REG-ECR Minerals plc New Parallel Gold System Identified at Creswick, Victoria

ECR MineralsAnnouncement

22/12/2022 07:15

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New Parallel Gold System Identified at Creswick, Victoria

 

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

New Parallel Gold System Identified at Creswick, Victoria.

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce updated soil sampling results
from the on-going geochemistry exploration on EL006184 at Creswick, Victoria,
Australia. These results highlight a potential new parallel gold system within
the Dimocks Main Shale (DMS).

ECR Minerals plc has 100% ownership of the Creswick Project within licence
areas EL006184 and EL006907, which resides 14km north-east of the City of
Ballarat, Victoria, Australia. License EL006907 also links Creswick to the
Ballarat East-Nerrina Goldfield. The Company is exploring a number of
parallel-gold mineralisation trends that are believed to extend 10km south
towards Ballarat.

ECR CEO Andrew Haythorpe commented: “With so much investor interest focussed
on Creswick, it is gratifying to see the project move into a new and exciting
phase of development. My visit to Creswick with Adam Jones earlier this year
and the subsequent success from the re assay of the drill core confirmed to me
that our asset has considerable potential to host gold at several
locations.”

“Today’s soil geochem results and the subsequent new gold system
identified confirm beyond doubt that Creswick is host to a gold system that
warrants an extended and detailed exploration campaign.”

“We will continue to employ LIDAR Geochem across our Creswick tenements as
we draw up a list of drill targets in 2023. I look forward to reporting back
to you very shortly with further progress.”

HIGHLIGHTS


 * Soil geochemistry results identify the presence of anomalous gold in a
potential new gold system 500m east of the Dimocks Main Shales.

Figures related to this announcement can be viewed as follows:

Figure 1: Location map

https://www.ecrminerals.com/images/2022/fig1_CDY_Location-plan_221220.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_CDY_Location-plan_221220.png&esheet=53121345&newsitemid=20221221005573&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_CDY_Location-plan_221220.png&index=1&md5=e99bf9e94c25335bb2b5748c06dcddad)

Figure 2: Plan of Davey Road Workings

https://www.ecrminerals.com/images/2022/fig2_DaveyRd_221220.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig2_DaveyRd_221220.png&esheet=53121345&newsitemid=20221221005573&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig2_DaveyRd_221220.png&index=2&md5=0342737eb5bdd5ad2545189bf62682bb)

Figure 3: Plan of Davey South prospect

https://www.ecrminerals.com/images/2022/fig3_DaveyRd-Sth_221220.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig3_DaveyRd-Sth_221220.png&esheet=53121345&newsitemid=20221221005573&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig3_DaveyRd-Sth_221220.png&index=3&md5=0cab447bcea1281948980066a06f99e0)

CRESWICK LIDAR IMAGERY

Recently, LIDAR imagery covering ECR’s Creswick exploration tenements became
publicly available. The imagery reveals the surface terrain, which otherwise
is hidden underneath thick forest canopy and undergrowth. Additional
historical alluvial gold workings along the numerous creek drainages within
the tenement have been revealed in creeks 500m to the east of the Dimocks Main
Shale trend (DMS), which was recently drilled throughout 2021 (see Figure 1
above for location). Although the primary source of the alluvial gold has not
yet been discovered, ECR geologists quickly identified possible locations for
a primary gold source on the hillslopes above these alluvial workings. The
field team have recently finished soil sampling on these hillslopes and the
first announced results are detailed below.

PARALLEL GOLD SYSTEM IDENTIFIED

Two main areas have been identified with anomalous gold, respectively named
the Davey Road Workings and the South Davey (see Figure 1 above).

The Davey Road Workings consist of historical trenches and shallow shafts with
a strike length of 150 metres. Two worked alluvial gullies lead up to the
outcrop from the west (see Figure 2 above). A soil sampling grid was completed
over the extent of the workings, aiming to identify gold near the surface
through its presence within the surrounding soil. Results to date show gold is
present within soils located at the north end of the old gold workings, and
these anomalies also coincide with shallow pits and trenches on the land. The
historical workings gradually get deeper to the south of the site, potentially
indicating a south plunging gold system. Additional duplicate soil samples
were taken and panned down by gravity separation to check for visible gold. A
number of fine visible gold samples were present within the soils, correlating
with the laboratory samples returning gold concentration above 0.11 ppm Au.
The extent of the anomaly is highlighted in red in (see Figure 2 above).

The South Davey prospect is located approximately 600m along strike to the
south of the Davey Road workings (see Figure 1 above). Historical alluvial
workings heading east from Jackass Gully lead up to this area, showing where
previous prospectors were searching for the primary gold source without
success. Results to date again show gold is present within these soils with
the best anomaly located on the north end (see Figure 3 above). Duplicated
samples are also showing the presence of visible fine gold within the
anomalous area. An example of the fine gold is shown in (see Figure 3 above).

Table 1. Anomalous Soil Samples (=> 0.11 ppm Au), Davey Road Workings and
South Davey.
 SampleID  Grid       Easting   Northing  Au_ppm  
 CDY360    GDA94_Z54  759837.9  5853958   16.50   
 CDY470    GDA94_Z54  759870.9  5853954   8.54    
 CDY457    GDA94_Z54  759845.1  5853909   0.73    
 CDY330    GDA94_Z54  759882.9  5853502   0.66    
 CDY369    GDA94_Z54  759865.8  5853969   0.38    
 CDY370    GDA94_Z54  759878.9  5853975   0.33    
 CDY385    GDA94_Z54  759887.3  5853988   0.23    
 CDY464    GDA94_Z54  759868.5  5853936   0.19    
 CDY361    GDA94_Z54  759845.6  5853960   0.16    
 CDY376    GDA94_Z54  759875.8  5853982   0.11    


NEXT STEPS

The results to date have proven up our exploration methods using LIDAR imagery
and targeted soil geochemistry, and have narrowed down a potential location
for the primary source of gold mineralisation. As we prepare a shortlist of
drill targets across the best anomalies for a 2023 Creswick drilling campaign,
our ‘LIDAR Geochem’ approach will be applied across all of our Creswick
tenements in the coming months. ECR now has 10km of strike along what we
believe is the most prospective ground towards Ballarat.

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                                                                                                                                                                                                                                                       
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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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