REG-ECR Minerals plc Extended Gold Prospectivity and Niobium Bullseye Discovery at the Lolworth Project

ECR MineralsAnnouncement

25/09/2023 09:30

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Extended Gold Prospectivity and Niobium Bullseye Discovery at the Lolworth
Project

 

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

Extended Gold Prospectivity and Niobium Bullseye Discovery at the Lolworth
Project

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce the latest exploration
developments for 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) and
are operated under the 100% owned LUX Exploration Pty Ltd. The Company has
identified numerous Gold, Niobium and REE anomalous within the project.

HIGHLIGHTS


 * 81 follow-up pan concentrate stream samples results have been returned. Best
results include 128 ppm Au, 23.7 ppm Au, 42.3 ppm Au and 60.9 ppm Au. These
results have further extended the gold prospectivity of the Reedy Creek area
to the west.

 * Results (pXRF) from a tighter spaced soil sampling campaign in the Oaky Creek
area have identified an interesting Niobium target.

 * Field work, including rock chipping, mapping and tighter spaced pan
concentrate stream sampling at both Woolshed Creek and Gorge Creek prospects
continue to reveal visible gold, indicating potential for increased
prospectivity across the project area.

ECR Managing Director Nick Tulloch commented: “In the midst of significant
structural changes at ECR and our ongoing work to evaluate the Company’s
asset base, Adam Jones and the field team are to be commended for their
tireless work in bringing these exciting developments at our Lolworth Range
project to life.”

ECR Chief Operations Officer Mike Whitlow added: “Echoing Nick’s words,
our team have been particularly pleased with the latest results as this gives
confirmation to our exploration thesis at Lolworth, 128 ppm Gold being our
best result has been supported by a number of additional very high-grade
samples taken within the surrounding area. Whilst we recognise the early stage
nature of this work, the confidence in today's announcement leaves us
naturally inspired to continue our efforts at Lolworth towards the end of the
year, at which point we will have the perfect opportunity to plan our
accelerated future work programme. We are understandably very excited by this
latest development.”

Figure One: Oaky Creek Niobium soil anomaly:

https://www.ecrminerals.com/images/2023/Fig1_Niobium-230924.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig1_Niobium-230924.png&esheet=53560536&newsitemid=20230925368397&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig1_Niobium-230924.png&index=1&md5=5462c4f00f57a4b3f38a8ea818c4998e)

Figure Two: Reedy Creek gold result:

https://www.ecrminerals.com/images/2023/Fig2_Reedy-Ck-230924.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig2_Reedy-Ck-230924.png&esheet=53560536&newsitemid=20230925368397&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig2_Reedy-Ck-230924.png&index=2&md5=75ca39f4ae67db807bdc3251ab190b05)

Figure Three: Woolshed Creek gold anomalism:

https://www.ecrminerals.com/images/2023/Fig3_Woolshed-Ck-230924.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig3_Woolshed-Ck-230924.png&esheet=53560536&newsitemid=20230925368397&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig3_Woolshed-Ck-230924.png&index=3&md5=03dbd4bbbee7dea79e9621b216518ce9)

Figure Four: Visible gold extent from sampling in Upper Gorge Creek:

https://www.ecrminerals.com/images/2023/Fig4_Gorge-Ck-West.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig4_Gorge-Ck-West.png&esheet=53560536&newsitemid=20230925368397&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig4_Gorge-Ck-West.png&index=4&md5=cd6e8d4a7b4d03ca53b27bb7834922dc)

NIOBIUM SOIL SAMPLING RESULTS (Oaky Creek)

Since commencing work at Oaky Creek, ECR has logged a series of highly
anomalous Niobium (Nb) and Tantalum (Ta) stream sampling results from the
upper reaches of the creek.

The Company reported up to 146 ppm Nb in the first pass soil sampling grid on
the 19(th) July 2023 (see July 19 2023 RNS here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Frno1j2w&esheet=53560536&newsitemid=20230925368397&lan=en-US&anchor=here&index=5&md5=f8c7bda2bf988776ee0dcd2e97d06a56)
). Whilst still early stage, the high priority zones identified from the first
pass grid and tested in-house using a pXRF have been followed up, and 17
samples reporting greater than 80 ppm Nb have been identified, with a best
result of 497 ppm Nb. It is important to note the results from pXRF data are
qualitative not quantitative and should only be used for identifying the
pathfinder anomaly.

