Home » Posts tagged 'ecr minerals' (Page 3)
Tag Archives: ecr minerals
ECR Minerals #ECR MD Mike Whitlow discusses the conditional offer accepted for the proposed sale of surplus land
ECR Minerals MD Mike Whitlow discusses the conditional offer accepted for the proposed sale of surplus land, plus the latest drilling results from Tambo.
ECR Minerals #ECR – Conditional offer accepted for the proposed sale of surplus land
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that it has accepted, in principle, a conditional offer of A$225,000 for the proposed sale of its surplus land at Brewing Lane in Victoria, Australia.
The offer, which the purchaser will settle in cash on completion, is conditional on the purchaser obtaining suitable financing. The purchaser’s plans are already well advanced in this regard and the condition is expected to be satisfied within 14 days of this announcement, whereupon the land conveyancing process will commence. Significantly, the transaction is being arranged as a private sale with no real estate agent fees or commissions to be payable by ECR.
The land at Brewing Lane, Springmount comprises around 20 acres and is within ECR’s Creswick licence area. However, the proposed sale is independent of mineral rights so will have no impact on any of the Company’s future operations at Creswick. As announced previously, ECR had previously explored the possibility of obtaining planning permission for a residential house on the land. Alongside that, the Company had also investigated upgrading the access rights. As a result of the proposed sale, if completed, neither of these exercises would be required and the Company would therefore have saved both the cost and management time of proceeding with these initiatives.
The monies raised from this proposed sale, once completed, will be utilised to accelerate work on the Company’s near-term exploration and operational activities. Given that the conditional offer is not binding, there can be no certainty that final binding terms will be agreed, nor as to the timings or final terms or quantum of consideration for the proposed sale of the land. Further announcements will be made in due course.
Nick Tulloch, ECR’s Chairman, said: “The proposed sale of our surplus land at Brewing Lane is the culmination of our strategy to realise value from assets within ECR that we are not using or do not require. The agreement in principle represents a very cost-effective exit for ECR, with no agency commissions and would negate the need for us to carry out work on the property before the sale. The proceeds of the sale will be immediately reinvested in our near-termexploration and operational activities in line with our objective to advance the value of our assets as efficiently as possible. As we continue to drive growth within the business, the Board is excited about the potentially significant opportunities presented by our assets in Victoria and Queensland.”
FOR FURTHER INFORMATION, PLEASE CONTACT:
|
ECR Minerals Plc |
Tel: +44 (0) 1738 317 693 |
|
Nick Tulloch, Chairman Andrew Scott, Director |
|
|
Email: info@ecrminerals.com |
|
|
Website: www.ecrminerals.com |
|
|
Allenby Capital Limited |
Tel: +44 (0) 20 3328 5656 |
|
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
|
|
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 |
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 – Initial Diamond Drilling Results indicating up to 24 g/t Au From Duke of Cornwall Lode at Tambo Gold Project, Victoria
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce highly encouraging initial results from its maiden diamond drilling campaign at the Duke of Cornwall Lode system as well as further high-grade surface channel (chip) sampling from the Main Lode within the Company’s Tambo Gold Project in Victoria, Australia (the “Tambo Gold Project”).
HIGHLIGHTS
· Best drill intercepts from Hole DOCD002 include 0.15 metres @ 24.10 g/t Au and 0.40 metres @ 8.51 g/t Au
· Supporting surface channel (chip) sampling from the Main Lode returned exceptional results including 0.2 metres @ 180 g/t Au and 0.25 metres @ 27.80 g/t Au.
Tambo Gold Project
Further to the Company’s announcement on 17 October 2024, a maiden diamond drilling campaign has now been completed at the Tambo Gold Project. The diamond drilling campaign targeted beneath the historic workings of the Duke of Cornwall Mine, Swifts Creek. The first complete results have now been received for hole DOCD002. Assay results have also been received for additional channel (chip) samples from the in-situMain Lode near surface.
High-grade surface channel sampling
Main Lode sampling has revealed further high-grade gold surface channel (chip) sampling results of 27.80 g/t to 180 g/t Au (See Table 1). These results support previous photon analysis of rock chip sampling of the same vein material, including 55.5, 24.0 and 19.7 g/t Au (See announcements of 12 July 2024 and 10 June 2024).
Drilling Summary
The campaign utilised a diamond drill rig and has provided high-definition structural data that enhances geological understanding and improves confidence in interpreting vein orientations and continuity. The campaign consisted of five diamond core drill holes, totalling approximately 439 metres in aggregate, to test strike and depth continuity of gold mineralisation from the Company’s previous surface rock chip results and to refine the structural model. The board of directors of ECR (the “Board” or the “Directors”) are confident that both objectives have been successfully achieved.
These first results from the diamond drilling campaign confirm that the Duke of Cornwall Lode system is comprised of quartz veins propagating from a mapped shear zone (Figures 1 and 2). Strong visual indicator minerals have been identified in the drill core including sulphides such as Chalcopyrite, Tungsten and Arsenopyrite, with assay values correlating strongly to elevated Bismuth.
Drill hole DOCD002
Best individual drill intercepts from hole DOCD002 include 0.15 metres @ 24.10 g/t Au and 0.40 metres @ 8.51 g/t Au. Geological logging and assay values show two ‘zones’ of mineralisation. The first zone is veining parallel to the regional cleavage. The average grade across the cleavage vein zone is 3.13 g/t Au over 1.2 metres drilled. The second Main Lode zone averages 5.61 g/t Au over the drilled interval of 2.05m. (see Table 1). The overall average grade across all reported intervals was 4.26 g/t Au (see Table 1).
Hole DOCD002 was drilled to a total depth of 84.35m. A total of 19.95m of core has been sampled. Mineralised intercepts greater than 0.1 g/t Au are reported in Table 1 below. Hole DOCD002 also encountered strong pathfinder elements associated with high gold values, including best grades of Bismuth (883 ppm), Arsenic (63.8 ppm) and Silver (3.8 ppm). The overall average Bismuth, Arsenic and Silver grades across all reported intervals were 152.24 ppm Bi, 9.86 ppm As, and 0.98 ppm Ag (see Table 1).
Geological logging and sampling of the remaining holes will conclude this week with assay results expected by early December 2024.
Adam Jones, ECR’s Chief Geologist, said: ”These first diamond drilling campaign results are highly promising, corresponding with our earlier rock chip sampling and demonstrating consistency of results across our exploration programmes at the Tambo Gold Project. All core samples have revealed strong visual indicators, including the presence of chalcopyrite and arsenopyrite sulphides, which are encouraging signs of mineralisation. We have drilled approximately 75 metres vertically beneath the old Duke of Cornwall mine workings, aiming to see results similar to those obtained nearer to surface. Despite this being a relatively focused drilling program, the initial findings suggest there is significant potential for further exploration.”
Mike Whitlow, ECR’s Managing Director added: ”These early results from the Duke of Cornwall Lode system are outstanding and validate the geological potential of this area. The high-grade gold intercepts, consistent mineralisation across the Main Lode, and the promising visual indicators in the core give us confidence in the continuity and potential scale of the system. We look forward to receiving the remaining results and the valuable insights they will provide as we work towards defining the scope of this exciting opportunity.”
Technical Disclosure
All sampling and drilling were conducted in accordance with industry best practice, and all assays were performed by an independent, accredited laboratory. Further technical details and assay results for the remaining drill holes will be reported once received.
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.
Table 1: DOCD002 Drill Results And Rock Chip Channel Samples (including matching pathfinder elements (Bi, As and Ag).
Drilling Intercepts (DOCD002). (intercepts => 0.1 g/t Au)
|
SAMPLE ID |
FROM |
TO |
INTERVAL (metres) |
Au (g/t) |
Au_(R) g/t |
Bismuth (ppm) |
Arsenic (ppm) |
Silver (ppm) |
DOMAIN |
|
BTD037 |
44.6 |
45 |
0.40 |
8.51 |
8.43 |
129.0 |
3.0 |
1.10 |
Cleavage vein |
|
BTD041 |
45.6 |
46.2 |
0.60 |
0.68 |
0.63 |
5.6 |
2.5 |
0.50 |
Cleavage vein |
|
BTD042 |
46.2 |
46.4 |
0.20 |
0.19 |
2.0 |
3.6 |
0.50 |
Cleavage vein |
|
|
BTD045 |
48.15 |
48.6 |
0.45 |
0.88 |
|
22.5 |
3.7 |
0.50 |
|
|
BTD048 |
50 |
50.3 |
0.30 |
3.00 |
3.54 |
283.0 |
3.0 |
0.93 |
Main Lode |
|
BTD049 |
50.3 |
50.65 |
0.35 |
0.37 |
24.4 |
63.8 |
0.50 |
Main Lode |
|
|
BTD050 |
50.65 |
51.05 |
0.40 |
0.01 |
2.0 |
3.5 |
0.50 |
Main Lode |
|
|
BTD051 |
51.05 |
51.2 |
0.15 |
24.10 |
24.4 |
883.0 |
2.6 |
3.80 |
Main Lode |
|
BTD052 |
51.2 |
52.05 |
0.85 |
0.58 |
18.7 |
3.0 |
0.50 |
Main Lode |
Rock Chip (Channel Samples)
|
SAMPLE ID |
FROM |
TO |
INTERVAL (metres) |
Au (g/t) |
Au_(R) g/t |
Bismuth (ppm) |
Arsenic (ppm) |
Silver (ppm) |
DOMAIN |
|
BTR064 |
0 |
0.25 |
0.25 |
27.80 |
25.2 |
3.59 |
2260 |
7.20 |
Main Lode |
|
BTR065 |
0 |
0.20 |
0.20 |
180.00 |
3.15 |
2690 |
4.00 |
Main Lode |
* (R) Laboratory repeat analysis
Figure 1: Plan View Of Duke Of Cornwall Lode – First Diamond Drill Results and new Channel Samples
Figure 2: Section View Of Duke Of Cornwall Lode – First Diamond Drill Results and new Channel Samples
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) 20 3328 5656 |
|
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
|
|
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 |
|
As: |
Arsenic |
|
Au: |
Gold |
|
Bi: |
Bismuth |
|
g/t: |
Grammes per Tonne (Metric) |
|
km: |
Kilometres (Metric) |
|
km²: |
Kilometre squared (Metric) |
|
Lode: |
A deposit of metalliferous ore that fills a fissure |
|
ppm: |
Parts per million (Metric) |
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 – Results from Rock Chip Sampling and Exploration Update at Lolworth Project, Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the results of rock chip sampling and trenching activities completed at the Lolworth Project, Queensland, focusing on gold and base metals exploration. ECR also provides an interim update in relation to the diamond drilling programme at its Tambo Gold Project in Victoria.
HIGHLIGHTS
- 378 rock chip samples analysed
- Highest-grade gold results include 11.05, 14.15 and 14.7 g/t Au
- 23 rock chips returned silver grades greater than 10 g/t Ag with six samples exceeding 50 g/t Ag
- Trenching at the Gorge Creek West Prospect has identified broader zones of gold mineralisation, including best grades of 11.05, 3.72 and 4.82 g/t Au within a quartz shear zone
- Newly-discovered gold-bearing veins identified near Gorge Creek West and Uncle Terry prospects
Results (See Tables 1&2)
Gorge Creek West (See Figure 1)
Stream sampling has delineated the ridgeline as a potential gold source, and trenching has revealed a North-South trending quartz sulphide shear zone traced along a 40m strike. A secondary shear was located 12.5 metres west of the main zone. Highlights include:
- Best trenching results: 11.05, 4.82 and 3.45 g/t Au.
