ECR MINERALS
plc
("ECR Minerals", "ECR" or the
"Company")
Further Significant Increase
of Gold Grades at Creswick
Exploration Activities
Update
ECR
Minerals plc (LON: ECR), the exploration and development company
focused on gold in Australia, is pleased to provide the final bulk
sampling results from its reverse circulation drilling programme at
the Kuboid Hill site in Creswick earlier this year. Bulk sampling
of drilled material highlights high-grade pockets of gold within
the broader scale mineralisation footprint.
The Company also provides an update
on its operations at Bailieston and Tambo
in Victoria as well as its forthcoming plans in
Queensland.
HIGHLIGHTS
·
Five bulk samples upgrade
initial Kuboid Hill drill results. Most significant is the
upgrade from 1m @ 1.04 g/t Au to 1m @ 8.37
g/t Au
●
Results expected shortly from photon assay pilot
testing at Tambo Project
●
Analysis underway for antimony in selected diamond
core from Bailieston, Victoria
●
Resumed field operations in Queensland at Lolworth
Project, focusing on priority targets including Gorge Creek, Reedy
Creek, and Butterfly Creek, with stream samples yielding up to 1395
ppm Au
●
Additional test work at Blue Mountain, Queensland
expected to commence within weeks.
●
ECR is fully funded for its planned work programs
in Victoria and Queensland in 2024.
Details of the Programmes
Creswick
As announced on 8 April 2024, a
total of 1,032 metres of reverse circulation ("RC") drilling was
completed at Kuboid Hill on 16 February 2024. This was the
second part of an extended reverse circulation drilling programme
at Creswick, following on from 522 metres completed at Davey Road
where, as previously announced on 12 February 2024, ECR reported a
best overall grade gold of 41.03g/t Au. The Kuboid Hill programme
was designed to follow up on the Company's anomalous gold soil
sampling campaign that was completed in 2022.
Final bulk sampling results for the
outstanding 13 RC drill holes at Kuboid Hill, consistent with the
results reported on 7 May 2024, have revealed higher gold content.
This was anticipated because of the presence of coarse gold in the
area. Five bulk samples are now evidencing significant intercepts,
the most prominent of which is an increase from 1m @ 1.04 g/t Au to
1m @ 8.37 g/t Au in hole KHRC005 from 17m depth. The bulk sampling
of the other drill holes did not return any reportable results.
These findings support the presence of higher-grade gold pockets
within a broader low-grade mineralisation halo at Kuboid Hill which
differs from Davey Road's narrow vein, higher-grade style of
mineralisation. The results provide encouragement that similar
mineralisation styles exist within the Creswick license
area.
Details of Significant Intercepts from the Latest Bulk
Sampling (Kuboid Hill RC Drilling) > 0.5 g/t
HOLE
|
Sample
|
From
|
To
|
Bulk
g/t
|
Original g/t
|
KHRC005
|
CRB1357
|
17
|
18
|
8.37
|
1.04
|
KHRC001
|
CRB1549
|
19
|
20
|
1.78
|
0.27
|
KHRC006
|
CRB1231
|
19
|
20
|
1.73
|
0.03
|
KHRC010
|
CRB543
|
20
|
21
|
1.03
|
0.51
|
KHRC001
|
CRB1539
|
10
|
11
|
0.71
|
0.03
|
Photon Assaying
ECR has submitted a number of Kuboid
Hill bulk samples, as well as rock chips recently taken from its
Tambo Project, for testing. Traditional fire assay methods will
also be used to back up the results for comparison. Photon assaying
is an emerging gold analysis method, which is environmentally
friendly and available locally, providing quicker results with less
preparation and non-destructive sample analysis.
A number of well-known producing gold mines,
including Fosterville, are currently employing this method of
analysis.
Victoria Exploration - Tambo and Bailieston
ECR has now wrapped up its initial
reconnaissance exploration on its Eastern Victorian licence at
Swifts Creek, Tambo River (EL007484), focusing on the historic Duke
of Cornwall mining area. The exploration team collected rock chips,
including in-situ samples, and also completed a number of soil
sample lines along the strike of mineralisation to identify
pathfinder elements for future exploration programs. Initial
findings from a year ago revealed arsenic, bismuth minerals and
gold.
As previously announced, following
the success of its stream sampling campaign at Bailieston, which
produced best results of 798 ppb Au and 712 ppb
Au, ECR is also re-analysing the core from its earlier
drilling at the HR3 prospect at Bailieston for antimony. The
Costerfield-Bailieston-Nagambie district is noted for economic
veins of antimony and elevated antimony has been observed from
previous pXRF analysis of the drill
core.
Queensland Exploration Programme for 2024
Exploration plans for the 2024
season at the Lolworth Project, North Queensland, have resumed.
Initial plans include following up on last year's stream sample
results at Butterfly Creek, Reedy Creek, and Upper Gorge Creek,
where gold samples of up to 1395 ppm were reported. Soil sampling
is also underway on selected ridgelines above these areas.
Additionally, a sampling program for Niobium and Tantalum will be
conducted on the eastern side of the project area this
season.
In Central Queensland, a trenching
program is expected to commence within weeks at the Blue Mountain
Project. Prospects with previous alluvial gold findings will be
revisited where the Board believes there is potential for a
significant alluvial gold resource. Investigation of hard rock
prospects in the area is also planned.
Mike Whitlow Chief Operating Officer
said: "These positive results from
our bulk sampling campaign are highly encouraging, validating the
significant potential value we see in our Creswick gold assets. The
discovery of higher-grade gold pockets within a broader low-grade
mineralisation halo at Kuboid Hill provides additional evidence
that similar mineralisation styles may be present within the
Creswick license area. The extent of our drilling programme, and
the volume of bulk samples, took time both in preparation and also
for laboratory results and, going forward we will also be utilising
new techniques, such as photon assaying, to expedite the delivery
of future results."
Adam Jones Chief Geologist added:
"ECR is now entering a busy
period with several exploration programmes underway across our
portfolio of projects. I look forward to reporting back on the
results of our initial exploration programs at Tambo in Victoria
and our re-analysis for antimony in Bailieston. My time will now be
focused on our follow-up activities in Queensland and I am
particularly excited about the commencement of exploration at our
Blue Mountain project where historical work
conducted by the previous operator presents compelling
opportunities, especially for its alluvial gold potential.
At Lolworth, our soil sampling will follow up last year's discovery
of gold samples with concentrations of up to 1395 ppm and, later in
the season, we will undertake a sampling program for niobium and
tantalum on the eastern side of the project
area."
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:
info@ecrminerals.com
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Website:
www.ecrminerals.com
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WH Ireland
Ltd
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Tel: +44 (0) 207 220 1666
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Nominated Adviser
Katy Mitchell / Andrew de Andrade
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Axis Capital
Markets Limited
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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
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Tel: +44 (0) 1483 413500
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Broker
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Nick Emerson
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Novum
Securities Limited
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Tel: +44 (0) 20 7399 9425
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Broker
Jon Belliss
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Brand
Communications
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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 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.