These new results combined with the first pass soil sampling show strongly
elevated levels of Nb within the centre of the sampled area. Previous
high-grade Nb and Ta results from sampling the drainage systems that originate
from this elevated centre support the new soil sampling results within the
anomalous area and bullseye identified (shown in Figure One above).

The field team and the Board have agreed that the next logical next step will
be to undertake a traverse ‘ridge and spur’ rock chip sampling program
over the anomalous area. This work is expected to be completed before the 2023
field season ends.

PAN CONCENTRATE SAMPLING PROGRAMME UPDATE

Results from a further 81 samples have been received from the ongoing pan
concentrate stream sampling program from streams tested in the northern part
of the tenement area. Although these results returned no gold, a small group
of samples were taken from streams located approximately 2km to the west of
the Reedy Creek area which returned high concentrations of gold with results
up to 128 ppm Au. Visible coarse gold particles were often seen during the
sampling process and for the majority, correlate well with the best laboratory
gold results. More significantly, these results extend the gold footprint
further west from Reedy Creek, and a follow-up soil sample grid programme has
been scheduled for completion in the near future (see Reedy Creek map images
in Figure Two above). All gold results greater than 0.1 ppm Au have been
tabled in Appendix One to this announcement.

The majority of these stream results have been taken from outside of the
Niobium-Tantalum and REE prospective area. Results have returned 14 stream
samples reporting greater than 80 ppm Nb with one best result of 2380 ppm Nb.
This best result also correlates to other REE elements including Lanthanum
(La), Neodymium (Nd), Praseodymium (Pr), Ta and Yttrium (Y). The best Nb
results have been identified within isolated creeks in the eastern part of the
project area and are encouraging signs for the regional prospectivity for
critical minerals and REE in other unexplored areas of the tenement area. All
received Nb results greater than 80 ppm are tabulated in Appendix One to this
announcement.

RECENT FIELD WORK

ECR Technical Director Adam Jones visited the Lolworth Project in September.
He and his field team collected some 180 rock chips from prospective outcrops
at Woolshed Creek area and the upper reaches of Gorge Creek and were greatly
encouraged by the general prospectivity of the region. The lab results for
this work are due in October 2023.

Within the upper reaches of the Gorge Creek catchment area, the creek system
divides into western and eastern tributaries. While undertaking sampling work
in the western tributary, the field team noted visible gold up to the dividing
range spur and acquired a number of small gold nuggets up to 11 grams in
weight. A targeted soil sampling program is now underway across the spur to
identify the source of this gold (see Figure Four above).

The Company has also undertaken detailed outcrop mapping and rock chip
sampling within the Woolshed Creek area which is located north west of Reedy
Creek (see Figure Three above). A series of parallel creeks showing gold
values backed up by visible gold were identified previously, and a rock chip
located in a narrow-mineralised vein returned 4.73 g/t Au. The field team
returned to this vein during the September 2023 work programme to map out and
rock chip sample other similar small veins running in parallel. Results from
this work are expected in October 2023. Although it is unlikely that all veins
will be gold-bearing, the Board and field team are of the opinion that the
trend of previous stream results in the area along the strike of outcrop
provides sufficient evidence to mark out the zone as an area of high
prospectivity. A follow-up soil sampling grid over this strike area is planned
shortly.

NEXT STEPS

The exploration season in North Queensland typically ends by December 2023
with the onset of the tropical wet season and with flooding preventing access.
Before this, our exploration work plan is shown below with the objective being
to gather sufficient data to be analysed whilst the team are off-site during
the wet season to identify the broader exploration potential of the region.


 1. Soil sampling programme across the creeks at the head of Gorge Creek West.

 2. Ridge and spur sampling across the best Niobium soil anomalies at the Oaky
Creek prospect.

 3. Soil Sampling over the Woolshed Creek headwaters.

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 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 also has an option to acquire 100% of Placer Gold, which wholly
owns the Hurricane Project, a later stage gold and antimony project located
west of Cairns in the Hodgkinson Province, NE 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.

