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ECR Minerals #ECR – Further Significant Increase of Gold Grades at Creswick & Exploration Activities Update
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the final bulk sampling results from its reverse circulation drilling programme at the Kuboid Hill site in Creswick earlier this year. Bulk sampling of drilled material highlights high-grade pockets of gold within the broader scale mineralisation footprint.
The Company also provides an update on its operations at Bailieston and Tambo in Victoria as well as its forthcoming plans in Queensland.
HIGHLIGHTS
- Five bulk samples upgrade initial Kuboid Hill drill results. Most significant is the upgrade from 1m @ 1.04 g/t Au to 1m @ 8.37 g/t Au
- Results expected shortly from photon assay pilot testing at Tambo Project
- Analysis underway for antimony in selected diamond core from Bailieston, Victoria
- Resumed field operations in Queensland at Lolworth Project, focusing on priority targets including Gorge Creek, Reedy Creek, and Butterfly Creek, with stream samples yielding up to 1395 ppm Au
- Additional test work at Blue Mountain, Queensland expected to commence within weeks.
- ECR is fully funded for its planned work programs in Victoria and Queensland in 2024.
Details of the Programmes
Creswick
As announced on 8 April 2024, a total of 1,032 metres of reverse circulation (“RC”) drilling was completed at Kuboid Hill on 16 February 2024. This was the second part of an extended reverse circulation drilling programme at Creswick, following on from 522 metres completed at Davey Road where, as previously announced on 12 February 2024, ECR reported a best overall grade gold of 41.03g/t Au. The Kuboid Hill programme was designed to follow up on the Company’s anomalous gold soil sampling campaign that was completed in 2022.
Final bulk sampling results for the outstanding 13 RC drill holes at Kuboid Hill, consistent with the results reported on 7 May 2024, have revealed higher gold content. This was anticipated because of the presence of coarse gold in the area. Five bulk samples are now evidencing significant intercepts, the most prominent of which is an increase from 1m @ 1.04 g/t Au to 1m @ 8.37 g/t Au in hole KHRC005 from 17m depth. The bulk sampling of the other drill holes did not return any reportable results. These findings support the presence of higher-grade gold pockets within a broader low-grade mineralisation halo at Kuboid Hill which differs from Davey Road’s narrow vein, higher-grade style of mineralisation. The results provide encouragement that similar mineralisation styles exist within the Creswick license area.
Details of Significant Intercepts from the Latest Bulk Sampling (Kuboid Hill RC Drilling) > 0.5 g/t
HOLE | Sample | From | To | Bulk g/t | Original g/t |
KHRC005 | CRB1357 | 17 | 18 | 8.37 | 1.04 |
KHRC001 | CRB1549 | 19 | 20 | 1.78 | 0.27 |
KHRC006 | CRB1231 | 19 | 20 | 1.73 | 0.03 |
KHRC010 | CRB543 | 20 | 21 | 1.03 | 0.51 |
KHRC001 | CRB1539 | 10 | 11 | 0.71 | 0.03 |
Photon Assaying
ECR has submitted a number of Kuboid Hill bulk samples, as well as rock chips recently taken from its Tambo Project, for testing. Traditional fire assay methods will also be used to back up the results for comparison. Photon assaying is an emerging gold analysis method, which is environmentally friendly and available locally, providing quicker results with less preparation and non-destructive sample analysis. A number of well-known producing gold mines, including Fosterville, are currently employing this method of analysis.
Victoria Exploration – Tambo and Bailieston
ECR has now wrapped up its initial reconnaissance exploration on its Eastern Victorian licence at Swifts Creek, Tambo River (EL007484), focusing on the historic Duke of Cornwall mining area. The exploration team collected rock chips, including in-situ samples, and also completed a number of soil sample lines along the strike of mineralisation to identify pathfinder elements for future exploration programs. Initial findings from a year ago revealed arsenic, bismuth minerals and gold.
As previously announced, following the success of its stream sampling campaign at Bailieston, which produced best results of 798 ppb Au and 712 ppb Au, ECR is also re-analysing the core from its earlier drilling at the HR3 prospect at Bailieston for antimony. The Costerfield-Bailieston-Nagambie district is noted for economic veins of antimony and elevated antimony has been observed from previous pXRF analysis of the drill core.
Queensland Exploration Programme for 2024
Exploration plans for the 2024 season at the Lolworth Project, North Queensland, have resumed. Initial plans include following up on last year’s stream sample results at Butterfly Creek, Reedy Creek, and Upper Gorge Creek, where gold samples of up to 1395 ppm were reported. Soil sampling is also underway on selected ridgelines above these areas. Additionally, a sampling program for Niobium and Tantalum will be conducted on the eastern side of the project area this season.
In Central Queensland, a trenching program is expected to commence within weeks at the Blue Mountain Project. Prospects with previous alluvial gold findings will be revisited where the Board believes there is potential for a significant alluvial gold resource. Investigation of hard rock prospects in the area is also planned.
Mike Whitlow Chief Operating Officer said: “These positive results from our bulk sampling campaign are highly encouraging, validating the significant potential value we see in our Creswick gold assets. The discovery of higher-grade gold pockets within a broader low-grade mineralisation halo at Kuboid Hill provides additional evidence that similar mineralisation styles may be present within the Creswick license area. The extent of our drilling programme, and the volume of bulk samples, took time both in preparation and also for laboratory results and, going forward we will also be utilising new techniques, such as photon assaying, to expedite the delivery of future results.”
Adam Jones Chief Geologist added: “ECR is now entering a busy period with several exploration programmes underway across our portfolio of projects. I look forward to reporting back on the results of our initial exploration programs at Tambo in Victoria and our re-analysis for antimony in Bailieston. My time will now be focused on our follow-up activities in Queensland and I am particularly excited about the commencement of exploration at our Blue Mountain project where historical work conducted by the previous operator presents compelling opportunities, especially for its alluvial gold potential. At Lolworth, our soil sampling will follow up last year’s discovery of gold samples with concentrations of up to 1395 ppm and, later in the season, we will undertake a sampling program for niobium and tantalum on the eastern side of the project area.”
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc | Tel: +44 (0) 1738 317 693 | ||
Nick Tulloch, Chairman
Andrew Scott, Director |
|||
Email: | |||
Website: www.ecrminerals.com | |||
WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | ||
Nominated Adviser
Katy Mitchell / Andrew de Andrade |
|||
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 | |||
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).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited. MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR holds a royalty on the SLM gold project in La Rioja Province, Argentina which could potentially receive up to US$2.7 million in aggregate across all licences.
ECR Minerals #ECR – Creswick drilling results illustrate potentially extensive presence of larger ore bodies
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide additional results from its drilling programme at the Kuboid Hill site in its Creswick tenement. Significantly, this drilling campaign has demonstrated quartz/gold mineralisation continuity in the Creswick area with results having the hallmarks of a potential future small scale operation.
HIGHLIGHTS
- Two high grade results of 8.87g/t Au and 8.06g/t Au over 1 metre.
- Far more significant is the extensive broad mineralisation demonstrated in several holes where contiguous gold is present at 3.05g/t Au over 3 metres, 2.25g/t Au over 4 metres and 1g/t Au over 5 metres.
- This compares very favourably with historical mining operations elsewhere in Victoria with broad mineralisation where those grades averaged around 0.7 g/t Au.
- Aggregated 51 metres of mineralized quartz.
- The drilling returned significant intercepts with evidence of anomalous gold within 14 of the 15 holes drilled.
- Bulk sample testing at Creswick has indicated in the past both greater prevalence and higher grades of gold and this is being carried out now on the results for Kuboid Hill.