- Broader zones of low-grade gold mineralisation (0.2-0.5 g/t Au) found within three metres of the shear zones.
- Reconnaissance rock chips show further potential, with best results of 6.97, 2.59 and 3.72 g/t Au.
- Significant silver mineralisation with best results of 54.4, 50.2 and 24.9 g/t Ag.
An additional shear zone located 350 metres northeast has returned high-grade gold, including 14.7, 14.15 and 8.81 g/t Au. The results indicate that the gold bearing portion of this structure can so far been traced for 40 metres along the surface.
Gorge Creek West (Figure 1)
Uncle Terry (see Figure 2)
Reconnaissance rock chip sampling has previously revealed the highest-grade gold assay to date (75.6 g/t Au) from a quartz-sulphide subcrop. Further mapping in the vicinity revealed a quartz-sulphide blow measuring 20 metres x 10 metres at surface. Best results from this quartz blow include:
- Gold assays of 7.59, 6.92, 6.3 and 2.12 g/t Au.
- In addition, high silver values of 78.8, 66.2 and 65.6 g/t Ag have also been discovered. Soil sampling is ongoing to identify potential mineralised extensions.
Uncle Terry (Figure 2)
Geochemical pathfinders
Soil sampling is three-quarters complete, with ongoing analysis aimed at identifying pathfinder elements associated with gold mineralisation. Preliminary results show the following prospect geochemical pathfinders
- Butterfly Creek: Arsenic and lead
- Dagwood: Weak silver and lead
- Gorge Creek West: Strong lead and silver
- Uncle Terry: Strong lead and zinc with low arsenic.
- Silver-to-gold ratios are highest at Gorge Creek West and Uncle Terry.
Next Steps
A further update on the Lolworth Project will be provided before the end of this calendar year, including management’s proposed next exploration steps.
Tambo Drilling Update
The first diamond drill hole has reached 85 metres and encountered quartz and sulphide mineralisation at a 38 metre depth. A second hole is currently underway, with two or three more holes planned for a total planned aggregate depth of 450-550 metres. Further announcements will be made in relation to drilling at Tambo in due course.
Adam Jones, ECR Chief Geologist said: ‘’These rock chip and trenching results from Lolworth further validate the significant potential that the Board sees in this substantial acreage Project. Not only are we uncovering gold, but we are now seeing significant traces of silver. As previously announced, we believe that there are also exciting prospects for rare earths and other critical minerals and we expect both our own exploration programmes, as well as the recent sampling by the Geological Society of Queensland, will provide us with valuable insights and guide our next steps. The geological resemblance of the Lolworth region to the well-known Charters Towers and Ravenswood goldfields is giving us a glimpse of what may lie within these mountain ranges.”
