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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:
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ECR Minerals Plc |
Tel: +44 (0) 1738 317 693 |
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Nick Tulloch, Chairman Andrew Scott, Director |
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Email: info@ecrminerals.com |
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Website: www.ecrminerals.com |
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Allenby Capital Limited |
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Tel: +44 (0) 3328 5656 |
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Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
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Axis Capital Markets Limited |
Tel: +44 (0) 203 026 0320 |
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Broker |
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Ben Tadd / Lewis Jones |
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SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
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Broker |
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Nick Emerson
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Brand Communications |
Tel: +44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green |
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Glossary
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Au: |
Gold |
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g/t: |
Grammes per Tonne (Metric) |
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km: |
Kilometres (Metric) |
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km²: |
Kilometre squared (Metric) |
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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. 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 – Latest Lolworth Gold Exploration Results Suggest Extended Mineralisation
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the latest gold exploration developments at its Lolworth Project, North Queensland, Australia. The results from the latest pan concentrate stream samples, whilst still early stage, are considered significant by the Directors as they suggest an extension in the size of the gold footprint south of the Reedy Creek area into Butterfly Creek. The latest soil results from the Gorge Creek West area also correlate with a quartz sub-crop which has been mapped across the ridgeline.
The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of ECR (“LUX”). Numerous Gold, Niobium and REE anomalies have been identified within the project.
HIGHLIGHTS
- Pan concentrate sampling south of the Reedy Creek drainage divide into Butterfly Creek indicates the likely existence of a gold source that also extends further south. Visible gold continues to be seen in sampling.
- The peak soil sampling results from Gorge Creek West area correlate along strike to a mapped quartz vein sub-crop. Further investigations are planned.
- Results from Flaggy Creek and Reedy Creek West soil sampling are due soon, with interpretation of these results determining the next steps to be taken. Operations have been paused while we evaluate our workplan.
- Follow-up investigations into targeting other Niobium and REE stream anomalies also in progress.
ECR Technical Director Adam Jones commented: “I am pleased to report good grades from pan concentrate sampling, which indicate that additional sources of gold could exist within the headwaters of Butterfly Creek and extend the region’s prospectivity some 2km further south of Reedy Creek. Local landholders have reported to us that good sizeable gold discoveries were made in this watershed by early prospectors and the evidence of our work to date supports these theories. In addition to this, the field team are steadily building a picture of extended gold mineralisation in the headwaters of Gorge Creek West resulting from on-going results from soil sampling and outcrop mapping.”
ECR Chief Operations Officer Mike Whitlow added: “Our Lolworth project is progressing nicely and we are consistently seeing visible gold, which supports the historical evidence, but more importantly validates our own thesis. We are collating the data into our work plan to conclude the reconnaissance work and prepare for the target generation stage. We expect to provide further updates soon.”
Figure One: Plan showing the location of the latest results;
https://www.ecrminerals.com/images/2023/Fig1_Latest-Results-Lolworth_231115.jpg
Reportable results from sampling presented in Table 1 and Table 2 below.
STREAM SAMPLING INTO BUTTERFLY CREEK
Butterfly Creek runs south from the dividing range that separates the Reedy Creek area to the north (see Figure One above). Recent field work completed infill pan concentrate sampling along the headwaters of streams in the Reedy Creek area and Butterfly Creek, with visible gold consistently noted throughout the sampling process. The most recent lab results confirm these findings, with high concentrations of gold resulting in 962 ppm Au, 139 ppm Au and 29.7 ppm Au. One ppm is equal to One g/t Au; however, these results are from concentrating a 5kg stream sample into a laboratory sized sample and therefore are not representative of an in situ-resource within the stream. The results do however show the coarse nature of the gold, confirming that the stream is strongly gold-bearing and close to a nearby source up the hillslopes. From the sampling evidence received ECR can conclude the source of gold is likely to reside within the saddle ridge as marked on Figure One. The round coloured markers on the map relate to the corresponding gold grades in the map legend, with previous pan sampling results shown as coloured stars. Gold anomalies are clustered as shown on Figure One at Reedy Creek West, Reedy Creek and Gorge Creek West. ECR is still waiting for final soil sampling results within the Reedy Creek West area.
GORGE CREEK WEST SOIL SAMPLING
Results from soil sampling over part of the western ridgeline above the gold-bearing streams of Gorge Creek West have also been received. 14 samples report gold above background levels of 0.01 g/t Au, with best results of 0.39 g/t Au and 0.32 g/t Au. Although modest, these results are important in context as they correlate spatially along strike of a large quartz sub-crop vein exceeding 4 metres wide. This vein was sampled previously and delivered a best result of 0.56 g/t Au.
The results from the quartz sub-crop vein do not match the results from the creek below, where the team located numerous gold nuggets during previous pan concentrate sampling. A single rock chip along strike to the east returned 13.75 g/t Au, while rock chip results immediately to the north of the soil sampling and the quartz sub-crop show promise, with large outcrops of quartz veins (grading up to 3.13 g/t Au) sited adjacent to the contact of the intruded granite. Further investigation is required.
NIOBIUM AND REE EXPLORATION
Niobium (Nb) and Rare Earth elements discoveries have also been reported previously at Oaky Creek, which contains an anomalous (Nb) zone located in the northern part of the project area. Sampling work at Oaky Creek transitioned from Nb and REE exploration to gold exploration during the last couple of months to give landholders the chance to conduct agricultural activities in the north of the project area. ECR has a good working relationship with all landholders in the area, and field work to follow-up on the Niobium and REE regions will recommence at the earliest availability.
Table One. Gold results for all pan concentrate stream sampling from the Butterfly Creek region. Results in Au ppm. Best results presented first.
| SAMPLEID | EASTING
(GDA94 Zone 55) |
NORTHING
(GDA94 Zone 55) |
Au ppm |
| LWSS963 | 310193 | 7749951 | 962 |
| LWSS966 | 310248 | 7750052 | 139 |
| LWSS965 | 310230 | 7750014 | 29.7 |
| LWSS946 | 310693 | 7749535 | 25.8 |
| LWSS949 | 310491 | 7749771 | 10.25 |
| LWSS967 | 310201 | 7750188 | 8.95 |
| LWSS917 | 311380 | 7749011 | 2.2 |
| LWSS964 | 310259 | 7750002 | 2.04 |
| LWSS957 | 310145 | 7749398 | 0.84 |
| LWSS919 | 311136 | 7749379 | 0.64 |
| LWSS950 | 310323 | 7749768 | 0.58 |
| LWSS918 | 311245 | 7749317 | 0.36 |
| LWSS948 | 310664 | 7749669 | 0.33 |
| LWSS921 | 311348 | 7749487 | 0.14 |
| LWSS923 | 311820 | 7749490 | 0.07 |
| LWSS955 | 310839 | 7749895 | 0.07 |
| LWSS929 | 312026 | 7749435 | 0.04 |
| LWSS939 | 311195 | 7749033 | 0.04 |
| LWSS956 | 311086 | 7749538 | 0.04 |
| LWSS922 | 311546 | 7749380 | 0.03 |
| LWSS940 | 311118 | 7749082 | 0.02 |
| LWSS947 | 310406 | 7749538 | 0.02 |
| LWSS924 | 311854 | 7749454 | 0.01 |
| LWSS938 | 310996 | 7750078 | 0.01 |
| LWSS942 | 311014 | 7749071 | 0.01 |
| LWSS943 | 310773 | 7749239 | 0.01 |
| LWSS944 | 310796 | 7749314 | 0.01 |
| LWSS945 | 310676 | 7749448 | 0.01 |
| LWSS958 | 310046 | 7749512 | 0.01 |
| LWSS959 | 310037 | 7749442 | 0.01 |
| LWSS960 | 309808 | 7749938 | 0.01 |
| LWSS961 | 309985 | 7750079 | 0.01 |
| LWSS962 | 309981 | 7750127 | 0.01 |
Table Two. Reportable gold results (> 0.01 g/t Au) for soil sampling the Gorge Creek West area.
