REG - ECR Minerals PLC - Contractor engaged for drilling at Tambo project

ECR MineralsAnnouncement

25/09/2024 07:00

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RNS Number : 5858F  ECR Minerals PLC  25 September 2024

25 September 2024

ECR MINERALS PLC

 

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

 

Contractor engaged and civil works underway for drilling at Tambo gold project

 

ECR Minerals Plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to provide the following update in relation
to its forthcoming maiden diamond drilling program at its Tambo gold project
in Victoria, Australia (the "Tambo Project").

 

HIGHLIGHTS

 

●     Civil works have now commenced for maiden diamond drilling program
at the Tambo Project

●     Drilling contractor now engaged and diamond drilling campaign to
commence shortly

 

Tambo Project, Victoria

Following a site visit by ECR's chief geologist Adam Jones to the Tambo
Project, and following terms being agreed as announced on 10 September 2024,
an approved drilling contractor has now been engaged for a maiden diamond
drilling programme at the Company's Tambo Project in Victoria, Australia.
Civil works, including the preparation of work areas and access to drill
sites, have also commenced for the campaign which is expected to get underway
shortly.

 

On 12 July 2024, ECR announced the fire assay gold results from the historic
Duke of Cornwall Mine in Swifts Creek (Tambo) with a best result including
52.2 g/t Au. A total of 10 samples returned results above 5 g/t Au.
Subsequently, 84 soil samples were taken perpendicular to the strike of the
Duke of Cornwall lode to gain a better understanding of the geochemical
orientation with a best result of 0.56 ppm Au.

 

Mike Whitlow, ECR's Managing Director, said: "We announced earlier this month
that our focus for our projects in Victoria is firmly on drilling. I am
pleased to report that site preparation at the Tambo Project is now well
underway, and we have secured an approved drilling contractor ready to
commence work. The continuity of gold results from our recent rock chip
samples and soil analysis at the Tambo Project has significantly enhanced our
confidence in the Tambo Project. We will ensure our shareholders are kept
informed as we approach the start of drilling shortly.''

 

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

 Email:

 info@ecrminerals.com (mailto:info@ecrminerals.com)
 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
 Ben Tadd / 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

 

Glossary

 

 Au:    Gold
 g/t:   Grammes per Tonne (Metric)
 km:    Kilometres (Metric)
 km²:   Kilometre squared (Metric)
 ppm:   Parts per million (Metric)

 

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, 80 km 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.  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.

 

MGA also has approximately A$75 million of unutilised tax losses incurred
during previous operations.

 

 

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