A total of 1,025 metres of reverse circulation drilling was completed at Kuboid Hill on 16 February 2024 (“Kuboid Hill Programme”). This was the second part of an extended reverse circulation drilling programme, following on from an original drilling programme of 522 metres completed at Davey Road where ECR reported a best overall grade gold of 41.03g/t Au (for full details of the results see announcement dated 12 February 2024). The Kuboid Hill Programme was designed to follow up on the Company’s anomalous gold soil sampling campaign that was completed in 2022 which indicated the potential for a broader system which can now be seen in the today’s results. The drilling also tested best practices for first pass drilling evaluation at Creswick where operators have had historical challenges of reporting a representative broad mineralisation gold grade due to the coarse and random nature of gold that is very often present in Central Victoria.
ECR has now received laboratory results for 15 out of the 17 holes drilled at Kuboid Hill, comprising leaching and fire assay. As with the Davey Road analysis, due to the nature of the course gold expected in this region, ECR then utilises dry-blowing and pan concentration on the ‘leftovers’ from the preliminary drilling results to reduce the gold bias and potentially coalesce the overall Au g/t result. These bulk samples results will follow in due course with the results from the final two holes also anticipated very soon. I.
The best individual grades so far are from two holes: 1m @ 8.87g/t Au (hole KHRC001) and 1m @ 8.06g/t Au (hole KHRC016).
Details of current drilling and significant intercepts > 1g/t
HOLEID | From (m) | To (m) | Interval (m) | Sample ID | Au g/t |
KHRC001 | 9 | 10 | 1 | CRC1538 | 8.87 |
KHRC016 | 50 | 51 | 1 | CRC1146 | 8.06 |
KHRC012 | 30 | 31 | 1 | CRC718 | 3.11 |
KHRC010 | 24 | 25 | 1 | CRC547 | 2.23 |
KHRC009 | 23 | 24 | 1 | CRC608 | 2.18 |
KHRC007 | 20 | 21 | 1 | CRC1183 | 1.96 |
KHRC010 | 23 | 24 | 1 | CRC546 | 1.95 |
KHRC011 | 27 | 28 | 1 | CRC789 | 1.28 |
KHRC014 | 42 | 43 | 1 | CRC853 | 1.25 |
However, what is far more significant is the extensive broad mineralisation demonstrated in several holes where contiguous gold is present at 3.05g/t Au over 3 metres, 2.25g/t Au over 4 metres and 1g/t Au over 5 metres. The drilling recorded intercepts greater than 0.5 g/t Au average over a total of 51 metres with the broadest identified mineralised zone being over 15 metres (KHRC010). All intercepts align along strike and dip to the same mineralised zone under Kuboid Hill. Previous drilling campaigns within the Creswick project have only identified narrow veins (often less than 1 metre) and high-grade gold mineralisation styles.
Identified Broad Mineralised Zones with intercepts
HOLEID | From (m) | To (m) | Interval (m) | SampleID | Au g/t | Drilled intercept composite grade |
KHRC001 | 9 | 10 | 1 | CRC1538 | 8.87 | 4m @ 2.41 g/t Au |
KHRC001 | 10 | 11 | 1 | CRC1539 | 0.03 | |
KHRC001 | 11 | 12 | 1 | CRC1540 | 0.26 | |
KHRC001 | 12 | 13 | 1 | CRC1541 | 0.46 | |
KHRC006 | 7 | 8 | 1 | CRC1218 | 0.96 | 4m @ 0.52 g/t Au |
