Home » Posts tagged 'Mike Whitlow'
Tag Archives: Mike Whitlow
ECR Minerals #ECR – Issue of Equity, Total Voting Rights and PDMR Dealings
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the issue of new ordinary shares of 0.001 pence each in ECR (the “Ordinary Shares”) in respect of the board of directors of ECR’s (the “Board” or the Directors”) ongoing remuneration policy, whereby each Director and certain consultants to the Company are remunerated partially through the issue of new Ordinary Shares.
In accordance with their existing share-based remuneration arrangements, announced originally on 19 September 2023, Nick Tulloch, Chairman, and Mike Whitlow, Managing Director, will each receive 7,954,545 new Ordinary Shares, as payment in lieu of £26,250 of their accrued remuneration for the period from 15 September 2024 to 31 December 2024. The new Ordinary Shares will be issued at a price of 0.33 pence per new Ordinary Share, being a price equal to the issue price of the Company’s subscription announced on 25 November 2024.
As part of this share issuance, Nick Tulloch and Mike Whitlow have each agreed to extend the period of this quarter’s share issue from 14 December 2024 to 31 December 2024 to match the period of other Directors’ share issues. Going forward, Nick Tulloch and Mike Whitlow will revert to £22,500 per quarter which will in the future end on the last day of the relevant month in that quarterly period.
Also on 19 September 2023, it was announced that the Company’s Non-Executive Directors had agreed to subscribe for new Ordinary Shares as payment in lieu of their salary. These arrangements were extended each quarter through to 30 September 2024. As subsequently announced on 2 October 2024, with the salary sacrifice scheme passing its first anniversary, the Board updated the arrangements such that each Director will continue to accept a material part of their remuneration through the issue of new Ordinary Shares for at least a further 12 months. In accordance with these updated arrangements, Andrew Scott and Trevor Davenport*, Non-Executive Directors over the relevant period, will each receive 1,818,181 new Ordinary Shares as payment in lieu of £6,000 of their remuneration for the period from 1 October 2024 to 31 December 2024. The new Ordinary Shares will also be issued at a price of 0.33 pence per new Ordinary Share (the price equal to the issue price of the Company’s subscription announced on 25 November 2024).
A further 1,739,130 new Ordinary Shares will also be issued at a price of 0.33 pence per new Ordinary Share as payment in lieu of £5,739 of the remuneration of a consultant to the Company during the final quarter of December 2024.
Additional Issue of Equity
At the same time, the Company has agreed to issue and allot 2,000,000 new Ordinary Shares as payment in lieu of £6,000 of accrued fees owed by the Company to a professional adviser, in order to assist the Company in conserving its cash resources. These new Ordinary Shares will be issued at a price of 0.30 pence per new Ordinary Share, which was the volume weighted average price for Ordinary Shares over the 14 trading days prior to the date of the invoice.
PDMR Dealings
Pursuant to the arrangements set out above, a total of 23,284,582 new Ordinary Shares will be issued by the Company. Following this issuance, the total numbers of Ordinary Shares that will be held following Admission (as defined below) by the Directors, as Persons Discharging Managerial Responsibility (“PDMRs”) of the Company as at the date of this announcement*, are as follows:
| Name | New Ordinary Shares to be issued | Total Ordinary Shares held in the Company following Admission | As a percentage of the Company’s enlarged issued ordinary share capital following Admission |
| Nick Tulloch | 7,954,545 | 47,384,962 | 2.14% |
| Mike Whitlow | 7,954,545 | 47,384,962 | 2.14% |
| Andrew Scott | 1,818,181 | 19,430,835 | 0.88% |
| Total | 17,727,271 |
The FCA notification in respect of these PDMR dealings, made in accordance with the requirements of the UK Market Abuse Regulation, is appended further below.
* Trevor Davenport retired from his role as a Director at the end of 2024, as indicated in the Company’s announcement of 16 December 2024.
Admission and Total Voting Rights
Application has been made for 23,284,582 new Ordinary Shares to be admitted to trading on AIM (“Admission“) and it is expected that Admission will become effective on or around 15 January 2025. The 23,284,582 new Ordinary Shares will rank pari passu with the existing Ordinary Shares. Upon Admission, ECR’s issued ordinary share capital will comprise 2,215,169,594 Ordinary Shares. This number will represent the total voting rights in the Company, and, following Admission may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Nick Tulloch, Chairman of ECR, said: “For a second consecutive year, the Board has agreed to continue a policy of share-based remuneration, aligning ourselves with ECR’s shareholders and preserving the Company’s cash resources for our operations. Entering into 2025, we have a considerable amount to look forward to. At the top of the agenda is our ongoing work to assess the most economical solution to bring the Blue Mountain project into production. We also have follow up campaigns planned at the Lolworth and Tambo projects following last year’s very promising drilling results. Alongside these activities, we are working to close out the proposed sale of our non-core assets, including A$75 million of tax losses, details of which were recently announced on 23 December 2024.”