| Table 1: Top 10 Gold Results | ||||||
| Prospect | SampleID | Easting | Northing | Au g/t | Ag g/t | Au:Ag Ratio |
| Gorge Creek West | LWC892 | 313687.1 | 7751609.8 | 14.7 | 50.2 | 1:3 |
| Gorge Creek West | LWC890 | 313683.9 | 7751607.9 | 14.15 | 54.4 | 1:4 |
| Gorge Creek West | LWC636 | 313358.1 | 7751435.4 | 11.05 | 68.8 | 1:6 |
| Gorge Creek West | LWC887 | 313688.7 | 7751597.1 | 8.81 | 24.90 | 1:3 |
| Uncle Terry | LWC935 | 312161.1 | 7752183.7 | 7.59 | 65.60 | 1:6 |
| Gorge Creek West | LWC657 | 313364.3 | 7751418.8 | 6.97 | 31.30 | 1:4 |
| Uncle Terry | LWC948 | 312161.8 | 7752186.9 | 6.92 | 66.20 | 1:10 |
| Gorge Creek West | LWC889 | 313685.0 | 7751607.1 | 6.34 | 5.20 | 1:1 |
| Uncle Terry | LWC947 | 312161.9 | 7752189.0 | 6.3 | 35.70 | 1:6 |
| Gorge Creek West | LWC896 | 313680.6 | 7751618.3 | 5.19 | 16.60 | 1:3 |
Table 2: Top 10 Silver Results
| Prospect | SampleID | Easting | Northing | Ag g/t |
| Uncle Terry | LWC949 | 312159.7 | 7752186.3 | 78.8 |
| Gorge Creek West | LWC636 | 313358.1 | 7751435.4 | 68.8 |
| Uncle Terry | LWC948 | 312161.8 | 7752186.9 | 66.2 |
| Uncle Terry | LWC935 | 312161.1 | 7752183.7 | 65.6 |
| Gorge Creek West | LWC890 | 313683.9 | 7751607.9 | 54.4 |
| Gorge Creek West | LWC892 | 313687.1 | 7751609.8 | 50.2 |
| Gorge Creek West | LWC651 | 313350.8 | 7751428.2 | 48 |
| Gorge Creek West | LWC652 | 313350.1 | 7751427.0 | 35.8 |
| Uncle Terry | LWC947 | 312161.9 | 7752189.0 | 35.7 |
| Gorge Creek West | LWC657 | 313364.3 | 7751418.8 | 31.3 |
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 |
|||
| 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 |
| g/t: | Grammes per Tonne (Metric) |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
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 – Diamond Drilling Commences at Tambo Gold Project, Victoria and Fourth Company in Discussions on Potential Sale of A$75m Tax Losses
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the commencement of diamond drilling at the Company’s Tambo Gold Project in Victoria, Australia (the “Tambo Gold Project”), as well as providing an update on corporate activities.
HIGHLIGHTS
- Maiden diamond drilling campaign now underway at the Tambo Gold Project
- Fourth confidentiality agreement signed with Australia-domiciled company in relation to the potential sale of ECR’s A$75 million of tax losses
- Laboratory analysis of 378 rock chips taken from gold prospects at the Lolworth Project in Queensland now completed and results expected later this month
Tambo Gold Project, Victoria
Further to the Company’s announcement on 9 October 2024, the maiden diamond drilling campaign has commenced at the Tambo Gold Project targeting beneath the historical workings of the Duke of Cornwall Mine, Swifts Creek. The drilling programme is expected to take approximately two weeks with up to 500 metres of aggregate depth planned, although the exact profile of the campaign will be determined on site. Previous rock chip assays from direct outcrop and exposures around and within the old workings include results of 22.85 g/t Au, 26.25 g/t Au and 52.2 g/t Au coupled with highly anomalous gold in soils. Initial results are expected in November 2024.
Update on Potential Sale of Tax Losses
Further to the Company’s announcements of 9 October 2024 and 2 July 2024, ECR, through its engagement with Argonaut PCF Ltd, has signed an additional non-disclosure agreement and is now in discussions with four Australia-domiciled public and private companies in relation to the potential sale of its A$75 million of tax losses.
ECR’s tax losses are held within its wholly owned subsidiary, Mercator Gold Australia Pty Ltd, and were incurred during the period from 2006 to date. Any sale of the tax losses would be coupled with a disposal of certain non-core assets of the Company. Whilst no guarantee can be given as to any potential sale or agreement being reached or as to the timing or terms, the board of directors of ECR continues to be encouraged by the considerable interest shown in this potentially valuable asset.
Lolworth, Queensland,
Laboratory analysis of 378 rock chips recently taken from gold prospects at the Lolworth Project in Queensland, including Butterfly Creek, Uncle Terry and Gorge Creek has now been completed and the Company expects to receive the data shortly. The next step will be for management to undertake a detailed review of this information to contextualise the data within the overall project area. It is therefore expected that the full results will be available by the end of the month. Initial field work across the Lolworth Project showed promising signs, including visible gold in streams and hillsides. A further announcement will be made in due course.
As announced on 3 October 2024, ECR Minerals is working in partnership with the Geological Survey of Queensland (“GSQ”) to further investigate the critical minerals potential at the Lolworth Project. The results from geochemical analysis on samples taken from the Oaky Creek prospect in the central-north area of the project will be announced once received. Stream sampling in this area has previously detected Niobium in concentrate samples and geochemical analysis will be carried out by the GSQ on pegmatites to better understand their fertility for hosting critical minerals, in particular Niobium and Tantalum.
Mike Whitlow, ECR’s Managing Director, said: “I’m very pleased to announce that the diamond drill rig has arrived at the Tambo Gold Project, marking the beginning of our highly anticipated maiden drilling campaign at this site. Our initial work at the Tambo Gold Project has been very promising with high-grade gold results in rock chips reinforcing our confidence in the potential of this asset. We look forward to confirming and expanding on these results, which is expected in November 2024. I’m also encouraged by the growing interest in our tax losses from both private and public companies, with several requests for confidentiality agreements. As we’ve said previously the potential value of any transaction could be significant for ECR. We are expecting a steady stream of updates across our core projects in the coming weeks and months and I look forward to reporting back on the rock chip results from Lolworth once further analysis has been conducted.’’
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 |
|||
| 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
| Au: | Gold |
| g/t: | Grammes per Tonne (Metric) |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
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 30 second summary of company assets by Chairman Nick Tulloch
ECR Minerals #ECR 30 second summary of company assets by Chairman Nick Tulloch
ECR Minerals #ECR – Chairman Nick Tulloch & MD Mike Whitlow talk to Alan Green
ECR Minerals Plc (AIM: ECR) ECR Chairman Nick Tulloch & MD Mike Whitlow talk to Alan Green
✅ Three parties immediately interested in A$75m tax losses.
✅ Lolworth progress, and Geological Survey of Queensland collaboration
✅ Mike Parker appointment
✅ Blue Mountain ‘off the scale’ test results from Gekko Systems and next steps
✅ Funding and assets, Tambo drill programme and near term developments
✅ Response to bulletin board comments
ECR Minerals #ECR – Australia Projects Update
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
· Ongoing discussions with three Australia-domiciled public and private companies in relation to the potential sale of ECR’s A$75 million of tax losses
· Rock chip results from Lolworth Project, including Butterfly Creek, Uncle Terry and Gorge Creek expected in the coming weeks
· Partnership with the Geological Survey of Queensland (“GSQ”) to further investigate the critical minerals potential at the Lolworth Project
· Maiden diamond drilling program at the Tambo Project to commence this month
Update on Potential Sale of Tax Losses
Further to the Company’s announcement of 2 July 2024, ECR, through its engagement with Argonaut PCF Ltd (”Argonaut”), is currently in discussions with three Australia-domiciled public and private companies in relation to the potential sale of its A$75 million of tax losses. Each company has signed a non-disclosure agreement.
ECR’s tax losses are held within its wholly owned subsidiary, Mercator Gold Australia Pty Ltd, and were incurred during the period from 2006 to date. Any sale of the tax losses would be coupled with a disposal of certain non-core assets of the Company. Whilst no guarantee can be given as to any potential sale or agreement being reached or as to the timing or terms, the board of directors of ECR (the “Board” or the “Directors”) continues to be encouraged by the considerable interest shown in this potentially valuable asset.
Queensland
Laboratory results from 378 rock chips recently taken from gold prospects at the Lolworth Project in Queensland, including Butterfly Creek, Uncle Terry and Gorge Creek are expected in the coming weeks. Based on the work done to date, confirmation of the presence of further high-grade gold is expected, as initial field work across the Lolworth Project showed promising signs, including visible gold in streams and hillsides.
