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ECR Minerals #ECR – Fire Assay Results Confirm High Grade Gold Photon Analysis Numbers At Tambo, Victoria
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the fire assay gold results from the historic Duke of Cornwall Mine, Swifts Creek (Tambo), Victoria, Australia.
HIGHLIGHTS
- Fire assay of 37 rock chips at the Duke of Cornwall Lode improves earlier best result from photon analysis from 51.5 g/t Au to 52.2 g/t Au
- 10 Samples returned results above 5 g/t Au
- Additional gold results for 19 rock chips include more best results including 9.79 g/t Au, 8.55 g/t Au and 5.31 g/t Au
- The results fall within the 95% confidence interval indicating photon analysis does offer a reliable indication of fire assay results
Background to Photon Assay Analysis
As announced on 10 June 2024, ECR Minerals undertook an exploration campaign at its Eastern Victorian exploration tenement (EL007484) which included detailed mapping of historical gold workings and the collection of 56 rock chips and 84 soil samples at spaced intervals across and along strike of the known mineralisation. Initial testing of 37 rock chips using the Photon Assay method returned significant results with 8 samples showing gold concentrations exceeding 5 g/t Au, including a best result of 51.5 g/t Au.
Fire Assay Comparison
The Board has now received the gold and multi-element results for all 56 rock chip samples, analysed using both traditional Fire Assay and ME-ICPMS methods. In comparing the 37 Photon Assays to the Fire Assays, all samples are within a 95% confidence level. The largest variance observed between assay methods was 2.05 g/t Au in rock chip BTR054. It is acknowledged that gold results inherently exhibit some variance, as evidenced by duplicate and repeat testing for Au (refer to Table 1 below). A vein previously sampled in 2023, with a fire assay indicating 0.2 metres at 22 g/t Au, produced a photon analysis result consistent with expectations, measuring 24 g/t Au.
Multi-Element Pathfinders
All rock chip samples also underwent ME-ICP analysis to determine levels of Silver, Arsenic, Bismuth, Copper, Lead, and Zinc. Elements such as Arsenic (As) have traditionally been a key indicator for gold mineralisation. Bismuth (Bi) has shown the closest correlation with gold at higher elevations and falls within the detectable range of a pXRF device, a valuable tool included in the Company’s exploration toolkit (refer to Chart 1 below). Pathfinder elements can be crucial for expediting and cost-effectively generating future regional exploration targets.
Table One: Results above 5g/t Gold from 56 Rock Chip Samples, Tambo Project Exploration. Comparison between earlier Photon Analysis also shown.
| Sample | Photon Au g/t | FA Ave Au g/t | Au g/t
(FA-1) |
Au g/t (Duplicate) | Au g/t (Repeat) | Bismuth ppm |
| BTR005 | 8.55 | 8.56 | 8.53 | 1230 | ||
| BTR011 | 5.31 | 5.52 | 5.09 | 186 | ||
| BTR019 | 9.79 | 8.88 | 10.70 | 482 | ||
| BTR021 | 16.70 | 15.70 | 16.50 | 14.90 | 1200 | |
| BTR027 | 7.00 | 6.13 | 5.72 | 6.53 | 256 | |
| BTR044 | 26.50 | 26.25 | 25.60 | 26.90 | 1040 | |
| BTR046 | 16.90 | 17.20 | 17.00 | 17.40 | 747 | |
| BTR047 | 24.00 | 22.85 | 21.80 | 23.90 | 316 | |
| BTR054 | 19.70 | 17.65 | 16.50 | 18.80 | 640 | |
| BTR056 | 51.50 | 52.20 | 53.20 | 51.20 | 1450 |
* Fire Assay Average grade = (Au g/t + duplicate + repeat) / number of analysis
No other rock chip samples returned results above 5 g/t Au.
Chart 1: Plot of Au (g/t) against Bismuth (ppm) showing close correlation between the two elements.
Mike Whitlow Chief Operating Officer commented: “The high grade gold results, and perhaps more importantly, the statistically significant correlation to the fire assay data has validated our decision to implement photon assaying at Tambo. A best result of 52.2 g/t Au in rock chips is an exceptional outcome and I look forward to our exploration teams resuming work at the project in due course.
“In Queensland, the earlier recovery of visible gold through our washplant at Blue Mountain has exceeded expectations and we’re eagerly awaiting the results of laboratory analysis which will guide our next steps for the project. In the coming days, I’m looking forward to our chief geologist Adam Jones joining our field crews at Lolworth where initial hard rock trenching is planned for Gorge Creek West.”
Adam Jones Chief Geologist added: “Our geological team has been very impressed with the Photon Assay method, noting its close correlation with reported Fire Assays. It not only provides faster and more cost-effective results but also represents a significant shift in our approach moving forward. Our next objective at this prospect is to confirm the consistency of gold hits within the vein structure which is likely to include a short drill program.”
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 |
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| Email: | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | ||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
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| 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 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.
ABOUT PHOTONASSAY
Developed by Australia’s national science agency, CSIRO, photon assay is described as a technique that can deliver faster, safer, and more accurate gold analysis. The developers of PhotonAssay are positioning it as an environmentally-friendly replacement for fire assay that can provide rapid turnaround on high sample volumes. Samples can be processed in less than 2 minutes in an automated process, compared to 3-4 hours for fire assay samples. A number of companies have undertaken a thorough evaluation of the method on their projects by undertaking extensive testing against fire assays (currently considered the gold standard for grade determination) with excellent results. PhotonAssay is considered most suitable for coarse gold mineralisation where analysis of large sample sizes is advantageous.
