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#ECR Minerals – Collaboration Agreement with James Cook University on Rare Earth Elements at the Lolworth Project
ECR Minerals PLC (AIM: ECR), the gold exploration and development company focused on Australia, is pleased to announce that it has entered into a collaboration agreement with James Cook University (“JCU”) in Queensland, a leading institution in science and engineering research, to further explore the potential for rare earth elements (“REE”) within the Company’s Lolworth Project area in Queensland (the “Lolworth Project”).
Following approval of funding for the project by the Trailblazer Steering Committee, the collaboration will see JCU recruit post-doctoral researchers and PhD students to form a dedicated team. This dedicated team will focus on analysing and interpreting the mineral data from the Lolworth Project area to enhance the understanding of its REE potential.
Under the terms of the collaboration agreement, all data generated through this collaboration will be shared with ECR, further strengthening the Company’s technical insights into the region. While ECR is pleased to support JCU in this important research initiative, the pace of the Company’s broader technical development across the wider Lolworth Project area will continue to be driven by its own technical team and exploration priorities.
James Cook University is a public university in North Queensland, Australia. The second oldest university in Queensland, JCU is a teaching and research institution with its main campuses located in Cairns and Townsville, and one in Singapore. JCU is ranked in the world’s top 300 universities by the Times Higher Education World University Rankings 2022 and also has study centres in Mount Isa, Mackay, Thursday Island and Rockhampton.
Mike Whitlow, ECR’s Managing Director, said: “We are thrilled to see further validation of our projects in Queensland, in particular the Lolworth Project, through this exciting collaboration with James Cook University. This partnership, which is fully funded by JCU, not only underscores the growing interest in the Lolworth Project region, but also expands our technical understanding of a fast-emerging area of interest. Combined with our existing collaboration with the Geological Survey of Queensland, this initiative places ECR in a stronger position to potentially unlock the Lolworth Project’s REE potential and create significant shareholder value.”
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals Plc |
Tel: +44 (0) 1738 317 693 |
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Nick Tulloch, Chairman Andrew Scott, Director |
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Email: info@ecrminerals.com |
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Website: www.ecrminerals.com |
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Allenby Capital Limited |
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Tel: +44 (0) 3328 5656 |
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Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
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Axis Capital Markets Limited |
Tel: +44 (0) 203 026 0320 |
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Broker |
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Ben Tadd / Lewis Jones |
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SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
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Broker |
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Nick Emerson
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Brand Communications |
Tel: +44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green |
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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 – Director Adam Jones discusses the geology at the Holmes Prospect, at the Hurricane project
ECR Minerals #ECR – Director Adam Jones discusses the geology at the Holmes Prospect, at the Hurricane project. Adam discusses a laminated vein at the Holmes prospect, which is part of larger structure and contains chunks of #stibnite (Sb) – #antimony sulphide & #gold (Au). Previous chips returned 13% Sb, equivalent to 39g/t Au.
ECR Minerals playing the big game – Andrew Scott talks to Andrew Haythorpe and Adam Jones
In a new June 2023 ‘on the ground’ interview, Andrew Scott talks to Andrew Haythorpe and Adam Jones about the exploration programme. Adam covers his schedule, boots on the ground at Hurricane (5-7 days) meeting the previous owner, and he will then be at Lolworth for the rest of June taking rock chips and sampling where the tantalum & niobium and rare earths were discovered last year. Andrew Haythorpe talks about the bigger picture for Lolworth in the back yard of Charters Towers, Pajingo etc, looks at the 1980s results, how the area is so unexplored and why the results, size and scale of the area offers so much potential. Both believe that very little would be needed to put the Lolworth discoveries on the scale of Charters Towers, given the 10km ridgeline, the specific area of interest 3.5 x 4km (12-20sq km), but there is also an overlap in the SE of the tenement with the same geology, which is totally untested, which could be 3x the size of the current ridgeline. Adam and Andrew then discuss the planning for Hurricane, putting in access tracks to the breccia veins with bulldozers and an initial RC drilling plan. Andrew explains how the current private landowners have been unable to exploit the asset, and how ECR are the first company with significant resources to get on the ground there.
Moving to Creswick, Adam touches on the underwhelming initial results, but points to the fact there is a 10k trend that remains to be tested, and the reasons why ECR has to work smarter. Adam looks at the geology of nearby Ballarat compared to Creswick – similar structure, narrow vein, anticlines etc, with some 30 veins already identified along the 10k strike. In summary, Andrew highlights the work Adam and the team have done with soil geochemistry and sampling and how they are ‘ranking’ the prospects to get the biggest bang for the ECR buck. In summary, the ECR team are are here to find good grades. Lolworth has some ‘smoking’ mineralisation and Andrew believes at Hurricane will deliver at 20-40-60m below surface, in other words a classicAustralian open cut mining start up which gives ECR a chance to play the big game.
ECR Minerals #ECR – CEO Andrew Haythorpe discusses exploration progress at Queensland & Victoria
ECR CEO Andrew Haythorpe discusses the latest exploration progress at Victoria and the transition to Queensland. Andrew discusses the potential he sees at Lolworth, with 30 different gold occurrences plus niobium and tantalum already at such an early phase. He then looks at the Hurricane project, and how the gold in veins at surface are consistently 1-5m thick (one was 60m thick), which leads to a consistent 1-5 g/t at surface, and the most recent project acquisition, the Blue Mountain project where there is a lot of alluvial gold. Andrew then covers how low cost work programmes including geophysics and geochemistry, RC drilling keep the costs down and will identify the biggest and best anomalies. On funding, there are plans for further asset sales, and he confirms ECR are fully funded for all QLD and Victoria exploration this year. In summary, Andrew believes the chances of pinning down a major find in Queensland is much better. ECR has the right people and right geology, plus there could be some major players keen on partnering in Queensland.
ECR Minerals #ECR – CEO Andrew Haythorpe talks through Blue Mountain and other projects
ECR Minerals #ECR – CEO Andrew Haythorpe talks through Blue Mountain and other projects with Andrew Scott. The Blue Mountain project represents a wonderful opportunity in an accessible part of Queensland. With impressive recoveries there by previous operators, the project compliments other Queensland projects from a logistical. standpoint. Andrew also discusses Lolworth, and how the team are very keen to get back to discover the primary source for Nb Ta Li and Au before looking at the drill campaign at Creswick and the drill ready targets at Hurricane. Andrew the looks at his ongoing role as CEO and how ECR is a well funded company, although he reminds us that every overnight success takes a few years to generate!
ECR Minerals #ECR Interview – Creswick Results and 2023 Operating Plan
February 2023: Andrew Scott talks to Andrew Haythorpe and Adam Jones. The high grade results from Creswick are first on the agenda, and Adam discusses the un mined high grades discovered in the adits (tunnels) at ECR’s Brewery Lane property, and the grades from the rock chip sampling at Mills Reef on the new tenement 4km to the south. The rig will be moved to the Brewery Lane property and a diamond drilling will commence.
Andrew discusses how the core resampling last year and the results from sampling means the team can plan drill targets with real confidence – ” a real opportunity as soon as we can get the drill rig onsite”. He confirms that there have been no JV approaches or conversations yet.
Andrew then discusses Blue Moon – while the mineralised grades were lower than hoped, there are a couple more assays to come and a further hole left to complete.
Adam then discusses the lab used by ECR in Ballarat, which now turns samples around in 2-2.5 weeks, before turning to Tambo, where some initial data analysis is underway ahead of an initial field visit.
Andrew and Adam then discuss Lolworth, a potentially ‘world class’ discovery, where lithium, niobium and tantalum have been discovered along with an extraordinary amount of gold. The 10km ridgeline sits to the north of the lithium anomalies and represents a fantastic opportunity – potentially a company building asset.
Andrew then discussed the new Hurricane project awaiting completion of due diligence and approvals, and then talks through the imminent arrival of the 2nd drill rig and its likely deployment.
The team finally summarise the operating plan, possible asset disposals and the level of commitment across the company. The last word is from Andrew – “with 20yrs experience in the industry, ECR has the best portfolio of assets I have seen over that time”
#POW Power Metal Resources PLC – Merger Agreement – Wilan Project, South Australia
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a merger of its Wilan Project (“Wilan” or the “Project”), located in South Australia, with a number of other Australian exploration interests (the “Merger”). The Merger will create a new Australian exploration company and provide Power Metal with exposure to the world class Mount Isa copper belt located within Queensland, Australia
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“Power Metal recognises the forward dynamic of copper as a commodity and the Merger will provide the Company with an immediate equity exposure to a strategic portfolio of exploration interests in the Mount Isa copper belt of Queensland, Australia.
The Queensland Projects are targeting major copper discoveries within a world class copper belt and are situated close to ground held by a number of substantial mining companies.”
HIGHLIGHTS
·The Wilan Project is comprised of two exploration licences (“ELs”) which cover a total area of 1,994km2, held within Power Metal Resources Australia Pty Ltd (“POW Australia”), which is a wholly-owned subsidiary of Power Metal Resources PLC.
·A heads-of-terms agreement (the “Agreement”) has been signed to combine POW Australia (100% owner of the Wilan Project) with two companies holding a 100% interest in a portfolio of two granted exploration licences and four licence applications covering 1,507km2 in the Mount Isa copper belt of Queensland, Australia (the “Queensland Projects”).
·The Queensland Projects are held by two private Australian companies, RAB Resources Pty Ltd (“RAB Resources” or “RAB”) and New Horizon Metals Pty Ltd (“New Horizon” or “NHM”).
·A new company (“NewCo”) will acquire outright the shares in POW Australia, RAB Resources and New Horizon (the “Merger Parties”). Following the Merger Power Metal Resources plc will hold a 20% interest in NewCo.
·POW Australia will be renamed Wilan Resources Pty Ltd shortly after completion of the Merger, enabling Power to retain the POW Australia name.
·Following the Merger, NewCo will then commence the process for a planned listing targeting Q2 2023 or the acquisition of NewCo and its interests from an existing listed vehicle, subject to agreement of all the Merger parties.
·Further information to follow with regard to the Merger progress & structuring, planned listing and project level developments across the combined project portfolio.
PROJECT MAPS
Project maps covering the Queensland Projects and Wilan Project licence footprints are provided below and will be uploaded to the Power Metal website in due course.
Fig. 1: Queensland Licence Footprint
Fig. 2 – Wilan Project Licence Footprint and Surrounding Area
TRANSACTION TERMS
NewCo will acquire 100% of the share capital of New Horizon, RAB Resources and POW Australia and then hold the Queensland projects and the Wilan Project.
The NewCo ownership on completion of the Merger and grant of the New Horizon licence applications below is outlined in the table below.
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Company Name |
% of NewCo Issued Share Capital |
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New Horizon |
40% |
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RAB Resources |
40% |
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POW Australia |
20% |
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Total |
100% |
The Merger Parties will appoint the board of NewCo and will each have a right to nominate at least one board member.
Note: 20% of the NewCo shares will be issued to New Horizon immediately, with the balancing 20% issued on the grant of the Copper Creek and Bortala licence applications. Should an acquisition of NewCo and/or its interests by an existing listed vehicle complete prior to any planned listing (which may only proceed with the agreement of all the Merger parties), then the remaining 20% of NewCo shares would be automatically issued to New Horizon on completion.
PROJECT LICENCE OVERVIEW
RAB interests include:
Gregory River – East and West
Tenures Exploration for Minerals (EPM’s) 28642 and 28643, the Gregory River (East and West) Project, are exploration licences in application by RAB Resources covering 169.6km2 and 220.8km2, respectively.
Gregory River East and West tenements are prospective for copper, gold, lead, zinc, and cobalt.
Fiery Creek
Tenure EPM 27879 the Fiery Creek Project is a granted exploration licence held outright by RAB Resources covering 320km2 with an expiry date of 16/03/2027. Fiery Creek is believed to be prospective for copper, gold, lead, zinc, and cobalt.
Dynamite Creek
Tenure EPM 27870 the Dynamite Creek Project is a granted exploration licence held outright by RAB Resources covering 288km2 with an expiry date of 16/03/2027. Dynamite Creek believed to be is prospective for copper, gold, and cobalt.
NHM interests include:
Copper Creek
Tenure EPM 28272, the Copper Creek Project is an exploration licence in application by New Horizon covering 195.2km2 with a lodgement date of 31/1/2022. Copper Creek is prospective for copper, cobalt, silver, uranium, and rare earth elements.
Bortala
Tenure EPM 28271, the Bortala Project is an exploration licence in application by New Horizon covering 313.6km2 with a lodgement date of 31/1/2022. Bortala is prospective for copper, cobalt, silver, lead, zinc, uranium, and rare earth elements.
POW Australia interests include:
Wilan Project
The Wilan Project includes two granted exploration licences (“ELs”) including EL6819 and EL6870.
EL6819, is a granted exploration licence held outright by POW Australia covering 999km2 with an expiry date of 23/08/2028.
A desktop technical review completed over EL6819 identified an approximately 4 x 6km coincident magnetic and gravity geophysical anomaly located in the southeastern part of the Project. Such coincident geophysical anomalies have been noted as potential targets for iron oxide copper-gold mineralisation (“IOCG”) elsewhere within the highly prospective Gawler Craton.
The Wilan Project also includes recently granted EL6870 which covers an area of 995km2 and lies to the northwest of EL6819 which carries an expiry date of 10/11/2028.
Exploration targets within EL6870 include potential surficial lacustrine uranium (U) and vanadium (V) mineralisation located within the western part of the Project. The lacustrine targets were identified by recently completed radiometric and hyperspectral analysis. In addition, within the northern part of EL6870, multiple kimberlitic indicator minerals have been identified by a previous operator, including occurrences of pyrope, kimberlitic ilmenite and picroilmenite.
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 visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |