ECR Minerals #ECR – Unaudited Half-Yearly Results for the Six Months Ended 31 March 2024 and Business Update

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce its unaudited half-yearly financial results for the six months ended 31 March 2024 for the Company, along with a review of significant developments during and post period.

HIGHLIGHTS

Operational highlights:

• Geological mapping at Lolworth led to the discovery of numerous quartz outcrops within the ridgeline above those gold bearing streams in the Upper Gorge Creek area with best results from rock chipping of 13.75 g/t Au, 3.13 g/t Au and 2.17 g/t Au over a number of outcrops measuring up to 3m wide x 20m long
• Discovery of a rhyolitic dyke in Gorge Creek East, Lolworth 5.5m wide x 200m long having anomalous gold valueswith the best rock chip from the centre of the dyke returning 8.02 g/t A
• Results from mapping a quartz veinlet system within the upper creek drainage of Flaggy Creek, Lolworth over a length of 70 metres long and within a zone up to 100m wide have proven to be gold-bearing with best results being 6.05 g/t Au, 5.96 g/t Au, 4.66 g/t Au and 3.97 g/t Au
• Application submitted for an Exploration Licence at Kondaparinga, Queensland, approximately 120km²in area within the Hodgkinson Gold Province
• Broader mineralisation and increased levels of high-grade gold reported from our drilling programme at Creswick, Victoria, with best individual grades 8.87g/t Au and 8.06g/t Au
• Bulk sample testing at Davey Road, Victoria indicated extensive gold mineralisation, with a best result of 41.03 g/t Au
• Tambo rock chip results comfortably exceeded those from previous exploration activities, with eight samples having gold grades greater than 5 g/t Au and best results of 51.5 g/t Au, 26.5 g/t Au and 24 g/t A

Financial highlights:

• Sale of non-core assets realise A$420,000
• Ongoing examination of historic tax losses of A$75 million to potentially unlock significant value
• Cost reductions through salary sacrifice scheme and closure of London office
• Two fundraisings completed in September 2023 and March 2024 to raise almost £1.2 million in aggregate

Nick Tulloch Chairman said: “In the nine months since Mike Whitlow and I joined ECR, we have sought to implement a step change in the pace of our operations, coupling increased activity in our Australian projects with a prudent approach to cash management. Mike and I have always viewed ECR’s project portfolio as a potential sleeping giant, and now with the results and developments reported across our tenements in recent months, we believe the Company is well on the way to realising the value of these assets.”  

“As a Board, we are receptive to ideas to add value, new initiatives and projects to our operations. In recent months we have received approaches from other businesses in the resources sector offering co-development and other collaborative opportunities. While these developments in themselves have served to further confirm the nascent value within our project portfolio, in line with our own projects, we have retained a conservative approach to these discussions.  Expanding ECR’s business is high on our agenda but we will do so only when we are satisfied the risk is low and that we can maximise gains for our shareholders.”

“For the remainder of 2024, I want to reassure shareholders that, following on from a very successful period of work in Victoria, they can look forward to further newsflow as we re-commence our operations in Queensland.”

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Link here to review Chairman’s report and financial statements