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals Plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
|||
| Email: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
||
| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 | ||
| Broker | |||
| Ben Tadd / Lewis Jones | |||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | ||
| Broker | |||
| Nick Emerson
|
|||
| Brand Communications | Tel: +44 (0) 7976 431608 | ||
| Public & Investor Relations | |||
| Alan Green | |||
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations
ECR Minerals #ECR MD Mike Whitlow discusses the conditional offer accepted for the proposed sale of surplus land
ECR Minerals MD Mike Whitlow discusses the conditional offer accepted for the proposed sale of surplus land, plus the latest drilling results from Tambo.
ECR Minerals #ECR – Initial Diamond Drilling Results indicating up to 24 g/t Au From Duke of Cornwall Lode at Tambo Gold Project, Victoria
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce highly encouraging initial results from its maiden diamond drilling campaign at the Duke of Cornwall Lode system as well as further high-grade surface channel (chip) sampling from the Main Lode within the Company’s Tambo Gold Project in Victoria, Australia (the “Tambo Gold Project”).
HIGHLIGHTS
· Best drill intercepts from Hole DOCD002 include 0.15 metres @ 24.10 g/t Au and 0.40 metres @ 8.51 g/t Au
· Supporting surface channel (chip) sampling from the Main Lode returned exceptional results including 0.2 metres @ 180 g/t Au and 0.25 metres @ 27.80 g/t Au.
Tambo Gold Project
Further to the Company’s announcement on 17 October 2024, a maiden diamond drilling campaign has now been completed at the Tambo Gold Project. The diamond drilling campaign targeted beneath the historic workings of the Duke of Cornwall Mine, Swifts Creek. The first complete results have now been received for hole DOCD002. Assay results have also been received for additional channel (chip) samples from the in-situMain Lode near surface.
High-grade surface channel sampling
Main Lode sampling has revealed further high-grade gold surface channel (chip) sampling results of 27.80 g/t to 180 g/t Au (See Table 1). These results support previous photon analysis of rock chip sampling of the same vein material, including 55.5, 24.0 and 19.7 g/t Au (See announcements of 12 July 2024 and 10 June 2024).
Drilling Summary
The campaign utilised a diamond drill rig and has provided high-definition structural data that enhances geological understanding and improves confidence in interpreting vein orientations and continuity. The campaign consisted of five diamond core drill holes, totalling approximately 439 metres in aggregate, to test strike and depth continuity of gold mineralisation from the Company’s previous surface rock chip results and to refine the structural model. The board of directors of ECR (the “Board” or the “Directors”) are confident that both objectives have been successfully achieved.
These first results from the diamond drilling campaign confirm that the Duke of Cornwall Lode system is comprised of quartz veins propagating from a mapped shear zone (Figures 1 and 2). Strong visual indicator minerals have been identified in the drill core including sulphides such as Chalcopyrite, Tungsten and Arsenopyrite, with assay values correlating strongly to elevated Bismuth.
Drill hole DOCD002
Best individual drill intercepts from hole DOCD002 include 0.15 metres @ 24.10 g/t Au and 0.40 metres @ 8.51 g/t Au. Geological logging and assay values show two ‘zones’ of mineralisation. The first zone is veining parallel to the regional cleavage. The average grade across the cleavage vein zone is 3.13 g/t Au over 1.2 metres drilled. The second Main Lode zone averages 5.61 g/t Au over the drilled interval of 2.05m. (see Table 1). The overall average grade across all reported intervals was 4.26 g/t Au (see Table 1).
Hole DOCD002 was drilled to a total depth of 84.35m. A total of 19.95m of core has been sampled. Mineralised intercepts greater than 0.1 g/t Au are reported in Table 1 below. Hole DOCD002 also encountered strong pathfinder elements associated with high gold values, including best grades of Bismuth (883 ppm), Arsenic (63.8 ppm) and Silver (3.8 ppm). The overall average Bismuth, Arsenic and Silver grades across all reported intervals were 152.24 ppm Bi, 9.86 ppm As, and 0.98 ppm Ag (see Table 1).
Geological logging and sampling of the remaining holes will conclude this week with assay results expected by early December 2024.
Adam Jones, ECR’s Chief Geologist, said: ”These first diamond drilling campaign results are highly promising, corresponding with our earlier rock chip sampling and demonstrating consistency of results across our exploration programmes at the Tambo Gold Project. All core samples have revealed strong visual indicators, including the presence of chalcopyrite and arsenopyrite sulphides, which are encouraging signs of mineralisation. We have drilled approximately 75 metres vertically beneath the old Duke of Cornwall mine workings, aiming to see results similar to those obtained nearer to surface. Despite this being a relatively focused drilling program, the initial findings suggest there is significant potential for further exploration.”
Mike Whitlow, ECR’s Managing Director added: ”These early results from the Duke of Cornwall Lode system are outstanding and validate the geological potential of this area. The high-grade gold intercepts, consistent mineralisation across the Main Lode, and the promising visual indicators in the core give us confidence in the continuity and potential scale of the system. We look forward to receiving the remaining results and the valuable insights they will provide as we work towards defining the scope of this exciting opportunity.”
Technical Disclosure
All sampling and drilling were conducted in accordance with industry best practice, and all assays were performed by an independent, accredited laboratory. Further technical details and assay results for the remaining drill holes will be reported once received.
