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ECR Minerals #ECR – Three Exploration licences granted in the Lolworth Region, North Queensland
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce that exploration licences EPM27901, EPM27902 and EPM27903 have been granted to its subsidiary LUX Exploration Limited (“LUX”), in the Lolworth Region, North Queensland.
LUX is a wholly owned subsidiary of ECR with a specific focus on exploration projects in the North Queensland region in Australia.
ECR Chairman David Tang commented: “I am delighted to announce that the Lolworth Range license applications have been granted. Once again, along with our Head Geologist Adam Jones, our former CEO Craig Brown was instrumental in bringing LUX and the Lolworth Range tenements into the ECR Minerals asset portfolio, and all the indications are that Adam and the team could unlock significant additional value from these three new license areas.”
“I look forward to deploying our team for a reconnaissance survey in the Lolworth Range region this year, and reporting progress back to our shareholders.”
SUMMARY:
- LUX EXPLORATION HAS BEEN GRANTED THREE EXPLORATION LICENSES COVERING A TOTAL OF 964 KM2
- HISTORIC STREAM SEDIMENT SAMPLING INDICATES THAT THE LOLWORTH RANGE IS PROSPECTIVE FOR GOLD, TUNGSTEN AND TIN.
Exploration licenses for tenements EPM27901, EPM27902 and EPM27903 were applied for in May 2021, and we are pleased to report that these were granted to LUX on 1 February 2022. The tenements will expire in 5 years (on 31 January 2027) and, while they will be available for renewal after the initial 5-year term, the area available for renewal will be reduced by 50%, which is a standard term of exploration licences to encourage companies to focus their exploration activities. LUX has a commitment expenditure of AUD$650,000 for the first three years across the three licence areas, which is expected to be funded from ECR’s existing cash resources.
The exploration licences are located approximately 120km west of the historic Charters Towers Gold Mine in North Queensland, Australia and cover an area of 964 km2.
PROSPECTIVITY OF THE AREA
The directors of ECR believe the Lolworth Range is under explored. The area has been closely monitored by ECR’s Head Geologist Adam Jones for at least eight years.
Historical documentation of exploration undertaken within the area, which has not been verified by ECR, reveals that a (pan concentrate) stream sediment campaign was undertaken in 1987-1988 within the granted tenements under the old tenement permit number AP4855M. This work revealed seven gold anomalous drainage sites within the mountain range, including visible gold in pan concentrates. Research has found these anomalies have not been followed up as they were interpreted as sourced from possible terrace alluvial deposits upon the sides of the drainage sites. It is the Directors current belief that even if this was the case, the terrace deposits must still have their source within the Lolworth Range. Tin and tungsten anomalies were also recorded in streams within license area EPM27901. The metamorphic rocks of the range are still not well understood, however rhyolitic rock chips from historic exploration reports within the range were noted to be elevated in gold. These factors have led the Directors to conclude that the Lolworth licence areas have the potential to develop into a valuable asset for ECR Minerals plc. An initial reconnaissance survey of the area is planned for this coming year, and we look forward to updating on progress in due course..
(Figure 1) The location of the tenements in a regional context can be viewed within the link below:
https://www.ecrminerals.com/images/2022/fig1_Lux_Granted.png
(Figure 2) A summary of the anomalous drainage areas and the granted tenements can be viewed with the following link:
https://www.ecrminerals.com/images/2022/fig2_Lux_Granted.png
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 20 7929 1010 | ||
| David Tang, Non-Executive Chairman | |||
| 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 |
|||
| Blytheweigh | Tel: +44 (0) 207 138 3204 | ||
| Public Relations | |||
| Tim Blythe
|
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 two granted exploration licences of approximately 964 km2 and one licence application of 300km2 covering a relatively unexplored area in the Lolworth region of 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 holds 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.
