REG-ECR Minerals plc Half-year Report
30/06/2023 10:45
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Half-year Report
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”
And together with its subsidiaries the “Group”))
AIM: ECR
UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2023 AND
UPDATE
LONDON: 30 JUNE 2023 – ECR Minerals plc, the gold exploration and
development company, is pleased to announce unaudited interim results for the
six months ended 31 March 2023, along with a review of significant
developments during and post period.
HIGHLIGHTS
* Although somewhat depressed during the final quarter of 2022, the gold price
recovered strongly to within three US cents of the $1800 benchmark at the end
of Q1 2023. The strong market enjoyed by producers didn’t result in a read
across to junior explorers, and along with its peer group companies, the ECR
board has worked hard to conserve cash and husband resources amid challenging
markets.
* ECR’s initial exploration campaign at Lolworth in Queensland exceeded
expectations. The 2022 sampling campaign returned multiple gold anomalies and
occurrences of visible gold in samples (14% visible gold strike rate) plus
significant levels of Tantalum and Niobium. Post period end, Technical
Director Adam Jones and the field team were back on the ground at Lolworth,
and with the recent discovery of key Rare Earth Elements from last year’s
sampling, the mineralisation at Lolworth is becoming ever more interesting and
diverse. The Board are now of the view that Lolworth could potentially host
significant Gold, Niobium, Tantalum and rare earth element accumulations.
* During the period under review, ECR was granted two new tenements at
Bailieston (EL006911 and EL006912), bringing the total land package across all
three tenements (EL5433, EL006911, EL006912) up to 179 square kilometres. The
culmination of the extended drilling campaign there did however deliver a
disappointing overall outcome. The Board were keen to see results from a
drilling programme at the Blue Moon project (sited within Bailieston license
area EL5433), which was designed to test for mineralised continuity of the
gold bearing structure. Post period end, the drilling programme was completed,
but it was established that both the width and strike of the predicted anomaly
was narrower than at first thought. As a result, the rig and team were moved
to Creswick.
Following a trip to ECR’s Creswick project earlier in 2022, the Directors
decided to re-assay selected diamond drill core from the Creswick diamond
drilling programme completed in 2021. Results included 0.7m @ 47.75 g/t Au
from 147m in hole CSD001 and 1.1m @ 6.13 g/t Au from 98m in hole CJD002 (see
announcement dated 19 October 2022). The duplicate samples demonstrated the
high variability of coarse gold present at Creswick across licences EL006907,
EL006184 and new licence area EL006713. Subsequently, a campaign was planned
around and adjacent to the 2019 RC drilling campaign. Further soil
geochemistry work identified a potential new parallel gold system within the
Dimocks Main Shale (DMS). Along with new prospects Davey Road and Blue Gum
South, there were strong indications that gold mineralisation originated from
the North end of a line of historical gold workings. Work was also undertaken
with over 600 soil samples from the new Mills Reef system.
* In October 2022, ECR announced the conditional acquisition of Placer Gold Pty
Limited (Placer), the beneficial holder of three granted mining tenements (EPM
27518, EPM 25855 and EPM 19437) known as the Hurricane Project and located
west of Cairns in the Hodgkinson Province, NE Queensland. Hurricane was
previously the subject of field work and surface sampling with undrilled gold
and antimony discoveries. The Board believes the extent of the mineralisation
warrants drilling for potential resources. As set out in the announcement
dated 27 October 2022, ECR will pay a A$200,000 (approximately £144k) option
fee to be satisfied by a contribution to costs, the implementation of a work
program over the assets and a balancing cash payment to the shareholders of
Placer. Once the option fee has been fully satisfied ECR can then exercise the
option at any time prior to 30 September 2023.