| SAMPLEID | EASTING
(GDA94 Zone 55) |
NORTHING
(GDA94 Zone 55) |
Au ppm |
| LWL2900 | 313239 | 7751347 | 0.39 |
| LWL2892 | 313199 | 7751346.7 | 0.32 |
| LWL2888 | 313267 | 7751305.2 | 0.18 |
| LWL2830 | 313296 | 7751170.6 | 0.13 |
| LWL2786 | 313080 | 7751653.4 | 0.09 |
| LWL2748 | 313048 | 7751412.8 | 0.07 |
| LWL2925 | 313392 | 7751355.9 | 0.05 |
| LWL2904 | 313307 | 7751305 | 0.04 |
| LWL2913 | 313302 | 7751372.3 | 0.03 |
| LWL2947 | 313126 | 7751741.3 | 0.03 |
| LWL2805 | 313287 | 7751153.9 | 0.02 |
| LWL2811 | 313184 | 7751216.4 | 0.02 |
| LWL2875 | 313218 | 7751312.3 | 0.02 |
| LWL2902 | 313273 | 7751326 | 0.02 |
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration 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) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Nick Tulloch, Managing Director Andrew Scott, Director |
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| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| 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 eight active exploration tenements and two in application (Ballarat and Tambo).
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), 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 90% 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
ECR Minerals #ECR – Discovery of Gold Bearing Quartz Veins in Flaggy Creek, Lolworth, Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that following rock chip sampling and outcrop mapping at the Flaggy Creek area at the Lolworth Project, N Queensland, Australia, gold bearing quartz veins have been discovered.
The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of ECR (“LUX”). Numerous Gold, Niobium and REE anomalies have been identified within the project.
HIGHLIGHTS
- Results from mapping a quartz veinlet system within the upper creek drainage of Flaggy Creek have proven to be gold-bearing.
- The veinlet system consists of multiple narrow veins outcropping over a length of 70 metres long and within a zone up to 100m wide.
- Best rock chip results from outcrop include 6.05 g/t Au, 5.96 g/t Au, 4.66 g/t Au and 3.97 g/t Au.
- Soil sampling programme just completed over the ridgelines in Flaggy Creek, above the best gold bearing pan concentrate samples.
ECR Technical Director Adam Jones commented: “The veinlet gold system we have now identified at Flaggy Creek has come about through our systematic approach to the groundwork. The geology field team have seen for themselves how the initial sampling work and mapping has through a process of elimination arrived at an outcrop that has delivered some encouraging grades within a concentrated area. We are confident that we have potentially identified a style of gold bearing vein system that we can expect to find throughout the region, and furthermore, we have identified other gold bearing creeks from our stream sampling programme that are in close proximity to and show very similar geological features to the Flaggy Creek area. Coupled with the major soil sampling work completed along strike at the Flaggy Creek outcrop, we are hoping the results from this work may show a much larger system than currently mapped.”
ECR Chief Operations Officer Mike Whitlow added: “It is still early days, but the ECR Board share Adam’s excitement at what would seem to be a robust gold vein discovery at Lolworth. We will continue to be led by the geology and the assay results, but the discovery announced today has indicated the potential for further discoveries along strike and over the broader area. This has certainly provided us with some cause for optimism.”
Figure One: Plan to show locations of reportable rock chips at Flaggy Creek:
https://www.ecrminerals.com/images/2023/Fig1_Flaggy-Creek_301023.png
ROCKCHIP RESULTS
Flaggy Creek is located in the NW part of ECR’s Lolworth exploration tenements. Previous work in 2022 shows the presence of gold in pan concentrate sampling and a single rock chip from outcrop (see announcement from 12 December 2022 here). As a result of further mapping and multiple rock chip sampling work undertaken along the exposed outcrop, the team has now expanded on these initial results, with grades of up to 6.05 g/t Au recorded.
Geological mapping shows that the gold is contained within narrow quartz veinlets cutting through the granitic host rock. Each quartz veinlet ranges between 0.2 and 1m wide. Multiple veinlets have been observed, running in parallel groups that form a system 70 metres long and up to 100m wide. Significantly, a broken quartz rock ‘float’ sitting on top of the adjacent surface indicates the vein system could possibly be wider than mapped. Some of this quartz float has been sampled and results of up to 5.96 g/t Au have been recorded.
ADDITIONAL SOIL SAMPLING PROGRAMME
Further supporting the mapped outcrop detailed in this announcement, the field team have also completed a large soil sampling programme over and along strike of the quartz vein system identified. The extent of this programme can be seen by the black points shown in Figure 1 above.
The soil programme has two objectives. Firstly, to discover gold bearing soils that are likely sitting in close proximity to other quartz vein systems in the adjacent creek system and secondly, to identify the best gold ‘hotspots’ above the sub-cropping gold bearing quartz float. The geo team fully expect this methodology will provide specific targeting for subsequent trenching and drilling work.
With additional results still due from Flaggy Creek and other Lolworth prospects, further updates will be provided in the coming months.
Table One. Gold results greater than 0.1 g/t Au from recent rock chip sampling and outcrop mapping at Flaggy Creek (in order of best results):
| SAMPLEID | EASTING
(GDA94 Zone 55) |
NORTHING
(GDA94 Zone 55) |
Au g/t | Ag g/t |
| LWC294 | 298788.8 | 7760822 | 6.05 | 7.12 |
| LWC295 | 298696.6 | 7760564 | 5.96 | 28.9 |
| LWC256 | 298697.4 | 7760687 | 4.66 | 1.94 |
| LWC251 | 298694.4 | 7760683 | 3.97 | 2.35 |
| LWC267 | 298703.6 | 7760728 | 3.28 | 2.33 |
| LWC261 | 298698.4 | 7760708 | 3.19 | 14.15 |
| LWC264 | 298693.9 | 7760692 | 2.89 | 4.03 |
| LWC266 | 298700.3 | 7760723 | 2.63 | 4.49 |
| LWC268 | 298705.1 | 7760729 | 2.17 | 1.18 |
| LWC252 | 298694.4 | 7760683 | 2.01 | 1.08 |
| LWC276 | 298657.6 | 7760751 | 2 | 4.7 |
| LWC259 | 298697.7 | 7760705 | 1.6 | 2.98 |
| LWC275 | 298639.9 | 7760758 | 1.53 | 2.91 |
| LWC262 | 298701.1 | 7760710 | 1.44 | 5.86 |
| LWC265 | 298699.1 | 7760718 | 1.37 | 2.52 |
| LWC257 | 298697.5 | 7760694 | 1.33 | 1.08 |
| LWC263 | 298697.1 | 7760697 | 1.22 | 0.86 |
| LWC260 | 298698.5 | 7760707 | 0.88 | 2.84 |
| LWC253 | 298692.3 | 7760681 | 0.67 | 0.7 |
| LWC292 | 298765.3 | 7760783 | 0.65 | 1.31 |
| LWC291 | 298765.6 | 7760784 | 0.61 | 24.3 |
| LWC255 | 298688 | 7760673 | 0.54 | 0.2 |
| LWC258 | 298697.7 | 7760702 | 0.47 | 4.43 |
| LWC254 | 298692.7 | 7760681 | 0.41 | 0.22 |
| LWC288 | 298738.7 | 7760724 | 0.38 | 0.2 |
| LWC273 | 298632.4 | 7760734 | 0.22 | 5.94 |
| LWC284 | 298736.9 | 7760680 | 0.21 | 4.95 |
| LWC272 | 298642.1 | 7760737 | 0.2 | 7.27 |
| LWC283 | 298760.8 | 7760659 | 0.17 | 1.72 |
| LWC274 | 298633.5 | 7760739 | 0.14 | 3.81 |
| LWC293 | 298785.2 | 7760818 | 0.12 | 0.26 |
| LWC278 | 298704.5 | 7760673 | 0.1 | 3.37 |
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration 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) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Nick Tulloch, Managing Director Andrew Scott, Director |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| 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 eight active exploration tenements and two in application (Ballarat and Tambo).