Review of Announcement by Qualified Person
This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals Plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
Table 1: DOCD002 Drill Results And Rock Chip Channel Samples (including matching pathfinder elements (Bi, As and Ag).
Drilling Intercepts (DOCD002). (intercepts => 0.1 g/t Au)
|
SAMPLE ID |
FROM |
TO |
INTERVAL (metres) |
Au (g/t) |
Au_(R) g/t |
Bismuth (ppm) |
Arsenic (ppm) |
Silver (ppm) |
DOMAIN |
|
BTD037 |
44.6 |
45 |
0.40 |
8.51 |
8.43 |
129.0 |
3.0 |
1.10 |
Cleavage vein |
|
BTD041 |
45.6 |
46.2 |
0.60 |
0.68 |
0.63 |
5.6 |
2.5 |
0.50 |
Cleavage vein |
|
BTD042 |
46.2 |
46.4 |
0.20 |
0.19 |
2.0 |
3.6 |
0.50 |
Cleavage vein |
|
|
BTD045 |
48.15 |
48.6 |
0.45 |
0.88 |
|
22.5 |
3.7 |
0.50 |
|
|
BTD048 |
50 |
50.3 |
0.30 |
3.00 |
3.54 |
283.0 |
3.0 |
0.93 |
Main Lode |
|
BTD049 |
50.3 |
50.65 |
0.35 |
0.37 |
24.4 |
63.8 |
0.50 |
Main Lode |
|
|
BTD050 |
50.65 |
51.05 |
0.40 |
0.01 |
2.0 |
3.5 |
0.50 |
Main Lode |
|
|
BTD051 |
51.05 |
51.2 |
0.15 |
24.10 |
24.4 |
883.0 |
2.6 |
3.80 |
Main Lode |
|
BTD052 |
51.2 |
52.05 |
0.85 |
0.58 |
18.7 |
3.0 |
0.50 |
Main Lode |
Rock Chip (Channel Samples)
|
SAMPLE ID |
FROM |
TO |
INTERVAL (metres) |
Au (g/t) |
Au_(R) g/t |
Bismuth (ppm) |
Arsenic (ppm) |
Silver (ppm) |
DOMAIN |
|
BTR064 |
0 |
0.25 |
0.25 |
27.80 |
25.2 |
3.59 |
2260 |
7.20 |
Main Lode |
|
BTR065 |
0 |
0.20 |
0.20 |
180.00 |
3.15 |
2690 |
4.00 |
Main Lode |
* (R) Laboratory repeat analysis
Figure 1: Plan View Of Duke Of Cornwall Lode – First Diamond Drill Results and new Channel Samples
Figure 2: Section View Of Duke Of Cornwall Lode – First Diamond Drill Results and new Channel Samples
FOR FURTHER INFORMATION, PLEASE CONTACT:
|
ECR Minerals Plc |
Tel: +44 (0) 1738 317 693 |
|
Nick Tulloch, Chairman Andrew Scott, Director |
|
|
Email: |
|
|
Website: www.ecrminerals.com |
|
|
Allenby Capital Limited |
Tel: +44 (0) 20 3328 5656 |
|
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
|
|
Axis Capital Markets Limited |
Tel: +44 (0) 203 026 0320 |
|
Broker |
|
|
Ben Tadd / Lewis Jones |
|
|
|
|
|
SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
|
Broker |
|
|
Nick Emerson
|
|
|
Brand Communications |
Tel: +44 (0) 7976 431608 |
|
Public & Investor Relations |
|
|
Alan Green |
Glossary
|
Ag: |
Silver |
|
As: |
Arsenic |
|
Au: |
Gold |
|
Bi: |
Bismuth |
|
g/t: |
Grammes per Tonne (Metric) |
|
km: |
Kilometres (Metric) |
|
km²: |
Kilometre squared (Metric) |
|
Lode: |
A deposit of metalliferous ore that fills a fissure |
|
ppm: |
Parts per million (Metric) |
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Diamond Drilling Commences at Tambo Gold Project, Victoria and Fourth Company in Discussions on Potential Sale of A$75m Tax Losses
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the commencement of diamond drilling at the Company’s Tambo Gold Project in Victoria, Australia (the “Tambo Gold Project”), as well as providing an update on corporate activities.
HIGHLIGHTS
- Maiden diamond drilling campaign now underway at the Tambo Gold Project
- Fourth confidentiality agreement signed with Australia-domiciled company in relation to the potential sale of ECR’s A$75 million of tax losses
- Laboratory analysis of 378 rock chips taken from gold prospects at the Lolworth Project in Queensland now completed and results expected later this month
Tambo Gold Project, Victoria
Further to the Company’s announcement on 9 October 2024, the maiden diamond drilling campaign has commenced at the Tambo Gold Project targeting beneath the historical workings of the Duke of Cornwall Mine, Swifts Creek. The drilling programme is expected to take approximately two weeks with up to 500 metres of aggregate depth planned, although the exact profile of the campaign will be determined on site. Previous rock chip assays from direct outcrop and exposures around and within the old workings include results of 22.85 g/t Au, 26.25 g/t Au and 52.2 g/t Au coupled with highly anomalous gold in soils. Initial results are expected in November 2024.