* During the period under review, ECR increased its shareholding in Cordillera
Tiger Gold Resources, Inc (“Cordillera”), owner of Exploration License
EP-006 at the Danglay gold project in the north of the Philippines, from 70%
to 90%. The increase was due to the conversation of an intercompany loan of
28,354,525 pesos (approx. £420,800) owed by Cordillera to ECR in relation to
certain fees and explorations expenses. The loan was satisfied by the issue of
6,666,667 new ordinary shares to ECR, following which ECR now holds 8,999,996
Ordinary Shares in Cordillera representing 90% of its issued share capital.
* In February 2023, ECR completed the sale of its Bailieston property at 127
Nagambie-Rushworth Road for a sale price of A$670,000. The funds have been
deployed into ECR’s ongoing 2023 exploration programme.
* During the period under review, the purchase of ECR’s second drill rig was
completed (see announcement dated 11 October 2022). Following a review of the
Company’s likely requirements for this rig in 2023 and 2024, the Company is
reviewing options to monetise the value of the rig.
* Group comprehensive expenses of £684,492 are reported for the six months
ended 31 March 2023 (H1 2022: £324,333) and net assets of £6,081,330 at 31
March 2023 (H1 2022: £7,536,210).
* Despite some lingering effects from the COVID-19 pandemic, felt primarily
through extended delays in receiving lab assay results, the Board is very
excited by the multiple near term opportunities across the asset portfolio.
FINANCIAL RESULTS
ECR reports a pre tax loss for the six months ended 31 March 2023 of £724,566
(H1 2022: loss of £552,202).
The Group’s total assets were £6,177,800 at 31 March 2023 (H1 2022:
£7,674,007). The decrease in total assets has occurred largely due to the
impairment of Danglay Gold project.
Cash and cash equivalents at 31 March 2023 was £319k (H1 2022: £1,204,289)
REVIEW OF PRINCIPAL DEVELOPMENTS DURING THE PERIOD AND SUBSEQUENTLY
Led by our CEO Andrew Haythorpe. ECR has taken some key steps during the
period in question, despite continued challenging market conditions for junior
explorers. Your Board remains focussed on working to improve the efficiency of
our exploration efforts and subsequent target delineation, and on a more
general level the efficient management of all our assets and careful
husbanding of cash resources.
Victoria
At Bailieston the Company was granted two new tenements (EL006911 and
EL006912), bringing the total land package across all three tenements (EL5433,
EL006911, EL006912) up to 179 square kilometres. The culmination of the
extended drilling campaign there did however deliver a disappointing overall
outcome. The Board were keen to see results from a drilling programme at the
Blue Moon project (sited within Bailieston license area EL5433), which was
designed to test for mineralised continuity of the gold bearing structure.
Post period end, the drilling programme was completed, but it was established
that both the width and strike of the predicted anomaly was narrower than at
first thought. As a result, the rig and team were moved to Creswick.
Following a trip to ECR’s Creswick project earlier in 2022, CEO Andrew
Haythorpe and Technical Director Adam Jones decided to re-assay selected
diamond drill core from the Creswick diamond drilling program completed in
2021. Results included 0.7m @ 47.75 g/t Au from 147m in hole CSD001 and 1.1m @
6.13 g/t Au from 98m in hole CJD002 (see announcement dated 19 October 2022
for the full details of these results). The duplicate samples proved the high
variability of coarse gold present at Creswick across licences EL006907,
EL006184 and new license area EL006713. Subsequently, a campaign was designed
to drill at least 10 short holes into the DMS Slades Reef around and adjacent
to the 2019 RC drilling campaign. Further soil geochemistry work was
undertaken, which among other things identified a potential new parallel gold
system within the Dimocks Main Shale (DMS). Along with new prospects
identified at Davey Road and at Blue Gum South, there were strong indications
that gold mineralisation originated from the North end of a line of historical
gold workings. Work was also undertaken at new tenement EL006713, which
yielded over 600 soil samples from the new Mills Reef system.
In February 2023, ECR completed the sale of its Bailieston property at 127
Nagambie-Rushworth Road for a sale price of A$670,000. The funds have been
deployed into ECR’s ongoing 2023 exploration programme.
Queensland
The Company’s Lolworth campaign exceeded expectations across all metrics.
The 2022 sampling campaign returned multiple gold anomalies and occurrences of
visible gold in samples (14% visible gold strike rate) plus significant levels
of Tantalum and Niobium. Post period end, Technical Director Adam Jones and
the field team are back on the ground at Lolworth, and with the recent
discovery of key Rare Earth Elements (“REE”) from last year’s sampling,
the mineralisation at Lolworth is becoming ever more valuable and diverse. The
Board are now of the view that Lolworth could be host to significant Gold,
Niobium, Tantalum and REE discoveries.
On 27 October 2022, ECR announced the conditional acquisition of Placer Gold
Pty Limited (Placer), the beneficial holder of three granted mining tenements
(EPM 27518, EPM 25855 and EPM 19437) known as the Hurricane Project and
located west of Cairns in the Hodgkinson Province, NE Queensland. Hurricane
was previously the subject of intensive field work and sampling and is
considered to be a late-stage exploration project with three tenements all
highly prospective for gold and antimony. While Hurricane doesn’t currently
have a recognised JORC compliant resource estimate, the Board believes the
physical extent of the identified mineralisation coupled with rock chip
sampling results supports additional exploration and study work. To secure the
option ECR will pay a A$200,000 (approximately £144k) option fee to be
satisfied by a contribution to costs, the implementation of a work programme
over the assets and a balancing cash payment to the shareholders of Placer.
Once the option fee has been fully satisfied ECR can then exercise the option
at any time prior to 30 September 2023. Further updates on this, and any
decision on the exercise of the option, will be provided in due course as
appropriate.
Philippines
ECR increased its shareholding in Cordillera Tiger Gold Resources, Inc
(“Cordillera”), owner of Exploration License EP-006 at the Danglay gold
project in the north of the Philippines, from 70% to 90%. The increase was due
to the conversation of an intercompany loan of 28,354,525 pesos (approx.
£420,800) owed by Cordillera to ECR in relation to certain fees and
explorations expenses. The loan was satisfied by the issue of 6,666,667 new
ordinary shares in Cordillera, following which ECR now holds 8,999,996
Ordinary Shares in Cordillera representing 90% of its issued share capital.
Outlook
Along with many of its peer group junior explorers, the ECR board has worked
hard to conserve cash and husband resources amid challenging markets. Whilst
working capital remains constrained, the board are progressing with a number
of initiatives to supplement the cash position of the Company – including
through the proposed disposal of non-key assets and monetisation of the
Company’s drill rigs through potential leasing arrangements. In addition, as
results from exploration and drilling work continue to come in across our
projects in Victoria and Queensland, the Board and exploration team are
working hard to improve efficiencies both in the field and on a general
operational and logistical basis. Post period end the results from Victoria
have been generally inconsistent, and while some great unexplored potential
still exists at both Creswick and Bailieston (and Tambo), in the interests of
finding the best possible value for money from the Company’s assets, the
Board have decided to focus resource on our Queensland assets in the near
term. Sampling results from Lolworth have exceeded expectations on every
metric to date, so working smarter and harder we will prioritise efforts there
in the near term. The Directors believe that the Hurricane project too offers
exceptional potential, and with the Blue Mountain project acquisition
announced just post period end, also in Queensland, ECR intends to maximise
efficiencies and set up a Queensland operational hub to ensure funds are
deployed across all three projects as quickly and efficiently as possible.
In summary, the Board have every expectation of delivering a Company changing
discovery during the 2023 exploration campaign, and we look forward to sharing
developments with you as the story unfolds.
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
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=53438244&newsitemid=20230630044680&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=dda16a4ee4f22ab2f4b82006c96e78ae)
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 licenses.
FORWARD LOOKING STATEMENTS
This announcement may include forward-looking statements. Such statements may
be subject to a number of known and unknown risks, uncertainties and other
factors that could cause actual results or events to differ materially from
current expectations. There can be no assurance that such statements will
prove to be accurate and therefore actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward looking statements. Any
forward looking statements contained herein speak only as of the date hereof
(unless stated otherwise) and, except as may be required by applicable laws or
regulations (including the AIM Rules for Companies), the Company disclaims any
obligation to update or modify such forward looking statements as a result of
new information, future events or for any other reason.
Consolidated Income Statement
For the six months ended 31 March 2023
Six months ended Six months ended Year ended
31 March 2023
31 March 2022
30 September 2022
£ £
Other administrative expenses (618,017) (546,565) (1,214,398)
Impairment of intangible assets (99,775) - (1,576,822)
(Gain) or loss on other current assets - - (18,991)
Currency exchange differences (2,672) 2,320 27,173
Total administrative expenses (720,464) (544,245) (2,783,038)
Operating loss (720,463) (544,245) (2,783,038)
Impairment of available for sale assets - - 12,887
Fair value movements – available for sale financial asset (2,879) 1,245 3,623
Gain or (Loss) on disposal of assets (4,233) (8,863) -
(727,576) (551,863) (2,766,528)
Finance income 4,249 455 651
Other income - - 151,004
Finance costs (1,239) (794) -
Finance income and costs 3,010 (339) 151,665
(724,566) (552,202) (2,614,873)
Loss for the period before taxation
Income tax - - -
Loss for the period (724,566) (552,202) (2,614,873)
- - -
Loss attributable to: - - -
Owners of the parent (724,566) (552,202) (2,614,873)
Loss per share – basic and diluted (0.06)p (0.05)p (0.25)p
On continuing operations
Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2023
Six months ended Six months ended Year ended
31 March 2023
31 March 2022
30 September 2022
£ £ £
Loss for the period (724,566) (552,202) (2,614,873)
Items that may be reclassified subsequently to profit or loss
Gain/(losses) on exchange translation 40,074 227,869 342,215
Other comprehensive income/(expense) for the period 40,074 227,869 342,215
Total comprehensive expense for the period (684,492) (324,333) (2,272,658)
Attributable to:
Owners of the parent (684,492) (324,333) (2,272,658)
Consolidated Statement of Financial Position
At 31 March 2023
As at As at As at
31 March 2023
31 March 2022
30 September 2022
Assets £ £ £
Non–current assets
Property, plant and equipment 1,364,665 1,695,587 1,188,192
Equity investment - 10,288 -
Exploration assets 4,228,253 4,554,226 3,760,919
Total non-current assets 5,592,918 6,260,101 4,949,111
Current assets
Trade and other receivables 123,944 108,064 148,043
Inventory 99,324 58,845 70,641
Available for sale financial assets 42,207 42,708 45,084
Taxation - - -
Cash and cash equivalents 319,407 1,204,289 842,889
584,882 1,413,906 1,106,657
Total assets 6,177,800 7,674,007 6,055,768
Current liabilities
Trade and other payables 96,470 137,797 206,684
Total liabilities 96,470 137,797 206,684
6,081,330 7,536,210 5,849,084
Net assets
Equity attributable to owners of the parent
Share capital 11,292,044 11,290,719 11,290,980
Share premium 53,972,799 52,796,186 53,057,125
Exchange reserve 966,287 811,867 926,213
Other reserves 440,706 440,706 440,706
Retained losses (60,590,506) (57,803,268) (59,865,940)
6,081,330 7,536,210 5,849,084
Total equity
Consolidated statement of changes in equity
For the six months ended 31 March 2023
Share Share Exchange Other Retained Total
capital
premium
reserves
reserves
reserves
Equity
£ £ £ £ £ £
11,290,484 52,593,562 583,998 440,706 (57,251,067) 7,657,683
At 1 October 2021
Loss for the period – – – – (552,202) (552,202)
Loss on exchange translation – – 227,869 – – 227,869
Total comprehensive income /(expense) – – 227,869 – (552,202) (324,333)
Shares issued 236 292,624 – – – 202,860
Total transactions with owners, recognised directly in equity 236 202,624 – – – 202,860
11,290,720 52,796,186 811,867 440,706 (57,803,269) 7,536,210
At 31 March 2022
Loss for the period – – – – (2,062,671) (2,062,671)
Loss on exchange translation – – 114,346 – – 114,346
Total comprehensive income /(expense) – – – – (2,062,671) (1,948,325)
Shares issued 260 260,939 – – – 261,199
Total transactions with owners, recognised directly in equity 260 260,939 – – – 261,199
11,290,980 53,057,125 926,213 440,706 (59,865,940) 5,849,084
At 30 September 2022
Loss for the period – – – – (724,566) (724,566)
Loss on exchange translation – – 40,074 – – 40,074
Total comprehensive income /(expense) – – 40,074 – (724,566) (684,492)
Shares issued less issue costs 1,064 915,674 – – – 916,738
Total transactions with owners, recognised directly in equity 1,064 915,674 – – 916,738
–
11,292,044 53,972,799 966,287 440,706 (60,590,506) 6,081,330
At 31 March 2023
Consolidated Cash Flow Statement
For the six months ended 31 March 2023
Six months ended Six months ended Year ended
31 March 2023
31 March 2022
30 September 2022
£ £ £
Net cash flow used in operations (480,770) (918,135)
(677,956)
Investing activities
Purchase of plant, property and equipment (299,179) (250,636) (90,321)
Increase in exploration assets (467,334) (1,239,378) (1,674,046)
Equity investment - (10,288) -
Investment in available for sale assets - - (10,000)
Proceeds from sale of property, plant and equipment - - 88,634
Interest received 4,249 455 651
Net cash used in investing activities (762,264) (1,499,847) (1,685,082)
Financing activities
Proceeds from issue of shares 916,738 202,860 464,060
Net cash from financing activities 916,738 202,860 464,060
Net change in cash and cash equivalents (523,482) (1,777,757) (2,139,157)
Cash and cash equivalents at beginning of the period 842,889 2,982,046 2,982,046
Effect of change in exchange rates - -
Cash and cash equivalents at end of the period 319,407 1,204,289 842,889
Notes to the Condensed Half-Yearly Financial Statements
For the six months ended 31 March 2022
1. Basis of preparation
The condensed consolidated half-yearly financial statements incorporate the
financial statements of the Company and its subsidiaries (the “Group”)
made up to 31 March 2023. The results of the subsidiaries are consolidated
from the date of acquisition, being the date on which the Company obtains
control, and continue to be consolidated until the date such control ceases.
These condensed half-yearly consolidated financial statements do not include
all of the information required for full annual financial statements, and
should be read in conjunction with the consolidated financial statements of
the Group for the year ended 30 September 2022. They have been prepared in
accordance with the accounting policies adopted in the last annual financial
statements for the year to 30 September 2022. The report of the auditors on
those accounts was unqualified and did not contain a statement under section
498(2) or (3) of the Companies Act 2006, but did include a reference to
matters which the auditors drew attention to by way of emphasis without
qualifying their report.
The accounting policies have been applied consistently throughout the Group
for the purpose of preparation of these consolidated half-yearly financial
statements. New and amended standards, and interpretations issued and
effective for the financial year beginning 1 October 2022 have been adopted
but do not have a material impact on the condensed consolidated financial
statements. The Group has not early adopted any other standard, interpretation
or amendment that has been issued but is not yet effective.
The financial information in this statement does not constitute full statutory
accounts within the meaning of Section 434 of the Companies Act 2006. The
financial information for the six months ended 31 March 2023 and 31 March 2022
is unaudited. The comparative figures for the period ended 30 September 2022
were derived from the Group’s audited financial statements for that period
as filed with the Registrar of Companies. They do not constitute the financial
statements for that period.
