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

Table 2: Geochemistry Gold and Silver Results > 0.05 ppm Au, Gorge Creek Diggings Sampling

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:  

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