KHRC006 | 8 | 9 | 1 | CRC1219 | 0.03 | |
KHRC006 | 9 | 10 | 1 | CRC1220 | 0.63 | |
KHRC006 | 10 | 11 | 1 | CRC1221 | 0.45 | |
KHRC007 | 19 | 20 | 1 | CRC1182 | 0.77 | 6m @ 0.57 g/t Au |
KHRC007 | 20 | 21 | 1 | CRC1183 | 1.96 | |
KHRC007 | 21 | 22 | 1 | CRC1184 | 0.12 | |
KHRC007 | 22 | 23 | 1 | CRC1185 | 0.05 | |
KHRC007 | 23 | 24 | 1 | CRC1186 | 0.32 | |
KHRC007 | 24 | 25 | 1 | CRC1187 | 0.2 | |
KHRC009 | 17 | 18 | 1 | CRC601 | 0.45 | 8m @ 0.52 g/t Au |
KHRC009 | 18 | 19 | 1 | CRC602 | 0.12 | |
KHRC009 | 19 | 20 | 1 | CRC604 | 0.03 | |
KHRC009 | 20 | 21 | 1 | CRC605 | 0.14 | |
KHRC009 | 21 | 22 | 1 | CRC606 | 0.58 | |
KHRC009 | 22 | 23 | 1 | CRC607 | 0.03 | |
KHRC009 | 23 | 24 | 1 | CRC608 | 2.18 | |
KHRC009 | 24 | 25 | 1 | CRC609 | 0.59 | |
KHRC010 | 20 | 21 | 1 | CRC543 | 0.51 | 15m @ 0.51 g/t Au |
KHRC010 | 21 | 22 | 1 | CRC544 | 0.2 | |
KHRC010 | 22 | 23 | 1 | CRC545 | 0.03 | |
KHRC010 | 23 | 24 | 1 | CRC546 | 1.95 | |
KHRC010 | 24 | 25 | 1 | CRC547 | 2.23 | |
KHRC010 | 25 | 26 | 1 | CRC548 | 0.22 | |
KHRC010 | 26 | 27 | 1 | CRC549 | 0.14 | |
KHRC010 | 27 | 28 | 1 | CRC550 | 0.03 | |
KHRC010 | 28 | 29 | 1 | CRC551 | 0.35 | |
KHRC010 | 29 | 30 | 1 | CRC552 | 0.32 | |
KHRC010 | 30 | 31 | 1 | CRC553 | 0.03 | |
KHRC010 | 31 | 32 | 1 | CRC554 | 0.41 | |
KHRC010 | 32 | 33 | 1 | CRC555 | 0.79 | |
KHRC010 | 33 | 34 | 1 | CRC556 | 0.03 | |
KHRC010 | 34 | 35 | 1 | CRC557 | 0.43 | |
KHRC012 | 27 | 28 | 1 | CRC715 | 0.76 | 5m @ 1.00 g/t Au |
KHRC012 | 28 | 29 | 1 | CRC716 | 0.26 | |
KHRC012 | 29 | 30 | 1 | CRC717 | 0.21 | |
KHRC012 | 30 | 31 | 1 | CRC718 | 3.11 | |
KHRC012 | 31 | 32 | 1 | CRC719 | 0.67 | |
KHRC014 | 42 | 43 | 1 | CRC853 | 1.25 | 3m @ 0.53 g/t Au |
KHRC014 | 43 | 44 | 1 | CRC854 | 0.13 | |
KHRC014 | 44 | 45 | 1 | CRC855 | 0.2 | |
KHRC016 | 46 | 47 | 1 | CRC1142 | 0.27 | 6m @ 1.55 g/t Au |
KHRC016 | 47 | 48 | 1 | CRC1143 | 0.03 | |
KHRC016 | 48 | 49 | 1 | CRC1144 | 0.38 | |
KHRC016 | 49 | 50 | 1 | CRC1145 | 0.42 | |
KHRC016 | 50 | 51 | 1 | CRC1146 | 8.06 | |
KHRC016 | 51 | 52 | 1 | CRC1147 | 0.16 |
Whilst this is still early stage, this drilling campaign at Kuboid Hill is the first time that ECR has demonstrated that broad-scale quartz/gold mineralisation exists in the Creswick area. Also significantly broad mineralisation is also present at shallow vertical depths. This compares very well with historical small-scale commercial mining operations elsewhere in Victoria with similar broad mineralisation where those grades averaged around 0.7 g/t Au (examples being the Bailieston open pit and the Nagambie open pit). Furthermore these previous mines were established when the gold price was much lower than it is today.
Drilling at Kuboid Hill was some 8km west of previous exploration undertaken at Davey Road which is associated with, or close to, the Dimocks Main Shale corridor (“DMS”). Kuboid Hill falls within another parallel mineralised system approximately 8km west of the DMS and shows early signs of the potential to generate a low-grade, bulk tonnage proposition. This is the first type of modern exploration applied within this part of Creswick.
ECR’s next steps are to dry-blow bulk sampling of anomalous and broad mineralisation zones as described above. This follow-on step at Davey Road produced some enhancement of the results there. These preliminary results from Kuboid Hill took some time to assemble given the extent of mineralisation zones but the Company anticipates the results of the final two drill holes and the bulk sampling will be completed more quickly. A further announcement will be made in due course.
Mike Whitlow Chief Operating Officer said: “These results point to, what the directors believe is, a significant breakthrough at Creswick where the geological features demonstrate a distinct difference from the challenges historically faced in the region which we have previously understood to be predominated by the sporadic or random nature of coarse nuggety gold. With this new analysis what we now understand is that Kuboid Hill has a potentially extensive presence of larger ore bodies from much broader quartz/gold mineralised zones.
“Our Creswick tenement covers a total of 192 square kilometres and investors will be aware that ECR has undertaken a considerable amount of work on our prospects there. We still have more to do but, importantly, what we can now see is the commercial potential in the aggregated 51 metres of mineralized quartz. Investors may recall a video released in January of this year featuring our Chairman, Nick Tulloch, and Chief Geologist, Adam Jones, standing in front of the former open pit gold mine just to the north of our Baileston tenement. To set today’s results in context, that Baileston mine produced approximately 20,000 oz at an average grade of around 0.7g Au/t, and whilst ECR’s Creswick tenement is still early stage, and there can be no guarantee it will produce gold, we consider this indicative of the potential in this area.
“We look forward to reporting our bulk samples shortly and, further to the placing we announced on 14 March 2024, we will shortly finalise and announce our 2024 work programme in Victoria and Queensland.”
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc | Tel: +44 (0) 20 7929 1010 | ||
Nick Tulloch, Chairman
Andrew Scott, Director |
|||
Email: | |||
Website: www.ecrminerals.com | |||
WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | ||
Nominated Adviser
Katy Mitchell / Andrew de Andrade |
|||
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 | |||
Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | ||
Broker
Jon Belliss |
|||
Brand Communications | Tel: +44 (0) 7976 431608 | ||
Public & Investor Relations | |||
Alan Green |
ECR Minerals #ECR – Further Gold Results from Soil Sampling at Quartz Hill, Creswick
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce newly received gold results from soil sampling activities at license EL006184 (Creswick), Victoria, Australia.
ECR Minerals also has 100% ownership of two adjacent approved exploration tenements (EL006713 and EL006907) at Creswick.
ECR CEO Andrew Haythorpe commented: “Although our current focus is on developing our Lolworth and Hurricane projects in Queensland, Creswick remains a key part of the ECR asset portfolio. I am delighted that the sampling work undertaken by Adam and the team has identified two potential 100m gold ‘shoots’, with additional potential for further shoots along the DMS strike and south towards Ballarat. We have planned a further visit to the Quartz Hill area at Creswick for the field team once our scheduled work at Hurricane and Lolworth in Queensland has been completed.”
“l look forward to reporting further findings from our asset portfolio in the coming days and weeks.”
HIGHLIGHTS
- Results from soil sampling activities at Quartz Hill, Creswick have identified two likely sources of gold mineralisation.
- Gold results in residual soils up to 0.3 ppm Au. Two anomalous ‘shoots’, each approximately 100m long delineated.
- Exploration for other sources or ‘shoots’ further along strike is open to the north and south of the area sampled.
Figures related to this announcement can be found here:
Figure One: Overview of the Creswick Project area and prospect locations:
Figure 1: https://www.ecrminerals.com/images/2023/Fig1_CQH_230721.png
Figure Two: Soil sampling results for Creswick (Quartz Hill) showing results (Au ppb), gold anomalies and historic gold workings.
