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ECR Minerals #ECR – Operational Update
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, provides the following update on its operations.
Highlights
- Preparations to bring the Blue Mountain Project into production
- Talks ongoing for sale of Mercator Gold Australia Pty Ltd with a target completion of 28 February 2025
- Proposed sale of surplus land expected to be agreed this month
- Sample results from the Lolworth Project are expected this month
Plans for commercial production at the Blue Mountain Project
As announced by the Company on 8 October 2024, Gekko Systems Pty Limited (“Gekko”) carried out a Single Stage Gravity Recoverable Gold and Sighter Leach test on samples of ore collected at the Company’s Blue Mountain Project in Queensland (the “Blue Mountain Project”). The findings demonstrated a good recovery rate (estimated by Gekko as 91.7% gold into 0.40% of the mass) and suggested that the ore located at the Blue Mountain Project is suitable for gravity concentration using a batch centrifugal concentrator (a “BCC”). It was also announced that 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.
The ECR team spent two days on site last week to develop plans for a production programme. This included meeting with the landowner and carrying out further surveys of historical workings on the site. The next steps will be to map out the optimum location of trenching, which will most likely be achieved through the use of drones or ground penetrating radar, and ensure that there is sufficient access to water, utilising the creeks on site, alongside implementing plans for water recovery. A larger wash plant is then proposed to be commissioned. This is anticipated to either be made to order or purchased off the shelf and modified to be suitable for the ground at the Blue Mountain Project. Suitable suppliers have already been identified.
A further bulk testing campaign will be conducted to ensure the validity of the Company’s financial modelling of the Blue Mountain Project prior to moving to production. By way of illustration, the ECR team believes that the Blue Mountain Project is capable of having an indicative revenue potential of approximately A$470,000 (US$295,000) per month. This potential revenue illustration uses an average grade of 0.6 grammes per bank cubic metre and Gekko’s projected recovery rate, with a wash plant with a 25 tonne per hour capacity, to provide prospective output per month of over 3,000 grammes (over 100 ounces) per month, using a gold price of US$2,790 per ounce. This could potentially be increased by operating dual wash plants.
As previously announced, the Blue Mountain Project is based on an alluvial gold system where gold is therefore found at or near the surface. ECR’s deepest trench to date was 4 metres but the highest recovery was at a depth of just 1.5 metres. Consequently, bringing the Blue Mountain Project into commercial production is anticipated to not have the high capital expenditure that other gold mining projects have where higher grades are located at great depth. Subject to further scoping work, at present, the Company estimates the preliminary costs of the Blue Mountain Project work programme and the wash plant required for production to be comfortably within the Company’s budget for 2025 and current cash resources.
Update on Proposed sale of Mercator Gold Australia Pty Ltd
On 23 December 2024, ECR announced that it had signed non-binding heads of terms (the “Heads of Terms”) with Octo Holdings Pty Ltd (“Octo”) regarding the proposed sale (the “Proposed Disposal”) of the entire issued share capital of ECR’s wholly-owned subsidiary, Mercator Gold Australia Pty Ltd (“MGA”) for a total cash consideration of A$4.5 million. The parties have had a productive meeting in Melbourne last week which, in addition to the Proposed Disposal, also included a wider discussion on future collaboration opportunities on other projects.
During the meeting, and subsequently confirmed in writing to ECR, Octo proposed a target completion date of 28 February 2025 to enable it to conclude other agreements, independent of ECR, that it is engaged in. The parties will now work towards concluding the Proposed Disposal in that timeframe.
As stated in the Company’s announcement of 23 December 2024, it is proposed that, on or before completion of the Proposed Disposal, ECR will effect a reorganisation of MGA, such that the only exploration assets remaining within MGA will be the Bailieston project, with ECR’s core Creswick and Tambo gold exploration projects, along with the lease of ECR’s premises near Bendigo, Victoria, being transferred to another of the Company’s wholly owned subsidiaries and so would be excluded from the Proposed Disposal. In preparation for the Proposed Disposal, ECR has been developing plans for a reorganisation of its Australian subsidiaries. MGA, as well as holding the Company’s tenements in Victoria, also acts as ECR’s main operating subsidiary in Australia. Alongside the Proposed Disposal, it is anticipated that these operations will be transferred to another of the Company’s Australian subsidiaries and operational savings have been identified as part of this process.