Update on Potential Sale of Tax Losses
Further to the Company’s announcements of 9 October 2024 and 2 July 2024, ECR, through its engagement with Argonaut PCF Ltd, has signed an additional non-disclosure agreement and is now in discussions with four Australia-domiciled public and private companies in relation to the potential sale of its A$75 million of tax losses.
ECR’s tax losses are held within its wholly owned subsidiary, Mercator Gold Australia Pty Ltd, and were incurred during the period from 2006 to date. Any sale of the tax losses would be coupled with a disposal of certain non-core assets of the Company. Whilst no guarantee can be given as to any potential sale or agreement being reached or as to the timing or terms, the board of directors of ECR continues to be encouraged by the considerable interest shown in this potentially valuable asset.
Lolworth, Queensland,
Laboratory analysis of 378 rock chips recently taken from gold prospects at the Lolworth Project in Queensland, including Butterfly Creek, Uncle Terry and Gorge Creek has now been completed and the Company expects to receive the data shortly. The next step will be for management to undertake a detailed review of this information to contextualise the data within the overall project area. It is therefore expected that the full results will be available by the end of the month. Initial field work across the Lolworth Project showed promising signs, including visible gold in streams and hillsides. A further announcement will be made in due course.
As announced on 3 October 2024, ECR Minerals is working in partnership with the Geological Survey of Queensland (“GSQ”) to further investigate the critical minerals potential at the Lolworth Project. The results from geochemical analysis on samples taken from the Oaky Creek prospect in the central-north area of the project will be announced once received. Stream sampling in this area has previously detected Niobium in concentrate samples and geochemical analysis will be carried out by the GSQ on pegmatites to better understand their fertility for hosting critical minerals, in particular Niobium and Tantalum.
Mike Whitlow, ECR’s Managing Director, said: “I’m very pleased to announce that the diamond drill rig has arrived at the Tambo Gold Project, marking the beginning of our highly anticipated maiden drilling campaign at this site. Our initial work at the Tambo Gold Project has been very promising with high-grade gold results in rock chips reinforcing our confidence in the potential of this asset. We look forward to confirming and expanding on these results, which is expected in November 2024. I’m also encouraged by the growing interest in our tax losses from both private and public companies, with several requests for confidentiality agreements. As we’ve said previously the potential value of any transaction could be significant for ECR. We are expecting a steady stream of updates across our core projects in the coming weeks and months and I look forward to reporting back on the rock chip results from Lolworth once further analysis has been conducted.’’
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals Plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals Plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
|||
| Email: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
||
| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 | ||
| Broker | |||
| Ben Tadd / Lewis Jones | |||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | ||
| Broker | |||
| Nick Emerson
|
|||
| Brand Communications | Tel: +44 (0) 7976 431608 | ||
| Public & Investor Relations | |||
| Alan Green | |||
Glossary
| Au: | Gold |
| g/t: | Grammes per Tonne (Metric) |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Chairman Nick Tulloch & MD Mike Whitlow talk to Alan Green
ECR Minerals Plc (AIM: ECR) ECR Chairman Nick Tulloch & MD Mike Whitlow talk to Alan Green
✅ Three parties immediately interested in A$75m tax losses.
✅ Lolworth progress, and Geological Survey of Queensland collaboration
✅ Mike Parker appointment
✅ Blue Mountain ‘off the scale’ test results from Gekko Systems and next steps
✅ Funding and assets, Tambo drill programme and near term developments
✅ Response to bulletin board comments
ECR Minerals #ECR – Highly Encouraging Test Work Result Reveals 91.7% Gold Recovery From Blue Mountain Ore Sample
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce highly encouraging results from the enhanced gold recovery process at the Company’s Blue Mountain Project in Queensland (the “Blue Mountain Project”).
HIGHLIGHTS
- Single Stage Gravity Recoverable Gold (“GRG”) test work on ore samples collected at the Blue Mountain Project demonstrated a recovery rate of 91.7% gold.
- These findings suggest that the ore located at the Blue Mountain Project is suitable for gravity concentration using a batch centrifugal concentrator (“BCC”).
- If these results are repeatable across the Blue Mountain Project area, then the Company may have a commercial project suitable for a production plant on site.
Blue Mountain, Queensland
As announced by the Company on 1 August 2024, a trenching and bulk concentrate sampling programme was undertaken at the Blue Mountain Project during July 2024. Following highly encouraging results from sluice box concentrates, with best results including 192.15 g/t Au and 97.40 g/t Au, further samples were submitted to the laboratory to undergo an enhanced gold recovery process to determine the potential commercial options for recovery.
Gekko Systems Pty Limited (“Gekko”) has carried out the GRG test and Sighter Leach test worked on samples of ore collected at the Blue Mountain Project. The results have given the board of directors of ECR (the “Board” or the Directors”) further confidence that the Blue Mountain Project may be a viable commercial gold resource and, if these results are successfully corroborated through further work, a small-scale production plant could potentially be established on site.
It is important to note that, unlike other ECR projects, the Blue Mountain Project is based on an alluvial gold system. Gold is therefore found at or near the surface, meaning that the mining techniques used to extract any minerals are not associated with high capital expenditure that other projects may have, for example, where higher gold grades are located at great depth.
Production at the Blue Mountain Project would most likely be undertaken through gravity concentration of near-surface ore.
The full report provided by Gekko has been published on the ECR Minerals website (www.ecrminerals.com) and the executive summary is set out below:
“This report presents the results for Single Stage Gravity Recoverable Gold (GRG) and Sighter Leach testwork carried out by Gekko Systems on sample of Blue Mountain ore. The aim of the testwork program was to determine the Blue Mountain ore’s amenability to gravity concentration and cyanide leaching.
The following conclusions were made from the testwork results:
- The average assayed testwork head grade was 89.95 g/t gold. The average calculated head grade was 91.57 g/t gold. The average calculated head grade is considered a more accurate measure of gold content, as it is based on the largest number of assays.
- Gold distribution in the Single Stage GRG feed (P80 75 um) showed that the +106 µm size fraction contained 80% of the gold but only 6.03% of the mass indicative of the presence of liberated gold in this size fraction.
- The Single Stage GRG test recovered 91.7% of the gold into 0.40% of the mass. The concentrate grade was 22,043.25 g/t Au (2.2% Au). This GRG result indicates the gold in the ore is amenable to gravity concentration by a batch centrifugal concentrator (BCC).
- Sighter Leach Testwork (1,000 ppm NaCN) on the Single Stage GRG tail resulted in a gold recovery of 87.6% after 24 hours and a leach tail grade of 1.63 g/t Au having started off with a calculated leach head grade of 13.14 g/t.
Following a review of the results, the testwork indicates that a gravity recovery circuit and conventional cyanidation is a viable treatment option as a way of recovering the gold from Blue Mountain ore after further testwork and economic evaluation.”
Mike Whitlow, ECR’s Managing Director, said: “These results from the Blue Mountain Project, using a straightforward gravity recovery process, are highly encouraging and have significantly bolstered our confidence in the commercial credentials of the Blue Mountain Project. Although further analysis is still required, the concentrations of gold being found at or around surface level fully validates examining the viability of installing a production plant at the site. Significantly, the results so far have provided ample proof that potentially commercial opportunities still exist in some of the historical goldfields through the application of modern technology. Certainly at Blue Mountain, the indications are that, based on Gekko’s report, we can potentially recover materially higher quantities of gold than those levels achieved by the first prospectors. The Board and ECR’s technical team will now further evaluate these results and determine the next steps for the Blue Mountain Project. I will look forward to providing further updates in due course.”
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals Plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
MARKET ABUSE REGULATION (MAR) DISCLOSURE
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals Plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
|||
| Email: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
||
| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 | ||
| Broker | |||
| Ben Tadd / Lewis Jones | |||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | ||
| Broker | |||
| Nick Emerson
|
|||
| Brand Communications | Tel: +44 (0) 7976 431608 | ||
| Public & Investor Relations | |||
| Alan Green
|
|||
Glossary
| Au: | Gold |
| g/t: | Grammes per Tonne (Metric) |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
| NaCN: | Sodium Cyanide |
| ppm: | Parts per million (Metric) |
| µm: | Micrometre (Metric) |
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Contractor engaged and civil works underway for drilling at Tambo gold project
ECR Minerals Plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the following update in relation to its forthcoming maiden diamond drilling program at its Tambo gold project in Victoria, Australia (the “Tambo Project”).
HIGHLIGHTS
- Civil works have now commenced for maiden diamond drilling program at the Tambo Project
- Drilling contractor now engaged and diamond drilling campaign to commence shortly
Tambo Project, Victoria
Following a site visit by ECR’s chief geologist Adam Jones to the Tambo Project, and following terms being agreed as announced on 10 September 2024, an approved drilling contractor has now been engaged for a maiden diamond drilling programme at the Company’s Tambo Project in Victoria, Australia. Civil works, including the preparation of work areas and access to drill sites, have also commenced for the campaign which is expected to get underway shortly.
On 12 July 2024, ECR announced the fire assay gold results from the historic Duke of Cornwall Mine in Swifts Creek (Tambo) with a best result including 52.2 g/t Au. A total of 10 samples returned results above 5 g/t Au. Subsequently, 84 soil samples were taken perpendicular to the strike of the Duke of Cornwall lode to gain a better understanding of the geochemical orientation with a best result of 0.56 ppm Au.
Mike Whitlow, ECR’s Managing Director, said: “We announced earlier this month that our focus for our projects in Victoria is firmly on drilling. I am pleased to report that site preparation at the Tambo Project is now well underway, and we have secured an approved drilling contractor ready to commence work. The continuity of gold results from our recent rock chip samples and soil analysis at the Tambo Project has significantly enhanced our confidence in the Tambo Project. We will ensure our shareholders are kept informed as we approach the start of drilling shortly.’’
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals Plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals Plc | Tel: +44 (0) 1738 317 693 | ||
| Nick Tulloch, Chairman
Andrew Scott, Director |
|||
| Email: | |||
| Website: www.ecrminerals.com | |||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | ||
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj |
info@allenbycapital.com
|
||
| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 | ||
| Broker | |||
| Ben Tadd / Lewis Jones | |||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | ||
| Broker | |||
| Nick Emerson
|
|||
| Brand Communications | Tel: +44 (0) 7976 431608 | ||
| Public & Investor Relations | |||
| Alan Green | |||
Glossary
| Au: | Gold |
| g/t: | Grammes per Tonne (Metric) |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
| ppm: | Parts per million (Metric) |
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80 km 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 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.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations
ECR Minerals #ECR – Issue of Equity and Total Voting Rights
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to confirm that the new ordinary shares awarded to Nick Tulloch, Chairman, and Mike Whitlow, Managing Director, pursuant to their remuneration arrangements announced by ECR on 19 September 2023, have been issued and allotted.
Accordingly, each of Nick Tulloch and Mike Whitlow have received 9,375,000 new ordinary shares of 0.001 pence each in ECR (“Ordinary Shares”) as payment in lieu of £22,500 of accrued remuneration for the period 15 June 2024 to 14 September 2024, at an issue price of 0.24 pence per new Ordinary Share, being in this instance a price equal to the volume weighted average price of Ordinary Shares calculated over the previous 14 days, (together the “Fee Shares”).
Additional Issue of Equity
At the same time, the Company has agreed to issue and allot 2,500,000 new Ordinary Shares as payment in lieu of £6,000 of accrued fees owed by the Company in order to assist the Company in conserving its cash resources. These new Ordinary Shares have also been issued at an issue price of 0.24 pence per new Ordinary Share, which was the volume weighted average price for Ordinary Shares over the 14 trading days prior to the date of the invoice.
In total 21,250,000 new Ordinary Shares have been issued by the Company. Following this issuance the total Ordinary Shares currently held by Nick Tulloch and Mike Whitlow, as Persons Discharging Managerial Responsibility (“PDMRs”) of the Company, are as follows:
| Name | Fee Shares issued | Total Ordinary Shares now held in the Company | As a percentage of the Company’s enlarged issued ordinary share capital |
| Nick Tulloch | 9,375,000 | 39,430,417 | 2.08% |
| Mike Whitlow | 9,375,000 | 39,430,417 | 2.08% |
| Total | 18,750,000 |
The FCA notification in respect of these PDMR dealings, made in accordance with the requirements of the UK Market Abuse Regulation, is appended further below.
Admission and Disclosure Guidance and Transparency Rules
Application has been made for 21,250,000 new Ordinary Shares to be admitted to trading on AIM (“Admission“) and it is expected that Admission will become effective on or around 23 September 2024. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares. Upon Admission, ECR’s issued ordinary share capital will comprise 1,892,760,911 Ordinary Shares. This number will represent the total voting rights in the Company, and, following Admission may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 1738 317 693 | |
| Nick Tulloch, Chairman
Andrew Scott, Director |
||
| Email: | ||
| Website: www.ecrminerals.com | ||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | |
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj
|
info@allenbycapital.com
|
|
| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 | |
| Broker | ||
| Ben Tadd/Lewis Jones | ||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |
| Broker | ||
| Nick Emerson | ||
| Brand Communications | Tel: +44 (0) 7976 431608 | |
| Public & Investor Relations | ||
| Alan Green | ||
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited. ECR 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.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations
ECR Minerals #ECR – Australia Projects Update
Up to 75.6g/t Gold Rock Chip Identified at Lolworth, Queensland
Maiden Diamond Drilling Program to Commence at Tambo Gold Project in Coming Weeks
Drilling Application Lodged to Follow up 32% Antimony Result At Bailieston, Victoria
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
Queensland
- Up to 75.6 g/t gold rock chip discovered at the Uncle Terry Prospect at the Lolworth Project
- Results expected from enhanced gold recovery process at the Blue Mountain Project
Victoria
- Planning for diamond drill programme to commence at the Tambo Gold Project in coming weeks
- Drilling application lodged to further investigate the potential at Bailieston given the recently announced exceptional Antimony results
Lolworth, Queensland
Two field teams have been working on site at the Company’s Lolworth Project since early May 2024, where initial field work across several gold prospects in the Upper Gorge Creek showed promising signs, including visible gold in streams and hillsides.
First rock chip results now received from the Uncle Terry Prospect are encouraging, with samples of up to 75.6 g/t Au, 1.32 g/t Au and 1.29 g/t Au from a new mineralised quartz vein situated approximately 400m north-west from the main prospect. Follow-up mapping has traced the visible part of this outcrop for at least 100m in strike and ending in a quartz blow where Galena (Lead-Silver) is clearly visible. Numerous mineralised quartz shears at least 1m wide have been mapped over the entire Uncle Terry Prospect area. The main shear zone is showing to host Lead (Pb) and Silver (Ag) with best outcrop rock chips of 1.89% Pb and 11 samples greater than 5 g/t Ag, including two highlights of 272 g/t Ag and 69 g/t Ag. ECR’s field teams are currently extending soil sampling to explore for hidden gold-bearing outcrops in the immediate vicinity.
