TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Multiple visible gold occurrences and pegmatites observed at
Lolworth, Queensland
ECR Minerals plc (LON: ECR), the exploration and development
company focused on gold in Australia, is pleased to announce the
first round of results from the recent stream sediment sampling
campaign undertaken at the Lolworth Range project, North
Queensland, Australia.
ECR Minerals plc has 100% ownership of three exploration
tenements (EPM27901, EPM27902 and EPM27903), which covers the
Lolworth Range, located 120km west of the famous gold district of
Charters Towers. The project is being explored by ECR's Australian
wholly owned subsidiary Lux Exploration Pty Ltd ("LUX").
HIGHLIGHTS
-- 21 out of 125 stream sediment samples to date are anomalous with gold,
with results up to 152.5 ppm Au.
-- 18 of the 125 samples show visible gold.
-- Further samples are awaiting results including 212 stream sediment
samples and 33 rock chips.
-- Multiple pegmatites observed throughout the tenements
ECR CEO Andrew Haythorpe commented: "Following today's placing
to raise gross proceeds of GBP900,000 to further develop our
projects, on behalf of the Board I am delighted to report a great
start at our Lolworth project, with a highly encouraging 14%
visible gold strike rate from the sampling campaign. As we await
the results from the remaining samples, we have also incorporated
samples from pegmatites observed by our Technical Director on his
most recent trip to Lolworth into our plan. These have also been
submitted for assay and will be reported at the earliest
opportunity. From this we will then move to establish an initial
shortlist of targets for further exploration."
"I look forward to reporting back to you as soon as we receive
the results from the remaining samples"
A Probability Plot showing the different gold population
groupings can be found at the following link:
Figure 1:
https://www.ecrminerals.com/images/2022/fig1_Lolworth_SS_Au_populations.png
An overview plan showing results (Au ppm) of stream samples
completed to date can be found at the following link:
Figure 2:
https://www.ecrminerals.com/images/2022/fig2_Lolworth_SS_1st_Results_091222.png
PROJECT OVERVIEW
The Lolworth Range project is located approximately 120km west
of the historically famous Charters Towers gold district. ECR
Minerals owns three Exploration tenements covering a total area of
964 km(2) . The area encompasses the Lolworth Range, a region
comprising of similar rocks that host world class gold deposits
such as Charters Towers and the historic Mt Leyshon Mine (>2.5
million ounces).
In 1987-1988, a stream sediment survey was undertaken by
previous explorers ARI Ltd under permit ATP4855M. Their
investigations identified numerous anomalous streams within
Lolworth Range containing not only visible gold, but also minerals
such as tin and tungsten. Research by ECR Minerals geologists
established that no follow-up exploration of any note had been
undertaken since the work under the ATP4855M permit, mostly likely
due to the relatively inhospitable terrain. It is for this reason
that ECR Minerals pegged this ground in 2021.
FIRST RESULTS FROM THE STREAM SAMPLING PROGRAM
ECR Minerals has received the results from 125 pan concentrate
stream sediment samples which are representative of the first batch
of samples submitted to the laboratory in late September 2022. A
further 212 samples have been submitted recently with results
expected in due course.
Visible gold has been observed in the concentrates of 18 out of
the 125 samples (14.4% of the total), which is a better outcome
than the results from previous exploration by ARI Ltd. in
1987-88.
All gold results to date have been arranged in increasing order
of grade (Au ppm) and analysed by a cumulative probability plot
(Figure 1). Results show the presence of five (5) considered gold
populations, characterised by the following;
Group 1: Extreme values with a grade range between 5.5 and 152.5
ppm Au.
Group 2: Highly anomalous values with a grade range between 2.1
and 5.5 ppm Au.
Group 3: Mid anomalous values with a grade range between 0.6 and
2.1 ppm Au
Group 4: Low anomalous values with grades ranging between 0.13
and 0.6 ppm Au
Group 5: Considered background values of the surrounding region
representing no anomaly with a grade range between 0.00 and 0.13
ppm Au. These represent approximately 83% of all sampling
reported.
The ECR board considers samples that fall into groups 1, 2 and 3
to be anomalous in gold. Samples falling within group 4 are a low
priority, however some follow-up sampling will be needed as a
double check.
The anomalous areas of groups 1, 2 and 3 are notated on the plan
map in (Figure 2).
In practice, sampling in the field has shown that not all
negative laboratory results correlated with observed visible gold
in the panning process. An example is that 8 out of the 89 samples
falling into group 5 (background value) were notable for visible
gold. This will be taken in consideration for follow up sampling
campaigns.
TABLE 1: Gold population groups showing total samples with
observed visible gold (VG):
Population groups Number of samples Samples with reported VG
Group 1 5 3
Group 2 12 3
Group 3 4 3
Group 4 15 1
Group 5 89 8
TOTAL 125 18
TABLE 2: All gold results considered anomalous from Groups 1, 2
and 3:
SAMPLE Easting (GDA94-Z55) Northing (GDA94-Z55) Au ppm Visible Gold?
LWSS001 313692 7754116 5.88 y
LWSS012 314429 7756692 1.42 y
LWSS090 298814 7761280 2.30 y
LWSS092 299499 7761370 0.93 n
LWSS093 298823 7760665 2.17 n
LWSS094 299023 7760941 2.38 y
LWSS096 299042 7758162 2.26 y
LWSS149 314050 7749308 21.90 y
LWSS151 313877 7749836 0.85 y
LWSS155 315871 7750430 5.88 n
LWSS160 314212 7751253 1.93 y
LWSS161 314025 7751352 152.50 y
LWSS207 316998 7753627 2.67 n
LWSS211 313613 7751298 7.69 n
LWSS263 315668 7749611 4.43 n
-- (Visible gold recorded in field sampling: y=Yes n=No)
NEXT STEPS
These first results from Lolworth Range lead the Board to
believe that the area is highly prospective for gold, increasing
both our knowledge of the region and confidence in the overall
project potential. The sampling campaign has built considerably on
the limited past exploration by ARI Ltd in 1987-88. ECR Technical
Director Adam Jones visited the project in early November 2022, and
in his field inspection he noted multiple pegmatites throughout the
tenements. Previous exploration work had noted Tungsten (W) and Tin
(Sn) mineralisation within parts of the region and armed with this
knowledge, further analysis is being conducted on all samples to
identify potential pathfinders for critical minerals.
There are another 212 stream sediment samples currently being
analysed in the laboratory. In addition, 33 rock chips taken from
observed mineralised veining at the 'Uncle Terry' historical
prospect are also being analysed.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical
Director of Exploration 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) 20 7929 1010
David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO
Email:
info@ecrminerals.com
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
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). MGA is currently
drilling at the Bailieston Blue Moon Project (EL5433) and
undertaking geochemical exploration on the Creswick (EL6148)
project 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 approved exploration permits
covering 946 km(2) over a relatively unexplored area in Queensland,
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), 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 70% 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
View source version on businesswire.com:
https://www.businesswire.com/news/home/20221211005033/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2022
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