REG-ECR Minerals plc 2023 Exploration Season Commences at the Lolworth Range Project, Queensland
09/05/2023 08:30
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2023 Exploration Season Commences at the Lolworth Range Project, Queensland
RNS REACH
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
2023 Exploration Season Commences at the Lolworth Range Project, Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce that exploration has begun for
the 2023 field season at the Lolworth Range project, North Queensland,
Australia, with follow-up exploration of identified Gold and Niobium-Tantalum
targets already underway.
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
* Exploration for 2023 is targeting Gold and Niobium-Tantalum anomalies found
during last year’s field season.
* Planned soil grids to be undertaken across a 2km x 4km potential
pegmatite-dyke intrusive centre. Stream drainages leading from this area
contain high concentrates of Niobium-Tantalum mineralisation.
* Previously identified anomalous gold (including visible gold) within streams
that are draining from regions of interpreted major fault lineaments represent
major targets for the 2023 field season.
CEO Andrew Haythorpe commented: “Both Adam Jones and myself have frequently
expressed our excitement at the sheer scale and scope of ECR’s Lolworth
project, and its proximity to major historic mines in the area. Our 2022
exploration campaign produced high quality results right from the start, with
numerous Gold, Lithium, Niobium and Tantalum samples helping us to zero in on
the areas of greatest potential. Our Board and geo team firmly believe that
the anecdotal evidence and volume of positive results point to the possibility
that the region could host a genuine Gold, Niobium and Tantalum discovery.”
“I am keen to see what the 2023 Lolworth campaign yields in the first few
weeks, and I look forward to reporting back to our shareholders.”
Plan figures relating to this announcement can be viewed at the following
links:
(Figure 1) Map of the Lolworth Project tenements showing the pan concentrate
gold results from exploration in 2022. Also showing the planned exploration
targets for 2023;
Figure 1: https://www.ecrminerals.com/images/2023/Fig1_LOL_Au.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig1_LOL_Au.png&esheet=53396310&newsitemid=20230509005599&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig1_LOL_Au.png&index=1&md5=4516b516bf7d8108dc51fe8f1ebaf3df)
(Figure 2) Map of planned soil sampling grids over the Niobium-Tantalum
ridgeline;
Figure 2: https://www.ecrminerals.com/images/2023/Fig2_LOL_Nb-Soilgrids.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig2_LOL_Nb-Soilgrids.png&esheet=53396310&newsitemid=20230509005599&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig2_LOL_Nb-Soilgrids.png&index=2&md5=a03dab50a7671398c2020bc3914b9e57)
OVERVIEW OF THE 2022 EXPLORATION SEASON
ECR completed its first stage of stream sediment pan concentrate sampling
between August and December 2022. A total of 343 samples were taken during
this period before the programme was halted due to the incoming tropical wet
season. The samples were tested at the end of 2022, revealing Gold results up
to 1395 ppm, which correlated well with the visual gold seen in pan
concentrates from numerous stream catchments within the mountainous terrain
(see March 23 RNS here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Frye9y3w&esheet=53396310&newsitemid=20230509005599&lan=en-US&anchor=here&index=3&md5=66de22332c398ad011b8a9b8f8364ab5)
).
All samples were analysed using a near total digest of the sample which
allowed the detection of other critical elements. From these samples, the
presence of Niobium (Nb) and Tantalum (Ta) was detected in high concentrations
from streams draining from a 10km north-south striking ridgeline within the
Oak Creek region in license area EPM29702. Two notable intrusion centres were
identified from the sparse governmental geological mapping that exists for
this area. These central locations are noted to contain pegmatitic dykes,
which are widely accepted as a hard rock host to critical minerals such as
Lithium, Niobium and Tantalum. The location of these intrusions along with an
overview of the gold values identified during the sampling program during 2022
can be viewed in Figure One above.
PRIORITY EXPLORATION TARGETS FOR 2023
The field team have established that the highest stream concentrations of
Niobium and Tantalum originate from a central ridge at the headwaters of Oak
Creek. Given that the base geological map for this area shows that pegmatitic
dykes are likely to exist, ECR’s technical team have designed a number of
soil grids at nominal 50m x 100m spacing along the most prospective ridgeline
to detect the presence of Nb-Ta. The Board will also conduct on-ground
geological mapping and rock chipping from any prominent outcrops of interest
and will then verify if such dykes are present and if so, the values within
them. The area of interest covers an area approximately 2km x 4km and is shown
in Figure Two above. Although the streams draining this particular area have
proved to contain the highest values of Nb and Ta, the field team have also
identified other streams showing Gold, Niobium and Tantalum in the immediate
vicinity.
The field team also intends to visit and sample an intrusive area similar to
the Nb-Ta ridgeline identified in the extreme south-east corner of EPM27903
(see Figure One above). The Board has also identified at least four other
drainage systems containing Gold at Flaggy Creek, Reedy Creek, Gorge Creek and
an as yet unnamed area (see Figure One above). Visible gold was often seen
from sampling within these areas, further validating the laboratory results.
Soil grids along with geological mapping and rock chipping work within these
catchments has also been prioritised for this year.
