REG - ECR Minerals PLC - Positive Gold Soil Sampling Results at Lolworth

ECR MineralsAnnouncement

14/08/2024 07:15

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RNS Number : 4039A  ECR Minerals PLC  14 August 2024

ECR MINERALS plc

 

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

 

Positive Gold Soil Sampling Results at Lolworth, Queensland

Niobium-REE sampling set to commence

 

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce initial gold results from soil
sampling at the Company's Lolworth Project in Queensland, Australia.

 

HIGHLIGHTS

 

●     Soil sampling undertaken at prospective locations in the central
region of the project area

●     41 samples returned results equal to, or greater than, 0.05 ppm Au
(Gold) at the 'Dagwood Prospect' including 4 results above 1.00 ppm Au

●    15 samples returned results greater than 0.05 ppm Au from the
'Gorge Creek Diggings' Prospect' with a best result including 16.85 ppm Au

●  Focus now turns to the Eastern part of the tenement area to test for
Gold, Niobium and Tantalum mineralisation

●     ECR remains fully funded for its planned operations in Queensland
and Victoria in 2024

 

Results

Two field teams have been working on site at Lolworth since early May 2024 and
ECR Minerals has now received the first batch of results from soil
geochemistry sampling, following up on results from earlier stream sediment
pan sampling. 41 samples returned results equal to or greater than 0.05 ppm Au
(50 ppb Au) at the Dagwood Prospect with 4 results exceeding 1.00 ppm Au. (See
table 1). At the Gorge Creek Diggings Prospect, 15 samples returned results
greater than 0.05 ppm Au with a best result of 16.85 ppm Au. (See table 2).

 

Analysis

The geochemical trends have been interpreted to strike NNW at Gorge Creek
Diggings where further discoveries of nuggety gold have been identified
further north along strike of these soil grids suggesting the source of gold
is likely nearby. Soil sampling has now been expanded to include these
prospective areas. Geochemical trends at the Dagwood Prospect are likely
northerly striking. Outcrop mapping and rock chip sampling along these
prospective trends is now also in progress. The high-grade results in the
soils are due to the coarse nature of some of the gold contained within the
soil medium. Where nuggety gold has been found in the area, it is ragged,
which suggests the gold is found close to the source as it has not travelled
far and is therefore not smooth. What is significant, is the coloured
geochemical highlighted anomaly trends as seen in Figure 1 and Figure 2. The
high soil results are interpreted to represent high grade pockets within the
overall strike of the gold trend.

About the prospects

Dagwood (Figure 1)

Three gold trends have been identified at the Dagwood Prospect. A limited
number of rock chip samples taken from a large quartz outcrop, measuring 10
metres x 10 metres, yielded grades of up to 1.64 g/t Au (Sample LWC318,
announced on October 23, 2023). These promising gold trends will guide the
next phase of mapping and rock chip sampling, with the expectation the
findings will help define additional drill targets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gorge Creek Diggings (Figure 2)

Initial soil results for the Gorge Creek Diggings Prospect area have revealed
two parallel NW-trending gold geochemical lineations. The field team has
discovered a 'patch' of nuggety gold just northwest of this ongoing trend,
prompting ECR to extend mapping and sampling efforts in that direction. A
rhyolitic dyke measuring 5 metres x 200 metres outcrops to the north of this
area. Previous rock chip samples from this outcrop averaged 0.25 g/t Au.
However, where quartz veining intrudes the dyke, rock chip samples have
yielded up to 8.02 g/t Au (as announced on 23 October 2023). Further
reconnaissance mapping along the SW strike of this dyke has shown that the
outcrop extends beyond its previously mapped limits. Sampling of this dyke is
continuing and dependent on rock chip results may offer an additional larger,
drill target.

 

 

 

 

Additional Prospects

Significant progress has been achieved at several other gold prospects,
including Butterfly Creek, Reedy Creek West, Uncle Terry's, and Gorge Creek
West. Extensive rock chipping, mapping, and soil grid sampling have been
conducted in these areas. At Gorge Creek West, gold has been traced up the
ridgelines, with recent bulldozing revealing a series of quartz veins. The
results from these work programs are expected shortly. Meanwhile, additional
trenching and sampling is ongoing at the Butterfly Creek prospect, where
recent soil sampling and prospecting has uncovered coarse, ragged gold.

 

Managing costs

Silver (Ag) has been identified as the strongest pathfinder element
correlating to gold mineralisation at the Lolworth Project. Samples anomalous
in Ag measured by pXRF will be routinely sent to the laboratory for gold
analysis to ensure ECR's work programs remain as cost effective as possible.

 

Next Steps

ECR field teams will soon begin stream sampling on the eastern side of the
1000 km² Project area, where regional geological mapping indicates the
presence of significant pegmatitic intrusions. Previous work suggests that
this eastern area features the same geological formations as the Oaky Creek
region of the tenement, where stream sampling has previously detected niobium
in concentrate samples. Notably, the best results include stream samples with
more than 500 ppm niobium (Nb) and pXRF soil samples up to 497 ppm Nb, as
reported on September 25, 2023.

 

Adam Jones Chief Geologist commented: "These latest developments have
significantly bolstered our confidence in uncovering substantial value at
Lolworth for ECR shareholders. Field observations of the potential host for
the visible gold we've seen so far are continuing to better our understanding
of the project and its potential. We're now zeroing in on optimal sites to
focus on as we continue work towards identifying the best potential drill
targets. Drilling in such remote locations is expected to be more challenging
than we have seen in Victoria, therefore we must have good targets aligned to
enable ECR to take full advantage of the programme. I'm also looking forward
to gaining a better understanding of the Niobium and rare earths potential
that sits within our vast Lolworth landholding with sampling set to get
underway imminently. Investors will be kept up to date on further progress and
results as we receive them''.

 

Table 1: Geochemistry Gold and Silver Results > 0.05 ppm Au, Dagwood
Sampling

 

 Prospect  Easting  Northing  SampleID  Au ppm  Ag ppm
 Dagwood   316468   7750245   LWL4383   3.09    0.40
 Dagwood   316375   7750178   LWL4311   2.98    0.20
 Dagwood   316446   7750168   LWL4341   2.20    0.20
 Dagwood   316476   7750220   LWL4380   1.67    0.10
 Dagwood   316412   7750100   LWL4595   0.36    0.10
 Dagwood   316379   7750229   LWL4576   0.36    0.10
 Dagwood   316397   7750256   LWL4401   0.34    0.10
 Dagwood   316430   7750148   LWL4667   0.33    0.20
 Dagwood   316433   7750251   LWL4394   0.33    0.30
 Dagwood   316445   7750249   LWL4389   0.27    0.10
 Dagwood   316364   7750116   LWL4609   0.26    0.10
 Dagwood   316420   7750089   LWL4589   0.22    0.10
 Dagwood   316441   7750225   LWL4391   0.20    0.10
 Dagwood   316433   7750157   LWL4333   0.19    0.20
 Dagwood   316391   7750092   LWL4586   0.18    0.10
 Dagwood   316391   7750212   LWL4317   0.16    0.10
 Dagwood   316420   7750149   LWL4666   0.15    0.10
 Dagwood   316443   7750237   LWL4390   0.13    0.20
 Dagwood   316453   7750223   LWL4386   0.13    0.10
 Dagwood   316419   7750241   LWL4396   0.13    0.10
 Dagwood   316337   7750139   LWL4632   0.11    0.10
 Dagwood   316379   7750214   LWL4308   0.11    0.10
 Dagwood   316385   7750258   LWL4406   0.10    0.10
 Dagwood   316385   7750165   LWL4313   0.09    0.10
 Dagwood   316431   7750239   LWL4393   0.08    0.10
 Dagwood   316424   7750183   LWL4330   0.08    0.10
 Dagwood   316428   7750138   LWL4646   0.08    0.10
 Dagwood   316450   7750146   LWL4669   0.08    0.10
 Dagwood   316429   7750227   LWL4392   0.07    0.10
 Dagwood   316464   7750275   LWL4423   0.07    0.10
 Dagwood   316387   7750222   LWL4570   0.07    0.10
 Dagwood   316444   7750278   LWL4421   0.07    0.20
 Dagwood   316435   7750181   LWL4335   0.06    0.10
 Dagwood   316434   7750169   LWL4334   0.06    0.10
 Dagwood   316421   7750252   LWL4395   0.06    0.10
 Dagwood   316454   7750276   LWL4422   0.06    0.10
 Dagwood   316486   7750292   LWL4439   0.06    0.60
 Dagwood   316455   7750235   LWL4387   0.05    0.10
 Dagwood   316402   7750101   LWL4596   0.05    0.10
 Dagwood   316405   7750121   LWL4622   0.05    0.10
 Dagwood   316394   7750112   LWL4612   0.05    0.10

 

 

Table 2: Geochemistry Gold and Silver Results > 0.05 ppm Au, Gorge Creek
Diggings Sampling

 

 Prospect           Easting  Northing  SampleID  Au ppm  Ag ppm
 Gorge-Ck-Diggings  314827   7751438   LWL4767   16.85   1.00
 Gorge-Ck-Diggings  314800   7751459   LWL4738   1.33    1.10
 Gorge-Ck-Diggings  314732   7751557   LWL4716   0.66    0.50
 Gorge-Ck-Diggings  314847   7751426   LWL4780   0.43    0.10
 Gorge-Ck-Diggings  314828   7751453   LWL4755   0.35    0.60
 Gorge-Ck-Diggings  314860   7751478   LWL4759   0.20    0.10
 Gorge-Ck-Diggings  314821   7751447   LWL4754   0.16    0.10
 Gorge-Ck-Diggings  314826   7751493   LWL4733   0.16    0.10
 Gorge-Ck-Diggings  314838   7751404   LWL4783   0.11    0.10
 Gorge-Ck-Diggings  314835   7751444   LWL4766   0.09    0.10
 Gorge-Ck-Diggings  314794   7751468   LWL4737   0.09    0.10
 Gorge-Ck-Diggings  314813   7751441   LWL4753   0.08    0.10
 Gorge-Ck-Diggings  314819   7751502   LWL4730   0.08    0.10
 Gorge-Ck-Diggings  314860   7751492   LWL4745   0.08    0.10
 Gorge-Ck-Diggings  314852   7751472   LWL4758   0.07    0.10

 

 

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.

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

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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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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