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), 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 90% 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.
ECR Minerals #ECR – Encouraging Gold Results from Lolworth Project
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the results from outcrop mapping and sampling within the vicinity of the Upper Gorge Creek at the Lolworth Project, North Queensland, Australia.
The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of ECR (“LUX”). LUX has identified numerous Gold, Niobium and REE anomalies within the project.
HIGHLIGHTS
- Mapping and sampling results from recent on-site geological investigations in the Upper Gorge Creek show the presence of gold.
- A number of exposed outcrops up to 3m wide x 20m long in the Gorge Creek West ridgeline show gold results up to 13.75 g/t Au from initial rock chip testing. Results from soil grid work over the ridgeline to test for other gold bearing sub-crops in the vicinity are also due shortly.
- A rhyolitic dyke 5m wide x 200m long that contains anomalous gold has been discovered in the Gorge Creek East area. Rock chips collected over the extent of the outcrop average 0.25 g/t Au, with one best result of 8.02 g/t Au. Whilst the results are still at an early stage, the Board are greatly encouraged by these findings and the Directors believe these gold sources within the rocks could form part of a larger system within the tenement.
ECR Technical Director Adam Jones commented: “Following on from the Reedy Creek, Gorge Creek and Woolshed Creek results announced on 25 September 2023, today’s results from Gorge Creek provides further evidence that Lolworth is becoming a bona fide exploration opportunity. Our best result of 128 ppm Gold announced in September 2023 is backed up by a number of additional high-grade samples taken within the surrounding area. We still have further data to collect, but we are now entering this information and historical data into our area plan so we can start to accurately map out drill targets.”
Figure One: Plan locations of reportable rock chips: https://www.ecrminerals.com/images/2023/Fig1_Gorge-Ck-Rockchips.png
ROCKCHIP RESULTS
A number of rock chips were taken from the Upper Gorge Creek area during recent field mapping in during August 2023. The locations are shown in Figure One linked above.
The recent heavy concentrate pan sampling programme has helped us to confirm that the streams within the Upper Gorge Creek Western area are highly anomalous in gold, added to which the field team have also discovered numerous gold nuggets within these drainages. Recent geological mapping during August this year led to the discovery of numerous silica outcrops within the ridgeline above these gold bearing streams. The Company has now received the results from rock chipping at these outcrops with best results of 13.75 g/t Au, 3.13 g/t Au and 2.17 g/t Au (full details are set out in Table 1 at the end of this announcement). Where mapped, a number of outcrops measure up to 3m wide x 20m long, while the remaining outcrops are hidden under the shallow soil cover. A large soil sampling grid has recently been completed over the cover sequence to confirm the direction of the extensions to the gold bearing outcrops. The results from this are due shortly.
Geological mapping and sampling of outcrop has also been completed in parts of the Gorge Creek East area. A Rhyolitic dyke (intrusion) 5.5m wide x 200m long and anomalous in gold has been discovered. The majority of rock chips from the dyke returned an average of 0.25 g/t Au. One rock chip from the centre of the dyke returned 8.02 g/t Au. Other dykes are known to exist within the tenement area and these have never been sampled or mapped. Whilst these results are still at an early stage, and significant work is still required at site to determine the economic potential of the opportunity, the Board are greatly encouraged by these findings and the Directors believe these gold sources within the rocks could lead to further gold discoveries in other dykes yet to be sampled.
ADDITIONAL WORK PROGRAMMES
Other exploration work continues to be undertaken on the Lolworth Project and results are due shortly from soil sampling over the ridgeline of Gorge Creek West. The Board believes this work could help the Company confirm whether other hidden gold bearing outcrops are present under the soil cover, particularly given that the streams draining this ridgeline have already been proven to contain gold.
The field team are also continuing to soil sample two other gold-bearing areas, namely Woolshed/Flaggy Creek and Reedy Creek. Rock chip results from a system of narrow stringer quartz veins from Flaggy Creek are also expected shortly.
Further announcements will be made when the results are known.
Table One. Gold results greater than 0.1 g/t Au from recent rock chip sampling and outcrop mapping at Gorge Creek:
| SampleID | Easting (GDA94 Z55) | Northing (GDA94 Z55) | Au g/t | Prospect |
| LWC145 | 294145 | 7755719 | 0.02 | |
| LWC147 | 314942 | 7751994 | 8.02 | Rhyolite Dyke |
| LWC162 | 313557 | 7751157 | 13.75 | Gorge Ck West |
| LWC166 | 313695 | 7751338 | 0.1 | |
| LWC168 | 313707 | 7751331 | 0.15 | |
| LWC169 | 313680 | 7751310 | 0.56 | |
| LWC170 | 313682 | 7751308 | 2.64 | |
| LWC171 | 313682 | 7751307 | 0.19 | |
| LWC172 | 313683 | 7751306 | 0.78 | |
| LWC173 | 313684 | 7751306 | 0.34 | |
| LWC174 | 313684 | 7751307 | 0.16 | |
| LWC193 | 313269 | 7751424 | 3.13 | Gorge Ck West |
| LWC194 | 313351 | 7751428 | 0.33 | Gorge Ck West |
| LWC195 | 313358 | 7751441 | 1.73 | Gorge Ck West |
| LWC196 | 313352 | 7751428 | 0.68 | Gorge Ck West |
| LWC197 | 313358 | 7751433 | 0.84 | Gorge Ck West |
| LWC198 | 313358 | 7751436 | 0.24 | Gorge Ck West |
| LWC199 | 313327 | 7751421 | 0.33 | Gorge Ck West |
| LWC200 | 313335 | 7751418 | 0.85 | Gorge Ck West |
| LWC201 | 313361 | 7751446 | 2.17 | Gorge Ck West |
| LWC202 | 313366 | 7751452 | 0.62 | Gorge Ck West |
| LWC215 | 313162 | 7751359 | 0.38 | |
| LWC216 | 314940 | 7751988 | 0.52 | Rhyolite Dyke |
| LWC217 | 314941 | 7751992 | 0.19 | Rhyolite Dyke |
| LWC218 | 314944 | 7751996 | 0.39 | Rhyolite Dyke |
| LWC219 | 314949 | 7752002 | 0.16 | Rhyolite Dyke |
| LWC221 | 314956 | 7752008 | 0.17 | Rhyolite Dyke |
| LWC222 | 314965 | 7752019 | 0.18 | Rhyolite Dyke |
| LWC225 | 314971 | 7752029 | 0.22 | Rhyolite Dyke |
| LWC227 | 314991 | 7752049 | 0.42 | Rhyolite Dyke |
| LWC228 | 314944 | 7752004 | 0.11 | Rhyolite Dyke |
| LWC230 | 314918 | 7751965 | 0.16 | Rhyolite Dyke |
| LWC231 | 314915 | 7751962 | 0.33 | Rhyolite Dyke |
| LWC232 | 314910 | 7751955 | 0.2 | Rhyolite Dyke |
| LWC311 | 316430 | 7750263 | 0.26 | |
| LWC313 | 316435 | 7750265 | 0.19 | |
| LWC317 | 316443 | 7750263 | 0.35 | |
| LWC318 | 316432 | 7750259 | 1.64 | |
| LWC319 | 316432 | 7750259 | 0.29 | |
| LWC320 | 316433 | 7750259 | 0.26 | |
| LWC321 | 316434 | 7750258 | 0.61 | |
| LWC325 | 316435 | 7750255 | 0.1 | |
| LWC326 | 316434 | 7750253 | 1.43 |
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration 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) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Nick Tulloch, Managing Director Andrew Scott, Director |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| 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 eight active exploration tenements and two in application (Ballarat and Tambo).