NEXT STEPS
The Board believes that the anecdotal evidence and volume of results
confirming mineralisation at Lolworth gives rise to the possibility that the
region could host a genuine Gold, Niobium and Tantalum discovery. The macro
backdrop provides a raft of compelling evidence pointing to an increase in
demand for new sources of Gold and critical minerals. The Lolworth Project is
sited within a geological district known for a wide range of mineralisation
styles, from narrow vein hosted to large intrusion style deposits. Numerous
famous historic mines are dotted across this part of North Queensland,
including Kidston, Mount Leyshon and Charters Towers. Lolworth Range offers
all the right ingredients and geological features to host a potential major
discovery, i.e. the right rock types (dykes and intrusions), under explored
terrain, positive initial stream sampling results and a determined technical
team. The Board and the geological team are very much looking forward to
taking the project to the next stage, and we look forward to reporting back to
shareholders as soon as possible.
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 (mailto:info@ecrminerals.com)
Website: www.ecrminerals.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=53396310&newsitemid=20230509005599&lan=en-US&anchor=www.ecrminerals.com&index=4&md5=54f361e47b0fef94d94fbf8d62b7f5af)
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 90% 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.
APPENDIX ONE
TABLE ONE: All Li-Ni-Ta results from the remaining 76 stream samples, Lolworth
Range Project. (Locations reported as GDA94-Zone 55 grid).
SAMPLEID EASTING NORTHING Lithium (ppm) Niobium (ppm) Tantalum (ppm)
LWSS152 314342 7749643 10 26 10
LWSS201 311180 7748656 30 9 10
LWSS202 310602 7749015 30 20 10
LWSS203 311113 7748916 20 6 10
LWSS301 313505 7752290 10 27 10
LWSS305 313302 7754719 10 110 20
LWSS307 313709 7753194 10 424 110
LWSS308 310995 7751833 10 6 10
LWSS309 309549 7750825 10 9 10
LWSS312 308468 7755458 10 344 150
LWSS313 307690 7753774 10 84 10
LWSS314 310197 7753918 10 40 10
LWSS315 310983 7752585 10 8 10
LWSS316 310476 7751531 10 14 10
LWSS317 307360 7752660 10 37 10
LWSS318 304761 7751530 20 137 70
LWSS319 303817 7750821 20 49 20
LWSS320 303513 7749908 10 52 30
LWSS321 304329 7749453 10 83 40
LWSS322 303733 7748970 10 375 360
LWSS323 302222 7751634 20 11 10
LWSS324 301408 7750191 20 17 10
LWSS325 301118 7750266 20 7 10
LWSS326 299529 7750758 10 8 10
LWSS327 298851 7753698 10 70 10
LWSS328 298118 7752914 10 63 20
LWSS329 297786 7752803 10 164 60
LWSS330 297542 7752332 10 130 40
LWSS331 297859 7751589 10 235 70
LWSS332 297743 7751392 10 51 10
LWSS333 293758 7754499 20 22 10
LWSS335 291417 7756638 10 18 10
LWSS336 293662 7758117 10 35 20
LWSS337 293239 7758862 10 107 30
LWSS338 291660 7758838 10 36 10
LWSS339 291835 7759016 10 335 60
LWSS340 291528 7759047 10 34 10
LWSS341 291878 7759967 10 26 10
LWSS342 300649 7755309 10 170 50
LWSS343 300697 7756249 10 712 340
LWSS344 301040 7756293 20 40 10
LWSS345 303230 7756616 10 217 50
LWSS346 303005 7755876 10 16 10
LWSS347 302894 7755034 10 25 10
LWSS348 303560 7754928 10 20 10
LWSS349 303118 7754758 10 176 70
LWSS350 302526 7754269 10 65 10
LWSS351 302462 7753891 10 39 20
LWSS352 302689 7753860 20 73 70
LWSS353 303659 7754034 20 51 20
LWSS354 304643 7757176 10 528 190
LWSS355 304398 7757534 10 579 230
LWSS356 305095 7757449 10 321 80
LWSS357 306860 7757553 10 695 210
LWSS358 306999 7756369 10 118 40
LWSS359 307628 7757575 10 186 70
LWSS360 307631 7757707 10 288 60
LWSS361 308082 7757860 10 66 10
LWSS362 310752 7758027 10 73 10
LWSS363 310768 7757374 10 234 50
LWSS387 315175 7747119 20 9 10
LWSS388 314838 7746642 20 19 10
LWSS389 314882 7746209 10 6 10
LWSS390 315960 7746391 30 8 10
LWSS391 316127 7746489 20 6 10
LWSS392 303396 7763735 10 222 130
LWSS393 302950 7763679 10 77 20
LWSS394 303018 7763551 10 136 30
LWSS395 303268 7763015 10 151 40
LWSS396 301531 7762367 10 37 10
LWSS397 301495 7761879 10 5 10
LWSS398 302744 7761951 10 70 10
LWSS399 302960 7761777 10 59 10
LWSS400 305221 7762763 10 397 110
LWSS401 305347 7762407 10 164 30
LWSS402 312624 7757384 10 894 290
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