REG - ECR Minerals PLC - Bailieston project - initial drilling results

ECR MineralsAnnouncement

27/05/2025 07:00

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RNS Number : 1058K  ECR Minerals PLC  27 May 2025

This announcement contains inside information for the purposes of Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.

 

 

 

27 May 2025

 

ECR MINERALS PLC

 

("ECR Minerals", "ECR" or the "Company")

 

Initial drilling confirms antimony-gold mineralisation at the Bailieston
Project

 

ECR Minerals plc (AIM: ECR), the exploration and development company focused
on gold in Australia, is pleased to report positive initial results from its
diamond drilling programme at the Bailieston Gold and Antimony project in
Central Victoria, Australia (the "Bailieston Project"). The programme has
confirmed the presence of both gold and antimony mineralisation in two of the
first three drill holes completed.

 

A total of approximately 570 metres of drilling has now been completed across
four holes (BH3DD044 to BH3DD047). The final hole, BH3DD047, was completed
on 27 May 2025 with core samples in the process of being submitted to the
laboratory for analysis this week.

 

Highlights:

 

·    Antimony mineralisation intersected in two of the first three
holes (BH3DD044 and BH3DD046).

 

·    BH3DD046 returned 0.15m @ 0.84 g/t Au and 1.62% Sb, both from 135.2m.

 

·    BH3DD044 intersected a 1.6m mineralised zone from 133.0m, including
0.2m @ 3.86 g/t Au and 1.41% Sb from 133.5m, as well as 0.3m @ 3.09 g/t Au
from 133.7m.

 

·    Visual confirmation of stibnite (antimony sulphide) throughout the
drilling interval.

 

Overview of Drilling Results (See Figures 1+2 and Tables 1+2)

Following the Company's announcement on 14 April 2025, a four-hole diamond
drilling programme has now been completed at the Company's Bailieston Project.
The programme intersected gold and antimony mineralisation in two of the first
three holes (BH3DD044 and BH3DD046).

Hole BH3DD044 delivered promising results, intersecting a 1.6m mineralised
zone from 133.0m, including 0.2m @ 3.86 g/t Au and 1.41% Sb from 133.5m,
yielding a gold equivalent grade (AuEq) of 7.62 g/t at 133.5m (based on
A$3,500/oz gold and A$30,000/t antimony prices), and 0.3m @ 3.09 g/t Au from
133.7m, with visual confirmation of stibnite (antimony sulphide) throughout
this interval. Additionally, a shallower intercept in BH3DD044 returned 0.2m @
0.92 g/t Au from 61.3m.

Hole BH3DD046 intersected 0.15m @ 0.84 g/t Au and 1.62% Sb from 135.2m.

Hole BH3DD045 intersected the intended structure. However, the quartz vein had
pinched out, limiting mineralised potential in that section, and no
significant gold or antimony intercepts have been reported from the intervals
tested from that drill hole.

The final hole, BH3DD047, was completed on 27 May 2025 with core samples in
the process of being submitted to the laboratory for analysis this week and
the Company will update on the results from this in due course.

The drilling programme thus far has successfully intersected the targeted
mineralised structures within three metres of predicted depths, with the
structural orientation closely aligning with a previous high-grade intercept
in hole BH3DD019, which returned 0.3m at 32% Sb, reinforcing the potential of
the mineralised system.

 

Figure 1: Plan of Drilling and Results to Date

 

 

 

 

 

Figure 2: Presence of Stibnite (1.4% Sb) in hole BH3DD044

 

 

 

Table 1: Average grades of mineralisation for significant intercepts and
depths of zones tested for Antimony-Gold Target Zones

 Drill Hole  From    To      Length  Au g/t  Sb %
 BH3DD044    133     133.5   0.5     0.55
 BH3DD044    133.5   133.7   0.2     3.86    1.41
 BH3DD044    133.7   134     0.3     3.09
 BH3DD044    134     134.6   0.6     0.25

 BH3DD046    135.2   135.35  0.15    0.84    1.62
 BH3DD046    135.35  135.55  0.2     0.23

 

Table 2: Average grades of mineralisation for significant intercepts and
depths of zones tested for additional Gold-Only Zones

 Drill Hole  From    To      Length  Au g/t  Comment
 BH3DD044    61.3    61.5    0.2     0.92    100mm thick quartz vein
 BH3DD044    89      89.75   0.75    0.13    Mineralised dyke and veining
 BH3DD044    89.75   89.93   0.18    1.13
 BH3DD044    89.93   90.15   0.22    1.42
 BH3DD044    90.15   90.7    0.55    0.38
 BH3DD044    90.7    91.75   1.05    0.19

 BH3DD045    129.5   129.8   0.3     0.15    Narrow quartz vein within shear

 BH3DD046    135.2   135.35  0.15    0.84    Shear zone (Target)
 BH3DD046    135.35  135.55  0.2     0.23

 

Hole BH3DD045 (Hole 2) intersected the intended structure. However, the quartz
vein had pinched out, limiting mineralised potential in that section.

 

Mike Whitlow, ECR's Managing Director, said: "We are encouraged by these
initial results from the recent drilling at the Bailieston Project, with two
of the first three holes confirming the presence of antimony-gold
mineralisation. The consistency between BH3DD044 and BH3DD046, particularly
the identification of stibnite, reinforces our confidence in the structural
model and the broader mineralised system.

 

"Importantly, the drill programme thus far is achieving its objectives with
precision, intersecting the targeted structures within a few metres of plan.
With the final drill hole completed today and the core to be submitted shortly
for analysis, we look forward to reporting on the full results in due course.
Our ongoing fieldwork at the Bailieston Project along strike and across
parallel vein systems, including at the Hard Up Reef area, continues to
indicate strong gold potential."

 

Review of announcement by a 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) 02 8080 8176
 Nick Tulloch, Chairman                                                                                                                                                                                                                             info@ecrminerals.com (mailto:info@ecrminerals.com)

 Andrew Scott, Director

 Website: www.ecrminerals.com
 (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=51817334&newsitemid=20180605005810&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=820ad49dc1fc2c84a0538453c017bc1b)

 Allenby Capital Limited                                                                                                                                                                                                                            Tel: +44 (0) 3328 5656
 Nominated Adviser                                                                                                                                                                                                                                  info@allenbycapital.com (mailto:info@allenbycapital.com)

 Nick Naylor / Alex Brearley / Vivek Bhardwaj

 Axis Capital Markets Limited                                                                                                                                                                                                                       Tel: +44 (0) 203 026 0320
 Broker
 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 km(2) over a
relatively unexplored area in Lolworth Range, Queensland, Australia. The
Company has also submitted a license application at Kondaparinga which is
approximately 120km(2) 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.

 

Glossary

 

 Au:                             Gold

 g/t:                            Grammes per Tonne (Metric)

 AuEq or Gold equivalent grade:  Gold equivalent grade, being a way to express the value of a mineral deposit
                                 containing multiple metals by converting them into the equivalent amount of
                                 gold.  The gold equivalent of 7.62 g/t stated in this announcement is based
                                 on assumed prices of A$3,500/oz gold and A$30,000 per tonne antimony prices
                                 and metallurgical recoveries based on the metal grades.  It is the Company's
                                 opinion that all the elements included in the metal equivalents calculation
                                 have a reasonable potential to be recovered and sold.

 km:                             Kilometres (Metric)

 km²:                            Kilometre squared (Metric)

 M:                              Metres (Metric)

 Sb:                             Antimony

 Sq:                             Square (Metric)

 

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