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), 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 90% 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.
ECR Minerals #ECR – Latest Results for Lolworth Gold, Niobium, Tantalum and REE Pan Concentrate Stream Samples
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the first batch of results for follow-up pan concentrate stream sampling targeting Gold, Niobium, Tantalum and REE at the Lolworth Project, Queensland.
ECR Minerals plc has 100% ownership of three exploration tenements (EPM27901, EPM27902 and EPM27903), which covers the Lolworth Range, located 120km west of the famous gold district of Charters Towers. Previous exploration campaigns from 2021 have identified the presence of Gold (Au), Niobium-Tantalum (Nb-Ta) and REE mineralisation within the licenced area. The project is being explored under ECR’s Australian wholly owned subsidiary Lux Exploration Pty Ltd (“LUX”).
HIGHLIGHTS
- A total of 200 results for pan concentration stream samples from the first part of the 2023 field season have been received.
- Gold pan concentrates with results up to 594 ppm and multiple occurrences of visible gold have been recorded around the Reedy Creek area.
- 28 out of 200 samples show values greater than 500 ppm in Niobium, and these results continue to add to the Board’s confidence that we are zeroing in on the source rocks and a potentially significant discovery.
- Rare Earth Element (Neodymium) has also been identified over a broad area of the project area with 19 out of the 200 samples greater than 1000ppm Nd.
CEO Andrew Haythorpe commented: “Putting aside the fact today’s results add a further significant piece to the Lolworth jigsaw, the progress announced today also serves to illustrate the painstaking and methodical work by Adam Jones and the field team in mapping and logging a hitherto virtually untouched and unexplored area. The detail now provided by the numerous Gold, Niobium and Tantalum results generated from this work are enabling us to zero in on the sources and the high potential locations in order that we can delineate drill targets.”
“ECR’s Lolworth project continues to exceed expectations. Meanwhile we expect to report further results from our projects within a week.”
(Figure One) Map of the Lolworth Project area with locations of best Gold Prospects Identified to date on the Lolworth Project Area:
https://www.ecrminerals.com/images/2023/Fig1_Gold_Aug-2023.png
(Figure Two) Map of Gold results to date from the Reedy Creek area:
https://www.ecrminerals.com/images/2023/Fig2_Reedy-Ck_Aug-2023.png
(Figure Three) Overview map showing the values of Niobium and Neodymium across the Lolworth Project area:
https://www.ecrminerals.com/images/2023/Fig3_Nb-Ta-Nd_Aug-2023.png
FIRST PAN CONCENTRATE RESULTS FOR 2023
ECR has received 200 results from the first submitted batch of pan concentrate samples for the 2023 field season. A total of 628 pan concentrate samples have been taken since the beginning of exploration at the Lolworth Project in 2022, and the field team continue to record daily occurrences of visible gold during the pan sampling process. Best gold results include 594 ppm and 138 ppm Au, and these are supported by the recurring presence of coarse visible gold.
Despite these promising readings, there is naturally a degree of bias due to the regular visible gold occurences, and the Board wish to stress that these results are not indicative of an in-situ resource within the creek itself. Nonetheless, the collective results do conclude that gold is present in these creeks and the sources could be present in the headwaters of these stream drainages. The field team has started the field season focussed on the Niobium-Tantalum (Nb-Ta) drainages of Oaky Creek and the Gold (Au) drainages in the vicinity of Reedy Creek (see Figures Two and Three above).
REEDY CREEK AREA
Situated within the centre of the Project area (see Figure One above), the drainages in the vicinity of Reedy Creek show the presence of gold only, with no indication of Nb or Ta. During field work, it was discovered that one stream within the area displayed signs of previous alluvial mining activity, most likely to be from the 1870’s. Although the adjacent drainage channels have yet to be fully worked through, the field team has already recorded the presence of gold during the current exploration program (see Figure Two above). In addition to this, the field team has also discovered coarse nuggety gold on the flats adjacent to other drainage channels in this area, along with visible gold discoveries in streams to the west. The overall picture for these gold results indicates that they originate from a high hill located in the centre of Reedy Creek (see Figure Two above). Further results from follow-up work samples taken across the Reedy Creek streams are awaited. In addition, numerous rock chips have been taken as a part of the first pass exploration within the headwaters of some these gold bearing streams. Results from these are due shortly.
NIOBIUM, TANTALUM AND REE (Neodymium)
The field team has also followed up the best stream drainage results from the previous campaign that recorded Niobium, Tantalum and other potential Rare-Earth Elements (REE) around the Oaky Creek area (see Figure One above). Due to the presence of Nb and Ta, the team are now testing for all known 12 REE’s (not previously tested for). These latest results add to the existing evidence, and continue to show a strong presence of Nb and Ta within the Oaky Creek area. In addition, the team have also proved that the presence of Neodymium (Nd) is spatially associated with Nb and Ta results across the Project area (see Figure Three above). Neodymium of course has numerous applications, and is used for strong magnets in electrical motors.
NEXT STEPS AND FURTHER RESULTS EXPECTED
As previously mentioned, the field team has taken numerous rock chips within the Reedy Creek area (Gold) and from the headwaters of the Oaky Creek area (Nb-Ta). These rock chips represent samples from outcrops seen on our first pass through Reedy Creek and Oaky Creek, and results from these samples are also expected.
Secondly, follow-up soil samples from the recently reported pXRF soil sampling results last month have now been completed ready for initial pXRF analysis during August.