During the week, a further interested party made contact with ECR in respect of the Proposed Disposal, although matters have not been progressed with them, and the Company continues to evaluate interest in MGA’s assets, particularly the prospective antimony, both through direct contact and the sale process being run by Argonaut PCF Ltd.
As stated previously, it is noted that the Heads of Terms are not binding in relation to the terms of the Proposed Disposal, as described above, and that the Proposed Disposal will be subject, among other things, to due diligence by Octo and the execution of a legally binding agreement governing the transaction. There can therefore be no certainty that final binding terms will be agreed, nor as to the timing or final terms, value or conditions of the Proposed Disposal or the final position in respect of the proposed pre-completion restructuring of MGA.
As previously announced, the Proposed Disposal may be considered to be a fundamental change of business pursuant to Rule 15 of the AIM Rules for Companies. If applicable, this would require, amongst other items, the Proposed Disposal to be conditional on the consent of the Company’s shareholders being given in a general meeting, the publication of a shareholder circular detailing the terms of the transaction and certain other disclosures as set out in the AIM Rules.
Proposed sale of Brewing Lane
On 21 November 2024, ECR announced that it has accepted a conditional offer of A$225,000 for the proposed sale of its surplus land at Brewing Lane in Victoria, Australia. The Company is now pleased to announce that the contract for the sale has been agreed in principle and the only remaining step is for the buyer’s finance provider to arrange a valuation of the property. This valuation was commissioned last week, and the valuer has been in contact with ECR to arrange access for the coming week. ECR understands that the buyer’s loan to value ratio is well within the lender’s acceptable range and is consequently confident that the valuation will be approved. Completion is therefore expected to take place in February 2025.
Lolworth samples
As previously announced, a number of rock chip and stream samples from the Lolworth project are currently undergoing laboratory analysis, with the results expected shortly. With visible gold present in the samples, the Directors are optimistic about these pending results.
ECR expects to re-start the field campaign in Lolworth in the second quarter of 2025, drawing on the Company’s partnership with the Geological Survey of Queensland and James Cook University, whose respective surveys will provide the Company with further data points on the project area
Nick Tulloch, ECR’s Chairman, said: “I spent last week in Australia on a trip that covered Melbourne, our office in Bendigo and finally the Blue Mountain Project in Queensland. The latter was the stand out highlight. Over an extensive area with multiple gullies that are prospective for gold, ECR has an exciting opportunity to potentially commence production this year.
“I spent two days on site with the team planning the necessary steps to move into production including preparations for the location of trenches and sizing of the new wash plant that we intend to commission. In an extensive portfolio of assets, we believe that the Blue Mountain Project has the potential to become a defining event in ECR’s history.
“Aside from days on site, I had a series of productive meetings in Victoria, including on the potential sale of MGA. We have made progress on a complex transaction, and an associated reorganisation of our group, and we hope to provide further updates in due course. It is a testament to the appeal of these assets that we continue to receive interest from other parties.”
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 |
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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 |
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
|
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| 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 Minerals #ECR – Creswick Project Update
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to provide an update regarding the Creswick exploration project to shareholders.
ECR Minerals plc has 100% ownership of EL006184 and EL006907 located at Creswick, Central Victoria, Australia. Exploration is being undertaken by ECR’s Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
ECR Chairman David Tang commented: “On behalf of our board I am pleased to report that these results show that Creswick, while complex in its geology and the nature of its mineralisation, has provided a solid platform of data that fully justifies our decision to progress Creswick and EL006184 to the next phase of exploration. The latest data also further justifies the strategy behind the purchase of the Brewing Lane property in September 2021, as it now provides a centre for our operations in Creswick and the potential to develop a mine decline should we decide to embark on that course in the future. Our board and exploration team are also excited by the potential at the recently awarded license area at EL006907, adjacent to Creswick”
“I would also like to apologise to shareholders for the delay in publishing the Creswick results. The prevalence of COVID-19 in Victoria in recent months has resulted in delays in results from the laboratory and interruptions in the supply chain supporting exploration activities.”
“Our search for a CEO continues, some early candidates have been identified and the interviewing process is underway. I would ask shareholders to bear with us during this time. I am also aware that some shareholders are concerned that our social media communication process has fallen below previous levels. We are working to address this.”
SUMMARY:
- Anomalous gold results have been received from the remaining samples from the diamond drilling program completed at the end of 2021.
- Recent duplicate sampling is revealing erratic gold results due to the presence of coarse gold, potentially undervaluing the true estimated grade.
- Assay result turn-around time has been delayed due to COVID-19 management and related staff shortages at the laboratory.
BACKGROUND
The Creswick project is located approximately 18km to the north of the City of Ballarat. Ballarat itself has a rich history of gold and is still producing at the nearby Ballarat East Goldmine. The Creswick project consists of two active tenements respectively EL006184 and EL006907, plus MGA are awaiting the outcome of licence applications in the surrounding adjacent ground.
Intense historic alluvial gold workings exist within the tenements. Mapping the extent of the alluvial gold workings has traced the potential source of the gold to quartz veining associated with a wide, shale rich rock unit termed the Dimocks Main Shale (“DMS”). The company believes the strike extent of the DMS can be traced for at least 15km. On September 2nd 2021 ECR announced the acquisition of a property at 35 Brewing Lane, Springmount, which sits in our existing license area EL006184. As stated in the announcement of Sept 2nd, the property has provided the Company with an operational base and, in future, can be developed as a site for the decline access to existing, and potential, vein mineralisation. Link to the Brewing Lane property announcement here
Our recent work has been concentrated within EL006184 close to Springmount, and the last three years has seen the Company complete RC drilling totalling 1691 metres and most recently complete 16 diamond drill holes for a total of 3433 metres. A detailed plan view showing the location of exploration activities undertaken during the 2021 year is linked below:
https://www.ecrminerals.com/images/2022/Fig1_Plan_of_Creswick_Project_Area_2021-1.png
OUTCOME OF DIAMOND DRILLING ACTIVITIES DURING 2021
Diamond drilling was undertaken to confirm the structural architecture of quartz mineralisation that was interpreted from the 2019 RC drilling program. The hypothesis was that quartz is situated in both bedding and axial cleavage planes formed within the DMS horizon which in places can be up to 25 metres in width. The substantial width and strike length of the DMS means the target is of great importance to ECR. Initial results from diamond holes CSD001 and CSD002 showed early success for gold mineralisation. Geological logging of diamond core also successfully proved that quartz mineralisation has preferentially developed within the shales. Drilling continued at broad spaced intervals approximately 300m apart and along strike of the DMS to the south for 2.1 km. Results show quartz mineralisation is still present along the strike limits of the drilling completed to date. Anomalous gold was detected in the southern most drill hole (CJD001) with 0.5m @ 0.54 g/t Au from 324m. As previously reported, the best intercept was from hole CSD003 drilled on top of a ridge south of Blue Gum Track. This important hole is located in an area with no previous mining history. Follow up drilling to CSD003 intercepted quartz mineralisation where expected, however grades were not as extraordinary as hole CSD003 with the best intercept being in CSD013 for 1m @ 1.98 g/t Au from 80.5m downhole. Drilling of hole CSD005 and CSD006 intercepted a large milled fault zone, believed by MGA geologists to be a cross-course fault, as commonly seen at the Ballarat East goldfield. All gold intercepts from the 2021 drilling considered anomalous above the lowest reportable levels are shown in Table 1 below.
