scott and Trevor Davenport have now agreed to extend this arrangement for a fourth time through to the Company’s year end of 30 September 2024 by subscribing for New Ordinary Shares in lieu of an aggregate of £18,000 salary (£9,000 each) that they would be otherwise due through to that date. David Tang and Adam Jones have both since left the board so are no longer included in these arrangements (although Adam remains with ECR as Chief Geologist).
These New Ordinary Shares will be issued on or around 30 September 2024, with admission to trading commencing on or around 1 October 2024. The number of the New Ordinary Shares to be issued will be calculated by reference to (i) the price at which an equity fundraising in the Company is carried out in the period of the salary sacrifice or (ii) if there is no fundraising, the price equal to the volume weighted average price of ordinary shares in the Company calculated over the previous 14 days. A further announcement will be made at that time.
Nick Tulloch and Mike Whitlow are already remunerated substantially by the issue of New Ordinary Shares as announced on 18 September 2023.
Issue of New Shares
ECR is also pleased to confirm that the new ordinary shares awarded pursuant to the salary sacrifice announced on 18 April 2024 (“New Ordinary Shares”) have been issued and allotted. Each of David Tang, Andrew Scott and Trevor Davenport have received 4,816,598 New Ordinary Shares in lieu of an aggregate of £39,000 salary. The New Ordinary Shares were issued at a price of 0.2699 pence per share, being the volume weighted average price of ordinary shares in the Company calculated over the 14 days prior to 30 June 2024.
The total ordinary shares in ECR Minerals currently held by Andrew and Trevor, 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 |
| Andrew Scott | 4,816,598 | 13,864,216 | 0.74% |
| Trevor Davenport | 4,816,598 | 13,864,216 | 0.74% |
| Total | 9,633,196 |
Admission and Disclosure and Transparency Rules
Application has been made for 14,449,794 New Ordinary Shares to be admitted to trading on AIM (“Admission“) and it is expected that Admission will become effective on or around 15 August 2024. The New Ordinary Shares will rank pari passu with the existing ordinary shares. Upon Admission, ECR’s issued ordinary share capital will comprise 1,871,510,911 ordinary shares of 0.001p. 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.
Nick Tulloch, Chairman, said: “My thanks to Andrew and Trevor who have agreed to extend their salary sacrifice. I have regularly spoken of the Board’s ethos of aligning itself with our shareholders and conserving the Company’s cash resources and this fourth salary sacrifice, which now covers our entire financial year, is a further vote of confidence in our strategy and 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 | |||
| Zeus Capital Limited | Tel: +44 (0) 203 829 5000 | ||
| 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 | |||
ECR Minerals #ECR – Planning Underway for Diamond Drilling Programme at Tambo, Victoria
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide an update on activities at its projects in Victoria, Australia.
HIGHLIGHTS
Tambo
- 84 soil samples taken in the vicinity of the Duke Of Cornwall Lode
- Best results include 0.56 ppm Au – a total of 48 samples returned above 0.01 ppm Au
- Follows earlier best results from rock chip sampling including 52.2 g/t Au
- Planning underway for diamond drilling programme in Q4
Bailieston
- Discussions advancing on pathways to maximise the Antimony potential given the continued price rise and interest in the mineral
- Best results from recent field work include 0.3m @ 32% Sb (Antimony) and 0.1m @ 1.20% Sb
- Antimony is classified as a critical mineral by the Australian Government
- ECR remains fully funded for its planned operations in Queensland and Victoria in 2024
Background to Soil Sampling, Tambo
On 12 July 2024, ECR Minerals announced the fire assay gold results from the historic Duke of Cornwall Mine in Swifts Creek (Tambo), Victoria, Australia. Best results included 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.
Of these, 48 samples returned results above 0.01 ppm Au and a total of 4 samples returned results greater than 0.1 ppm Au (Table 1).
A significant correlation between gold and bismuth has now been identified, highlighting bismuth as a key pathfinder element within the exploration licence.
