REG-ECR Minerals plc Asset Overview and Evaluation

ECR MineralsAnnouncement

21/09/2023 10:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230921:nBw8fXdHKa&default-theme=true


Asset Overview and Evaluation

 

ECR MINERALS plc

RNS Reach (“ECR Minerals”, “ECR” or the “Company”)

Asset Overview and Evaluation

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce that the new directors are
already conducting a comprehensive review of all exploration activities
currently being undertaken. In addition a detailed evaluation of the existing
asset base is underway, including the Company’s property, plant and other
readily realisable assets.

A summary of the Company’s exploration assets, royalty assets, property and
plant follows:

North Queensland assets:


 * Lolworth Project – An extensive fieldwork campaign of soil sampling and rock
chips has already been successfully completed. However, ECR’s geological
team continues to concentrate on areas of high potential to help delineate a
series of future high-priority zones and drill targets.

 * Hurricane Project - Following a campaign of fieldwork undertaken during August
and early

September 2023, the Company is awaiting the highly anticipated sampling
programme results to prove the near-term development potential of Hurricane.

 * Blue Mountain Project - Following the announcement of the conditional
acquisition of the project in April 2023, initial studies have yet to
commence. Based on reports from previous explorers, the Board believes that
the project has potential for a gold discovery.

Victoria assets:


 * Creswick Project - The new directors are reviewing all of the Company’s
assets at Creswick where ECR plans to seek a secondary (technical) opinion of
its opportunities in Victoria. This will run alongside plans to investigate
the discovery of two potential 100m gold ‘shoots’ at the Quartz Hill
prospect and potential for further shoots along the Dimocks Main Shale strike
and south towards Ballarat, further exploration work at the Davey Road
prospect, Bush Inn Road prospect and at the Kuboid Hill and Mills Reef
prospects.

 * Bailieston – The Company believes that the Bailieston licenses still hold
considerable nascent value. Further work at the HR3 prospect at Bailieston
tenement EL5433 is planned, including a soil geochemistry programme and
follow-up drilling to the north of HR3.

 * Tambo Project - Following an initial field visit to the Tambo project, the
rock chip sample results from the Duke of Cornwall prospect will be assessed
prior to taking any next steps.

Philippines asset


 * Danglay gold project – ECR owns 90% of 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. The Company is currently
considering how best to extract value from this asset.

Royalty assets


 * Fosterville South Exploration Ltd (TSX-V: FSX) (“Fosterville South”) -
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), ECR has the right to receive up to A$2m in payments subject to
future resource estimation or production from the projects sold to Fosterville
South (see announcement dated 20 April 2020).

 * SLM gold project, La Rioja Province, Argentina – ECR holds a royalty and can
potentially receive up to US$2.7 million in aggregate across all licences.

Property


 * ECR owns a property at 35 Brewing Lane, Springmount, Australia. The property
consists of 16 acres and is located within the Company’s existing 100% owned
Creswick license area. The Board are considering a sale of the property, which
is currently being used as a base for Creswick operations.

Plant


 * ECR owns several items of valuable mechanical equipment. All options including
future deployment, plant rental or disposal are being considered by the
Company.

ECR Managing Director Nick Tulloch commented: “It is very evident that ECR
owns a valuable

and diverse portfolio of assets which we believe in time have the potential to
offer considerable upside. This factor was certainly a catalyst in driving the
recently announced board changes and the share subscription that is of course
subject to approval at our forthcoming General Meeting. We hope to have a
comprehensive technical view of both our historical projects as well as the
conclusion of our latest work programme on Queensland in the coming weeks.”

ECR Chief Operations Officer Mike Whitlow added: “The Board are engaged in
an intensive review of all of ECR’s assets and operations. Our primary
objective is to ensure the Company is on a secure financial footing for all
future activities, and we will be making a series of decisions that will be
announced to our shareholders in the coming weeks. I would like to take this
opportunity to thank our shareholders for their patience and steadfastness in
these matters, and I look forward to reporting back to you on these next steps
as they occur.”

FOR FURTHER INFORMATION, PLEASE CONTACT:
 ECR Minerals plc                                                                                                                                                                                                                                            Tel: +44 (0) 20 7929 1010         
 David Tang, Non-Executive Chairman                                                                                                                                                                                                                                                            
 
                                                                                                                                                                                                                                                                                             
 
Nick Tulloch, Managing Director                                                                                                                                                                                                                                                              
 
                                                                                                                                                                                                                                                                                             
 
Andrew Scott, Director                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                               
 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=53559355&newsitemid=20230921736452&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=477ba5974be8f3a2ecdc3f0b37a464cf)                                                                         
                                                                                                                                                                                                                                                                                               
 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).

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 Lolworth Range, Queensland, Australia.
The Company also has an option to acquire 100% of Placer Gold, which wholly
owns the Hurricane Project, a later stage gold and antimony project located
west of Cairns in the Hodgkinson Province, NE 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), 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.



View source version on businesswire.com:
https://www.businesswire.com/news/home/20230921736452/en/
(https://www.businesswire.com/news/home/20230921736452/en/)

ECR Minerals plc


Copyright Business Wire 2023