Table 1. Summary of drill intercepts containing reportable anomalous levels of gold (0.11 g/t Au for the diamond drilling program completed on EL006184 during 2021. (*highlights in RED bold)
CSD001
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 12.3 | 12.55 | 0.19 | 0.25 |
| 43.15 | 44.15 | 0.23 | 1 |
| 58.2 | 59.1 | 0.92 | 0.9 |
| 86 | 87 | 0.13 | 1 |
| 131.9 | 132.9 | 9.68 | 1 |
| 147.7 | 148.7 | 0.25 | 1 |
| 205.65 | 206.45 | 0.11 | 0.8 |
| 206.45 | 207.4 | 0.14 | 0.95 |
| 211.95 | 212.45 | 0.11 | 0.5 |
| 225.9 | 226.9 | 0.12 | 1 |
| 226.9 | 227.9 | 0.11 | 1 |
| 231.4 | 232.45 | 0.11 | 1.05 |
| 240 | 241.05 | 0.37 | 1.05 |
| 257.3 | 257.7 | 0.26 | 0.4 |
CSD002
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 65.9 | 66.5 | 0.22 | 0.6 |
| 99.9 | 100.8 | 0.2 | 0.9 |
| 173.1 | 174.1 | 4.78 | 1 |
| 178.7 | 179.2 | 0.16 | 0.5 |
| 179.55 | 179.85 | 0.19 | 0.3 |
| 179.85 | 180.2 | 0.39 | 0.35 |
| 182.1 | 183.1 | 0.11 | 1 |
CSD003
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 84.2 | 85.15 | 9.93 | 0.95 |
| 89.05 | 90 | 23.58 | 0.95 |
CSD004
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 125.7 | 126.7 | 0.18 | 1 |
CSD005
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 84 | 85 | 0.22 | 1 |
| 91.8 | 92.3 | 0.16 | 0.5 |
| 94.32 | 95.3 | 0.13 | 0.98 |
CSD007
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 26 | 27 | 0.15 | 1 |
| 67.6 | 68.2 | 0.16 | 0.6 |
| 233.5 | 234.5 | 0.11 | 1 |
CSD008
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 2.3 | 3.3 | 0.21 | 1 |
| 26.4 | 27.1 | 0.45 | 0.7 |
| 27.1 | 27.9 | 0.69 | 0.8 |
CSD009
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 88.3 | 88.7 | 0.28 | 0.4 |
| 149.7 | 151 | 0.21 | 1.3 |
CSD011
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 62 | 62.5 | 0.29 | 0.5 |
| 71 | 72 | 0.12 | 1 |
CSD012
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 113 | 113.5 | 0.61 | 0.5 |
CSD013
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 80.5 | 81.5 | 1.98 | 1 |
CSD014
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 18.4 | 19.4 | 0.14 | 1 |
| 19.4 | 20.4 | 0.12 | 1 |
| 55.8 | 56.4 | 0.24 | 0.6 |
CJD001
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 254.6 | 255 | 0.11 | 0.4 |
| 324 | 324.5 | 0.54 | 0.5 |
| 325.5 | 326 | 0.11 | 0.5 |
CJD002
| From (m) | To (m) | Grade (g/t Au) | Interval (m) |
| 8 | 9 | 0.2 | 1 |
| 55.4 | 56.5 | 0.34 | 1.1 |
| 78.5 | 79.1 | 2.99 | 0.6 |
| 79.1 | 80.1 | 0.26 | 1 |
| 83.4 | 84.4 | 0.19 | 1 |
| 86.5 | 87.5 | 0.15 | 1 |
| 93.6 | 94.6 | 0.75 | 1 |
| 98 | 99.1 | 0.15 | 1.1 |
| 109.4 | 110.4 | 0.13 | 1 |
| 121.1 | 122.2 | 0.41 | 1.1 |
| 147.9 | 148.4 | 0.17 | 0.5 |
| 179.8 | 180.3 | 0.16 | 0.5 |
| 214.9 | 215.4 | 0.13 | 0.5 |
COARSE GOLD REVEALED IN SAMPLING
Geologists generally consider coarse gold deposit results above 0.2 g/t Au as anomalous and worth duplicating. Recently, a series of rock chips were taken by MGA geologists from exposed quartz veins in historic pits and trenches adjacent to Blue Gum Track. Duplicate sampling has revealed a large variability in gold grades. In particular, a chip sample 0.4m wide (true width) across outcrop initially showed 0.15 g/t Au. Replicating this sample with the same sampling protocols revealed 0.4m @ 31.8 g/t Au.
