REG-ECR Minerals plc Rock Chip Results from Tambo Licence EL7484 and Renewal of Bailieston Licence EL5433
10/08/2023 07:15
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Rock Chip Results from Tambo Licence EL7484 and Renewal of Bailieston Licence
EL5433
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Rock Chip Results from Tambo Licence EL7484 and Renewal of Bailieston Licence
EL5433
ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce further developments at their
Victoria exploration licences EL5433 (Bailieston) and EL007484 (Tambo).
ECR Minerals plc has 100% ownership of EL5433 and EL007484 within the state of
Victoria, Australia. EL5433 (Bailieston) exploration licence is located 50km
east of the Mandalay Resources Costerfield Mine (producing Gold and Antimony).
EL007484 (Tambo) is located within the eastern part of the state of Victoria.
Both tenements are being operated under ECR Minerals plc Australian subsidiary
Company Mercator Gold Australia (‘MGA’).
HIGHLIGHTS
* Results for 27 rock chips taken from gold prospects within the Tambo licence
EL007484 received. Best results include 0.2m @ 22.2 g/t Au and 0.5m @ 5.72 g/t
Au.
* Bailieston exploration licence EL5433 has successfully been renewed for a
further 5 years.
CEO Andrew Haythorpe commented: “The pace of developments in Queensland this
year ensures that our Lolworth and Hurricane projects remain ECR’s primary
focus, but it is gratifying to note that initial rock chip sampling at our
hitherto unexplored Tambo project in Victoria has already delivered some
noteworthy gold grades. Our Board is firmly of the view that the minimum
expenditure requirements to retain the key licenses at Bailieston and Tambo
are warranted, and our teams will continue piecemeal work at these licenses
throughout the year when it is logistically expedient to do so.”
TAMBO LICENCE ROCKCHIP RESULTS
Initial ground work was recently undertaken at Victoria licence EL007484
(Tambo) as part of ECR’s 2023 exploration schedule. A total of 27 rock chips
were taken from exposed quartz veins in and around the historical gold
workings known as the Duke of Cornwall and Swift Creek Reef. Best results
include 0.2m @ 22.2 g/t Au and 0.5m @ 5.72 g/t Au and a complete set of
results is tabulated in Appendix One below. The gold results correlate with
elevated metals of Arsenopyrite and Bismuth. These two minerals are likely
pathfinder elements which will help vector towards gold mineralisation in
future exploration activities.
RENEWAL OF EL5433 (BAILIESTON)
ECR have also successfully renewed exploration tenement EL5433 (also known as
Bailieston) for a renewed 5-year term (expiring March 27(th) 2028. The
Bailieston licence contains the recently explored prospects known as HR3,
Cherry Tree and Blue Moon. Although the discoveries made to date have been
modest, the best prospects within the tenement still lie in the vicinity of
HR3 where the last drillholes returned gold intercepts such as 4m @ 9.01 g/t
Au (hole BH3DD043), 0.2m @ 9.22 g/t Au (hole BH3DD042) (see announcement dated
October 14 2022 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fw31jzzx&esheet=53524318&newsitemid=20230809899518&lan=en-US&anchor=here&index=1&md5=d53203b1ee1f7ab5b7513bee382f194f)
for full details of these drill results). It is worth noting also that the
strike extent at this location is still open to the north and at depth. The
Bailieston tenement is situated halfway between the Costerfield Mine and
tenements belonging to ASX listed Nagambie Resources, and the district is fast
gaining a reputation for Antimony mineralisation. The Costerfield Mine, owned
by Mandalay Resources is also producing Gold and Antimony. License EL5433 has
a yearly minimum expenditure requirement of AUD $38000, and is adjacent to ECR
exploration licenses EL006911 and EL 006912 granted in December 2022. ECR’s
total exploration land package at Bailieston is 179 square kilometres.
