REG - ECR Minerals PLC - Lolworth Results Suggest Extended Mineralisation

ECR MineralsAnnouncement

20/11/2023 07:15

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RNS Number : 9436T  ECR Minerals PLC  20 November 2023

ECR MINERALS plc

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

Latest Lolworth Gold Exploration Results Suggest Extended Mineralisation.

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce the latest gold exploration
developments at its Lolworth Project, North Queensland, Australia. The results
from the latest pan concentrate stream samples, whilst still early stage, are
considered significant by the Directors as they suggest an extension in the
size of the gold footprint south of the Reedy Creek area into Butterfly Creek.
The latest soil results from the Gorge Creek West area also correlate with a
quartz sub-crop which has been mapped across the ridgeline.

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

 * Pan concentrate sampling south of the Reedy Creek drainage divide into
Butterfly Creek indicates the likely existence of a gold source that also
extends further south. Visible gold continues to be seen in sampling.

 * The peak soil sampling results from Gorge Creek West area correlate along
strike to a mapped quartz vein sub-crop. Further investigations are planned.

 * Results from Flaggy Creek and Reedy Creek West soil sampling are due soon,
with interpretation of these results determining the next steps to be taken.
Operations have been paused while we evaluate our workplan.

 * Follow-up investigations into targeting other Niobium and REE stream anomalies
also in progress.

ECR Technical Director Adam Jones commented: "I am pleased to report good
grades from pan concentrate sampling, which indicate that additional sources
of gold could exist within the headwaters of Butterfly Creek and extend the
region's prospectivity some 2km further south of Reedy Creek. Local
landholders have reported to us that good sizeable gold discoveries were made
in this watershed by early prospectors and the evidence of our work to date
supports these theories. In addition to this, the field team are steadily
building a picture of extended gold mineralisation in the headwaters of Gorge
Creek West resulting from on-going results from soil sampling and outcrop
mapping."

ECR Chief Operations Officer Mike Whitlow added: "Our Lolworth project is
progressing nicely and we are consistently seeing visible gold, which
supports the historical evidence, but more importantly validates our own
thesis. We are collating the data into our work plan to conclude the
reconnaissance work and prepare for the target generation stage. We expect to
provide further updates soon."

Figure One: Plan showing the location of the latest results;

https://www.ecrminerals.com/images/2023/Fig1_Latest-Results-Lolworth_231115.jpg
(https://www.ecrminerals.com/images/2023/Fig1_Latest-Results-Lolworth_231115.jpg)

Reportable results from sampling presented in Table 1 and Table 2 below.

STREAM SAMPLING INTO BUTTERFLY CREEK

Butterfly Creek runs south from the dividing range that separates the Reedy
Creek area to the north (see Figure One above). Recent field work completed
infill pan concentrate sampling along the headwaters of streams in the Reedy
Creek area and Butterfly Creek, with visible gold consistently noted
throughout the sampling process. The most recent lab results confirm these
findings, with high concentrations of gold resulting in 962 ppm Au, 139 ppm Au
and 29.7 ppm Au. One ppm is equal to One g/t Au; however, these results are
from concentrating a 5kg stream sample into a laboratory sized sample and
therefore are not representative of an in situ-resource within the stream. The
results do however show the coarse nature of the gold, confirming that the
stream is strongly gold-bearing and close to a nearby source up the
hillslopes. From the sampling evidence received ECR can conclude the source of
gold is likely to reside within the saddle ridge as marked on Figure One. The
round coloured markers on the map relate to the corresponding gold grades in
the map legend, with previous pan sampling results shown as coloured stars.
Gold anomalies are clustered as shown on Figure One at Reedy Creek West, Reedy
Creek and Gorge Creek West. ECR is still waiting for final soil sampling
results within the Reedy Creek West area.