ECR Minerals #ECR – DoR & EA Approve LUX Exploration Work Programmes at North Queensland
DEPARTMENT OF RESOURCES & ENVIRONMENTAL AUTHORITY APPROVE LUX EXPLORATION WORK PROGRAMMES FOR THREE TERRITORIES WEST OF CHARTERS TOWERS IN THE LOLWORTH DISTRICT OF NORTH QUEENSLAND, AUSTRALIA
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that the Department of Resources (DoR) and Environmental Authority have approved work programmes for three Exploration Permits (“EPM”) at its Lolworth District licence territories in North Queensland, Australia.
The EPM licenses have yet to be approved but now that the work programmes have been approved, the EPM’s will be advertised, following which there will be a 4-month consultation period. The Directors believe the licences should be granted in approximately 6 months time, and further announcements will be made at that time. Once approved, all three are valid for an initial period of 5 years to enable the Group to complete the planned exploration program, with a right to apply for permit extensions for up to a total of 15 years. The licenses will be held in the name of LUX Exploration Pty Ltd (“LUX”) which is a 100%-owned Australian subsidiary of ECR Minerals.
Craig Brown, Chief Executive Officer, commented:
“I am pleased to report that following our application for three strategic licenses in the Lolworth district announced on 27 May 2021, we have received work programme approval back in record time to complete the EPM application process.
Historical data* from the area shows that regional deposits, including Charters Towers have produced over 24m Oz in total gold production over the years, so naturally our team are very keen to get on the ground and start work.
Our strong cash position has enabled us to maintain aggressive drilling programmes, operating two diamond drill rigs at the Bailieston and Creswick projects in Victoria. While our team at Bendigo continue to assess the core and drill data, under the leadership of Geologist Adam Jones, we now have the capacity to aggressively pursue and develop this new opportunity.”
I am confident that our ongoing drilling operations across multiple high-profile gold targets will expose ECR to potential new gold discoveries, and I look forward to updating shareholders again in the near term.”
THE LOLWORTH RANGE AREA
Exploration Permits (EPM 27901, 27902 and 27903) represent 300 sub-blocks covering a total 900 km2 of highly prospective ground located within the Lolworth Range, 200km WSW of Townsville and 30km north from Pentlands, North Queensland Australia.
EXPLORATION POTENTIAL
The application area contains metamorphic rocks of the Charters Towers Province, that host historical large gold producing centres such as Charters Tower (6.6M Oz Au) *** and Ravenswood (3.5M Oz Au)****; although these numbers have not been independently validated by ECR and so are provided for guidance purposes only. The structural and basement geology is poorly understood in the area, which suggests it is possible to find new deposits.
The area also contains reported rhyolitic volcanics which play host to intrusion-related breccia gold deposits in the region such as Mount Leyshon (>2.5M oz) and Mount Wright (>1M oz). **
Desktop study of historic exploration data from the late 1980’s revealed anomalous gold stream sediment sample results within the applied areas.
The application area is encompassed on the southern boundary by rich alluvial gold deposits of the Cape River and Gorge Creek area, which drain the southern Lolworth Range.
The east boundary of EPM27902 and EPM27903 is bordered by current exploration permits exploring the Lolworth dyke swarm; a north-west trending system of rhyolitic dykes and small breccia pipes containing gold, copper and molybdenum.
Historic sample data also highlighted tin-tungsten mineralisation in the western areas of EPM27902 (see Figure 1). Reports show no detailed follow-up work has been undertaken.
Figure 1: Plan of EPM27901, 27902 and 27903 areas and historic anomalous pan stream sediments.
https://www.ecrminerals.com/images/figure1_210706.jpg
(Internally produced using data from sources set out at the end of this announcement)
EXPLORATION OUTLINE
Research suggests that little mineral exploration work has been done within the Lolworth Range. While historical ore-deposit reports and metal prices have provided some context and background to the opportunity, the ECR board believe that the most relevant exploration work undertaken within the application area was under AP4855M (by A.R.I Limited) during the 1987-88 period. The work this company undertook is one of the main reasons for the current application area. A.R.I Limited undertook a major stream sediment program within the drainage of the Lolworth Range via helicopter access. This work highlighted seven gold anomalous areas worth following up. Historical rock chip samples also demonstrate the prospectivity of the region with elevated gold in association with rhyolites and breccias. Eleven watersheds showed visible gold in pan concentrates.