The field team have now moved to the south from Reedy Creek into Gorge Creek (see Figure One above). The Project area covers working cattle properties, and as such a comprehensive work-around plan is in place. Given the progress to date, the Board are confident the field team will return to the Reedy Creek and Oaky Creek area before the field season finishes this summer to undertake further rock chip and soil sampling and to delineate future drill targets.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration 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) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| 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). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
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 Queensland, Australia.
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 90% 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
ECR Minerals #ECR – Potential for Rare Earth Minerals at the Lolworth Range Project, Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that investigations into the previous 2022 field season stream geochemistry results of the Lolworth Project, Queensland are showing potential for the presence of rare earth elements within the project area.
ECR Minerals plc has 100% ownership of three exploration tenements (EPM27901, EPM27902 and EPM27903), which covers the Lolworth Range, located 120km west of the famous gold district of Charters Towers. The project is being explored under ECR’s Australian wholly owned subsidiary Lux Exploration Pty Ltd (“LUX”).
HIGHLIGHTS
- A selected number of pan concentrate stream sediment samples from the 2022 field season are highly anomalous for Rare Earth Elements (REE), including Cesium (Ce), Lanthalum (La) and Yttrium (Y).
- The top ten values include anomaly readings such as (Ce greater than 6000 ppm (0.6%), (La greater than 2760 ppm) and (Y greater than 530 ppm)
- The top anomalous values of Ce, La and Y spatially correlate to a north east trend across the project with some of the best values coinciding with previously mapped intrusive centres.
- The Lolworth Project is showing a diverse range of exploration targets for Gold, Niobium-Tantalum and REE.
- Field work following up these targets is well underway.
CEO Andrew Haythorpe commented: “ECR’s Lolworth project is continuing to exceed our early expectations, and along with Gold, Niobium and Tantalum, the presence of key Rare Earth Elements adds yet another dimension to the scope and diversity of mineralisation in this region.”
“The mounting anecdotal evidence and volume of positive results continues to support the Board’s view that Lolworth could be host to significant Gold, Niobium, Tantalum and REE discoveries. I look forward to reporting the sample results from the latest fieldwork back to the markets as soon as possible”
(Figure 1) Map of the Lolworth Project showing the distribution of Ce, Y and La from pan concentrate sampling to date (May 2023) can be found here:
Figure 1: https://www.ecrminerals.com/images/2023/Fig1_REE_Potential_230524.png
RARE EARTH ELEMENTS
REE’s (Rare Earth Elements) are a group of 17 elements from the periodic table. While they are abundant within the Earth’s crust, discoveries of sufficient concentration of REE’s s to constitute an economically viable deposit are rare, with few currently mined sources in the western world. The most abundant REEs include Cerium (Ce), Neodymium (Nd) and Lanthanum (La). REEs, and these are becoming increasingly sought after as a result of their increased use in ‘green’ related technologies such as batteries, magnets in electrical motors, catalytic convertors and aircraft alloys.
REE RESULTS IN STREAM SAMPLING TO DATE
All pan concentrate stream sampling to date at Lolworth has been analysed using a four-acid digest that is aggressive in digesting most elements. A total of 33 elements including Gold have been analysed since sampling began in mid-2022, and to date ECR has detected Gold, Niobium and Tantalum from within the streams draining the Lolworth Range. Exceptional concentrations of Niobium and Tantalum have been recorded in streams draining a 10km long ridgeline just north of Gorge Creek. Previous announcements regarding these results can be found in ECR’s RNS from February 1 2023 here, and RNS from April 3 2023 here
Although the Company has not specifically analysed all stream samples for REEs, Cesium (Ce), Lanthalum (La) and Yttrium (Y) have been included as part of the 33 elements analysed. Results to date show high values of Ce, La and Y, all of which have been tabulated in Table One below. In summary, ten samples are greater than 0.6% in (Ce), over ten samples are greater than 2760 ppm in (La) and over ten samples are greater than 530 ppm in (Y).
REE CORRELATION BETWEEN NB-TA AND MAPPED INTRUSIVE CENTRES
It is important to note that a number of the high Ce, La and Y results spatially correlate and group together well (see Figure One above). The highest concentrations of these REEs trend in a north-east pattern across the project area, and while the reason for this geochemical trend has yet to be determined, it is hoped that the on-site geological mapping and sampling currently underway in the area will be able to provide some answers. Niobium and Tantalum (Nb-Ta) anomalies highlighted in previous announcements also correlate to some of the best REE results within the same region.
Although the Geological Survey of Queensland previously identified two intrusive areas of interest within the tenements (see Figure One above), the Lolworth Project area has not yet been mapped in detail. While the boundaries of these intrusives and their mineralogy has yet to be established, the Board is greatly encouraged by the fact that the highest concentrations of Niobium and Tantalum (including some of the REEs) are associated with these mapped intrusives. In particular a large intrusive identified by historic aerial mapping located in the extreme south-east of tenement EPM 27903 has been prioritised for exploration by the Board, and a number of sampling campaigns have been planned within this area to identify its potential for Gold, Nb-Ta and REEs.
NEXT STEPS
Pan concentrate stream sampling has been well underway for the last two weeks. Numerous follow-up samples have been taken around and to the north of the 10km Nb-Ta anomalous ridgeline, and these along with a number of additional soil samples scheduled for collection from the best anomalous ridgelines will be submitted for laboratory analysis. ECR’s Technical Director Adam Jones will be on the ground for the next two weeks to map and sample the areas showing the best anomalies to date. The Board look forward to reporting these results back to shareholders in the coming months.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration 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) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| 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). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
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 Queensland, Australia.
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 90% 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
ECR Minerals #ECR – 2023 Exploration Season Commences at the Lolworth Range Project, Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that exploration has begun for the 2023 field season at the Lolworth Range project, North Queensland, Australia, with follow-up exploration of identified Gold and Niobium-Tantalum targets already underway.
ECR Minerals plc has 100% ownership of three exploration tenements (EPM27901, EPM27902 and EPM27903), which covers the Lolworth Range, located 120km west of the famous gold district of Charters Towers. The project is being explored by ECR’s Australian wholly owned subsidiary Lux Exploration Pty Ltd (“LUX”).
HIGHLIGHTS
- Exploration for 2023 is targeting Gold and Niobium-Tantalum anomalies found during last year’s field season.
- Planned soil grids to be undertaken across a 2km x 4km potential pegmatite-dyke intrusive centre. Stream drainages leading from this area contain high concentrates of Niobium-Tantalum mineralisation.
- Previously identified anomalous gold (including visible gold) within streams that are draining from regions of interpreted major fault lineaments represent major targets for the 2023 field season.
CEO Andrew Haythorpe commented: “Both Adam Jones and myself have frequently expressed our excitement at the sheer scale and scope of ECR’s Lolworth project, and its proximity to major historic mines in the area. Our 2022 exploration campaign produced high quality results right from the start, with numerous Gold, Lithium, Niobium and Tantalum samples helping us to zero in on the areas of greatest potential. Our Board and geo team firmly believe that the anecdotal evidence and volume of positive results point to the possibility that the region could host a genuine Gold, Niobium and Tantalum discovery.”
“I am keen to see what the 2023 Lolworth campaign yields in the first few weeks, and I look forward to reporting back to our shareholders.”
