REG - ECR Minerals PLC - Exceptional Antimony Results at Bailieston

ECR MineralsAnnouncement

03/07/2024 07:15

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RNS Number : 9498U  ECR Minerals PLC  03 July 2024

ECR MINERALS plc

 

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

Exceptional Antimony Results At Bailieston, Victoria

 

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce the latest results for additional
testing for the critical mineral Antimony (Sb) from diamond core previously
drilled at Bailieston, Central Victoria, Australia.

 

HIGHLIGHTS

●     44 samples from previous diamond drilling at Bailieston submitted
for additional multi-element testing.

●     Best results include 0.3m grading 32% Sb and 0.1m grading 1.20 %
Sb.

●     A total of 12 samples returned results greater than 0.1% Sb

●     Antimony is classified as a critical mineral by the Australian
Government and many other major economies

●     Prices have soared to record highs in 2024 of ~$18,000/t antimony
trioxide (Argus Media), the highest price in over 10 years, as declining ore
grades and depleting mines squeeze supply

●     The Bailieston Goldfield, part of the Costerfield-Nagambie
Geological Zone, is known for its Antimony deposits and active mining.

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

 

Antimony Exploration In Victoria

The ECR Board made the decision to reanalyse diamond core samples for Antimony
from the 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 the critical mineral.

 

The Costerfield Mine, owned by Mandalay Resources, is a significant Antimony
producer in the region, recording 1,860 tonnes of Sb in 2023. Nearby, Nagambie
Resources recently announced a maiden JORC resource estimate of 17,800 tonnes
of Sb, while Southern Cross Gold is actively exploring for Antimony at its
Sunday Creek Project.

 

ECR holds exploration licenses situated 45 kilometres east of Costerfield and
25 kilometres west of Nagambie. The Bailieston Prospect (HR3) is positioned on
the Bailieston Anticline, renowned for its Antimony mineralisation.

 

Sampling Method

 

As part of the Company's drilling program undertaken in 2021-2022 at
Bailieston, all diamond drill core underwent regular analysis using a handheld
pXRF unit. The data has subsequently been analysed specifically for Antimony
concentrations exceeding 2000 ppm Sb. 44 samples were chosen and forwarded to
OSLS Laboratory in Bendigo for comprehensive multi-element analysis (ME-ICP).
Samples returning Sb higher than 4000 ppm are tested for higher Sb
concentrations by XRF method.

 

Results

 

The best sample returned an Antimony result of 0.3m @ 32% Sb (drillhole
BH3DD019) while a further 11 samples returned highly anomalous results.

 

Table 1: Antimony (Sb) Results (%) reported above 0.1 % Sb from the selected
drill core from Bailieston.

 

 HOLEID    FROM   TO     Length  Sb %
 BH3DD019  143.4  143.7  0.3     32
 BH3DD027  126.4  126.5  0.1     1.2
 BH3DD027  125.9  126.4  0.5     0.99
 BH3DD012  72     73     1       0.88
 BH3DD022  49.5   50     0.5     0.6
 BH3DD009  52.7   53.4   0.7     0.24
 BH3DD010  64.4   65.3   0.9     0.18
 BH3DD035  90.9   91.3   0.4     0.17
 BH3DD037  40.2   40.6   0.4     0.16
 BH3DD037  40.6   41     0.4     0.14
 BH3DD012  52     53     1       0.13
 BH3DD012  73     73.8   0.8     0.11

 

 

Next Steps

 

The Board believes the findings demonstrate further the potentially
significant inherent value within ECR's Bailieston Project and nearby
exploration areas. Previous drilling results from the Project are now
undergoing internal review where follow up plans will be announced in due
course.

 

Mike Whitlow Chief Operating Officer said: We've identified a highly promising
opportunity at Bailieston that warrants further follow-up. The discovery of
32% Antimony over an intersection of 0.3m, coupled with multiple other highly
anomalous results, marks a significant breakthrough and validates our decision
to re- submit these samples for further analysis. The  finding is truly
remarkable, especially considering the current surge of interest and demand
for the critical mineral. In the near term, our primary focus will be on
identifying a suitable strategic partner to collaborate with and fund further
exploration to maximise what has the potential to become an exciting
multi-commodity asset at Bailieston.

 

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

 

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.

 

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