APPENDIX ONE

Table One. Gold results greater than 0.1 ppm from the recent pan concentrate
stream sampling. (1 ppm = 1 g/t Au)
 SAMPLEID  PROSPECT     Easting  Northing  Au ppm  VG  
 LWSS766   Reedy Creek  309536   7751113   0.37    y   
 LWSS780   Reedy Creek  308395   7751332   60.9    y   
 LWSS783   Reedy Creek  308155   7751007   128     y   
 LWSS803   Reedy Creek  307906   7750851   42.3    y   
 LWSS806   Reedy Creek  308530   7751218   23.7    y   
 LWSS807   Reedy Creek  308060   7750779   0.17    n   


Note: Locations given in GDA94 Zone 55 grid format.

VG = visible gold seen in sampling process (yes/no)

Table Two. Niobium results greater than 80 ppm from the recent pan concentrate
stream sampling. Selected REE results also included.
 SAMPLEID  Easting  Northing  Nb ppm  La ppm  Nd ppm  Pr ppm  Ta ppm  Y ppm  
 LWSS673   314320   7766812   2380    5250    4490    1220    940     1830   
 LWSS663   310866   7763211   723     144     127.5   35.4    188     148    
 LWSS686   307205   7759657   704     2520    2040    560     171.5   2440   
 LWSS672   314589   7767180   527     1975    1640    449     146.5   2040   
 LWSS657   305441   7760325   521     1260    1045    283     80.4    1785   
 LWSS653   306939   7760374   471     1595    1285    355     57.2    2210   
 LWSS652   306743   7760606   428     2210    1765    491     75.7    3120   
 LWSS690   306193   7758821   395     1675    1460    390     62.3    2160   
 LWSS655   306161   7760554   350     1375    1140    311     47.7    2150   
 LWSS654   306559   7760121   349     2030    1615    451     60.2    3010   
 LWSS651   307483   7760937   333     703     666     176.5   53.2    487    
 LWSS689   306000   7758856   157     1295    1065    288     39.2    1585   
 LWSS780   308395   7751332   118     1175    916     254     19.4    349    
 LWSS806   308530   7751218   80      859     676     185.5   13.2    286    


Note: Locations given in GDA94 Zone 55 grid format.

Table Three. Niobium pXRF results greater than 80 ppm with selected REE’s
from the second pass soil grid within the Oaky Creek area.
 SAMPLEID  PROSPECT    Easting  Northing  Nb ppm  La ppm  Nd ppm  Pr ppm  Y ppm  
 LWL2102   Oaky Creek  313232   7757193   479     76      bdl     bdl     13     
 LWL2039   Oaky Creek  313202   7756898   173     bdl     bdl     104     12     
 LWL2100   Oaky Creek  313282   7757193   135     bdl     bdl     bdl     31     
 LWL1585   Oaky Creek  311328   7756267   121     61      bdl     bdl     27     
 LWL2077   Oaky Creek  313217   7757097   120     bdl     bdl     bdl     19     
 LWL2081   Oaky Creek  313317   7757096   102     bdl     bdl     bdl     7      
 LWL2425   Oaky Creek  313737   7757952   94      bdl     bdl     bdl     16     
 LWL2020   Oaky Creek  313480   7756812   90      bdl     bdl     bdl     21     
 LWL1641   Oaky Creek  311935   7756740   86      78      bdl     109     26     
 LWL2078   Oaky Creek  313242   7757097   86      bdl     bdl     bdl     12     
 LWL1989   Oaky Creek  313392   7756464   85      54      bdl     98      19     
 LWL1956   Oaky Creek  313375   7756272   84      bdl     bdl     bdl     37     
 LWL2082   Oaky Creek  313342   7757096   84      51      bdl     107     9      
 LWL1716   Oaky Creek  311728   7756935   83      bdl     bdl     bdl     25     
 LWL1986   Oaky Creek  313317   7756465   81      bdl     bdl     bdl     18     
 LWL2055   Oaky Creek  313417   7756996   81      63      bdl     bdl     30     
 LWL2099   Oaky Creek  313307   7757193   81      bdl     bdl     bdl     30     


Note: Locations given in GDA94 Zone 55 grid format.

Bdl = below detection limit of pXRF



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