REG - ECR Minerals PLC - Encouraging Gold Results from Lolworth Project

ECR MineralsAnnouncement

23/10/2023 07:15

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RNS Number : 8865Q  ECR Minerals PLC  23 October 2023

ECR MINERALS plc

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

Encouraging Gold Results from Lolworth Project

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce the results from outcrop mapping
and sampling within the vicinity of the Upper Gorge Creek at the Lolworth
Project, North Queensland, Australia.

The Lolworth Project is located approximately 120km west of the historic gold
mining centre of Charters Towers, North Queensland, Australia. The project
consists of three exploration tenements (EPM27901, EPM27902 and EPM27903)
which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of
ECR ("LUX"). LUX has identified numerous Gold, Niobium and REE anomalies
within the project.

HIGHLIGHTS

·      Mapping and sampling results from recent on-site geological
investigations in the Upper Gorge Creek show the presence of gold.

·      A number of exposed outcrops up to 3m wide x 20m long in the
Gorge Creek West ridgeline show gold results up to 13.75 g/t Au from initial
rock chip testing. Results from soil grid work over the ridgeline to test for
other gold bearing sub-crops in the vicinity are also due shortly.

·      A rhyolitic dyke 5m wide x 200m long that contains anomalous gold
has been discovered in the Gorge Creek East area. Rock chips collected over
the extent of the outcrop average 0.25 g/t Au, with one best result of 8.02
g/t Au. Whilst the results are still at an early stage, the Board are greatly
encouraged by these findings and the Directors believe these gold sources
within the rocks could form part of a larger system within the tenement.

ECR Technical Director Adam Jones commented: "Following on from the Reedy
Creek, Gorge Creek and Woolshed Creek results announced on 25 September 2023,
today's results from Gorge Creek provides further evidence that Lolworth is
becoming a bona fide exploration opportunity. Our best result of 128 ppm Gold
announced in September 2023 is backed up by a number of additional high-grade
samples taken within the surrounding area. We still have further data to
collect, but we are now entering this information and historical data into our
area plan so we can start to accurately map out drill targets."

Figure One: Plan locations of reportable rock chips:
https://www.ecrminerals.com/images/2023/Fig1_Gorge-Ck-Rockchips.png
(https://www.ecrminerals.com/images/2023/Fig1_Gorge-Ck-Rockchips.png)

ROCKCHIP RESULTS

A number of rock chips were taken from the Upper Gorge Creek area during
recent field mapping in during August 2023. The locations are shown in Figure
One linked above.

The recent heavy concentrate pan sampling programme has helped us to confirm
that the streams within the Upper Gorge Creek Western area are highly
anomalous in gold, added to which the field team have also discovered numerous
gold nuggets within these drainages. Recent geological mapping during August
this year led to the discovery of numerous silica outcrops within the
ridgeline above these gold bearing streams. The Company has now received the
results from rock chipping at these outcrops with best results of 13.75 g/t
Au, 3.13 g/t Au and 2.17 g/t Au (full details are set out in Table 1 at the
end of this announcement). Where mapped, a number of outcrops measure up to 3m
wide x 20m long, while the remaining outcrops are hidden under the shallow
soil cover. A large soil sampling grid has recently been completed over the
cover sequence to confirm the direction of the extensions to the gold bearing
outcrops. The results from this are due shortly.

Geological mapping and sampling of outcrop has also been completed in parts of
the Gorge Creek East area. A Rhyolitic dyke (intrusion) 5.5m wide x 200m long
and anomalous in gold has been discovered. The majority of rock chips from the
dyke returned an average of 0.25 g/t Au. One rock chip from the centre of the
dyke returned 8.02 g/t Au. Other dykes are known to exist within the tenement
area and these have never been sampled or mapped. Whilst these results are
still at an early stage, and significant work is still required at site to
determine the economic potential of the opportunity, the Board are greatly
encouraged by these findings and the Directors believe these gold sources
within the rocks could lead to further gold discoveries in other dykes yet to
be sampled.

ADDITIONAL WORK PROGRAMMES

Other exploration work continues to be undertaken on the Lolworth Project and
results are due shortly from soil sampling over the ridgeline of Gorge Creek
West. The Board believes this work could help the Company confirm whether
other hidden gold bearing outcrops are present under the soil cover,
particularly given that the streams draining this ridgeline have already been
proven to contain gold.

The field team are also continuing to soil sample two other gold-bearing
areas, namely Woolshed/Flaggy Creek and Reedy Creek. Rock chip results from a
system of narrow stringer quartz veins from Flaggy Creek are also expected
shortly.

Further announcements will be made when the results are known.

Table One. Gold results greater than 0.1 g/t Au from recent rock chip sampling
and outcrop mapping at Gorge Creek:

 

 SampleID  Easting (GDA94 Z55)  Northing (GDA94 Z55)  Au g/t  Prospect
 LWC145    294145               7755719               0.02
 LWC147    314942               7751994               8.02    Rhyolite Dyke
 LWC162    313557               7751157               13.75   Gorge Ck West
 LWC166    313695               7751338               0.1
 LWC168    313707               7751331               0.15
 LWC169    313680               7751310               0.56
 LWC170    313682               7751308               2.64
 LWC171    313682               7751307               0.19
 LWC172    313683               7751306               0.78
 LWC173    313684               7751306               0.34
 LWC174    313684               7751307               0.16
 LWC193    313269               7751424               3.13    Gorge Ck West
 LWC194    313351               7751428               0.33    Gorge Ck West
 LWC195    313358               7751441               1.73    Gorge Ck West
 LWC196    313352               7751428               0.68    Gorge Ck West
 LWC197    313358               7751433               0.84    Gorge Ck West
 LWC198    313358               7751436               0.24    Gorge Ck West
 LWC199    313327               7751421               0.33    Gorge Ck West
 LWC200    313335               7751418               0.85    Gorge Ck West
 LWC201    313361               7751446               2.17    Gorge Ck West
 LWC202    313366               7751452               0.62    Gorge Ck West
 LWC215    313162               7751359               0.38
 LWC216    314940               7751988               0.52    Rhyolite Dyke
 LWC217    314941               7751992               0.19    Rhyolite Dyke
 LWC218    314944               7751996               0.39    Rhyolite Dyke
 LWC219    314949               7752002               0.16    Rhyolite Dyke
 LWC221    314956               7752008               0.17    Rhyolite Dyke
 LWC222    314965               7752019               0.18    Rhyolite Dyke
 LWC225    314971               7752029               0.22    Rhyolite Dyke
 LWC227    314991               7752049               0.42    Rhyolite Dyke
 LWC228    314944               7752004               0.11    Rhyolite Dyke
 LWC230    314918               7751965               0.16    Rhyolite Dyke
 LWC231    314915               7751962               0.33    Rhyolite Dyke
 LWC232    314910               7751955               0.2     Rhyolite Dyke
 LWC311    316430               7750263               0.26
 LWC313    316435               7750265               0.19
 LWC317    316443               7750263               0.35
 LWC318    316432               7750259               1.64
 LWC319    316432               7750259               0.29
 LWC320    316433               7750259               0.26
 LWC321    316434               7750258               0.61
 LWC325    316435               7750255               0.1
 LWC326    316434               7750253               1.43

 

 

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

 Nick Tulloch, Managing Director

 Andrew Scott, Director

 Email:

 info@ecrminerals.com (mailto:info@ecrminerals.com)
 Website: www.ecrminerals.com
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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 eight active exploration tenements and two in application
(Ballarat and Tambo).

 

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), 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.

 

 

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