REG - ECR Minerals PLC - Gold Bearing Quartz Veins Discovered at Lolworth

ECR MineralsAnnouncement

31/10/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231031:nRSe7798Ra&default-theme=true

RNS Number : 7798R  ECR Minerals PLC  31 October 2023

ECR MINERALS plc

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

Discovery of Gold Bearing Quartz Veins in Flaggy Creek, Lolworth, Queensland.

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce that following rock chip sampling
and outcrop mapping at the Flaggy Creek area at the Lolworth Project, N
Queensland, Australia, gold bearing quartz veins have been discovered.

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"). Numerous Gold, Niobium and REE anomalies have been identified
within the project.

HIGHLIGHTS

·      Results from mapping a quartz veinlet system within the upper
creek drainage of Flaggy Creek have proven to be gold-bearing.

·      The veinlet system consists of multiple narrow veins outcropping
over a length of 70 metres long and within a zone up to 100m wide.

·      Best rock chip results from outcrop include 6.05 g/t Au, 5.96 g/t
Au, 4.66 g/t Au and 3.97 g/t Au.

·      Soil sampling programme just completed over the ridgelines in
Flaggy Creek, above the best gold bearing pan concentrate samples.

ECR Technical Director Adam Jones commented: "The veinlet gold system we have
now identified at Flaggy Creek has come about through our systematic approach
to the groundwork. The geology field team have seen for themselves how the
initial sampling work and mapping has through a process of elimination arrived
at an outcrop that has delivered some encouraging grades within a concentrated
area. We are confident that we have potentially identified a style of gold
bearing vein system that we can expect to find throughout the region, and
furthermore, we have identified other gold bearing creeks from our stream
sampling programme that are in close proximity to and show very similar
geological features to the Flaggy Creek area. Coupled with the major soil
sampling work completed along strike at the Flaggy Creek outcrop, we are
hoping the results from this work may show a much larger system than currently
mapped."

ECR Chief Operations Officer Mike Whitlow added: "It is still early days, but
the ECR Board share Adam's excitement at what would seem to be a robust gold
vein discovery at Lolworth. We will continue to be led by the geology and the
assay results, but the discovery announced today has indicated the potential
for further discoveries along strike and over the broader area. This has
certainly provided us with some cause for optimism."

Figure One: Plan to show locations of reportable rock chips at Flaggy Creek:

https://www.ecrminerals.com/images/2023/Fig1_Flaggy-Creek_301023.png
(https://www.ecrminerals.com/images/2023/Fig1_Flaggy-Creek_301023.png)

ROCKCHIP RESULTS

Flaggy Creek is located in the NW part of ECR's Lolworth exploration
tenements. Previous work in 2022 shows the presence of gold in pan concentrate
sampling and a single rock chip from outcrop (see announcement from 12
December 2022 here
(https://polaris.brighterir.com/public/ecr_minerals_plc/news/rns/story/ry502kw)
). As a result of further mapping and multiple rock chip sampling work
undertaken along the exposed outcrop, the team has now expanded on these
initial results, with grades of up to 6.05 g/t Au recorded.

Geological mapping shows that the gold is contained within narrow quartz
veinlets cutting through the granitic host rock. Each quartz veinlet ranges
between 0.2 and 1m wide. Multiple veinlets have been observed, running in
parallel groups that form a system 70 metres long and up to 100m wide.
Significantly, a broken quartz rock 'float' sitting on top of the adjacent
surface indicates the vein system could possibly be wider than mapped. Some of
this quartz float has been sampled and results of up to 5.96 g/t Au have been
recorded.

ADDITIONAL SOIL SAMPLING PROGRAMME

Further supporting the mapped outcrop detailed in this announcement, the field
team have also completed a large soil sampling programme over and along strike
of the quartz vein system identified. The extent of this programme can be seen
by the black points shown in Figure 1 above.

The soil programme has two objectives. Firstly, to discover gold bearing soils
that are likely sitting in close proximity to other quartz vein systems in the
adjacent creek system and secondly, to identify the best gold 'hotspots' above
the sub-cropping gold bearing quartz float. The geo team fully expect this
methodology will provide specific targeting for subsequent trenching and
drilling work.

With additional results still due from Flaggy Creek and other Lolworth
prospects, further updates will be provided in the coming months.

Table One. Gold results greater than 0.1 g/t Au from recent rock chip sampling
and outcrop mapping at Flaggy Creek (in order of best results):

 

 SAMPLEID  EASTING           NORTHING          Au g/t  Ag g/t

           (GDA94 Zone 55)   (GDA94 Zone 55)
 LWC294    298788.8          7760822           6.05    7.12
 LWC295    298696.6          7760564           5.96    28.9

 LWC256    298697.4          7760687           4.66    1.94
 LWC251    298694.4          7760683           3.97    2.35
 LWC267    298703.6          7760728           3.28    2.33
 LWC261    298698.4          7760708           3.19    14.15
 LWC264    298693.9          7760692           2.89    4.03
 LWC266    298700.3          7760723           2.63    4.49
 LWC268    298705.1          7760729           2.17    1.18
 LWC252    298694.4          7760683           2.01    1.08
 LWC276    298657.6          7760751           2       4.7
 LWC259    298697.7          7760705           1.6     2.98
 LWC275    298639.9          7760758           1.53    2.91
 LWC262    298701.1          7760710           1.44    5.86
 LWC265    298699.1          7760718           1.37    2.52
 LWC257    298697.5          7760694           1.33    1.08
 LWC263    298697.1          7760697           1.22    0.86
 LWC260    298698.5          7760707           0.88    2.84
 LWC253    298692.3          7760681           0.67    0.7
 LWC292    298765.3          7760783           0.65    1.31
 LWC291    298765.6          7760784           0.61    24.3
 LWC255    298688            7760673           0.54    0.2
 LWC258    298697.7          7760702           0.47    4.43
 LWC254    298692.7          7760681           0.41    0.22
 LWC288    298738.7          7760724           0.38    0.2
 LWC273    298632.4          7760734           0.22    5.94
 LWC284    298736.9          7760680           0.21    4.95
 LWC272    298642.1          7760737           0.2     7.27
 LWC283    298760.8          7760659           0.17    1.72
 LWC274    298633.5          7760739           0.14    3.81
 LWC293    298785.2          7760818           0.12    0.26
 LWC278    298704.5          7760673           0.1     3.37

 

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
 (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=51817334&newsitemid=20180605005810&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=820ad49dc1fc2c84a0538453c017bc1b)

 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 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFFFSFILLIVIV