REG - ECR Minerals PLC - Significant increase in gold grades at Creswick

ECR MineralsAnnouncement

07/05/2024 07:16

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240507:nRSG3876Na&default-theme=true

RNS Number : 3876N  ECR Minerals PLC  07 May 2024

ECR MINERALS plc

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

Victoria Projects Update

Significant increase in gold grades from Bulk Sampling at Creswick

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to provide an update on the bulk sample
results for the first four reverse circulation drill holes as well as the
final two holes drilled at the Kuboid Hill prospect in Creswick earlier this
year.  The Company is also pleased to provide results from stream sampling
that was carried out last month at its Bailieston Project.

HIGHLIGHTS

Creswick

●     Reportable bulk sampling results of 3.05g/t Au and 2.53 g/t Au
over 1 metre upgraded from 0.76 and 0.37 g/t Au respectively.

●     Techniques employed give potential scope for a marked improvement
in grades for the remaining "best hole" bulk samples from pan concentrate.

Bailieston

●     Best results of 798 ppb Au and 712 ppb Au from stream sampling.

●     Sampling was carried out at three areas with no known historical
workings and have shown encouraging surface expression of anomalous gold which
gives merit to further follow up work.

●     Now re-analysing a number of drill cores from HR3 at Bailieston
for the presence of Antimony, which correlates with this latest reconnaissance
work showing a presence of Antimony.

●     ECR is funded for its planned activities in Victoria and
Queensland in 2024.

Details of the Programmes

Creswick

As announced on 8 April 2024, a total of 1,032 metres of reverse circulation
("RC") drilling was completed at Kuboid Hill on 16 February 2024. This was
the second part of an extended reverse circulation drilling programme at
Creswick, following on from 522 metres completed at Davey Road where, as
previously announced on 12 February 2024, ECR reported a best overall grade
gold of 41.03g/t Au. The Kuboid Hill programme was designed to follow up on
the Company's anomalous gold soil sampling campaign that was completed in
2022.

ECR has received final results from bulk sampling for the first four of the 17
RC drill holes at Kuboid Hill (being KHRC012, KHRC008, KHRC009 and KHRC015).
Only KHRC012 generated any reportable results from the bulk sampling,
significant improvement was seen in three of the samples from that hole, as
set out below:

 Details of bulk sampling and significant intercepts > 0.5g/t

 HOLE     From (m)  To (m)  Interval (m)  Original Au g/t  Bulk Au g/t
 KHRC012  27        28      1             0.76             3.05
 KHRC012  28        29      1             0.26             0.81
 KHRC012  40        41      1             0.37             2.53

 

The bulk samples from the remaining drillholes are currently in the
laboratory. Based on the improved results for hole KHRC012, the ECR Board
considers that there is a reasonable expectation of an improvement in grades
for some of the remaining bulk samples from other mineralised zones.

 

Additional Kuboid Hill Drill Holes

The remaining samples for the final two drill holes at Kuboid Hill (see
announcement 8 April 2024) have revealed further mineralised zones, consistent
with what has been seen previously, although neither reported intercepts above
1 g/t.

 

Bailieston

At the Company's Bailieston Project, a stream sampling campaign was recently
completed throughout the northern part of the tenements (EL006911, EL006912
and EL007296) with the campaign being designed to test for initial evidence of
gold mineralisation within the unexplored part of the region.

 

All three areas have had no historical work and, based on the results
obtained, the Company believes there is merit in undertaking additional
near-term follow up exploration.

 

●     Black Cat South

Best results of 798 ppb Au and 712 ppb Au from two streams on the western
flank of the Black Cat Fault. The two streams drain a prominent ridgeline that
is approximately 400m long in strike and offers further prospectivity. The
regional Black Cat Fault is associated with other gold and antimony historical
mining activity along strike.

●     King's Cross

Result of 150 ppb Au from a stream that drains an old prospect known as King's
Cross. Highly oxidised quartz veins are present in this area and require
follow up testing.

●     Freisland Hills

An anomaly of 100ppb Au was obtained from an unnamed creek in the centre of
the area.

 

 

 

 

In all three prospects, LIDAR mapping shows there has been no previous mining
activity or prospecting in the area which provides for an opportunity for
development and deeper exploration.

 

In addition to stream sampling, two small soil orientation surveys were
completed on the north fringes of the HR3 goldfield area and the Cherry Tree
South goldfield. Both soil surveys show coincidental elevated arsenic and
antimony. Previous soil sampling at HR3 has identified arsenic and antimony as
pathfinders to gold mineralisation.

 

ECR is now also re-analysing the core from its earlier drilling at the HR3
prospect at Bailieston for antimony. The Costerfield-Bailieston-Nagambie
district is noted for economic veins of antimony and elevated antimony has
been observed from previous pXRF analysis of the drill core.

 

Mike Whitlow Chief Operating Officer said: "Today's news points to further
potential value at our Creswick gold assets and we're looking forward to the
results from the remaining bulk samples from our "best holes" following on
from our 'off the rig' sample results, which include observations of visible
gold."

 

Adam Jones Chief Geologist said: "Results from the Bailieston stream sampling
survey are also encouraging and we firmly believe ground exploration above
these streams is now merited. The Bailieston field is prospective for not only
gold, but also for antimony, and we're fortunate to be located between the two
proven fields of Costerfield and Nagambie. Today's results give further
validation to our rationale to re-analyse our historical core from HR3 and
Cherry Tree."

 

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
 (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=51817334&newsitemid=20180605005810&lan=en-US&anchor=www.ecrminerals.com&index=1&md5=820ad49dc1fc2c84a0538453c017bc1b)

 WH Ireland Ltd                                                                                                                                                                                                                                             Tel: +44 (0) 207 220 1666
 Nominated Adviser

 Katy Mitchell / Andrew de Andrade

 Axis Capital Markets Limited                                                                                                                                                                                                                               Tel: +44 (0) 203 026 0320
 Broker
 Ben Tadd/Lewis Jones

 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

 

Glossary

 

 Au    Gold
 ppb   parts per billion
 pXRF  Portable x-ray fluorescence (analyser)

 

 

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

 

ECR holds a royalty on the SLM gold project in La Rioja Province, Argentina
which could potentially receive up to US$2.7 million in aggregate across all
licences.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSSFSIWELSELI