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ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to update shareholders on its initial successful results from recently commenced ‘phase 2 drilling’ within HR3 at Bailieston, Victoria, Australia.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which is operated under its Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

ECR Chairman David Tang commented: “We are pleased with the excellent results from hole BH3DD009 at HR3. As this intensive drilling campaign continues, so our understanding of the Maori Anticline continues to grow. With a clear picture of the HR3 goldfield structure starting to emerge, it is tragic that Craig Brown is no longer with us to see these latest developments. I do know that all employees and directors at ECR and Mercator Gold are working hard to ensure that Craig’s vision for ECR’s flagship projects come to fruition. We look forward to sharing further assay results and data with shareholders as they are released by the labs.”

“It is our intention to appoint a new CEO in due course, and in this regard our search has already begun. In the interim a committee of directors, including myself, Trevor Davenport and Adam Jones will continue to drive the business forward.”     

SUMMARY:

• Following receipt of the necessary permissions, drilling has re-commenced within the HR3 Goldfields utilising two diamond drill rigs.
• Initial results have been received with the first hole completed, (BH3DD009) returning 0.7m @ 28.06g/t Au from 52.7m depth from the Maori Reef.
• Gold values correlate well to high arsenic and antimony (stibnite) pXRF values – proof of their importance as pathfinder elements within the Bailieston area.
• Drilling highlights the importance of the Maori Anticline as an important up-coming target.

PHASE TWO DRILLING HR3

Whilst drilling at Creswick and Cherry Tree ‘HR4’ mid-year, MGA submitted plans to government authorities requesting permission to drill from additional sites within the HR3 goldfield area. After meeting regulatory requirements, permission was granted early October 2021. Once drilling at nearby Cherry Tree and at the Creswick tenements had completed, drill rigs were mobilised to HR3 to commence phase two drilling. Drilling is being undertaken by two diamond drill rigs, one by a contractor and the second rig being MGA’s owned and operated ‘Midas’ drill rig. The contract rig is currently drilling broad holes perpendicular to the strike of the main mineralised systems throughout the HR3 goldfield and has approximately 250m of drilling to complete. Follow-up drilling is being undertaken by the ‘Midas’ drill rig and will continue to the end of the year.

A total of twelve drill sites have been approved across HR3. The sites have been well planned to ensure optimum drill coverage across the remainder of the goldfield. Particular focus will be directed at gathering structural data by use of diamond drilling to reconstruct the central and eastern mineralised systems known as the Scoulers and Maori Reefs. Extensions to the north and south of the goldfield boundaries will also be drilled. Drilling will also delineate structures drilled by previous historic percussion drilling during the 1980’s period.

To date, a total of 1478m of ‘phase two’ drilling has been completed at HR3. Between the two drill rigs, good meterage has been drilled (up to 80m per shift). Geological logging and interpretation will continue to the end of the year. A summary of drilling locations and their progression is shown in the link below;

Figure 1

BH3DD009

Phase two drilling commenced with BH3DD009 across the central portion of the Maori Reef. Drilling was targeted to follow up the down-dip of an historical Reverse Circulation drillhole intersection which returned 1m @ 11 g/t Au. BH3DD009 was successful in drilling mineralisation between 47m and 56.7m depth and the best intersection was 0.7m @ 28.06 g/t Au from 52.7m depth.

Drill core is routinely analysed for pathfinder elements during geological logging using an in-house pXRF unit to trace pathfinder elements associated with gold mineralisation. pXRF results are not used for reporting resources, only for tracing the pathways for gold mineralisation fluids. Plotting of antimony (Sb) and arsenic (As) pXRF results correlates spatially with the initial high-grade gold intercepts. A similar zone of high Sb and As has been identified in other drillholes on the same section as BH3DD009 and on the projection of the Maori Reef structure (see fig 2). Gold assay are pending for these drillholes (BH3DD010 and BH3DD011) and whilst the XRF results can not be relied upon, we are anticipating good results.

The following is a link to a section sketch showing the main geological features of BH3DD009 and the spatial association of antimony and arsenic.

Figure 2

MAORI ANTICLINE

Drilling and subsequent 3D modelling of drillholes BH3DD005, BH3DD006 and BH3DD007 earlier this year revealed a moderate south plunging fold to exist underneath and along strike of the Maori Reef workings. This has been termed the Maori anticline. Observations show the historic mined portion of the Maori Reef coincides with the projected up-dip of the anticline near surface. The Maori Reef has been intersected midway between BH3DD009 and the historical workings by an historic percussion drill hole named BLP136.  BH3DD009 intercepted 1m @ 34 g/t Au from 44m depth. These observations show the significance of the anticline. The drill rig is currently being set up to test this unexplored gap of the Maori anticline.

A long-section looking east through the anticline is shown in the link below;

Figure 3

Table 1. Summary of initial drill intercepts containing reportable levels of gold greater than 1 g/t Au for BH3DD009

BH3DD009

FUTURE WORK

The initial results for drill holes BH3DD010 and BH3DD011 are due shortly. Samples from these two holes are currently being processed at the laboratory, and we expect to deliver regular drilling updates in the run up to the Christmas period. While these results are still early in the campaign, the identification of the Maori anticline and its association with high-grade gold mineralisation will now be the main focus for the next drilling campaign.

Early observations of HR3 drill cores are revealing exciting structures that appear to correlate across the HR3 goldfield. Re-construction will be key to identifying gold mineralisation patterns. A 10cm solid antimony vein was observed in recently drilled BH3DD019 around 143m depth, and is on trend to be on the northerly strike of the Maori Reef at depth. MGA’s Bendigo-based geology department will continue to gather and assimilate project data.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston (EL5433) and Creswick (EL6148) projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

https://mercatorgold.com.au/

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia.

https://luxexploration.com/

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR has earned a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.