ECR Minerals #ECR – Exceptional Antimony Results At Bailieston, Victoria

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

HIGHLIGHTS

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

Antimony Exploration In Victoria

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

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

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

Sampling Method

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

Results

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

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

Next Steps 

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

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

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR. 

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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, 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