REG - ECR Minerals PLC - Diamond Drilling Programme planned for Tambo

ECR MineralsAnnouncement

06/08/2024 11:30

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RNS Number : 3883Z  ECR Minerals PLC  06 August 2024

ECR MINERALS plc

 

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

 

Victoria Projects Update

Planning Underway for Diamond Drilling Programme at Tambo, Victoria

 

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to provide an update on activities at its
projects in Victoria, Australia.

 

HIGHLIGHTS

 

Tambo

●     84 soil samples taken in the vicinity of the Duke Of Cornwall Lode

●     Best results include 0.56 ppm Au - a total of 48 samples returned
above 0.01 ppm Au

●     Follows earlier best results from rock chip sampling including
52.2 g/t Au

●     Planning underway for diamond drilling programme in Q4

 

Bailieston

●     Discussions advancing on pathways to maximise the Antimony
potential given the continued price rise and interest in the mineral

●     Best results from recent field work include 0.3m @ 32% Sb
(Antimony) and 0.1m @ 1.20% Sb

●     Antimony is classified as a critical mineral by the Australian
Government

●     ECR remains fully funded for its planned operations in Queensland
and Victoria in 2024

 

 

Background to Soil Sampling, Tambo

On 12 July 2024, ECR Minerals announced the fire assay gold results from the
historic Duke of Cornwall Mine in Swifts Creek (Tambo), Victoria, Australia.
Best results included 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.

 

Of these, 48 samples returned results above 0.01 ppm Au and a total of 4
samples returned results greater than 0.1 ppm Au (Table 1).

 

A significant correlation between gold and bismuth has now been identified,
highlighting bismuth as a key pathfinder element within the exploration
licence.

 

Next Steps

Given the highly encouraging surface results, the Company is now planning its
next steps which will include further evaluating the sub-surface levels of
gold. Negotiations are underway with the landholder and contractors for an
anticipated maiden diamond drilling campaign which is expected to commence
early in the fourth quarter of 2024.

 

Antimony Exploration in Victoria

As announced on 3 July 2024, ECR Minerals made the decision to reanalyse
diamond core samples for Antimony from its Bailieston Project, drilled during
the 2021-2022 campaign, due to the Melbourne Geological Zone's reputation as a
prominent host for Antimony lodes and the increasing demand for this critical
mineral. The best sample returned an Antimony result of 0.3m @ 32% Sb
(drillhole BH3DD019) while a further 11 samples returned highly anomalous
results.

 

Prices of the metal, which is used in flame-retardants, munitions and
batteries, have continued to rise to new highs in 2024. Whilst still early
stage, the Board is further analysing how best to advance this valuable
opportunity given the wider demand and interest in the region, including
identifying a suitable strategic partner to collaborate with to fund further
exploration at Bailieston.

 

Mike Whitlow Chief Operating Officer commented: "The results of the
comprehensive soil analysis at Tambo, coupled with the exceptional quality of
the previously collected rock chip samples have significantly boosted our
confidence in the project's potential. The continuity of the gold results, as
well as confirmation of a direct correlation with bismuth, strongly supports
our decision to prioritise drilling at Tambo at the earliest opportunity later
this year.  We are making excellent progress in securing the required permits
and services to commence drilling operations and will provide further updates
as they become available."

 

Table 1: Soil sample results greater than 0.01 ppm Au

 

 Sample ID  Au ppm  Bi ppm
 BTSL046    0.56    309
 BTSL009    0.31    46
 BTSL019    0.22    62
 BTSL020    0.12    112
 BTSL047    0.09    17
 BTSL043    0.08    75
 BTSL016    0.06    32
 BTSL045    0.06    23
 BTSL052    0.05    22
 BTSL010    0.04    13
 BTSL027    0.04    4
 BTSL048    0.03    7
 BTSL057    0.03    8
 BTSL035    0.03    5
 BTSL022    0.03    8
 BTSL026    0.03    1
 BTSL029    0.03    21
 BTSL003    0.02    3
 BTSL018    0.02    12
 BTSL028    0.02    10
 BTSL023    0.02    9
 BTSL034    0.02    5
 BTSL012    0.02    4
 BTSL041    0.02    11
 BTSL031    0.02    5
 BTSL044    0.02    11
 BTSL025    0.02    9
 BTSL066    0.02    13
 BTSL072    0.02    1
 BTSL056    0.01    1
 BTSL051    0.01    3
 BTSL042    0.01    15
 BTSL002    0.01    3
 BTSL054    0.01    1
 BTSL001    0.01    3
 BTSL011    0.01    6
 BTSL049    0.01    1
 BTSL065    0.01    21
 BTSL021    0.01    16
 BTSL032    0.01    5
 BTSL006    0.01    8
 BTSL039    0.01    1
 BTSL053    0.01    1
 BTSL050    0.01    1
 BTSL008    0.01    6
 BTSL005    0.01    11
 BTSL033    0.01    8
 BTSL007    0.01    4

 

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.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

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
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 Public & Investor Relations
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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.  ECR also holds a royalty on the SLM
gold project in La Rioja Province, Argentina.

 

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

 

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