GORGE CREEK WEST SOIL SAMPLING

Results from soil sampling over part of the western ridgeline above the
gold-bearing streams of Gorge Creek West have also been received. 14 samples
report gold above background levels of 0.01 g/t Au, with best results of 0.39
g/t Au and 0.32 g/t Au. Although modest, these results are important in
context as they correlate spatially along strike of a large quartz sub-crop
vein exceeding 4 metres wide. This vein was sampled previously and delivered a
best result of 0.56 g/t Au.

The results from the quartz sub-crop vein do not match the results from the
creek below, where the team located numerous gold nuggets during previous pan
concentrate sampling. A single rock chip along strike to the east returned
13.75 g/t Au, while rock chip results immediately to the north of the soil
sampling and the quartz sub-crop show promise, with large outcrops of quartz
veins (grading up to 3.13 g/t Au) sited adjacent to the contact of the
intruded granite. Further investigation is required.

NIOBIUM AND REE EXPLORATION

Niobium (Nb) and Rare Earth elements discoveries have also been reported
previously at Oaky Creek, which contains an anomalous (Nb) zone located in the
northern part of the project area. Sampling work at Oaky Creek transitioned
from Nb and REE exploration to gold exploration during the last couple of
months to give landholders the chance to conduct agricultural activities in
the north of the project area. ECR has a good working relationship with all
landholders in the area, and field work to follow-up on the Niobium and REE
regions will recommence at the earliest availability.

Table One. Gold results for all pan concentrate stream sampling from the
Butterfly Creek region. Results in Au ppm. Best results presented first.

 

 SAMPLEID  EASTING           NORTHING          Au ppm

           (GDA94 Zone 55)   (GDA94 Zone 55)
 LWSS963   310193            7749951           962
 LWSS966   310248            7750052           139
 LWSS965   310230            7750014           29.7
 LWSS946   310693            7749535           25.8
 LWSS949   310491            7749771           10.25
 LWSS967   310201            7750188           8.95
 LWSS917   311380            7749011           2.2
 LWSS964   310259            7750002           2.04
 LWSS957   310145            7749398           0.84
 LWSS919   311136            7749379           0.64
 LWSS950   310323            7749768           0.58
 LWSS918   311245            7749317           0.36
 LWSS948   310664            7749669           0.33
 LWSS921   311348            7749487           0.14
 LWSS923   311820            7749490           0.07
 LWSS955   310839            7749895           0.07
 LWSS929   312026            7749435           0.04
 LWSS939   311195            7749033           0.04
 LWSS956   311086            7749538           0.04
 LWSS922   311546            7749380           0.03
 LWSS940   311118            7749082           0.02
 LWSS947   310406            7749538           0.02
 LWSS924   311854            7749454           0.01
 LWSS938   310996            7750078           0.01
 LWSS942   311014            7749071           0.01
 LWSS943   310773            7749239           0.01
 LWSS944   310796            7749314           0.01
 LWSS945   310676            7749448           0.01
 LWSS958   310046            7749512           0.01
 LWSS959   310037            7749442           0.01
 LWSS960   309808            7749938           0.01
 LWSS961   309985            7750079           0.01
 LWSS962   309981            7750127           0.01

 

 

Table Two. Reportable gold results (> 0.01 g/t Au) for soil sampling the
Gorge Creek West area.

 

 SAMPLEID  EASTING           NORTHING          Au ppm

           (GDA94 Zone 55)   (GDA94 Zone 55)
 LWL2900   313239            7751347           0.39
 LWL2892   313199            7751346.7         0.32
 LWL2888   313267            7751305.2         0.18
 LWL2830   313296            7751170.6         0.13
 LWL2786   313080            7751653.4         0.09
 LWL2748   313048            7751412.8         0.07
 LWL2925   313392            7751355.9         0.05
 LWL2904   313307            7751305           0.04
 LWL2913   313302            7751372.3         0.03
 LWL2947   313126            7751741.3         0.03
 LWL2805   313287            7751153.9         0.02
 LWL2811   313184            7751216.4         0.02
 LWL2875   313218            7751312.3         0.02
 LWL2902   313273            7751326           0.02

 

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 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.

 

 

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