Figure 2: https://www.ecrminerals.com/images/2023/Fig2_CQH_230721.png
QUARTZ HILL SAMPLING
Quartz Hill is a ridgeline located 3km to the NW of ECR’s Brewery Lane property (see Figure One above). The area is surrounded by historic alluvial gold workings, some of which head to the base of Quartz Hill. A soil sampling grid at a spacing of 15m x 15m was completed over the area to test up-hill for potential sources of gold. The final results from this work have delineated two possible sources of gold within the gridded area. These two anomalous areas (also known as ‘shoots’), each cover a 100m area along strike. Two historically mined alluvial gullies are sited adjacent to these two anomalies and can be seen clearly on the map in Figure 2 above.
NEXT STEPS
Two historical adits (tunnels) lead underneath the gridded hill which the Board believes will provide further opportunities for sampling of in-situ veins when our field team returns to Creswick. Quartz Hill is located within Crown Land to which ECR has full access to undertake any future drilling campaigns. In the meantime, soil sampling activities will continue on an ad-hoc basis at Creswick given that the Board’s primary focus is on building the Company’s North Queensland exploration assets at Lolworth and Hurricane. Nonetheless, Creswick is still considered an key asset within the ECR portfolio.
PREVIOUS SOIL SAMPLING ACCOMPANYING PROJECT AREA
The results today compliment previously reported soil sampling results across ECR’s Creswick tenements from exploration campaigns undertaken throughout 2021-2022. The primary focus at Creswick remains along strike at the Dimocks Main Shale trend (DMS) and parallel mineralised systems which are believed to extend south towards the historic mining centre of Ballarat. These mineralised systems are also believed to be the source of the historic rich alluvial gold (>70 tonnes) shed into the adjacent creeks and ancient river beds and mined over the last century. Previous announcements regarding sampling along strike of the mineralised trends can be found below:
- Davey Road Prospect – 22 December 2022 here
- Bush Inn Road Prospect – 17 April 2023 here
- Kuboid Hill and Mills Reef – 2 May 2023 here
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 – Latest Results from Soil Sampling at the Creswick Project, Victoria, Australia
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the latest soil sampling results from the Creswick Project, Victoria, Australia.
ECR Minerals plc has 100% ownership of the Creswick Project which includes exploration tenements EL006907, EL006713 and EL006184. All licences reside north to north-east of the City of Ballarat, Victoria, Australia. The Company is exploring a number of parallel-gold mineralisation trends that are believed to extend 10km NE from the Nerrina Goldfields at Ballarat.
ECR CEO Andrew Haythorpe commented: “As the MIDAS drill rig team continues the campaign across our Creswick tenements, the soil sampling results in today continue to build a picture of mineralisation in the area – improving resolution of potential new drill targets for the future. The Board and geo teams are pleased to see that the regional historical precedents from the Ballarat East Mine and the spatial relationship between arsenic and gold are very much in evidence with ECR’s own results at Creswick.”
I look forward to reporting back with the remainder of the sampling results, along with the first results from the diamond drilling campaign.”
HIGHLIGHTS
- Gold Results from initial 297 soil samples from Mills Reef Prospect received. Highest result includes 0.68 ppm Au.
- A comparison study between Gold results and Arsenic analysis by pXRF shows a close spatial relationship at Creswick.
- Arsenic analysis by pXRF has been completed for the Mills Reef, Bush Inn Road, Blue Gum prospects (on the proposed Dimocks Main Shale (DMS) mineralised trend).
- Additional pXRF analysis coupled with rock chip results on new prospects on the western side of EL006713 highlight further potential sources of Gold.
Map analysis images related to this announcement can be viewed here:
Figure 1: Overview map of prospects referred to in this announcement:
https://www.ecrminerals.com/images/2023/Fig1_230414_Overview.png
Figure 2: Gold and Arsenic soil geochemistry results for Mills Reef area:
https://www.ecrminerals.com/images/2023/Fig2_230414_Mills_Reef.png
Figure 3: Plan showing spatial comparison between Gold and Arsenic analysis:
https://www.ecrminerals.com/images/2023/Fig3_230414_Davey_Rd.png
Figure 4: Plan showing Arsenic geochemistry and rock chipping at Kuboid Hill and Green Lode prospects:
https://www.ecrminerals.com/images/2023/Fig4_230414_KH_GL.png
Figure 5: Plan showing Arsenic geochemistry at the Central and South Blue Gum prospects:
https://www.ecrminerals.com/images/2023/Fig5_230414_CBG-BGS.png
Figure 6: Plan showing Arsenic geochemistry at the Central and South Blue Gum prospects:
https://www.ecrminerals.com/images/2023/Fig6_230414_BIR.png
INITIAL SOILS RESULTS FOR MILLS REEF AREA
On March 3 2023, ECR announced the commencement of soil sampling campaigns over the Mills Reef area (see RNS here). Located approximately 6km south of ECR’s wholly owned Brewery Lane property, Mills Reef lies along the proposed line of the DMS and associated gold lodes contained therein. Results for the first 297 soil samples have been received from a total of 685 samples taken across the postulated strike of three gold lodes. The samples revealed a best reading of 685 ppb Au, along with a raft of additional elevated gold values between 25 and 75 ppb (see Figure Two above). All samples are additionally analysed for potential pathfinder elements such as arsenic using an in-house portable x-ray fluorescent gun (pXRF).
RELATIONSHIP OF GOLD TO ARSENIC VALUES IN SOIL
Across the countless previous exploration campaigns undertaken across the Victoria Gold Fields, it is generally accepted that arsenic values are closely related spatially to gold-bearing structures. Previous studies of the nearby Ballarat East Mine showed that arsenic increases in values within approximately 50 metres of the surrounding wall rock to gold bearing structures, (refer to Geoscience World article for context here). Gold and arsenic results from ECR’s soil geochemistry to date is supportive of this theory and the Board believes that arsenic values in soils above 10 ppm are to be considered anomalous and worthy of follow-up analysis at the laboratory for any coincidental gold content. Taking into account the spatial relationship between gold and arsenic on two prospects at Creswick, Mills Reef (Figure Two above) and Davey Road (Figure Three above), the Board are of the view that the close relationship of gold to arsenic can be used to identify which samples should be sent to the laboratory for gold analysis, thereby reducing operating costs.
NEW PROSPECTS EL006713
Work also continued at other regional prospects within the EL006713 tenement, with soil sampling now complete for Bush Inn Road, Kuboid Hill and Blue Gum prospects. pXRF analytical results showing arsenic (As) highlights from these prospects are shown in the figures listed above. Initial As results from the Blue Gum prospect, located approximately 2km south of Brewery Lane, Springmount, highlight potential blind gold shoots along strike of the DMS (see Figure Five above). Results from Bush Inn Road also have highlighted arsenic anomalies that will need further checking for actual gold values, with a major arsenic high identified at the north-east end of the current soil grid (see Figure Six above). Bush Inn Road is located 1.5km to the south of Mills Reef and is also along strike of the DMS.
In addition to the work at the prospects already outlined, initial soil testing and rock chipping of prospects situated on the western side of EL006713 are being investigated. Soil sampling and surface rock chipping has been completed at a prospect known as Kuboid Hill. Rock chips and arsenic soil geochemistry has highlighted elevated gold in the circled area in (see Figure 4b above) with best chips up to 6.23 g/t Au. Another prospect known as Greens Lode is located nearby Kuboid Hill. Greens Lode contains historical works including a shaft and small open cut that has revealed a major quartz lode up to 4 metres wide. Rock chips from dumps and from in-situ veining has shown gold values up to 6.53 g/t Au. The best gold values have been obtained from a quartz system that lies some 10 metres east of the main strike of historical workings (see Figure 4a above). Soil sampling along strike has been completed and analysis of these soils is in progress.
NEXT STEPS
Infill soil sampling work is continuing along the strike areas containing the better soil sample results. Soils that show elevated arsenic have been set aside for further laboratory analysis for gold, and soil sample results (gold) are due shortly for the remaining Mills Reef area and Kuboid Hill prospect. ECR has also completed initial soil sampling on the north end of EL006184 at Quartz Hill where the quartz veins continue to the north.
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.
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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). 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.