REG - ECR Minerals PLC - Tambo Gold Project Diamond Drilling Update

ECR MineralsAnnouncement

11/12/2024 07:00

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RNS Number : 5866P  ECR Minerals PLC  11 December 2024

ECR MINERALS PLC

 

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

 

Tambo Gold Project Diamond Drilling Update

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to announce an update on drilling at the Duke
of Cornwall prospect within the Company's Tambo Gold Project in Victoria,
Australia (the "Tambo Gold Project") where results have been received for an
additional 90 core samples submitted from diamond drill holes DOCD003 and
DOCD004.

HIGHLIGHTS

●    Best results from hole DOCD004 include 0.15 metres @ 10.6 g/t Au,
0.35 metres @ 1.47 g/t Au and 0.15 metres @ 1.42 g/t Au

●     DOCD004 successfully intercepts Main Lode at a depth of 62.3
metres

●     Hole DOCD003 delineates shear zone's location

 

Tambo Gold Project

As announced on 20 November 2024, a maiden diamond drilling campaign was
completed at the Tambo Gold Project. The diamond drilling campaign targeted
beneath the historic workings of the Duke of Cornwall Mine, Swifts Creek. The
campaign consisted of five diamond core drill holes, totalling approximately
439 metres in aggregate.

 

Drilling Programme Overview

Drilling at the Project's Duke of Cornwall prospect aimed to demonstrate grade
continuity and refine initial geological interpretations. Results to date
confirm that these objectives have been achieved, with diamond drilling
providing high-accuracy structural and mineralisation data.

 

·      Main Lode Gold Continuity: Results from DOCD002 (0.4 metres @
8.51 g/t Au) and DOCD004 confirm vertical gold continuity extending at least
70 metres below the Adit workings.

·      Historical Continuity: Historical records report average grades
of approximately 10 g/t Au from lodes up to 4 metres wide. Several of the best
drilling results to date closely align with this average (see Table 1 and
Table 2 of highlighted recent results below).

 

Geological mapping and structural data suggest potential for high-grade zones
where cleavage veins intersect the Main Lode. These intersections may
represent historical wider lode sections.

 

 

Drill hole DOCD004 (see Table 1)

Hole DOCD004 was drilled to test for grade continuity vertically below
previous high-grade results obtained from the Adit workings and DOCD002. The
target Main Lode was successfully intercepted at a depth of 62.3 metres with
gold values of 0.15 metres @ 10.6 g/t Au. This hole was drilled to a final
depth of 86.4 metres. Two additional intercepts of 0.15 metres @ 1.42 g/t and
0.35 metres @ 1.47 g/t Au were from two distinct quartz veins located in the
footwall and hanging wall of the Main Lode. The Board believes that these two
veins show the potential for the development of undiscovered veins within the
system. The overall average grade across all reported intervals was 4.50 g/t
Au (see Table 1).

 

Drill hole DOCD003

No significant gold intercepts have been reported from the intervals tested
from drill hole DOCD003, although the Board considers that this result
provides valuable geological insights into delineating the location of the
shear zone and controls on mineralisation.  Hole DOCD003 was drilled to a
total depth of 69.7 metres.

 

Next Steps

The Company is awaiting the assay results from drill hole DOCD005 which was
designed to test for mineralisation under the extreme northern strike of the
system and also for drill hole DOCD001. Results for both remaining holes are
expected before the end of the year. Geological logging of DOCD005 thus far
has identified two distinct quartz veins, aligning with historical reports of
similar lodes.

 

Adam Jones, ECR's Chief Geologist, said: "The results from drill hole DOCD004
mark another positive step forward in our exploration of the Duke of Cornwall
prospect. While DOCD003 provides valuable geological insights into the
location of the shear zone, DOCD004 has confirmed gold continuity within the
Main Lode and highlights the potential for additional undiscovered veins
within the system. I'm highly encouraged by how the best findings from DOCD002
and DOCD004 match up with historical records and the Board is optimistic about
the potential for high-grade gold mineralisation as we continue to explore the
strike and depth of the system. We eagerly await the assay results from
DOCD005, which will provide further insight into the mineralisation potential
at the northern end of the Duke of Cornwall system.''

Technical Disclosure

All sampling and drilling were conducted in accordance with industry best
practice, and all assays were performed by an independent, accredited
laboratory.

 

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.

 

Table 1: Reportable Drill Intercepts For Hole DOCD004 (=> 0.1 g/t Au)

 DRILLHOLE  DOMAIN             SAMPLE  FROM   TO     INTERVAL (metres)  Au (g/t)
 DOCD004    Footwall Vein      BTD097  22.15  22.3   0.15               1.42
 DOCD004    Main Lode          BTD120  62.3   62.45  0.15               10.6
 DOCD004    Hanging Wall Vein  BTD136  78.8   79.15  0.35               1.47

 

 

Table 2: Highlighted Gold Sampling to Date from Duke of Cornwall (DOCD002
Drill Results And Rock Chip Channel Samples, as announced on 20 November 2024)

 SAMPLE TYPE         DOMAIN         SAMPLE  FROM   TO     INTERVAL (metres)  Au (g/t)
 Drilling            Cleavage vein  BTD037  44.6   45     0.4                8.51
 Drilling            Cleavage vein  BTD041  45.6   46.2   0.6                0.68
 Drilling            Cleavage vein  BTD042  46.2   46.4   0.2                0.19
 Drilling            Main Lode      BTD045  48.15  48.6   0.45               0.88
 Drilling            Main Lode      BTD048  50     50.3   0.3                3.00
 Drilling            Main Lode      BTD049  50.3   50.65  0.35               0.37
 Drilling            Main Lode      BTD050  50.65  51.05  0.4                0.01
 Drilling            Main Lode      BTD051  51.05  51.2   0.15               24.1
 Drilling            Main Lode      BTD052  51.2   52.05  0.85               0.58

 Rockchip (Channel)  Main Lode      BTR064  0      0.25   0.25               27.80
 Rockchip (Channel)  Main Lode      BTR065  0      0.2    0.2                180.00

 

Figure 1: Plan View Of Duke Of Cornwall - DOCD004 And Best Sampling Results To
Date

 

 

 

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)
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Glossary

 

 Au:    Gold
 g/t:   Grammes per Tonne (Metric)
 km:    Kilometres (Metric)
 km²:   Kilometre squared (Metric)
 Lode:  A deposit of metalliferous ore that fills a fissure

 

 

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 km(2) over a
relatively unexplored area in Lolworth Range, Queensland, Australia. The
Company has also submitted a license application at Kondaparinga which is
approximately 120km(2) 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.

 

 

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