The results for 378 rock chip samples covering all five gold prospects at the Lolworth Project are due in the coming weeks. Confirmation of the presence of further high-grade gold is expected, as samples anomalous in silver have been routinely sent to the laboratory for gold analysis. Silver has been identified as the strongest pathfinder element correlating to gold mineralisation at the Lolworth Project.
Stream sampling for gold and rare earths on the eastern side of the 1,000 km² project area is progressing well and nearing completion. Regional geological mapping has indicated the presence of significant pegmatitic intrusions. Previous work suggests that this eastern area features the same geological formations as the Oaky Creek region of the tenement where stream sampling has previously detected niobium in concentrate samples.
ECR’s field crews have also taken a bulk sample from the Oaky Creek Niobium streamline which will be used for mineralogical purposes to aid in tracking down the source rock.
Table 1: Summary of latest rockchip results from the Uncle Terry Prospect, Lolworth.
| Prospect | Sample ID | Easting | Northing | Au g/t | Ag g/t | Pb % | ||||
| Uncle Terry | LWC432 | 312178 | 7752097 | 75.6 | 272 | 0.03 | ||||
| Uncle Terry | LWC431 | 312194 | 7752128 | 1.32 | 1.5 | 0.02 | ||||
| Uncle Terry | LWC463 | 308392 | 7751048 | 1.29 | 4.3 | 0.02 | ||||
| Uncle Terry | LWC548 | 312418 | 7751770 | 0.08 | 69.00 | 0.09 | ||||
| Uncle Terry | LWC545 | 312418 | 7751766 | 0.02 | 12.20 | 0.23 | ||||
| Uncle Terry | LWC401 | 312355 | 7751894 | 0.04 | 11.00 | 0.00 | ||||
| Uncle Terry | LWC410 | 312382 | 7751852 | 0.01 | 10.60 | 0.00 | ||||
| Uncle Terry | LWC481 | 312327 | 7751879 | 0.01 | 8.40 | 0.00 | ||||
| Uncle Terry | LWC402 | 312358 | 7751890 | 0.03 | 8.10 | 0.24 | ||||
| Uncle Terry | LWC544 | 312420 | 7751766 | 0.01 | 7.50 | 0.14 | ||||
| Uncle Terry | LWC406 | 312370 | 7751870 | 0.01 | 6.70 | 0.00 | ||||
| Uncle Terry | LWC543 | 312420 | 7751764 | 0.01 | 6.10 | 0.04 | ||||
| Uncle Terry | LWC546 | 312418 | 7751766 | 0.01 | 5.40 | 0.40 | ||||
| Uncle Terry | LWC549 | 312420 | 7751769 | 0.01 | 0.20 | 1.89 | ||||
| *Locations in GDA94 Zone 55 datum. | ||||||||||
Blue Mountain, Queensland
As announced on 1 August 2024, a trenching and bulk concentrate sampling programme was undertaken at the Blue Mountain Project during July of this year. A total of 15.4 cubic metres of alluvial gravel was processed through a pilot trommel wash plant, yielding 9.95 grammes of visible gold, an overall average of 1.55 grammes per b.c.m. Additionally, six bulk samples of sluice box concentrates were submitted for laboratory analysis, with best results including 192.15 g/t Au and 97.40 g/t Au within these concentrates.
Given these highly encouraging results ECR has submitted further samples to the laboratory to undergo an enhanced gold recovery process to determine the potential commercial options for recovery. The results are expected in the coming weeks.
The Blue Mountain Project consists of two exploration permits (EPM27175 and EPM27183). Both permits are in good standing and the Company has recently applied to extend the terms for an additional five years. Both tenements contain at least 12km of strike length available for follow up sampling and testing.
Tambo Project, Victoria
On 12 July 2024, ECR Minerals announced the fire assay gold results from the historic Duke of Cornwall Mine in Swifts Creek (Tambo Gold Project) with a best result including 52.2 g/t Au. A total of 10 samples returned results above 5 g/t Au. Subsequently, 84 soil samples were taken perpendicular to the strike of the Duke of Cornwall lode to gain a better understanding of the geochemical orientation with a best result of 0.56 ppm Au.
ECR Minerals is pleased to announce that terms have now been agreed with a drilling contractor and a site visit by ECR chief geologist, Adam Jones, is due to take place this week. A maiden diamond drilling campaign is expected to commence at the project in the coming weeks.
Bailieston, Victoria
On 3 July 2024, ECR Minerals announced results from additional testing for the critical mineral Antimony (Sb) from diamond core previously drilled at Bailieston, Central Victoria. 44 samples were submitted for additional multi-element testing with best results including 0.3m grading 32% Sb and 0.1m grading 1.20 % Sb.
A drilling application has now been lodged with the relevant Governmental authorities to further investigate the potential at Bailieston given the recently announced exceptional Antimony results. Further details will be announced in due course.
The ECR Board made the decision to reanalyse diamond core samples for Antimony from the Bailieston Project, drilled during the 2021-2022 campaign, due to the Melbourne Geological Zone’s reputation as a prominent host for Antimony lodes and the increasing demand for this critical mineral.