Previous bulk sampling of 1m drill composite samples from the 2019 RC drilling highlighted the presence of coarse gold which showed significant variability to the grades received from the initial 2kg riffle split samples from the RC drill rig. Samples that showed detectable gold were later bulk sampled in entirety from the remaining 1m drilled, 50 kg sample. Random nuggetty gold particles within the bulk samples increased the overall grade. Examples of this is shown in fig 2 linked below:
https://www.ecrminerals.com/images/2022/Fig2_Creswick_gold_particle_examples.png
The variability in gold grade is a reflection of the sample size (known as the volume-variance relationship). The larger the sample size, the better representation of the true average grade. Gold at Creswick is coarse and unevenly distributed, although the different size particles are located close together. HQ sized diamond drilling produces a core of rock 63.5mm in diameter with half of this diameter sent as a sample. The probability of 
sampling a coarse particle of gold within the core is low. RC drilling is larger in diameter and therefore produces a larger sample size increasing the probability of sampling a particle of gold. RC drilling however produces rock chips where geological quality is lost and understanding of the structural host to the best mineralisation cannot be interpreted and followed up on. A balance between drilling for structure by diamond drilling combined with grade drilling by RC drill methods targeted at the most extensively mineralised part of the system is now believed to be the best methodology with which to progress the Creswick asset.
The volume-variance relationship between diamond and RC drill methods in a coarse gold mineralised system is visually shown in fig 3 in the following link:
https://www.ecrminerals.com/images/2022/Fig3_volume-variance_drill_sizes.png
PROPOSED DEVELOPMENT PLAN
MGA have applied to renew EL006184 for another 5 years and are awaiting final approval. As the current incumbent, MGA has first rights over the license, and MGA Director and Geologist Adam Jones is proposing the next phase of exploration within EL006184 as follows;
- Soil sampling programmes over the up-dip projections of quartz mineralisation identified from the 2021 diamond drilling campaign to test for sub-cropping gold shoots.
- ECR’s property at Brewing Lane, Springmount contains numerous old abandoned gold workings with some underground exposures that offer opportunities for mapping and sampling, followed up by drilling.
- The Company is currently seeking advice on which appropriate geophysical techniques may highlight important structures that control the distribution of gold mineralisation within the DMS.
- Follow up drilling to include detailed RC and diamond drilling within the Brewing Lane property and adjacent ground with emphasis on bulk sampling techniques as was done in 2019.
Furthermore, MGA will start to evaluate prospects further south of existing drilling in the recently approved EL006907 using exploration techniques that proved successful on EL006184.
MGA is continuing to progress with drilling at the Bailieston tenements (EL5433), focussing on the Maori Reef and parallel reef systems within the HR3 goldfield. The geology team is also making progress with plans to re-enter and continue exploration on the Blue Moon prospect located on the southern extent of EL5433.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, a director of 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 REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 20 7929 1010 | ||
| David Tang, Non-Executive Chairman | |||
| Email: | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | ||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
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| SI Capital Ltd | Tel: +44 (0) 1483 413500 | ||
| Broker | |||
| Nick Emerson | |||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | ||
| Broker
Jon Belliss |
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| Blytheweigh | Tel: +44 (0) 207 138 3204 | ||
| Public Relations | |||
| Tim Blythe
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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 eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston (EL5433) and Creswick (EL6148) projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
https://mercatorgold.com.au/
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia.
https://luxexploration.com/
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), Mercator Gold Australia Pty Limited 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 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.