Plan figures relating to this announcement can be viewed at the following links:
(Figure 1) Map of the Lolworth Project tenements showing the pan concentrate gold results from exploration in 2022. Also showing the planned exploration targets for 2023;
Figure 1: https://www.ecrminerals.com/images/2023/Fig1_LOL_Au.png
(Figure 2) Map of planned soil sampling grids over the Niobium-Tantalum ridgeline;
Figure 2: https://www.ecrminerals.com/images/2023/Fig2_LOL_Nb-Soilgrids.png
OVERVIEW OF THE 2022 EXPLORATION SEASON
ECR completed its first stage of stream sediment pan concentrate sampling between August and December 2022. A total of 343 samples were taken during this period before the programme was halted due to the incoming tropical wet season. The samples were tested at the end of 2022, revealing Gold results up to 1395 ppm, which correlated well with the visual gold seen in pan concentrates from numerous stream catchments within the mountainous terrain (see March 23 RNS here).
All samples were analysed using a near total digest of the sample which allowed the detection of other critical elements. From these samples, the presence of Niobium (Nb) and Tantalum (Ta) was detected in high concentrations from streams draining from a 10km north-south striking ridgeline within the Oak Creek region in license area EPM29702. Two notable intrusion centres were identified from the sparse governmental geological mapping that exists for this area. These central locations are noted to contain pegmatitic dykes, which are widely accepted as a hard rock host to critical minerals such as Lithium, Niobium and Tantalum. The location of these intrusions along with an overview of the gold values identified during the sampling program during 2022 can be viewed in Figure One above.
PRIORITY EXPLORATION TARGETS FOR 2023
The field team have established that the highest stream concentrations of Niobium and Tantalum originate from a central ridge at the headwaters of Oak Creek. Given that the base geological map for this area shows that pegmatitic dykes are likely to exist, ECR’s technical team have designed a number of soil grids at nominal 50m x 100m spacing along the most prospective ridgeline to detect the presence of Nb-Ta. The Board will also conduct on-ground geological mapping and rock chipping from any prominent outcrops of interest and will then verify if such dykes are present and if so, the values within them. The area of interest covers an area approximately 2km x 4km and is shown in Figure Two above. Although the streams draining this particular area have proved to contain the highest values of Nb and Ta, the field team have also identified other streams showing Gold, Niobium and Tantalum in the immediate vicinity.
The field team also intends to visit and sample an intrusive area similar to the Nb-Ta ridgeline identified in the extreme south-east corner of EPM27903 (see Figure One above). The Board has also identified at least four other drainage systems containing Gold at Flaggy Creek, Reedy Creek, Gorge Creek and an as yet unnamed area (see Figure One above). Visible gold was often seen from sampling within these areas, further validating the laboratory results. Soil grids along with geological mapping and rock chipping work within these catchments has also been prioritised for this year.
NEXT STEPS
The Board believes that the anecdotal evidence and volume of results confirming mineralisation at Lolworth gives rise to the possibility that the region could host a genuine Gold, Niobium and Tantalum discovery. The macro backdrop provides a raft of compelling evidence pointing to an increase in demand for new sources of Gold and critical minerals. The Lolworth Project is sited within a geological district known for a wide range of mineralisation styles, from narrow vein hosted to large intrusion style deposits. Numerous famous historic mines are dotted across this part of North Queensland, including Kidston, Mount Leyshon and Charters Towers. Lolworth Range offers all the right ingredients and geological features to host a potential major discovery, i.e. the right rock types (dykes and intrusions), under explored terrain, positive initial stream sampling results and a determined technical team. The Board and the geological team are very much looking forward to taking the project to the next stage, and we look forward to reporting back to shareholders as soon as possible.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration 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) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| 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). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
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 Queensland, Australia.
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 90% 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.
ECR Minerals #ECR – Final Niobium and Tantalum Stream Results Extend Anomalous Footprint at Lolworth Range Project, Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the final Niobium and Tantalum results from the stream sampling campaign at the Lolworth Range project, North Queensland, Australia.
ECR, through its wholly owned subsidiary, has 100% ownership of three exploration tenements (EPM27901, EPM27902 and EPM27903), which covers the Lolworth Range, located 120km west of the famous gold district of Charters Towers. The project is being explored under ECR’s Australian wholly owned subsidiary Lux Exploration Pty Ltd (“LUX”).
HIGHLIGHTS
- 76 Lithium, Niobium and Tantalum (Li-Nb-Ta) results from the final batch of pan concentrate stream sediment samples now received.
- Best results include Niobium up to 894 ppm and Tantalum up to 290 ppm.
- These new results extend the anomalous Nb-Ta drainages 10km further west of the previously announced high Nb-Ta results (see announcement from Feb 1 2023 here).
- Approximately 50 square kilometres of the Lolworth Project now showing signs of hosting a potential Li-Nb-Ta hardrock source.
ECR CEO Andrew Haythorpe commented: “Although ECR Minerals is currently in an early exploration phase at Lolworth, it is nonetheless gratifying to see the project take a significant step forward on the back of an extension to the potential drainage sources for Niobium and Tantalum. To already have a 50 sq km area indicating a potential combined resource for Lithium, Niobium and Tantalum at this phase of exploration is an exciting development by any standard. Whilst still at an early stage, these results together with the gold anomalies reported last week (see announcement from Feb 23 2023 here), adds further credence to the Board’s view that the Lolworth Project has great potential to develop into a multi mineral flagship project for the Company.”
“I look forward to reporting back on further developments.”
Summary plan of all anomalous Niobium and Tantalum areas identified from the 2022 stream sampling campaign at the Lolworth Project are shown in Figure 1 below:
Figure 1: https://www.ecrminerals.com/images/2023/Fig1_230331_Ta-Nb-Update.png
FINAL Li-Ta-Nb RESULTS
The last remaining multi-element results from the pan concentrate stream sampling campaign completed at the end of 2022 have now been received. Previous results have identified that several streams within the Lolworth Project are host to anomalous Gold, Lithium, Tantalum and Niobium, with Li-Ta-Nb sample results indicating that a 10km north-south ridgeline north of Gorge Creek is close to the possible source rocks. Details of this work are shown in Figure One above.
The final results are anomalous in Ta and Nb with over 10 of the 76 results greater than 300 ppm in Niobium and 9 greater than 150ppm in Tantalum. Although there were no traces of anomalous Lithium in these results, we have extended the search for potential host rocks for Ta-Nb to the centre of EPM27902.
NEXT STEPS
The 2023 field work campaign is anticipated to start next month (May 2023). The Board has already identified key areas to follow-up from last season’s work, targeting the sources for the gold anomalies, along with lithium, tantalum and niobium. Initial work will focus on soil sampling and rock chipping outcrops over the 10km north-south ridgeline where the most promising Ta-Nb source streams drain from. Pegmatites are known sources for Li-Ta and Nb and these are known to outcrop throughout the area.
The Board is enthused by the possibilities and nascent potential that is believed to exist at Lolworth. While our license tenements there represent virgin territory for lithium, tantalum and niobium exploration, given what has already been identified at such an early phase of exploration, we believe the Lolworth Project has great potential as a future, multi mineral flagship project for the Company.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration 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) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| 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). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
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 Queensland, Australia.
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 90% 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.
