REG - ECR Minerals PLC - Initial Drilling Results From Tambo Gold Project

ECR MineralsAnnouncement

20/11/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241120:nRST8770Ma&default-theme=true

RNS Number : 8770M  ECR Minerals PLC  20 November 2024

20 November 2024

ECR MINERALS PLC

 

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

 

Initial Diamond Drilling Results indicating up to 24 g/t Au From Duke of
Cornwall Lode at Tambo Gold Project, Victoria

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce highly encouraging initial
results from its maiden diamond drilling campaign at the Duke of Cornwall Lode
system as well as further high-grade surface channel (chip) sampling from the
Main Lode within the Company's Tambo Gold Project in Victoria, Australia (the
"Tambo Gold Project").

HIGHLIGHTS

·    Best drill intercepts from Hole DOCD002 include 0.15 metres @ 24.10
g/t Au and 0.40 metres @ 8.51 g/t Au

·    Supporting surface channel (chip) sampling from the Main Lode
returned exceptional results including 0.2 metres @ 180 g/t Au and 0.25 metres
@ 27.80 g/t Au.

 

Tambo Gold Project

Further to the Company's announcement on 17 October 2024, a maiden diamond
drilling campaign has now been completed at the Tambo Gold Project. The
diamond drilling campaign targeted beneath the historic workings of the Duke
of Cornwall Mine, Swifts Creek. The first complete results have now been
received for hole DOCD002. Assay results have also been received for
additional channel (chip) samples from the in-situ Main Lode near surface.

 

High-grade surface channel sampling

Main Lode sampling has revealed further high-grade gold surface channel (chip)
sampling results of 27.80 g/t to 180 g/t Au (See Table 1).  These results
support previous photon analysis of rock chip sampling of the same vein
material, including 55.5, 24.0 and 19.7 g/t Au (See announcements of 12 July
2024 and 10 June 2024).

 

Drilling Summary

The campaign utilised a diamond drill rig and has provided high-definition
structural data that enhances geological understanding and improves confidence
in interpreting vein orientations and continuity. The campaign consisted of
five diamond core drill holes, totalling approximately 439 metres in
aggregate, to test strike and depth continuity of gold mineralisation from the
Company's previous surface rock chip results and to refine the structural
model. The board of directors of ECR (the "Board" or the "Directors") are
confident that both objectives have been successfully achieved.

 

These first results from the diamond drilling campaign confirm that the Duke
of Cornwall Lode system is comprised of quartz veins propagating from a mapped
shear zone (Figures 1 and 2).  Strong visual indicator minerals have been
identified in the drill core including sulphides such as Chalcopyrite,
Tungsten and Arsenopyrite, with assay values correlating strongly to elevated
Bismuth.

 

Drill hole DOCD002

Best individual drill intercepts from hole DOCD002 include 0.15 metres @ 24.10
g/t Au and 0.40 metres @ 8.51 g/t Au. Geological logging and assay values show
two 'zones' of mineralisation. The first zone is veining parallel to the
regional cleavage. The average grade across the cleavage vein zone is 3.13 g/t
Au over 1.2 metres drilled. The second Main Lode zone averages 5.61 g/t Au
over the drilled interval of 2.05m. (see Table 1). The overall average grade
across all reported intervals was 4.26 g/t Au (see Table 1).

 

Hole DOCD002 was drilled to a total depth of 84.35m. A total of 19.95m of core
has been sampled. Mineralised intercepts greater than 0.1 g/t Au are reported
in Table 1 below. Hole DOCD002 also encountered strong pathfinder elements
associated with high gold values, including best grades of Bismuth (883 ppm),
Arsenic (63.8 ppm) and Silver (3.8 ppm). The overall average Bismuth, Arsenic
and Silver grades across all reported intervals were 152.24 ppm Bi, 9.86 ppm
As, and 0.98 ppm Ag (see Table 1).

 

Geological logging and sampling of the remaining holes will conclude this week
with assay results expected by early December 2024.

 

Adam Jones, ECR's Chief Geologist, said: ''These first diamond drilling
campaign results are highly promising, corresponding with our earlier rock
chip sampling and demonstrating consistency of results across our exploration
programmes at the Tambo Gold Project. All core samples have revealed strong
visual indicators, including the presence of chalcopyrite and arsenopyrite
sulphides, which are encouraging signs of mineralisation. We have drilled
approximately 75 metres vertically beneath the old Duke of Cornwall mine
workings, aiming to see results similar to those obtained nearer to surface.
Despite this being a relatively focused drilling program, the initial findings
suggest there is significant potential for further exploration."

 

Mike Whitlow, ECR's Managing Director added: ''These early results from the
Duke of Cornwall Lode system are outstanding and validate the geological
potential of this area. The high-grade gold intercepts, consistent
mineralisation across the Main Lode, and the promising visual indicators in
the core give us confidence in the continuity and potential scale of the
system. We look forward to receiving the remaining results and the valuable
insights they will provide as we work towards defining the scope of this
exciting opportunity."

 

Technical Disclosure

All sampling and drilling were conducted in accordance with industry best
practice, and all assays were performed by an independent, accredited
laboratory. Further technical details and assay results for the remaining
drill holes will be reported once received.

 

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.

 

Table 1: DOCD002 Drill Results And Rock Chip Channel Samples (including
matching pathfinder elements (Bi, As and Ag).

 

Drilling Intercepts (DOCD002). (intercepts => 0.1 g/t Au)

 SAMPLE ID  FROM   TO     INTERVAL (metres)  Au (g/t)  Au_(R) g/t  Bismuth (ppm)  Arsenic (ppm)  Silver (ppm)  DOMAIN
 BTD037     44.6   45     0.40               8.51      8.43        129.0          3.0            1.10          Cleavage vein
 BTD041     45.6   46.2   0.60               0.68      0.63        5.6            2.5            0.50          Cleavage vein
 BTD042     46.2   46.4   0.20               0.19                  2.0            3.6            0.50          Cleavage vein
 BTD045     48.15  48.6   0.45               0.88                  22.5           3.7            0.50
 BTD048     50     50.3   0.30               3.00      3.54        283.0          3.0            0.93          Main Lode
 BTD049     50.3   50.65  0.35               0.37                  24.4           63.8           0.50          Main Lode
 BTD050     50.65  51.05  0.40               0.01                  2.0            3.5            0.50          Main Lode
 BTD051     51.05  51.2   0.15               24.10     24.4        883.0          2.6            3.80          Main Lode
 BTD052     51.2   52.05  0.85               0.58                  18.7           3.0            0.50          Main Lode

 

Rock Chip (Channel Samples)

 SAMPLE ID  FROM  TO    INTERVAL (metres)  Au (g/t)  Au_(R) g/t  Bismuth (ppm)  Arsenic (ppm)  Silver (ppm)  DOMAIN
 BTR064     0     0.25  0.25               27.80     25.2        3.59           2260           7.20          Main Lode
 BTR065     0     0.20  0.20               180.00                3.15           2690           4.00          Main Lode

* (R) Laboratory repeat analysis

 

Figure 1: Plan View Of Duke Of Cornwall Lode - First Diamond Drill Results and
new Channel Samples

Figure 2: Section View Of Duke Of Cornwall Lode - First Diamond Drill Results
and new Channel Samples

 

 

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
 (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)

 Allenby Capital Limited                                                                                                                                                                                                                            Tel: +44 (0) 20 3328 5656
 Nominated Adviser                                                                                                                                                                                                                                  info@allenbycapital.com (mailto:info@allenbycapital.com)

 Nick Naylor / Alex Brearley / Vivek Bhardwaj

 Axis Capital Markets Limited                                                                                                                                                                                                                       Tel: +44 (0) 203 026 0320
 Broker
 Ben Tadd / Lewis Jones

 SI Capital Ltd                                                                                                                                                                                                                                     Tel: +44 (0) 1483 413500
 Broker
 Nick Emerson

 Brand Communications                                                                                                                                                                                                                               Tel: +44 (0) 7976 431608
 Public & Investor Relations
 Alan Green

 

 

Glossary

 

 Ag:    Silver
 As:    Arsenic
 Au:    Gold
 Bi:    Bismuth
 g/t:   Grammes per Tonne (Metric)
 km:    Kilometres (Metric)
 km²:   Kilometre squared (Metric)
 Lode:  A deposit of metalliferous ore that fills a fissure
 ppm:   Parts per million (Metric)

 

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 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), 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.

 

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  DRLLKLLFZFLXFBV