As announced on 3 October 2024, ECR Minerals is now also working in partnership with the GSQ to further investigate the critical minerals potential at the Lolworth Project. The results from geochemical analysis on samples taken from the Oaky Creek prospect in the central-north area of the project will be announced once received. Stream sampling in this area has previously detected Niobium in concentrate samples and geochemical analysis will be carried out by the GSQ on pegmatites to better understand their fertility for hosting critical minerals, in particular Niobium and Tantalum.
Victoria
Further to the Company’s announcement on 25 September 2024, civil works for ECR’s maiden diamond drilling programme at the Tambo Project are nearing completion. The drilling programme is expected to commence this month and will target beneath the historical workings of the Duke of Cornwall Mine, Swifts Creek. Previous rock chip assays from direct outcrop and exposures around and within the old workings include results of 22.85 g/t Au, 26.25 g/t Au and 52.2 g/t Au coupled with highly anomalous gold in soils.
Nick Tulloch, ECR’s Chairman, said: “With much of our recent focus being on our highly encouraging results from the Blue Mountain Project which has given us the confidence to examine the viability of installing a production plant at the site, we continue to develop the other parts of our portfolio of assets. We await rock chip results from the Lolworth Project and we look forward to commencing our maiden diamond drilling programme at the Tambo Project later this month. We have also been very encouraged by the level of interest in our tax losses. Transferring tax losses is a specialist and bespoke process but, if successful, the potential value could be significant to ECR.”
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 |
|||
|
Email: info@ecrminerals.com |
|||
|
Website: www.ecrminerals.com |
|||
|
Allenby Capital Limited |
|
Tel: +44 (0) 3328 5656 |
|
|
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
|
||
|
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
|
Au: |
Gold |
|
g/t: |
Grammes per Tonne (Metric) |
|
km: |
Kilometres (Metric) |
|
km²: |
Kilometre squared (Metric) |
|
|
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 operation
ECR Minerals #ECR – Highly Encouraging Test Work Result Reveals 91.7% Gold Recovery From Blue Mountain Ore Sample
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce highly encouraging results from the enhanced gold recovery process at the Company’s Blue Mountain Project in Queensland (the “Blue Mountain Project”).
HIGHLIGHTS
- Single Stage Gravity Recoverable Gold (“GRG”) test work on ore samples collected at the Blue Mountain Project demonstrated a recovery rate of 91.7% gold.
- These findings suggest that the ore located at the Blue Mountain Project is suitable for gravity concentration using a batch centrifugal concentrator (“BCC”).
- 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.
Blue Mountain, Queensland
As announced by the Company on 1 August 2024, a trenching and bulk concentrate sampling programme was undertaken at the Blue Mountain Project during July 2024. Following highly encouraging results from sluice box concentrates, with best results including 192.15 g/t Au and 97.40 g/t Au, further samples were submitted to the laboratory to undergo an enhanced gold recovery process to determine the potential commercial options for recovery.
Gekko Systems Pty Limited (“Gekko”) has carried out the GRG test and Sighter Leach test worked on samples of ore collected at the Blue Mountain Project. The results have given the board of directors of ECR (the “Board” or the Directors”) further confidence that the Blue Mountain Project may be a viable commercial gold resource and, if these results are successfully corroborated through further work, a small-scale production plant could potentially be established on site.
It is important to note that, unlike other ECR projects, the Blue Mountain Project is based on an alluvial gold system. Gold is therefore found at or near the surface, meaning that the mining techniques used to extract any minerals are not associated with high capital expenditure that other projects may have, for example, where higher gold grades are located at great depth.
Production at the Blue Mountain Project would most likely be undertaken through gravity concentration of near-surface ore.
The full report provided by Gekko has been published on the ECR Minerals website (www.ecrminerals.com) and the executive summary is set out below:
“This report presents the results for Single Stage Gravity Recoverable Gold (GRG) and Sighter Leach testwork carried out by Gekko Systems on sample of Blue Mountain ore. The aim of the testwork program was to determine the Blue Mountain ore’s amenability to gravity concentration and cyanide leaching.