APPENDIX ONE
TABLE ONE: All Li-Ni-Ta results from the remaining 76 stream samples, Lolworth Range Project. (Locations reported as GDA94-Zone 55 grid).
| SAMPLEID | EASTING | NORTHING | Lithium (ppm) | Niobium (ppm) | Tantalum (ppm) |
| LWSS152 | 314342 | 7749643 | 10 | 26 | 10 |
| LWSS201 | 311180 | 7748656 | 30 | 9 | 10 |
| LWSS202 | 310602 | 7749015 | 30 | 20 | 10 |
| LWSS203 | 311113 | 7748916 | 20 | 6 | 10 |
| LWSS301 | 313505 | 7752290 | 10 | 27 | 10 |
| LWSS305 | 313302 | 7754719 | 10 | 110 | 20 |
| LWSS307 | 313709 | 7753194 | 10 | 424 | 110 |
| LWSS308 | 310995 | 7751833 | 10 | 6 | 10 |
| LWSS309 | 309549 | 7750825 | 10 | 9 | 10 |
| LWSS312 | 308468 | 7755458 | 10 | 344 | 150 |
| LWSS313 | 307690 | 7753774 | 10 | 84 | 10 |
| LWSS314 | 310197 | 7753918 | 10 | 40 | 10 |
| LWSS315 | 310983 | 7752585 | 10 | 8 | 10 |
| LWSS316 | 310476 | 7751531 | 10 | 14 | 10 |
| LWSS317 | 307360 | 7752660 | 10 | 37 | 10 |
| LWSS318 | 304761 | 7751530 | 20 | 137 | 70 |
| LWSS319 | 303817 | 7750821 | 20 | 49 | 20 |
| LWSS320 | 303513 | 7749908 | 10 | 52 | 30 |
| LWSS321 | 304329 | 7749453 | 10 | 83 | 40 |
| LWSS322 | 303733 | 7748970 | 10 | 375 | 360 |
| LWSS323 | 302222 | 7751634 | 20 | 11 | 10 |
| LWSS324 | 301408 | 7750191 | 20 | 17 | 10 |
| LWSS325 | 301118 | 7750266 | 20 | 7 | 10 |
| LWSS326 | 299529 | 7750758 | 10 | 8 | 10 |
| LWSS327 | 298851 | 7753698 | 10 | 70 | 10 |
| LWSS328 | 298118 | 7752914 | 10 | 63 | 20 |
| LWSS329 | 297786 | 7752803 | 10 | 164 | 60 |
| LWSS330 | 297542 | 7752332 | 10 | 130 | 40 |
| LWSS331 | 297859 | 7751589 | 10 | 235 | 70 |
| LWSS332 | 297743 | 7751392 | 10 | 51 | 10 |
| LWSS333 | 293758 | 7754499 | 20 | 22 | 10 |
| LWSS335 | 291417 | 7756638 | 10 | 18 | 10 |
| LWSS336 | 293662 | 7758117 | 10 | 35 | 20 |
| LWSS337 | 293239 | 7758862 | 10 | 107 | 30 |
| LWSS338 | 291660 | 7758838 | 10 | 36 | 10 |
| LWSS339 | 291835 | 7759016 | 10 | 335 | 60 |
| LWSS340 | 291528 | 7759047 | 10 | 34 | 10 |
| LWSS341 | 291878 | 7759967 | 10 | 26 | 10 |
| LWSS342 | 300649 | 7755309 | 10 | 170 | 50 |
| LWSS343 | 300697 | 7756249 | 10 | 712 | 340 |
| LWSS344 | 301040 | 7756293 | 20 | 40 | 10 |
| LWSS345 | 303230 | 7756616 | 10 | 217 | 50 |
| LWSS346 | 303005 | 7755876 | 10 | 16 | 10 |
| LWSS347 | 302894 | 7755034 | 10 | 25 | 10 |
| LWSS348 | 303560 | 7754928 | 10 | 20 | 10 |
| LWSS349 | 303118 | 7754758 | 10 | 176 | 70 |
| LWSS350 | 302526 | 7754269 | 10 | 65 | 10 |
| LWSS351 | 302462 | 7753891 | 10 | 39 | 20 |
| LWSS352 | 302689 | 7753860 | 20 | 73 | 70 |
| LWSS353 | 303659 | 7754034 | 20 | 51 | 20 |
| LWSS354 | 304643 | 7757176 | 10 | 528 | 190 |
| LWSS355 | 304398 | 7757534 | 10 | 579 | 230 |
| LWSS356 | 305095 | 7757449 | 10 | 321 | 80 |
| LWSS357 | 306860 | 7757553 | 10 | 695 | 210 |
| LWSS358 | 306999 | 7756369 | 10 | 118 | 40 |
| LWSS359 | 307628 | 7757575 | 10 | 186 | 70 |
| LWSS360 | 307631 | 7757707 | 10 | 288 | 60 |
| LWSS361 | 308082 | 7757860 | 10 | 66 | 10 |
| LWSS362 | 310752 | 7758027 | 10 | 73 | 10 |
| LWSS363 | 310768 | 7757374 | 10 | 234 | 50 |
| LWSS387 | 315175 | 7747119 | 20 | 9 | 10 |
| LWSS388 | 314838 | 7746642 | 20 | 19 | 10 |
| LWSS389 | 314882 | 7746209 | 10 | 6 | 10 |
| LWSS390 | 315960 | 7746391 | 30 | 8 | 10 |
| LWSS391 | 316127 | 7746489 | 20 | 6 | 10 |
| LWSS392 | 303396 | 7763735 | 10 | 222 | 130 |
| LWSS393 | 302950 | 7763679 | 10 | 77 | 20 |
| LWSS394 | 303018 | 7763551 | 10 | 136 | 30 |
| LWSS395 | 303268 | 7763015 | 10 | 151 | 40 |
| LWSS396 | 301531 | 7762367 | 10 | 37 | 10 |
| LWSS397 | 301495 | 7761879 | 10 | 5 | 10 |
| LWSS398 | 302744 | 7761951 | 10 | 70 | 10 |
| LWSS399 | 302960 | 7761777 | 10 | 59 | 10 |
| LWSS400 | 305221 | 7762763 | 10 | 397 | 110 |
| LWSS401 | 305347 | 7762407 | 10 | 164 | 30 |
| LWSS402 | 312624 | 7757384 | 10 | 894 | 290 |
ECR Minerals #ECR – Further Stream Sampling Results Identify New Gold Anomalies at Lolworth Range Project, Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce updated gold results from the stream sampling campaign at the Lolworth Range project, North Queensland, Australia.
ECR Minerals plc has 100% ownership of three exploration tenements (EPM27901, EPM27902 and EPM27903), which covers the Lolworth Range, located 120km west of the famous gold district of Charters Towers. The project is being explored under ECR’s Australian wholly owned subsidiary Lux Exploration Pty Ltd (“LUX”).
HIGHLIGHTS
- Assays from the final 75 stream sediment samples now received.
- Results have outlined another 6 stream drainages that are anomalous in gold.
- Gold results up to 1395 ppm gold correlate well to visual gold seen in pan concentrates
- Results for Li-Ta-Ni-Ce are yet to be received.
ECR CEO Andrew Haythorpe commented: “I am pleased to report that once again our Lolworth assets continue to exceed expectations. As the regional streams and gullies continue to give up their secrets and yield some high gold values, there is a real sense of excitement and anticipation at the potential scale and diversity at the project. Once our field team get back on the ground and zone in on the most promising streams, we expect to be able to produce a shortlist of drill targets ready for our rig to commence work at the earliest opportunity.”
“We already know 2023 will be a definitive year for Lolworth, and with so much more to come from the rest of ECR’s asset portfolio, I look forward to reporting further developments as they occur.”
Plan of all outlying anomalous gold areas identified from stream sampling to date at the Lolworth Project are shown in Figure 1 below:
Figure 1: https://www.ecrminerals.com/images/2023/Fig1_Lolworth_Project_230322.png
NEW GOLD RESULTS
We are pleased that the long-awaited results for the last batch of stream samples have finally arrived. The results show that 12 of the 75 completed samples contain anomalous values greater than 0.21 ppm Au with three samples in particular recording 25.9, 205 and 1395 ppm gold. Whilst this is still early stage sampling work, it should be noted that the majority of these high gold values correlate with the visual identification of gold seen in the pan stream concentrates. The Directors believe the reported high values are strongly indicative of a gold source up-stream and therefore are not representative of the in-situ gold resource within the streams themselves.
ADDITIONAL STREAM ANOMALIES
As outlined in Figure 1 above, our reported additional gold results have identified five new stream catchments that are anomalous in gold. All these new areas are situated to the west of the Reedy Creek and Gorge Creek drainages, and will be re-visited once the current tropical wet season ends.
NEXT STEPS
Since initial work began at Lolworth in September 2022, the field team have identified numerous catchments that have highlighted potential multiple gold sources across all three tenements. Adding further value to this, critical minerals such as lithium, tantalum and niobium have also been identified within streams that are draining from a prominent 10km long north-south ridge line that starts north from Gorge Creek. The results so far have exceeded the expectations of the Board, and along with the geology and field teams on the ground, there is a palpable sense of anticipation over what the project could yield in the coming months.
As we wait for the heavy tropical rains to pass, the ECR Board has planned out the next ‘boots on the ground’ phase to commence in May-June this year. The new campaign priorities will involve mapping, rock chip sampling and soil sampling over the headwaters and ridgelines of the most promising streams. Subject to these results the board will then delineate appropriate drill targets, and schedule a drilling campaign to commence late 2023 / early 2024.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration 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) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| 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). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
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 Queensland, Australia.
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 90% 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.
APPENDIX ONE
TABLE ONE: All 76 gold results listed by rank of Au ppm. Highly anomalous results in bold, Lolworth Range Project. (Locations reported as GDA94-Zone 55 grid).
| SAMPLEID | EASTING | NORTHING | Au (ppm) |
| LWSS152 | 314342 | 7749643 | 1395 |
| LWSS316 | 310476 | 7751531 | 205 |
| LWSS330 | 297542 | 7752332 | 25.9 |
| LWSS324 | 301408 | 7750191 | 3.54 |
| LWSS355 | 304398 | 7757534 | 3.28 |
| LWSS307 | 313709 | 7753194 | 2.45 |
| LWSS392 | 303396 | 7763735 | 0.837 |
| LWSS328 | 298118 | 7752914 | 0.833 |
| LWSS400 | 305221 | 7762763 | 0.411 |
| LWSS203 | 311113 | 7748916 | 0.292 |
| LWSS363 | 310768 | 7757374 | 0.264 |
| LWSS319 | 303817 | 7750821 | 0.257 |
| LWSS331 | 297859 | 7751589 | 0.116 |
| LWSS337 | 293239 | 7758862 | 0.089 |
| LWSS358 | 306999 | 7756369 | 0.07 |
| LWSS308 | 310995 | 7751833 | 0.045 |
| LWSS333 | 293758 | 7754499 | 0.04 |
| LWSS387 | 315175 | 7747119 | 0.04 |
| LWSS401 | 305347 | 7762407 | 0.035 |
| LWSS356 | 305095 | 7757449 | 0.029 |
| LWSS309 | 309549 | 7750825 | 0.025 |
| LWSS322 | 303733 | 7748970 | 0.015 |
| LWSS320 | 303513 | 7749908 | 0.009 |
| LWSS402 | 312624 | 7757384 | 0.008 |
| LWSS313 | 307690 | 7753774 | 0.007 |
| LWSS325 | 301118 | 7750266 | 0.006 |
| LWSS395 | 303268 | 7763015 | 0.005 |
| LWSS301 | 313505 | 7752290 | 0.003 |
| LWSS327 | 298851 | 7753698 | 0.003 |
| LWSS335 | 291417 | 7756638 | 0.003 |
| LWSS336 | 293662 | 7758117 | 0.003 |
| LWSS340 | 291528 | 7759047 | 0.003 |
| LWSS201 | 311180 | 7748656 | 0.002 |
| LWSS202 | 310602 | 7749015 | 0.002 |
| LWSS339 | 291835 | 7759016 | 0.002 |
| LWSS390 | 315960 | 7746391 | 0.002 |
| LWSS305 | 313302 | 7754719 | 0.001 |
| LWSS312 | 308468 | 7755458 | 0.001 |
| LWSS314 | 310197 | 7753918 | 0.001 |
| LWSS315 | 310983 | 7752585 | 0.001 |
| LWSS317 | 307360 | 7752660 | 0.001 |
| LWSS318 | 304761 | 7751530 | 0.001 |
| LWSS321 | 304329 | 7749453 | 0.001 |
| LWSS323 | 302222 | 7751634 | 0.001 |
| LWSS326 | 299529 | 7750758 | 0.001 |
| LWSS329 | 297786 | 7752803 | 0.001 |
| LWSS332 | 297743 | 7751392 | 0.001 |
| LWSS338 | 291660 | 7758838 | 0.001 |
| LWSS341 | 291878 | 7759967 | 0.001 |
| LWSS342 | 300649 | 7755309 | 0.001 |
| LWSS343 | 300697 | 7756249 | 0.001 |
| LWSS344 | 301040 | 7756293 | 0.001 |
| LWSS345 | 303230 | 7756616 | 0.001 |
| LWSS346 | 303005 | 7755876 | 0.001 |
| LWSS347 | 302894 | 7755034 | 0.001 |
| LWSS348 | 303560 | 7754928 | 0.001 |
| LWSS349 | 303118 | 7754758 | 0.001 |
| LWSS350 | 302526 | 7754269 | 0.001 |
| LWSS351 | 302462 | 7753891 | 0.001 |
| LWSS352 | 302689 | 7753860 | 0.001 |
| LWSS353 | 303659 | 7754034 | 0.001 |
| LWSS354 | 304643 | 7757176 | 0.001 |
| LWSS357 | 306860 | 7757553 | 0.001 |
| LWSS359 | 307628 | 7757575 | 0.001 |
| LWSS360 | 307631 | 7757707 | 0.001 |
| LWSS361 | 308082 | 7757860 | 0.001 |
| LWSS362 | 310752 | 7758027 | 0.001 |
| LWSS388 | 314838 | 7746642 | 0.001 |
| LWSS389 | 314882 | 7746209 | 0.001 |
| LWSS391 | 316127 | 7746489 | 0.001 |
| LWSS393 | 302950 | 7763679 | 0.001 |
| LWSS394 | 303018 | 7763551 | 0.001 |
| LWSS396 | 301531 | 7762367 | 0.001 |
| LWSS398 | 302744 | 7761951 | 0.001 |
| LWSS399 | 302960 | 7761777 | 0.001 |