REG-ECR Minerals plc Strategic Licence Applications Australia
27/05/2021 11:20
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Strategic Licence Applications Australia
27 May 2021
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
STRATEGIC LICENCE APPLICATIONS AUSTRALIA
APPLICATION FOR 300 SUB-BLOCKS WEST OF CHARTERS TOWERS IN THE LOLWORTH
DISTRICT OF NORTH QUEENSLAND, AUSTRALIA.
ECR Minerals plc (LON: ECR), the gold exploration and development company
focused on Australia, is pleased to announce three new strategic licence
applications with a view to adding new exploration opportunities in
Queensland, Australia.
Three Exploration Permits in Application (“EPM”) licences have been
submitted in North Queensland, Australia by LUX Exploration Pty Ltd
(“LUX”) which is a 100%-owned Australian subsidiary of ECR Minerals.
Craig Brown, Chief Executive Officer, commented:
“The strong cash position enjoyed by ECR Minerals has not only enabled us to
launch aggressive drilling programmes across our existing properties, but has
also facilitated full utilisation of in-house and advisory resources to
identify, investigate and potentially acquire new opportunities to expand our
Australian exploration portfolio. Today’s announcement manifestly
demonstrates that capability.
We are currently operating two diamond drill rigs at the Bailieston and
Creswick projects in Victoria, Australia, both of which are delivering
considerable amounts of drill core for technical review, processing and assay
testing.
We believe the ongoing drilling operations and the upcoming implementation of
drilling across multiple high-profile gold targets will expose ECR to
potential new gold discoveries.
We also look forward to providing further information from the new Queensland
Australia licence applications, which we believe offer significant potential
for precious and base metal discoveries in an area of Australia where multiple
large-scale discoveries have already been made.
Exploration work across Australia continues apace and we expect to provide
further operational updates in the near term”
THE APPLICATION AREA
* Three Exploration Permits in application (EPM 27901, 27902 and 27903);
representing 300 sub-blocks covering a total 900 km(2) of highly prospective
ground located within the Lolworth Range, 200km WSW of Townsville and 30km
north from Pentlands, North Queensland Australia.
EXPLORATION POTENTIAL
* The application area contains metamorphic rocks of the Charters Towers
Province, that host historical large gold producing centres such as Charters
Tower (6.6M Oz Au) and Ravenswood (>1M Oz Au). The structural and basement
geology is poorly understood in the area suggesting finding new deposits are
possible.
* The area also contains reported rhyolitic volcanics which play host to
intrusion-related breccia gold deposits in the region such as Mount Leyshon
(>2.5M oz) and Mount Wright (>1M oz). (see Figure 1 below).
* Desktop study of historic exploration data from the late 1980’s revealed
highly anomalous gold stream sediment sample results within the applied areas.
* The application area is encompassed on the southern boundary by rich alluvial
gold deposits of the Cape River and Gorge Creek area, which drain the southern
Lolworth Range.
* The east boundary of EPM27902 and EPM27903 is bordered by current exploration
permits exploring the Lolworth dyke swarm; a north-west trending system of
rhyolitic dykes and small breccia pipes containing gold, copper and
molybdenum.
* Historic samples also highlighted tin-tungsten mineralisation in the western
areas of EPM27902 (see Figure 2). Reports show no detailed follow-up work has
been undertaken.
Figure 1: Location of EPM27901, 27902 and 27903 and nearby gold deposits and
towns.
https://www.ecrminerals.com/images/figure1_Lux.jpg
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2Ffigure1_Lux.jpg&esheet=52436659&newsitemid=20210527005452&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2Ffigure1_Lux.jpg&index=1&md5=fef0287110bd99c7dc38e95b3318c9a0)
EXPLORATION OUTLINE
* Research reveals little mineral exploration work has been done within the
Lolworth Range. Access, company specific targeted ore-deposit styles and price
of metals reflect the efforts of past exploration. The most detailed
exploration work undertaken within the application area would have been under
AP4855M (A.R.I Limited) during the 1987-88 period. The work this company
undertook is one of the main reasons for the current application area. A.R.I
undertook a major stream sediment program within the drainage of the Lolworth
Range via helicopter access. This work highlighted seven gold anomalous areas
worth following up. Rock chips also demonstrated the perspectivity of the
region with elevated gold in association with rhyolites and breccias. Eleven
watersheds showed visible gold in pan concentrates. Highlights from this
historic exploration work are shown on (Figure 2).
Figure 2: Plan of EPM application area showing historic stream sediment
sampling results.
https://www.ecrminerals.com/images/figure2_Lux.jpg
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2Ffigure2_Lux.jpg&esheet=52436659&newsitemid=20210527005452&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2Ffigure2_Lux.jpg&index=2&md5=0361c61e92b9b78496e6b33c4bf85122)
* Initial exploration likely to include confirmation of existing stream sampling
anomalies to potential watersheds, followed up by soil and rock chip sampling
of ridgelines that are above these anomalous watersheds. The outcome of this
work will delineate worthy drill targets.
* Assuming the licence applications will be approved, LUX Exploration Pty Ltd.
will have initially 5 years to complete the planned exploration program, with
right to apply for permit extensions for up to a total of 15 years. LUX
Exploration will need to extinguish 50% of the initial application area after
5 years.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, a director of 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 REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 (MAR). Upon the publication of this announcement via
Regulatory Information Service (RIS), this inside information is now
considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & 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=52436659&newsitemid=20210527005452&lan=en-US&anchor=www.ecrminerals.com&index=3&md5=1a0b7def24ae732d4bff521264fd5c2d)
WH Ireland Ltd Tel: +44 (0)207 220 1666
Nominated Adviser
Katy Mitchell / James Sinclair-Ford Tel: +44 (0)20 7399 9425
Novum Securities Limited
Broker
Jon Belliss
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson
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, and two licence applications lodged in eastern Victoria
for the Tambo gold project.
MGA is currently drilling at both the Bailieston and Creswick projects and has
an experienced exploration team with significant local knowledge in the
Victoria Goldfields and wider region.
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 at any of those projects.
ECR has earned a 25% 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, and holds a royalty on the SLM gold project in
La Rioja Province, Argentina
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