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ECR Minerals #ECR – COO Mike Whitlow discusses the work at Blue Mountain, and provides a general operational update
ECR Minerals #ECR COO Mike Whitlow discusses the work at Blue Mountain, and provides a general operational update with Alan Green. Mike provides an update on work undertaken so far in 2024, before we discuss the trenching work at Blue Mountain, the relationship with the landowner, the gold resource identified by previous owners BlueKebble. We then look at the next steps at Blue Mountain, before Mike provides an update on the financial position, company assets and potential tax credits.
ECR Minerals #ECR – Unaudited Half-Yearly Results for the Six Months Ended 31 March 2024 and Business Update
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce its unaudited half-yearly financial results for the six months ended 31 March 2024 for the Company, along with a review of significant developments during and post period.
HIGHLIGHTS
Operational highlights:
- Geological mapping at Lolworth led to the discovery of numerous quartz outcrops within the ridgeline above those gold bearing streams in the Upper Gorge Creek area with best results from rock chipping of 13.75 g/t Au, 3.13 g/t Au and 2.17 g/t Au over a number of outcrops measuring up to 3m wide x 20m long
- Discovery of a rhyolitic dyke in Gorge Creek East, Lolworth 5.5m wide x 200m long having anomalous gold valueswith the best rock chip from the centre of the dyke returning 8.02 g/t A
- Results from mapping a quartz veinlet system within the upper creek drainage of Flaggy Creek, Lolworth over a length of 70 metres long and within a zone up to 100m wide have proven to be gold-bearing with best results being 6.05 g/t Au, 5.96 g/t Au, 4.66 g/t Au and 3.97 g/t Au
- Application submitted for an Exploration Licence at Kondaparinga, Queensland, approximately 120km2in area within the Hodgkinson Gold Province
- Broader mineralisation and increased levels of high-grade gold reported from our drilling programme at Creswick, Victoria, with best individual grades 8.87g/t Au and 8.06g/t Au
- Bulk sample testing at Davey Road, Victoria indicated extensive gold mineralisation, with a best result of 41.03 g/t Au
- Tambo rock chip results comfortably exceeded those from previous exploration activities, with eight samples having gold grades greater than 5 g/t Au and best results of 51.5 g/t Au, 26.5 g/t Au and 24 g/t A
Financial highlights:
- Sale of non-core assets realise A$420,000
- Ongoing examination of historic tax losses of A$75 million to potentially unlock significant value
- Cost reductions through salary sacrifice scheme and closure of London office
- Two fundraisings completed in September 2023 and March 2024 to raise almost £1.2 million in aggregate
Nick Tulloch Chairman said: “In the nine months since Mike Whitlow and I joined ECR, we have sought to implement a step change in the pace of our operations, coupling increased activity in our Australian projects with a prudent approach to cash management. Mike and I have always viewed ECR’s project portfolio as a potential sleeping giant, and now with the results and developments reported across our tenements in recent months, we believe the Company is well on the way to realising the value of these assets.”
“As a Board, we are receptive to ideas to add value, new initiatives and projects to our operations. In recent months we have received approaches from other businesses in the resources sector offering co-development and other collaborative opportunities. While these developments in themselves have served to further confirm the nascent value within our project portfolio, in line with our own projects, we have retained a conservative approach to these discussions. Expanding ECR’s business is high on our agenda but we will do so only when we are satisfied the risk is low and that we can maximise gains for our shareholders.”
“For the remainder of 2024, I want to reassure shareholders that, following on from a very successful period of work in Victoria, they can look forward to further newsflow as we re-commence our operations in Queensland.”
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
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| Email: | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | ||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
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| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 | ||
| Broker | |||
| Ben Tadd/Lewis Jones | |||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | ||
| Broker | |||
| Nick Emerson | |||
| Brand Communications | Tel: +44 (0) 7976 431608 | ||
| Public & Investor Relations | |||
| Alan Green | |||
Link here to review Chairman’s report and financial statements
ECR Minerals #ECR – Additional License Application at Kondaparinga, Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that it has, through its subsidiary Lux Exploration Pty Limited, submitted an application for an Exploration License (EPM28910). The license area, known as Kondaparinga (“Kondaparinga”), is approximately 120km2 in area (see Figure One below) and within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland, Australia. The 3-year exploration term would include an expenditure commitment of AUD$487,000 over that period.
The Company’s geological team have examined other parts of the region for potential anomalous areas for gold, with this work being primarily based on the publicly available Queensland Government Geochemistry Database (QDEX). The exploration license application for Kondapringa EPM28910 was registered on 23 September 2023. The application will be assessed by government officials and work on the ground will not commence until the application has been granted. Whilst there can be no guarantee that the licence will be granted, the Directors have every expectation it will be.
If granted, the proposed exploration programme will aim to verify the historic stream results and if successful, a detailed survey programme will follow. The initial target areas identified are referenced on Figure One below and are spatially associated to the regional fault structures known as Hurricane Fault and Black Hill Fault, with the anomalous target areas shown in the green halo.
Fig 1: EPM28910 application area:
https://www.ecrminerals.com/images/2023/Fig1_RNS-EPM28910_AP.png
ECR Chief Operations Officer Mike Whitlow added: “Kondaparinga is an exciting opportunity for ECR that adds a new dimension to our work in North Queensland. We have looked for sufficient geological benchmarks and features in the region that we have already come to know well with the objective of securing prospective ground on favourable terms that has the potential to be a valuable addition to our portfolio.”
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 |
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| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
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| 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 also has an option to acquire 100% of Placer Gold, which wholly owns the Hurricane Project, a later stage gold and antimony project located west of Cairns in the Hodgkinson Province, NE 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.