Initial exploration is likely to include confirmation of existing stream sampling anomalies to potential watersheds, followed up by soil and rock chip sampling of ridgelines that are above these anomalous watersheds. The outcome of this work will delineate worthy drill targets.
Figure 2: Planned focus of exploration activities for EPM27901, 27902 and 27903.
https://www.ecrminerals.com/images/figure2_210706.jpg
Once the EPM licence applications have been approved, LUX Exploration Pty Ltd. will have initially 5 years to complete the planned exploration program, with right to apply for permit extensions for up to a total of 15 years. LUX Exploration will need to relinquish 50% of the initial application area after 5 years.
The work programmes and forecast expenditure for licenses EPM27901, 27902 and 27903 are expected to total £1.8m over 5 years (Figure 3). NB: These forecasts and projections represent the board’s assumptions and expectations in light of currently available information, and are based on industry trends, costs and other factors that are subject to change.
Figure 3: https://www.ecrminerals.com/images/lux-work-programme.jpg
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:
| ECR Minerals plc David Tang, Non-Executive Chairman Craig Brown, Director & CEO Email: info@ecrminerals.com Website: www.ecrminerals.com |
Tel: +44 (0)20 7929 1010 |
| WH Ireland Ltd Nominated Adviser |
Tel: +44 (0)161 832 2174
|
| SI Capital Ltd Broker Nick Emerson |
Tel: +44 (0)1483 413500 |
| Novum Securities Limited Broker Jon Belliss |
Tel: +44 (0)20 7399 9425 |
|
Brand Communications |
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 eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects 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 licence applications covering 900 km2 covering a relatively unexplored area in Queesnland, 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), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production at any of those projects.
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, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.
*: Which has not been validated by ECR and so is provided for guidance purposes only
**: https://smedg.org.au/wp-content/uploads/2020/07/Nik_Breccias_NQ_M&W2013_Lisowiec_FINAL.pptx
***: https://www.mining-technology.com/projects/charterstowersgoldmi/
****: Open file exploration reports from licence ATP4855 (authority to prospect)
Proactive’s Andrew Scott talks to ECR Minerals #ECR CEO Craig Brown about Bailieston, Creswick and Queensland
ECR Minerals PLC‘s (LON:ECR) Craig Brown speaks to Proactive following the news it’s applied for three new licences in the north of Queensland, Australia. The permits cover a total 900sq km of highly prospective ground located within the Lolworth Range, 200km WSW of Townsville and 30km north from Pentlands. Brown also updates on drill programs which are progressing at its Bailieston and Creswick gold exploration projects in the Victoria Goldfields, Australia. They are 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia.
ECR Minerals #ECR – Additional Strategic License Applications in Australia
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on Australia, is pleased to announce strategic licence applications with a view to adding new exploration opportunities in Queensland, Australia.
Three Exploration Permits in Application (“EPM”) licences have been submitted in North Queensland, Australia with all three EPM licences are held under LUX Exploration Pty Ltd “LUX” which is a 100%-owned Australian subsidiary of ECR Minerals.
Craig Brown, Chief Executive Officer, commented:
“The strong cash position enjoyed by ECR Minerals has not only enabled us to launch aggressive drilling programmes across our existing properties, but has also facilitated full utilisation of in-house and advisory resources to identify, investigate and acquire new opportunities to expand our Australian exploration portfolio. Today’s announcement manifestly demonstrates that capability.
We are currently operating two diamond drill rigs at the Bailieston and Creswick projects in Victoria, Australia, both of which are delivering considerable amounts of drill core for technical review, processing and assay testing.