NEXT STEPS
The Board is of the opinion that Tambo tenement EL007484 and Bailieston
tenement EL5433 hold considerable nascent value and warrant the minimum
required expenditure per year. As mentioned previously, the HR3 Goldfield on
EL5433 still has exploration potential and follow-up work along strike from
the previously good drill intercepts, and as such the Board plans to extend
the possible strike of gold mineralisation to the north of HR3 with soil
geochemistry work followed by drilling.
The Board is pleased with the initial rock chip sampling results at the Duke
of Cornwall prospect at the Tambo licence EL007484, and is of the opinion that
further investigation is warranted. Our initial findings establishing a strong
correlation between Gold, Arsenic and Bismuth will also aid in future
exploration. EL007484 is licenced to 25 November 2026 and is eligible for a
grant of a further 5-year term provided the minimum expenditure and work
commitments are reached. The Board is of the opinion that all ECR’s
Victorian assets warrant further work in the future, but this will only take
place once market conditions prove more supportive for junior explorers
ECR’s exploration focus this year has shifted towards the two North
Queensland projects at Lolworth and Hurricane. Due to the potential size and
range of mineralisation already identified (Gold, Antimony, Niobium, Tantalum
and Rare Earths) in North Queensland, the assets in this region will remain
our primary focus at this point in time.
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=53524318&newsitemid=20230809899518&lan=en-US&anchor=www.ecrminerals.com&index=2&md5=071329b76f36989263e1165006f7db61)
WH Ireland Ltd Tel: +44 (0) 207 220 1666
Nominated Adviser
Katy Mitchell / Andrew de Andrade
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Broker
Jon Belliss
Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green
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 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.
APPENDIX ONE
TABLE ONE: All Rock Chip results from recent exploration on EL007484, Tambo,
Victoria, Australia. (Au = Gold, Bi = Bismuth). Highlights in BOLD;
SampleID Prospect Location Width of Vein Au (g/t) Bi (ppm)
(metres)
BTR_0001 Swifts Creek Reef 0.01 0.01 2
BTR_0002 Swifts Creek Reef 0.01 0.01 2
BTR_0003 Swifts Creek Reef 0.01 0.01 2
BTR_0004 Swifts Creek Reef 0.01 0.01 2
BTR_0005 Swifts Creek Reef 0.01 0.06 2
BTR_0006 Swifts Creek Reef 0.5 1.35 3.62
BTR_0007 Swifts Creek Reef 0.5 1.43 4.01
BTR_0008 Swifts Creek Reef 0.15 0.01 2
BTR_0009 Swifts Creek Reef 0.15 0.01 2
BTR_0010 Swifts Creek Reef 0.15 0.01 2
BTR_0011 Swifts Creek Reef 0.15 0.01 2
BTR_0012 Swifts Creek Reef 0.3 0.01 2
BTR_0013 Swifts Creek Reef 0.5 0.71 2
BTDCR_0001 Duke of Cornwall Reef 0.3 0.05 2.49
BTDCR_0002 Duke of Cornwall Reef 0.2 22.2 429
BTDCR_0003 Duke of Cornwall Reef 0.3 0.03 2
BTDCR_0004 Duke of Cornwall Reef 1 0.01 2
BTDCR_0005 Duke of Cornwall Reef 1 0.01 2
BTDCR_0006 Duke of Cornwall Reef 1 0.05 6.33
BTDCR_0007 Duke of Cornwall Reef 1 0.01 2
BTDCR_0008 Duke of Cornwall Reef 0.5 0.01 2
BTDCR_0009 Duke of Cornwall Reef 1 0.01 2
BTDCR_0010 Duke of Cornwall Reef 1 0.03 6.86
BTDCR_0011 Duke of Cornwall Reef 1 0.01 9.94
BTDCR_0012 Duke of Cornwall Reef 1 0.01 2
BTDCR_0013 Duke of Cornwall Reef 1 0.01 2
BTDCR_0014 Duke of Cornwall Reef 0.5 5.72 228
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