The technique works by hitting samples with high-energy X-rays, which causes excitation of atomic nuclei allowing enhanced analysis of gold, silver, copper and other elements in as little as two minutes. A highly sensitive detector picks up the unique atomic signatures from these elements to determine concentrations.
PhotonAssay has the following features:
- Bulk measurement of large samples, typically 400–650 g
- Minimal sample preparation e.g. crush to 2–3 mm top-size
- Non-destructive; no chemical reagents required
- Rapid (< 2 mins per sample, 70 samples/hour)
- Excellent sensitivity (0.01 ppm detection limit on reagent blanks, 0.015-0.030 on typical gold ores)
- Independent of sample matrix, chemistry or mineralogy
- Fully-automated
ECR Minerals #ECR – Tambo Gold Project, Eastern Victoria, Australia
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on Australia, is pleased to announce that its wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has applied for two new exploration licences in eastern Victoria, Australia. The licences, which are contiguous, will comprise the Tambo gold project.
HIGHLIGHTS
- Two new exploration licence applications lodged in eastern Victoria: EL007484 (410 sq. km) and EL007486 (318 sq. km), to comprise the Tambo gold project;
- Applications cover portions of the historic Swifts Creek/Omeo and Haunted Stream goldfields that have recorded historical gold production of 205,000 and 25,000 oz respectively, according to figures published by the Geological Survey of Victoria;
- Project area prospective for orogenic reef gold and additionally for intrusion-related gold & base metal systems.
Craig Brown, Chief Executive Officer of ECR, commented:
“Good quality exploration ground available for direct application is very difficult to find in Victoria, so we are very pleased to have identified and applied for the Tambo project, which covers a sizeable area of prospective geology near historic goldfields and has received little contemporary exploration.
Our principal geologist, Dr Rod Boucher, was born and raised nearby in Bruthen. He grew up gold prospecting with his father throughout the application areas and has an in-depth knowledge of the gold potential in the small streams and gullies. He is a descendant of gold miners from a locality once known as Boucher Town between Cassilis and Swifts Creek and completed his third-year undergraduate thesis on the geology of the Tambo Crossing area.”
ABOUT THE TAMBO PROJECT AREA
A map of the Tambo project area showing the location of the applications (Fig. 1a) and their geological setting (Fig. 2a) can be viewed at:
https://www.ecrminerals.com/images/2020/09/21/tambo_ela_f1_location_goldfields.jpg
https://www.ecrminerals.com/images/2020/09/21/tambo_ela_f2_geology.jpg
Geologically, the majority of the project area has exposed prospective basement including granites (Fig. 2a). In the past, the area has been mostly explored by smaller companies and individuals and has not received thorough exploration with modern techniques.
The project area falls within the area of a large airborne gravity survey which the Victorian State Government plans to commence in late 2020. The data from this survey, when published, is expected to generate new insight into the geology of eastern Victoria, including the Tambo project area.
The application areas are mostly covered by private land (EL007484) and Crown land (EL007486) respectively. Good access to the application areas is possible via tracks off the Omeo Highway that runs the length of the project area.
EL007484
The application area includes a portion of the historic Swifts Creek/Omeo goldfield that includes gold production centres at Omeo, Cassilis and Brookville. The goldfield has recorded total historical production of 205,000oz (see source below), approximately half of which was primary gold. Primary mineralisation at Cassilis is orogenic reef gold and MGA intends to explore for this style of mineralisation along the Ensay and Cassilis shear zones that cross the application area.
EL007486
Much of the application area is depicted to be covered by the historic Haunted Stream goldfield that has recorded historical production of 25,000oz gold (see source below). The small production from the tenement area is mostly from remnant patches of gold-bearing alluvial terraces, some of which have continued to be mined in recent decades. The source of the alluvial gold may be from the Stirling area, although there is potential for reef sources either at surface or at shallow depths within the tenement area.
The application covers the Mount Elizabeth caldera and accompanying intrusives. This region is prospective for mineralisation above the deeper intrusion and associated with the ring faults (Fig. 2b). Similarly, roof pendants in the Tambo Crossing granodiorite/tonalite indicate it has not been deeply exhumed. In contrast, Victoria’s intrusive systems are typically eroded to deeper levels so the opportunities to explore for deposits near the tops of these systems do not usually exist. There is great variability in the timing and chemistry of the granites in the Mt. Elizabeth area resulting in highly prospective mineralising host rocks.
Figures for historical gold production referred to in this announcement are from the following source: Willman, C. E., Morand, V. J., Hendrickx, M. A., VandenBerg, A. H. M., Haydon. S. J. & Carney, C., 1999. Omeo 1:100,000 map area geological report. Geological Survey of Victoria. Report 118, p253.
Review of Announcement by Qualified Person
This announcement has been reviewed by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australasian Institute of Mining and Metallurgy. Dr Boucher 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: info@ecrminerals.com | ||
| Website: www.ecrminerals.com | ||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | |
| Nominated Adviser | ||
| Katy Mitchell/James Sinclair-Ford | ||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | |
| Broker | ||
| Nick Emerson |
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX), ECR has the right to receive up to A$2 million in payments subject to future resource estimation or production at 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.