REG-ECR Minerals plc Further Stream Sampling Results Identify New Gold Anomalies at Lolworth Range Project, Queensland
23/03/2023 07:30
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Further Stream Sampling Results Identify New Gold Anomalies at Lolworth Range
Project, Queensland
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Further Stream Sampling Results Identify New Gold Anomalies at Lolworth Range
Project, Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce updated gold results from the
stream sampling campaign at the Lolworth Range project, North Queensland,
Australia.
ECR Minerals plc has 100% ownership of three exploration tenements (EPM27901,
EPM27902 and EPM27903), which covers the Lolworth Range, located 120km west of
the famous gold district of Charters Towers. The project is being explored
under ECR’s Australian wholly owned subsidiary Lux Exploration Pty Ltd
(“LUX”).
HIGHLIGHTS
* Assays from the final 75 stream sediment samples now received.
* Results have outlined another 6 stream drainages that are anomalous in gold.
* Gold results up to 1395 ppm gold correlate well to visual gold seen in pan
concentrates
* Results for Li-Ta-Ni-Ce are yet to be received.
ECR CEO Andrew Haythorpe commented: “I am pleased to report that once again
our Lolworth assets continue to exceed expectations. As the regional streams
and gullies continue to give up their secrets and yield some high gold values,
there is a real sense of excitement and anticipation at the potential scale
and diversity at the project. Once our field team get back on the ground and
zone in on the most promising streams, we expect to be able to produce a
shortlist of drill targets ready for our rig to commence work at the earliest
opportunity.”
“We already know 2023 will be a definitive year for Lolworth, and with so
much more to come from the rest of ECR’s asset portfolio, I look forward to
reporting further developments as they occur.”
Plan of all outlying anomalous gold areas identified from stream sampling to
date at the Lolworth Project are shown in Figure 1 below:
Figure 1:
https://www.ecrminerals.com/images/2023/Fig1_Lolworth_Project_230322.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig1_Lolworth_Project_230322.png&esheet=53366712&newsitemid=20230323005357&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2023%2FFig1_Lolworth_Project_230322.png&index=1&md5=4d1be7673dd271a6ef24fef3f6705af4)
NEW GOLD RESULTS
We are pleased that the long-awaited results for the last batch of stream
samples have finally arrived. The results show that 12 of the 75 completed
samples contain anomalous values greater than 0.21 ppm Au with three samples
in particular recording 25.9, 205 and 1395 ppm gold. Whilst this is still
early stage sampling work, it should be noted that the majority of these high
gold values correlate with the visual identification of gold seen in the pan
stream concentrates. The Directors believe the reported high values are
strongly indicative of a gold source up-stream and therefore are not
representative of the in-situ gold resource within the streams themselves.
ADDITIONAL STREAM ANOMALIES
As outlined in Figure 1 above, our reported additional gold results have
identified five new stream catchments that are anomalous in gold. All these
new areas are situated to the west of the Reedy Creek and Gorge Creek
drainages, and will be re-visited once the current tropical wet season ends.
NEXT STEPS
Since initial work began at Lolworth in September 2022, the field team have
identified numerous catchments that have highlighted potential multiple gold
sources across all three tenements. Adding further value to this, critical
minerals such as lithium, tantalum and niobium have also been identified
within streams that are draining from a prominent 10km long north-south ridge
line that starts north from Gorge Creek. The results so far have exceeded the
expectations of the Board, and along with the geology and field teams on the
ground, there is a palpable sense of anticipation over what the project could
yield in the coming months.
As we wait for the heavy tropical rains to pass, the ECR Board has planned out
the next ‘boots on the ground’ phase to commence in May-June this year.
The new campaign priorities will involve mapping, rock chip sampling and soil
sampling over the headwaters and ridgelines of the most promising streams.
Subject to these results the board will then delineate appropriate drill
targets, and schedule a drilling campaign to commence late 2023 / early 2024.
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
Andrew Haythorpe, CEO
Email:
info@ecrminerals.com (mailto:info@ecrminerals.com)
Website: www.ecrminerals.com
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WH Ireland Ltd Tel: +44 (0) 207 220 1666
Nominated Adviser
Katy Mitchell / Andrew de Andrade
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Broker
Jon Belliss
Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green
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). MGA
is currently drilling at the Bailieston Blue Moon Project (EL5433) and
undertaking geochemical exploration on the Creswick (EL6148) project and has
an experienced exploration team with significant local knowledge in the
Victoria Goldfields and wider region.
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 Queensland, Australia.
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: All 76 gold results listed by rank of Au ppm. Highly anomalous
results in bold, Lolworth Range Project. (Locations reported as GDA94-Zone 55
grid).
SAMPLEID EASTING NORTHING Au (ppm)
LWSS152 314342 7749643 1395
LWSS316 310476 7751531 205
LWSS330 297542 7752332 25.9
LWSS324 301408 7750191 3.54
LWSS355 304398 7757534 3.28
LWSS307 313709 7753194 2.45
LWSS392 303396 7763735 0.837
LWSS328 298118 7752914 0.833
LWSS400 305221 7762763 0.411
LWSS203 311113 7748916 0.292
LWSS363 310768 7757374 0.264
LWSS319 303817 7750821 0.257
LWSS331 297859 7751589 0.116
LWSS337 293239 7758862 0.089
LWSS358 306999 7756369 0.07
LWSS308 310995 7751833 0.045
LWSS333 293758 7754499 0.04
LWSS387 315175 7747119 0.04
LWSS401 305347 7762407 0.035
LWSS356 305095 7757449 0.029
LWSS309 309549 7750825 0.025
LWSS322 303733 7748970 0.015
LWSS320 303513 7749908 0.009
LWSS402 312624 7757384 0.008
LWSS313 307690 7753774 0.007
LWSS325 301118 7750266 0.006
LWSS395 303268 7763015 0.005
LWSS301 313505 7752290 0.003
LWSS327 298851 7753698 0.003
LWSS335 291417 7756638 0.003
LWSS336 293662 7758117 0.003
LWSS340 291528 7759047 0.003
LWSS201 311180 7748656 0.002
LWSS202 310602 7749015 0.002
LWSS339 291835 7759016 0.002
LWSS390 315960 7746391 0.002
LWSS305 313302 7754719 0.001
LWSS312 308468 7755458 0.001
LWSS314 310197 7753918 0.001
LWSS315 310983 7752585 0.001
LWSS317 307360 7752660 0.001
LWSS318 304761 7751530 0.001
LWSS321 304329 7749453 0.001
LWSS323 302222 7751634 0.001
LWSS326 299529 7750758 0.001
LWSS329 297786 7752803 0.001
LWSS332 297743 7751392 0.001
LWSS338 291660 7758838 0.001
LWSS341 291878 7759967 0.001
LWSS342 300649 7755309 0.001
LWSS343 300697 7756249 0.001
LWSS344 301040 7756293 0.001
LWSS345 303230 7756616 0.001
LWSS346 303005 7755876 0.001
LWSS347 302894 7755034 0.001
LWSS348 303560 7754928 0.001
LWSS349 303118 7754758 0.001
LWSS350 302526 7754269 0.001
LWSS351 302462 7753891 0.001
LWSS352 302689 7753860 0.001
LWSS353 303659 7754034 0.001
LWSS354 304643 7757176 0.001
LWSS357 306860 7757553 0.001
LWSS359 307628 7757575 0.001
LWSS360 307631 7757707 0.001
LWSS361 308082 7757860 0.001
LWSS362 310752 7758027 0.001
LWSS388 314838 7746642 0.001
LWSS389 314882 7746209 0.001
LWSS391 316127 7746489 0.001
LWSS393 302950 7763679 0.001
LWSS394 303018 7763551 0.001
LWSS396 301531 7762367 0.001
LWSS398 302744 7761951 0.001
LWSS399 302960 7761777 0.001
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