We believe the ongoing drilling operations and the upcoming implementation of drilling across multiple high-profile gold targets will expose ECR to potential new gold discoveries.
We also look forward to providing further information from the new Queensland Australia licence applications, which we believe offer significant potential for precious and base metal discoveries in an area of Australia where multiple large-scale discoveries have already been made.
Exploration work across Australia continues apace and we expect to provide further operational updates in the near term”
THE APPLICATION AREA
- Three Exploration Permits in application (EPM 27901, 27902 and 27903); representing 300 sub-blocks covering a total 900 km2of highly prospective ground located within the Lolworth Range, 200km WSW of Townsville and 30km north from Pentlands, North Queensland Australia.
EXPLORATION POTENTIAL
- The application area contains metamorphic rocks of the Charters Towers Province, that host historical large gold producing centres such as Charters Tower (6.6M Oz Au) and Ravenswood (>1M Oz Au). The structural and basement geology is poorly understood in the area suggesting finding new deposits are possible.
- The area also contains reported rhyolitic volcanics which play host to intrusion-related breccia gold deposits in the region such as Mount Leyshon (>2.5M oz) and Mount Wright (>1M oz). (see Figure 1 below).
- Desktop study of historic exploration data from the late 1980’s revealed highly anomalous gold stream sediment sample results within the applied areas.
- The application area is encompassed on the southern boundary by rich alluvial gold deposits of the Cape River and Gorge Creek area, which drain the southern Lolworth Range.
- The east boundary of EPM27902 and EPM27903 is bordered by current exploration permits exploring the Lolworth dyke swarm; a north-west trending system of rhyolitic dykes and small breccia pipes containing gold, copper and molybdenum.
- Historic samples also highlighted tin-tungsten mineralisation in the western areas of EPM27902 (see Figure 2). Reports show no detailed follow-up work has been undertaken.
Figure 1: Location of EPM27901, 27902 and 27903 and nearby gold deposits and towns.
https://www.ecrminerals.com/images/figure1_Lux.jpg
EXPLORATION OUTLINE
- Research reveals little mineral exploration work has been done within the Lolworth Range. Access, company specific targeted ore-deposit styles and price of metals reflect the efforts of past exploration. The most detailed exploration work undertaken within the application area would have been under AP4855M (A.R.I Limited) during the 1987-88 period. The work this company undertook is one of the main reasons for the current application area. A.R.I undertook a major stream sediment program within the drainage of the Lolworth Range via helicopter access. This work highlighted seven gold anomalous areas worth following up. Rock chips also demonstrated the perspectivity of the region with elevated gold in association with rhyolites and breccias. Eleven watersheds showed visible gold in pan concentrates. Highlights from this historic exploration work are shown on (Figure 2).
Figure 2: Plan of EPM application area showing historic stream sediment sampling results.
https://www.ecrminerals.com/images/figure2_Lux.jpg
- Initial exploration likely to include confirmation of existing stream sampling anomalies to potential watersheds, followed up by soil and rock chip sampling of ridgelines that are above these anomalous watersheds. The outcome of this work will delineate worthy drill targets.
- Once licence applications have been approved, LUX Exploration Pty Ltd. will have initially 5 years to complete the planned exploration program, with right to apply for permit extensions for up to a total of 15 years. LUX Exploration will need to extinguish 50% of the initial application area after 5 years.
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:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | ||
| David Tang, Non-Executive Chairman | |||
| Craig Brown, Director & CEO | |||
| Email: | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0)207 220 1666 | ||
| Nominated Adviser | |||
| Katy Mitchell / James Sinclair-Ford
Novum Securities Limited Broker Jon Belliss |
Tel: +44 (0)20 7399 9425 | ||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | ||
| Broker |
Nick Emerson
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, and two licence applications lodged in eastern Victoria for the Tambo gold project.
MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
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 at any of those projects.
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, and holds a royalty on the SLM gold project in La Rioja Province, Argentina