REG-ECR Minerals plc Three Exploration licences granted in the Lolworth Region, North Queensland

ECR MineralsAnnouncement

03/02/2022 07:10

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220203:nBw3WJBFTa&default-theme=true


Three Exploration licences granted in the Lolworth Region, North Queensland

 

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

Three Exploration licences granted in the Lolworth Region, North Queensland

ECR Minerals plc (LON: ECR), the gold exploration and development company
focussed on gold exploration in Australia, is pleased to announce that
exploration licences EPM27901, EPM27902 and EPM27903 have been granted to its
subsidiary LUX Exploration Limited (“LUX”), in the Lolworth Region, North
Queensland.

LUX is a wholly owned subsidiary of ECR with a specific focus on exploration
projects in the North Queensland region in Australia.

ECR Chairman David Tang commented: “I am delighted to announce that the
Lolworth Range license applications have been granted. Once again, along with
our Head Geologist Adam Jones, our former CEO Craig Brown was instrumental in
bringing LUX and the Lolworth Range tenements into the ECR Minerals asset
portfolio, and all the indications are that Adam and the team could unlock
significant additional value from these three new license areas.”

“I look forward to deploying our team for a reconnaissance survey in the
Lolworth Range region this year, and reporting progress back to our
shareholders.”

SUMMARY:


 * LUX Exploration has been granted three exploration licenses covering a total
of 964 km(2)


 * Historic stream sediment sampling indicates that the Lolworth Range is
prospective for gold, tungsten and tin.

Exploration licenses for tenements EPM27901, EPM27902 and EPM27903 were
applied for in May 2021, and we are pleased to report that these were granted
to LUX on 1 February 2022. The tenements will expire in 5 years (on 31 January
2027) and, while they will be available for renewal after the initial 5-year
term, the area available for renewal will be reduced by 50%, which is a
standard term of exploration licences to encourage companies to focus their
exploration activities. LUX has a commitment expenditure of AUD$650,000 for
the first three years across the three licence areas, which is expected to be
funded from ECR’s existing cash resources.

The exploration licences are located approximately 120km west of the historic
Charters Towers Gold Mine in North Queensland, Australia and cover an area of
964 km(2).

PROSPECTIVITY OF THE AREA

The directors of ECR believe the Lolworth Range is under explored. The area
has been closely monitored by ECR’s Head Geologist Adam Jones for at least
eight years.

Historical documentation of exploration undertaken within the area, which has
not been verified by ECR, reveals that a (pan concentrate) stream sediment
campaign was undertaken in 1987-1988 within the granted tenements under the
old tenement permit number AP4855M. This work revealed seven gold anomalous
drainage sites within the mountain range, including visible gold in pan
concentrates. Research has found these anomalies have not been followed up as
they were interpreted as sourced from possible terrace alluvial deposits upon
the sides of the drainage sites. It is the Directors current belief that even
if this was the case, the terrace deposits must still have their source within
the Lolworth Range. Tin and tungsten anomalies were also recorded in streams
within license area EPM27901. The metamorphic rocks of the range are still not
well understood, however rhyolitic rock chips from historic exploration
reports within the range were noted to be elevated in gold. These factors have
led the Directors to conclude that the Lolworth licence areas have the
potential to develop into a valuable asset for ECR Minerals plc. An initial
reconnaissance survey of the area is planned for this coming year, and we look
forward to updating on progress in due course..

(Figure 1) The location of the tenements in a regional context can be viewed
within the link below:

https://www.ecrminerals.com/images/2022/fig1_Lux_Granted.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_Lux_Granted.png&esheet=52573610&newsitemid=20220203005400&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig1_Lux_Granted.png&index=1&md5=b7a1400cf5f3fdc418bbcf15d8e34717)

(Figure 2) A summary of the anomalous drainage areas and the granted tenements
can be viewed with the following link:

https://www.ecrminerals.com/images/2022/fig2_Lux_Granted.png
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig2_Lux_Granted.png&esheet=52573610&newsitemid=20220203005400&lan=en-US&anchor=https%3A%2F%2Fwww.ecrminerals.com%2Fimages%2F2022%2Ffig2_Lux_Granted.png&index=2&md5=e23c7fb0c23f91852a1238789bd73864)

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.

FOR FURTHER INFORMATION, PLEASE CONTACT:
 ECR Minerals plc                                                                                                                                                                                                                                        Tel: +44 (0) 20 7929 1010      
 David Tang, Non-Executive Chairman                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                        
 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=52573610&newsitemid=20220203005400&lan=en-US&anchor=www.ecrminerals.com&index=3&md5=e4f099ae01411acc511db3a6231c7bed)                                                                  
                                                                                                                                                                                                                                                                                        
 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                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                        
 Blytheweigh                                                                                                                                                                                                                                             Tel: +44 (0) 207 138 3204      
 Public Relations                                                                                                                                                                                                                                                                       
 Tim Blythe                                                                                                                                                                                                                                                                             
 
                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                        


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 eight licence applications outstanding including two
licence applications lodged in eastern Victoria. (Tambo gold project). MGA is
currently drilling at both the Bailieston (EL5433) and Creswick (EL6148)
projects and has an experienced exploration team with significant local
knowledge in the Victoria Goldfields and wider region.

https://mercatorgold.com.au/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fmercatorgold.com.au%2F&esheet=52573610&newsitemid=20220203005400&lan=en-US&anchor=https%3A%2F%2Fmercatorgold.com.au%2F&index=4&md5=5a2d5883baa53bf8875d1ea868f48b68)

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd
(“LUX”) which has two granted exploration licences of approximately 964
km(2) and one licence application of 300km(2 )covering a relatively unexplored
area in the Lolworth region of Queensland, Australia.

https://luxexploration.com/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fluxexploration.com%2F&esheet=52573610&newsitemid=20220203005400&lan=en-US&anchor=https%3A%2F%2Fluxexploration.com%2F&index=5&md5=eb669aa34fa214410e1d12a47d9f9390)

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 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, 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.



View source version on businesswire.com:
https://www.businesswire.com/news/home/20220203005400/en/
(https://www.businesswire.com/news/home/20220203005400/en/)

ECR Minerals plc


Copyright Business Wire 2022