Next Steps
Given the highly encouraging surface results, the Company is now planning its next steps which will include further evaluating the sub-surface levels of gold. Negotiations are underway with the landholder and contractors for an anticipated maiden diamond drilling campaign which is expected to commence early in the fourth quarter of 2024.
Antimony Exploration in Victoria
As announced on 3 July 2024, ECR Minerals made the decision to reanalyse diamond core samples for Antimony from its 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 this critical mineral. The best sample returned an Antimony result of 0.3m @ 32% Sb (drillhole BH3DD019) while a further 11 samples returned highly anomalous results.
Prices of the metal, which is used in flame-retardants, munitions and batteries, have continued to rise to new highs in 2024. Whilst still early stage, the Board is further analysing how best to advance this valuable opportunity given the wider demand and interest in the region, including identifying a suitable strategic partner to collaborate with to fund further exploration at Bailieston.
Mike Whitlow Chief Operating Officer commented: “The results of the comprehensive soil analysis at Tambo, coupled with the exceptional quality of the previously collected rock chip samples have significantly boosted our confidence in the project’s potential. The continuity of the gold results, as well as confirmation of a direct correlation with bismuth, strongly supports our decision to prioritise drilling at Tambo at the earliest opportunity later this year. We are making excellent progress in securing the required permits and services to commence drilling operations and will provide further updates as they become available.”
Table 1: Soil sample results greater than 0.01 ppm Au
| Sample ID | Au ppm | Bi ppm |
| BTSL046 | 0.56 | 309 |
| BTSL009 | 0.31 | 46 |
| BTSL019 | 0.22 | 62 |
| BTSL020 | 0.12 | 112 |
| BTSL047 | 0.09 | 17 |
| BTSL043 | 0.08 | 75 |
| BTSL016 | 0.06 | 32 |
| BTSL045 | 0.06 | 23 |
| BTSL052 | 0.05 | 22 |
| BTSL010 | 0.04 | 13 |
| BTSL027 | 0.04 | 4 |
| BTSL048 | 0.03 | 7 |
| BTSL057 | 0.03 | 8 |
| BTSL035 | 0.03 | 5 |
| BTSL022 | 0.03 | 8 |
| BTSL026 | 0.03 | 1 |
| BTSL029 | 0.03 | 21 |
| BTSL003 | 0.02 | 3 |
| BTSL018 | 0.02 | 12 |
| BTSL028 | 0.02 | 10 |
| BTSL023 | 0.02 | 9 |
| BTSL034 | 0.02 | 5 |
| BTSL012 | 0.02 | 4 |
| BTSL041 | 0.02 | 11 |
| BTSL031 | 0.02 | 5 |
| BTSL044 | 0.02 | 11 |
| BTSL025 | 0.02 | 9 |
| BTSL066 | 0.02 | 13 |
| BTSL072 | 0.02 | 1 |
| BTSL056 | 0.01 | 1 |
| BTSL051 | 0.01 | 3 |
| BTSL042 | 0.01 | 15 |
| BTSL002 | 0.01 | 3 |
| BTSL054 | 0.01 | 1 |
| BTSL001 | 0.01 | 3 |
| BTSL011 | 0.01 | 6 |
| BTSL049 | 0.01 | 1 |
| BTSL065 | 0.01 | 21 |
| BTSL021 | 0.01 | 16 |
| BTSL032 | 0.01 | 5 |
| BTSL006 | 0.01 | 8 |
| BTSL039 | 0.01 | 1 |
| BTSL053 | 0.01 | 1 |
| BTSL050 | 0.01 | 1 |
| BTSL008 | 0.01 | 6 |
| BTSL005 | 0.01 | 11 |
| BTSL033 | 0.01 | 8 |
| BTSL007 | 0.01 | 4 |
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 | |||
| Zeus Capital Limited | Tel: +44 (0) 203 829 5000 | ||
| 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 | |||
ECR Minerals #ECR – Blue Mountain Bulk Concentrate Sampling Yields Up To 192 g/t Gold
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce results from trenching and bulk concentrate sampling at the Blue Mountain Project in Queensland, Australia.
HIGHLIGHTS
Trenching
- 8 trenches completed across strategic alluvial flats on the upper reaches of South Kariboe Creek
- 4 cubic metres of alluvial gravel processed yielding 9.95 grammes of visible gold
- Average recovered visible gold of 1.55 grammes per bank cubic metre – significantly higher than previous estimates
Bulk Concentrate Sampling
- In addition, 6 bulk samples of concentrates were submitted for laboratory analysis
- Best results include 192.15 g/t, 97.40 g/t and 33.19 g/t Au within these concentrates
- ECR remains fully funded for its planned operations in Queensland and Victoria for 2024
Background
The Blue Mountain project consists of two exploration permits (EPM27175 and EPM27183). Both permits are in good standing and the Company has recently applied to extend the terms for an additional five years.
Previous testing of the alluvial ground on South Kariboe Creek and Denny’s Gully is evidenced by the remains of old pits within the creek. An historic (non-JORC) alluvial resource within this region for the South Kariboe Creek and Denny’s Gully prepared by Normin Consultants Pty Ltd, which has not been verified by ECR and cannot be relied upon, but is provided as indicative of the potential in the area estimates a potential 1,426,800 bank cubic metre (b.c.m) at 0.60 grammes per b.c.m for 27,526 oz Au.
In July 2024, LUX Exploration Pty Ltd, a subsidiary of ECR Minerals, completed 8 test trenches on the upper reaches of South Kariboe Creek.
A total of 15.4 cubic metres of alluvial gravel was processed through a pilot trommel wash plant, yielding 9.95 grammes of visible gold, an overall average of 1.55 grammes per b.c.m.
Additionally, six bulk samples of sluice box concentrates were submitted for laboratory analysis, with many of the results far exceeding expectations. (Table 1)
Table 1: Gold Results from Pilot Testing July 2024, Blue Mountain, EPM27183
| Location | Est. Processed (m3) | Recovered Visible (Grams Au) | Laboratory Sample | Recovered Concentrate (g/t Au) |
| Trench 1 | 1 | 0.1 | 1 | 8.51 |
| Trench 2 | 1 | 0.1 | 2 | 1.70 |
| Trench 4 | 1 | 0.4 | 3 | 30.28 |
| Trench 5 | 1 | 0.25 | ||
| Trench 6 | 4.4 | 1.8 | 6 | 9.93 |
| Trench 7 | 3 | 2.8 | 8 | 97.40 |
| Trench 8 | 1 | 0.3 | 33.19 | |
| Trench 11 | 3 | 4.2 | 9 | 192.15 |
| TOTAL | 15.4 | 9.95 |
Next Steps
Given these highly encouraging results, ECR will now move to the next stage of metallurgical test work to determine the optimal method for gold extraction using various methods. Both tenements contain at least 12km of strike length available for follow up sampling and testing.
Adam Jones Chief Geologist commented: “Our detailed mapping and sampling has delivered gold results far beyond our expectations. We’ve pinpointed the more lucrative gold ‘runs’ within the wash layers, leading to much improved results. I was particularly excited by Trench 11, which emerged as a hotspot for coarse gold in shallow ground, situated well above the current creek system in an unexplored area. We have now submitted further samples to the laboratory which will undergo an enhanced gold recovery process to determine the potential commercial options for recovery.”
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 | |||
| Zeus Capital Limited | Tel: +44 (0) 203 829 5000 | ||
| 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 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 – Board Changes
ECR Minerals plc (AIM: ECR), the exploration and development company focused on gold in Australia, announces that Non-Executive Director and former Chairman David Tang has informed the Board that he has decided to step down as a non-executive director of the Company in order to pursue his other interests. David will depart from the board with immediate effect.
Nick Tulloch, Chairman of ECR, commented: “David chaired the board of ECR through a difficult period for the Company and has been a committed supporter of changes that we have been making over the past year. I was particularly pleased that, when David stepped down as Chairman earlier this year, he agreed to stay on the board and provide us with his insight and detailed knowledge of our operations. On behalf of the board of ECR, we wish him well in his future endeavours.”
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 | |||
| Zeus Capital Limited | Tel: +44 (0) 203 829 5000 | ||
| 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.