The following conclusions were made from the testwork results:
- The average assayed testwork head grade was 89.95 g/t gold. The average calculated head grade was 91.57 g/t gold. The average calculated head grade is considered a more accurate measure of gold content, as it is based on the largest number of assays.
- Gold distribution in the Single Stage GRG feed (P80 75 um) showed that the +106 µm size fraction contained 80% of the gold but only 6.03% of the mass indicative of the presence of liberated gold in this size fraction.
- The Single Stage GRG test recovered 91.7% of the gold into 0.40% of the mass. The concentrate grade was 22,043.25 g/t Au (2.2% Au). This GRG result indicates the gold in the ore is amenable to gravity concentration by a batch centrifugal concentrator (BCC).
- Sighter Leach Testwork (1,000 ppm NaCN) on the Single Stage GRG tail resulted in a gold recovery of 87.6% after 24 hours and a leach tail grade of 1.63 g/t Au having started off with a calculated leach head grade of 13.14 g/t.
Following a review of the results, the testwork indicates that a gravity recovery circuit and conventional cyanidation is a viable treatment option as a way of recovering the gold from Blue Mountain ore after further testwork and economic evaluation.”
Mike Whitlow, ECR’s Managing Director, said: “These results from the Blue Mountain Project, using a straightforward gravity recovery process, are highly encouraging and have significantly bolstered our confidence in the commercial credentials of the Blue Mountain Project. Although further analysis is still required, the concentrations of gold being found at or around surface level fully validates examining the viability of installing a production plant at the site. Significantly, the results so far have provided ample proof that potentially commercial opportunities still exist in some of the historical goldfields through the application of modern technology. Certainly at Blue Mountain, the indications are that, based on Gekko’s report, we can potentially recover materially higher quantities of gold than those levels achieved by the first prospectors. The Board and ECR’s technical team will now further evaluate these results and determine the next steps for the Blue Mountain Project. I will look forward to providing further updates in due course.”
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
| Au: | Gold |
| g/t: | Grammes per Tonne (Metric) |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
| NaCN: | Sodium Cyanide |
| ppm: | Parts per million (Metric) |
| µm: | Micrometre (Metric) |
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 – Appointment of Mike Parker as Consultant Geologist
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce it has appointed Mike Parker as a consultant geologist to the Company.
Mike has extensive experience in exploration and project development, overseeing projects from discovery through construction to production. In the UK, he is best known for his 22 year tenure at First Quantum Minerals (FQM) where he held progressively senior country manager positions, and was instrumental in two major copper discoveries: the Lonshi and Frontier mines. He was country manager in the Democratic Republic of Congo (DRC) for FQM, overseeing up to 3,000 staff with 2 operating copper mines and a mine construction project. Between 2011 to 2017, he was country manager for FQM in Peru, responsible for the design and implementation of FQM’s corporate strategy in Latin America, including Argentina and Chile. He oversaw community relations programs and sustainability processes, ensuring that projects complemented community development in remote areas including preparations for resettlement programs. He was responsible for all government relations and communications throughout Latin America.
He is currently COO and Director of Aftermath Silver Ltd, pure-silver exploration play in Chile and Peru and listed in Canada, and Executive Director Solis Minerals, a critical minerals explorer, focused on South America, with a dual listing in Canada and Australia. At Aftermath Silver, his focus is on the Berenguela deposit with battery metal potential and he leads Solis Minerals’ copper exploration programmes.
Mike is a fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and member of the Institute of Mining Engineers of Peru (IIMP) and holds a a BSc Mining Geology (Honours), University of Leicester.
Nick Tulloch chairman said: “I am delighted to welcome Mike to ECR. His experience and track record in project development speaks for itself and, as our Company advances the development of our assets in Australia, we will benefit from his expertise and knowledge to support our operations. In line with our current policy on aligning senior members of our team with our shareholders, Mike will also receive part of his remuneration in ECR shares.”
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 | |||
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.