REG - ECR Minerals PLC - Lolworth Rock Chip Results & Exploration Update

ECR MineralsAnnouncement

24/10/2024 07:00

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RNS Number : 3834J  ECR Minerals PLC  24 October 2024

24 October 2024

 

ECR MINERALS PLC

 

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

 

Lolworth Project, Queensland

Results from Rock Chip Sampling and Exploration Update

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce the results of rock chip sampling
and trenching activities completed at the Lolworth Project, Queensland,
focusing on gold and base metals exploration. ECR also provides an interim
update in relation to the diamond drilling programme at its Tambo Gold Project
in Victoria.

HIGHLIGHTS

●     378 rock chip samples analysed

●     Highest-grade gold results include 11.05, 14.15 and 14.7 g/t Au

●     23 rock chips returned silver grades greater than 10 g/t Ag with
six samples exceeding 50 g/t Ag

●     Trenching at the Gorge Creek West Prospect has identified broader
zones of gold mineralisation, including best grades of 11.05, 3.72 and 4.82
g/t Au within a quartz shear zone

●     Newly-discovered gold-bearing veins identified near Gorge Creek
West and Uncle Terry prospects

 

Results (See Tables 1&2)

Gorge Creek West (See Figure 1)

Stream sampling has delineated the ridgeline as a potential gold source, and
trenching has revealed a North-South trending quartz sulphide shear zone
traced along a 40m strike. A secondary shear was located 12.5 metres west of
the main zone. Highlights include:

 

·    Best trenching results: 11.05, 4.82 and 3.45 g/t Au.

 

·    Broader zones of low-grade gold mineralisation (0.2-0.5 g/t Au) found
within three metres of the shear zones.

 

·    Reconnaissance rock chips show further potential, with best results
of 6.97, 2.59 and 3.72 g/t Au.

 

·    Significant silver mineralisation with best results of 54.4, 50.2 and
24.9 g/t Ag.

 

An additional shear zone located 350 metres northeast has returned high-grade
gold, including 14.7, 14.15 and 8.81 g/t Au. The results indicate that the
gold bearing portion of this structure can so far been traced for 40 metres
along the surface.

 

Gorge Creek West (Figure 1)

 

Uncle Terry (see Figure 2)

Reconnaissance rock chip sampling has previously revealed the highest-grade
gold assay to date (75.6 g/t Au) from a quartz-sulphide subcrop. Further
mapping in the vicinity revealed a quartz-sulphide blow measuring 20 metres x
10 metres at surface. Best results from this quartz blow include:

 

·    Gold assays of 7.59, 6.92, 6.3 and 2.12 g/t Au.

 

·    In addition, high silver values of 78.8, 66.2 and 65.6 g/t Ag have
also been discovered. Soil sampling is ongoing to identify potential
mineralised extensions.

 

Uncle Terry (Figure 2)

 

Geochemical pathfinders

Soil sampling is three-quarters complete, with ongoing analysis aimed at
identifying pathfinder elements associated with gold mineralisation.
Preliminary results show the following prospect geochemical pathfinders:

 

·    Butterfly Creek: Arsenic and lead

 

·    Dagwood: Weak silver and lead

 

·    Gorge Creek West: Strong lead and silver

 

·    Uncle Terry: Strong lead and zinc with low arsenic.

 

·    Silver-to-gold ratios are highest at Gorge Creek West and Uncle
Terry.

 

Next Steps

A further update on the Lolworth Project will be provided before the end of
this calendar year, including management's proposed next exploration steps.

 

Tambo Drilling Update

The first diamond drill hole has reached 85 metres and encountered quartz and
sulphide mineralisation at a 38 metre depth. A second hole is currently
underway, with two or three more holes planned for a total planned aggregate
depth of 450-550 metres.  Further announcements will be made in relation to
drilling at Tambo in due course.

 

Adam Jones, ECR Chief Geologist said: ''These rock chip and trenching results
from Lolworth further validate the significant potential that the Board sees
in this substantial acreage Project. Not only are we uncovering gold, but we
are now seeing significant traces of silver. As previously announced, we
believe that there are also exciting prospects for rare earths and other
critical minerals and we expect both our own exploration programmes, as well
as the recent sampling by the Geological Society of Queensland, will provide
us with valuable insights and guide our next steps. The geological resemblance
of the Lolworth region to the well-known Charters Towers and Ravenswood
goldfields is giving us a glimpse of what may lie within these mountain
ranges."

 

 Table 1: Top 10 Gold Results
 Prospect          SampleID         Easting   Northing   Au g/t  Ag g/t  Au:Ag Ratio
 Gorge Creek West  LWC892           313687.1  7751609.8  14.7    50.2    1:3
 Gorge Creek West  LWC890           313683.9  7751607.9  14.15   54.4    1:4
 Gorge Creek West  LWC636           313358.1  7751435.4  11.05   68.8    1:6
 Gorge Creek West  LWC887           313688.7  7751597.1  8.81    24.90   1:3
 Uncle Terry       LWC935           312161.1  7752183.7  7.59    65.60   1:6
 Gorge Creek West  LWC657           313364.3  7751418.8  6.97    31.30   1:4
 Uncle Terry       LWC948           312161.8  7752186.9  6.92    66.20   1:10
 Gorge Creek West  LWC889           313685.0  7751607.1  6.34    5.20    1:1
 Uncle Terry       LWC947           312161.9  7752189.0  6.3     35.70   1:6
 Gorge Creek West  LWC896           313680.6  7751618.3  5.19    16.60   1:3

 

Table 2: Top 10 Silver Results

 Prospect          SampleID  Easting   Northing   Ag g/t
 Uncle Terry       LWC949    312159.7  7752186.3  78.8
 Gorge Creek West  LWC636    313358.1  7751435.4  68.8
 Uncle Terry       LWC948    312161.8  7752186.9  66.2
 Uncle Terry       LWC935    312161.1  7752183.7  65.6
 Gorge Creek West  LWC890    313683.9  7751607.9  54.4
 Gorge Creek West  LWC892    313687.1  7751609.8  50.2
 Gorge Creek West  LWC651    313350.8  7751428.2  48
 Gorge Creek West  LWC652    313350.1  7751427.0  35.8
 Uncle Terry       LWC947    312161.9  7752189.0  35.7
 Gorge Creek West  LWC657    313364.3  7751418.8  31.3

 

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.

 

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
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Glossary

 

 Ag:    Silver
 Au:    Gold
 g/t:   Grammes per Tonne (Metric)
 km:    Kilometres (Metric)
 km²:   Kilometre squared (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 km2 over a
relatively unexplored area in Lolworth Range, Queensland, Australia. The
Company has also submitted a license application at Kondaparinga which is
approximately 120km2 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.  ECR also holds a royalty on the SLM
gold project in La Rioja Province, Argentina.

 

MGA also has approximately A$75 million of unutilised tax losses incurred
during previous operations.

 

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