REG-ECR Minerals plc Multiple visible gold occurrences and pegmatites observed at Lolworth, Queensland
12/12/2022 12:45
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Multiple visible gold occurrences and pegmatites observed at Lolworth,
Queensland
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Multiple visible gold occurrences and pegmatites observed at Lolworth,
Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce the first round of results from
the recent stream sediment sampling campaign undertaken at the Lolworth Range
project, North Queensland, Australia.
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
(“LUX”).
HIGHLIGHTS
* 21 out of 125 stream sediment samples to date are anomalous with gold, with
results up to 152.5 ppm Au.
* 18 of the 125 samples show visible gold.
* Further samples are awaiting results including 212 stream sediment samples and
33 rock chips.
* Multiple pegmatites observed throughout the tenements
ECR CEO Andrew Haythorpe commented: “Following today’s placing to raise
gross proceeds of £900,000 to further develop our projects, on behalf of the
Board I am delighted to report a great start at our Lolworth project, with a
highly encouraging 14% visible gold strike rate from the sampling campaign. As
we await the results from the remaining samples, we have also incorporated
samples from pegmatites observed by our Technical Director on his most recent
trip to Lolworth into our plan. These have also been submitted for assay and
will be reported at the earliest opportunity. From this we will then move to
establish an initial shortlist of targets for further exploration.”
“I look forward to reporting back to you as soon as we receive the results
from the remaining samples”
A Probability Plot showing the different gold population groupings can be
found at the following link:
Figure 1:
https://www.ecrminerals.com/images/2022/fig1_Lolworth_SS_Au_populations.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_Lolworth_SS_Au_populations.png&esheet=53040437&newsitemid=20221211005033&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_Lolworth_SS_Au_populations.png&index=1&md5=b2628d617151db49f68892227285572a)
An overview plan showing results (Au ppm) of stream samples completed to date
can be found at the following link:
Figure 2:
https://www.ecrminerals.com/images/2022/fig2_Lolworth_SS_1st_Results_091222.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig2_Lolworth_SS_1st_Results_091222.png&esheet=53040437&newsitemid=20221211005033&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig2_Lolworth_SS_1st_Results_091222.png&index=2&md5=15163da77ef88e4fa6e687f51d573eca)
PROJECT OVERVIEW
The Lolworth Range project is located approximately 120km west of the
historically famous Charters Towers gold district. ECR Minerals owns three
Exploration tenements covering a total area of 964 km(2). The area encompasses
the Lolworth Range, a region comprising of similar rocks that host world class
gold deposits such as Charters Towers and the historic Mt Leyshon Mine
(>2.5 million ounces).
In 1987-1988, a stream sediment survey was undertaken by previous explorers
ARI Ltd under permit ATP4855M. Their investigations identified numerous
anomalous streams within Lolworth Range containing not only visible gold, but
also minerals such as tin and tungsten. Research by ECR Minerals geologists
established that no follow-up exploration of any note had been undertaken
since the work under the ATP4855M permit, mostly likely due to the relatively
inhospitable terrain. It is for this reason that ECR Minerals pegged this
ground in 2021.
FIRST RESULTS FROM THE STREAM SAMPLING PROGRAM
ECR Minerals has received the results from 125 pan concentrate stream sediment
samples which are representative of the first batch of samples submitted to
the laboratory in late September 2022. A further 212 samples have been
submitted recently with results expected in due course.
Visible gold has been observed in the concentrates of 18 out of the 125
samples (14.4% of the total), which is a better outcome than the results from
previous exploration by ARI Ltd. in 1987-88.
All gold results to date have been arranged in increasing order of grade (Au
ppm) and analysed by a cumulative probability plot (Figure 1). Results show
the presence of five (5) considered gold populations, characterised by the
following;
Group 1: Extreme values with a grade range between 5.5 and 152.5 ppm Au.
Group 2: Highly anomalous values with a grade range between 2.1 and 5.5 ppm
Au.
Group 3: Mid anomalous values with a grade range between 0.6 and 2.1 ppm Au
Group 4: Low anomalous values with grades ranging between 0.13 and 0.6 ppm Au
Group 5: Considered background values of the surrounding region representing
no anomaly with a grade range between 0.00 and 0.13 ppm Au. These represent
approximately 83% of all sampling reported.
The ECR board considers samples that fall into groups 1, 2 and 3 to be
anomalous in gold. Samples falling within group 4 are a low priority, however
some follow-up sampling will be needed as a double check.
The anomalous areas of groups 1, 2 and 3 are notated on the plan map in
(Figure 2).
In practice, sampling in the field has shown that not all negative laboratory
results correlated with observed visible gold in the panning process. An
example is that 8 out of the 89 samples falling into group 5 (background
value) were notable for visible gold. This will be taken in consideration for
follow up sampling campaigns.
TABLE 1: Gold population groups showing total samples with observed visible
gold (VG):
Population groups Number of samples Samples with reported VG
Group 1 5 3
Group 2 12 3
Group 3 4 3
Group 4 15 1
Group 5 89 8
TOTAL 125 18
TABLE 2: All gold results considered anomalous from Groups 1, 2 and 3:
SAMPLE Easting (GDA94-Z55) Northing (GDA94-Z55) Au ppm Visible Gold?
LWSS001 313692 7754116 5.88 y
LWSS012 314429 7756692 1.42 y
LWSS090 298814 7761280 2.30 y
LWSS092 299499 7761370 0.93 n
LWSS093 298823 7760665 2.17 n
LWSS094 299023 7760941 2.38 y
LWSS096 299042 7758162 2.26 y
LWSS149 314050 7749308 21.90 y
LWSS151 313877 7749836 0.85 y
LWSS155 315871 7750430 5.88 n
LWSS160 314212 7751253 1.93 y
LWSS161 314025 7751352 152.50 y
LWSS207 316998 7753627 2.67 n
LWSS211 313613 7751298 7.69 n
LWSS263 315668 7749611 4.43 n
* (Visible gold recorded in field sampling: y=Yes n=No)
NEXT STEPS
These first results from Lolworth Range lead the Board to believe that the
area is highly prospective for gold, increasing both our knowledge of the
region and confidence in the overall project potential. The sampling campaign
has built considerably on the limited past exploration by ARI Ltd in 1987-88.
ECR Technical Director Adam Jones visited the project in early November 2022,
and in his field inspection he noted multiple pegmatites throughout the
tenements. Previous exploration work had noted Tungsten (W) and Tin (Sn)
mineralisation within parts of the region and armed with this knowledge,
further analysis is being conducted on all samples to identify potential
pathfinders for critical minerals.
There are another 212 stream sediment samples currently being analysed in the
laboratory. In addition, 33 rock chips taken from observed mineralised veining
at the ‘Uncle Terry’ historical prospect are also being analysed.
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
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=53040437&newsitemid=20221211005033&lan=en-US&anchor=www.ecrminerals.com&index=3&md5=6f64bfe22197961ecc777056e86102c7)
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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 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 70% 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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