The Costerfield Mine, owned by Mandalay Resources, is a significant Antimony producer in the region, recording 1,860 tonnes of Sb in 2023. Nearby, Nagambie Resources recently announced a maiden JORC inferred resource estimate of 17,800 tonnes of Sb, while Southern Cross Gold has been actively exploring for Antimony at its Sunday Creek Project.
ECR Minerals holds exploration licenses situated 45 kilometres east of Costerfield and 25 kilometres west of Nagambie. ECR’s Bailieston Prospect (HR3) is positioned on the Bailieston Anticline, renowned for its Antimony mineralisation.
Mike Whitlow, Managing Director, said: “It has been a highly productive year for ECR, with significant progress made across our portfolio of gold and rare earths projects, and exploration activities are set to accelerate even further. We consider that we’re on the verge of identifying the key sources of gold at Lolworth, with a number of high-priority drill targets soon to be lined up for testing. This marks a pivotal step forward as we look to unlock the project’s full potential. At the Blue Mountain Project, we are eagerly anticipating the results from our enhanced gold recovery process which will be critical in guiding us towards the potential commercial options for gold extraction. In Victoria, our focus remains firmly on drilling. We’re set to commence drilling at the Tambo Project in the coming weeks and work is underway to further explore the highly prospective Antimony potential at Bailieston. With the recent surge in this critical mineral’s price, we believe that the Bailieston project’s Antimony potential may become increasingly significant.”
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 1738 317 693 | |
| Nick Tulloch, Chairman
Andrew Scott, Director |
||
| Email: | ||
| Website: www.ecrminerals.com | ||
| Allenby Capital Limited | Tel: +44 (0) 3328 5656 | |
| Nominated Adviser
Nick Naylor / Alex Brearley / Vivek Bhardwaj
|
info@allenbycapital.com
|
|
| Axis Capital Markets Limited | Tel: +44 (0) 203 026 0320 | |
| Broker | ||
| Ben Tadd/Lewis Jones | ||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |
| Broker | ||
| Nick Emerson | ||
| Brand Communications | Tel: +44 (0) 7976 431608 | |
| Public & Investor Relations | ||
| Alan Green | ||
Glossary
| Ag: | Silver |
| Au: | Gold |
| b.c.m | Bank Cubic Metre |
| g/t: | Grammes per Tonne (Metric) |
| HR3: | The Bailieston Prospect |
| JORC: | Australasian Code for Reporting of Mineral Resources and Ore Reserves’ of December 2012 (“JORC Code”) as prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy. |
| km: | Kilometres (Metric) |
| km²: | Kilometre squared (Metric) |
| M: | Metres (Metric) |
| Pb: | Lead |
| ppm: | Parts per million (Metric) |
| Sb: | Antimony |
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 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.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.
ECR Minerals #ECR – Change of Nominated Adviser & Board Appointment
ECR Minerals Plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that Allenby Capital Limited has been appointed as the Company’s Nominated Adviser with immediate effect.
In addition, the Company is pleased to announce the appointment with immediate effect of Mike Whitlow to the board of directors of ECR Minerals (the “Board”) as Managing Director.
Mike has been the Company’s Chief Operating Officer in a non-Board capacity since 15 September 2023. Mike has spent over 20 years investing and financing small cap and start-up companies. Having started his career in the natural resources industry, more recently Mike has overseen and assembled a number of resource projects through his company Axies Ventures Ltd, where he has personally overseen two funding rounds and three work programmes in the Mediterranean and North America including a successful drilling campaign in 2023.
Andrew Scott, Non-Executive Director of ECR Minerals Plc, commented:
“I am delighted to welcome Mike Whitlow to the Board as our Managing Director. Mike originally joined ECR Minerals plc in September 2023 as a non-board Chief Operating Officer and has been instrumental in delivering key operational and strategic objectives for the business. We look forward to continuing to work with him at the Board level.”
Additional disclosures required under the AIM Rules for Companies
Pursuant to Rule 17 and Schedule Two Paragraph (g) of the AIM Rules for Companies, Michael (“Mike”) David Whitlow, aged 45 is, or has during the last five years, been a director or partner of the following companies and partnerships:
| Current: | Past: |
| Axies Ventures Ltd
My Inspiration Holdings Volant Services (VSL) Limited Holding365 Ltd
|
None |
Mr. Whitlow owns 30,055,417 ordinary shares of 0.001 pence each in the Company.
For further information please contact:
| ECR Minerals Plc
Nick Tulloch, Chairman Andrew Scott, Director
|
Tel: +44 (0) 1738 317 693 |
| Allenby Capital Limited
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj
|
Tel: +44 (0)20 3328 5656 |
| Axis Capital Markets Limited
Broker Ben Tadd / Lewis Jones
|
Tel: +44 (0) 203 026 0320 |
| SI Capital Ltd
Broker Nick Emerson
|
Tel: +44 (0) 1483 413500 |
| Brand Communications
Public & Investor Relations Alan Green |
Tel: +44 (0) 7976 431608 |
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 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.
MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.