2. Going concern
The Directors are satisfied that the Group has sufficient resources to
continue its operations and to meet its commitments for the immediate future.
The Group therefore continues to adopt the going concern basis in preparing
its condensed half-yearly financial statements.
3. Cash and cash equivalents
Cash includes petty cash and cash held in bank current accounts. Cash
equivalents include short-term investments that are readily convertible to
known amounts of cash and which are subject to insignificant risk of changes
in value.
4. Earnings per share
Six months ended Six months ended Year ended
31 March 2023
31 March 2022
30 September
2022
Weighted number of shares in issue during the period 1,116,615,529 1,027,481,119 1,039,370,796
£ £ £
Loss from continuing operations attributable to owners of the parent
(724,566)
(552,202)
(2,641,873)
The disclosure of the diluted loss per share is the same as the basic loss per
share as the conversion of share options decreases the basic loss per share
thus being anti-dilutive.
5. Income tax
No charge to tax arises on the results and no deferred tax provision arises or
deferred tax asset is identified.
6. Shares and options transactions during the period
The share capital of the Company consists of three classes of shares: ordinary
shares of 0.001p each which have equal rights to receive dividends or capital
repayments and each of which represents one vote at shareholder meetings; and
three classes of deferred shares, one of 9.9p each, 0.099p each and 0.199p
each, which have limited rights as laid out in the Company’s articles: in
particular deferred shares carry no right to dividends or to attend or vote at
shareholder meetings and deferred share capital is only repayable after the
nominal value of the ordinary share capital has been repaid.
a) Changes in issued share capital and share premium:
Number of Ordinary Deferred Deferred ‘B’ Deferred Total Share
Shares shares 9.9p shares 0.099p shares 0.199p shares shares premium Total
£ £ £ £ £ £ £
At 1 October 2022 1,064,464,551 10,644 7,194,816 3,828,359 257,161 11,290,980 53,057,125 64,348,105
Issue of shares less costs 106,349,762 1,064 - - - 1,064 915,674 916,738
Balance at 31 March 2023 1,170,814,313 11,708 7,194,816 3,828,359 257,161 11,292,044 53,972,799 65,264,843
All the shares issued are fully paid up and none of the Company’s shares are
held by any of its subsidiaries.
7. Consolidated Cash Flow Statement
Six months ended 31 Six months ended 31 Year ended 30
March
March
September
2023
2022
2022
£ £ £
Operating activities
Loss for the period, before tax (724,566) (552,202) (2,614,873)
Adjustments: 63,005 98,069 104,165
Depreciation expense, property, plant and equipment
Loss on disposal of subsidiary - 5,539 -
Gain/(Loss) on available for sale financial assets 2,877 (1,247) (3,623)
Impairment of intangible assets 99,775 - 1,576,822
Interest income (4,249) (455) (651)
Profit and loss on disposal - - 12,887
(Increase) /decrease in inventory (28,683) (20,500) 5,081
(Increase) /decrease in accounts receivable 24,099 54,960 (1,896)
Increase/(Decrease) in accounts payable (110,214) (64,934) 3,953
Net cash flow used in operations (677,956) (480,770) (918,135)
8. Post period end events
On 3 April 2023, the Company was pleased to announce the final Niobium and
Tantalum results from the stream sampling campaign at the Lolworth Range
project, North Queensland, Australia. There was 76 Lithium, Niobium and
Tantalum (Li-Nb-Ta) results from the final batch of pan concentrate stream
sediment samples with best results include Niobium up to 894 ppm and Tantalum
up to 290 ppm. These new results extend the anomalous Nb-Ta drainages 10km
further west of the previously announced high Nb-Ta results.
On 5 April 2023, the Company announced it had entered into a conditional
agreement to acquire, through its subsidiary Lux Exploration Pty Limited, a
100% interest in the Blue Mountain Project, Queensland, Australia, which also
includes the Denny Gully Gold project. The total consideration under the
agreement is GBP200,000 which is to be settled by the issue of 31,913,196
ordinary shares at a price of 0.6267p (being the 30-day VWAP prior to the date
of the Agreement), if the condition precedent is satisfied.
On 17 April 2023, the Company announced the latest soil sampling results from
the Creswick Project, Victoria, Australia. Gold Results from initial 297 soil
samples from Mills Reef Prospect received. Highest result includes 0.68 ppm
Au. A comparison study between Gold results and Arsenic analysis by pXRF shows
a close spatial relationship at Creswick. Arsenic analysis by pXRF has been
completed for the Mills Reef, Bush Inn Road, Blue Gum prospects (on the
proposed Dimocks Main Shale (DMS) mineralised trend). Additional pXRF analysis
coupled with rock chip results on new prospects on the western side of
EL006713 highlight further potential sources of Gold.
On 17 April 2023, the Company announced the new issuance of options over
68,100,000 ordinary shares in the Company, to senior employees and certain
directors / PDMRS of the Company.
On 2 May 2023, the Company announced the completed soil sampling results from
the prospects known as Mills Reef and Kuboid Hill which are within the
Creswick Project, Victoria, Australia. The complete results from soils
surrounding the Mills Reef Prospect showed the highest result being 3.53 ppm
Au (3530 ppb) and the best result from the complete gold results from the
prospect known as Kuboid Hill within EL006173 being 2.53 ppm Au (2530 ppb).
Additional pXRF analysis of soils from the Quartz Hill prospect had also been
completed. Arsenic values as a pathfinder have outlined several possible gold
shoots. Selected samples are currently being analysed for gold values at the
laboratory.
On 9 May 2023, the Company was pleased to announce that the settlement balance
of A$603,000from the sale of the Company’s ‘Bailieston’ property located
at 127 Nagambie-Rushworth Road within the Company’s 100% owned Bailieston
license area had now received.
On 9 May 2023 the Company announced that exploration has begun for the 2023
field season at the Lolworth Range project, North Queensland, Australia, with
follow-up exploration of identified Gold and Niobium-Tantalum targets already
underway. 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 by ECR’s Australian wholly owned subsidiary Lux Exploration
Pty Ltd.
On 22 May 2023 the Company announced updated results from gold exploration
activities within licences EL006184 (Creswick), EL5433 (Blue Moon) and EL7484
(Tambo North), Victoria, Australia. Results from the recent western extension
drilling at Blue Moon, Bailieston from two drill holes. Best results include
9m @ 0.56 g/t Au from 83.2m in hole BBMDD012.
Drilling results from four diamond holes at Brewery Lane Creswick have been
received which include 1m @ 4.29 g/t Au from 94.8m in hole CSD016. On ground
work within Eastern Victoria on EL7484 (Tambo) has commenced. The Board is
encouraged by initial investigations.
On 25 May 2023 the Company announced that investigations into the previous
2022 field season stream geochemistry results of the Lolworth Project,
Queensland are showing potential for the presence of rare earth elements
within the project area. A selected number of pan concentrate stream sediment
samples from the 2022 field season are highly anomalous for Rare Earth
Elements (REE), including Cesium (Ce), Lanthalum (La) and Yttrium (Y) with top
ten values include anomaly readings such as (Ce greater than 6000 ppm (0.6%),
(La greater than 2760 ppm) and (Y greater than 530 ppm). The top anomalous
values of Ce, La and Y spatially correlate to a north east trend across the
project with some of the best values coinciding with previously mapped
intrusive centres. The Lolworth Project is showing a diverse range of
exploration targets for Gold, Niobium-Tantalum and REE. Field work following
up these targets is well underway.
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ECR Minerals plc
Copyright Business Wire 2023Recent news on ECR Minerals
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