REG-ECR Minerals plc Victoria Exploration and Queensland Project Updates
22/05/2023 08:00
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Victoria Exploration and Queensland Project Updates
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Victoria Exploration and Queensland Project Updates
ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, announces updated results from gold exploration
activities within licences EL006184 (Creswick), EL5433 (Blue Moon) and EL7484
(Tambo North), Victoria, Australia.
ECR Minerals plc has 100% ownership of all three exploration licences. ECR
Minerals also holds 100% ownership of 6 other active exploration tenements
along with 2 other exploration tenements in application with the State of
Victoria, Australia.
ECR CEO Andrew Haythorpe commented: “While the Board are pleased to have
finally received assays for our drill programs in Victoria, the latest results
have not been as encouraging as we would have hoped.”
“On taking up the position as CEO last year, I have worked with management
to ensure that low-cost work programmes, including soil geochemistry and
mapping, have and will continue to be used to rank prospects prior to
drilling. This approach will be applied to future campaigns in both Queensland
and Victoria.”
‘’In contrast to the Company’s historical projects in Victoria, we
believe the prospects identified for drilling and further mapping and sampling
in Queensland are of superior width and consistency.”
“The outcome from work undertaken in Victoria over the coming months will be
weighed against the results we anticipate seeing in Queensland and I look
forward to reporting back on progress in the coming days and weeks.’’
HIGHLIGHTS
* Results from the recent western extension drilling at Blue Moon, Bailieston
from two drill holes. Best results include 9m @ 0.56 g/t Au from 83.2m in hole
BBMDD012.
* Drilling results from four diamond holes at Brewery Lane Creswick have been
received which include 1m @ 4.29 g/t Au from 94.8m in hole CSD016.
* On-ground work within Eastern Victoria on EL7484 (Tambo) has commenced. The
Board is encouraged by initial investigations.
* Exploration strategy transitions to North Queensland, Australia as field
season commences.
DRILL RESULTS, BLUE MOON (BAILIESTON)
The most recent results from diamond drilling at the Blue Moon Prospect,
Bailieston included the excellent result of 0.5m @ 17.77 g/t Au from 84.9m in
hole BBMDD010 (see RNS from February 24 2023 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fwk786vr&esheet=53403954&newsitemid=20230521005017&lan=en-US&anchor=here&index=1&md5=809387ce50aa2bf73a4b7dc48f6ce7ab)
). A further two holes have now been drilled (BBMDD012 and BBMDD013) targeting
the potential down plunge of the high-grade result in BBMDD010 and following
the historic drill hole from the 2019 RC drill program. Unfortunately, the
grade trend did not expand at depth, but still generated an excellent results
of 9m @ 0.56 g/t Au from 83.2m drilled depth in hole BBMDD012. All reportable
drill results from BBMDD012 and BBMDD013 are tabulated in Table 1 below. As
the grades and widths of the Blue Moon Prospect within the drilled area
downgraded the potential of an immediate commercial discovery, the drill rig
was moved to Brewery Lane, Creswick.
CRESWICK (BREWERY LANE) DRILLING PROGRAM
A total of 4 drill holes were completed into the Slades and Spring Hill Reefs
(lodes). The best results from this drilling campaign include 1m @ 4.29 g/t Au
from 94.8m in hole CSD016 plus a full list of reportable gold intercepts from
the 4 holes in Table 2 below. There is a considerable amount of additional
work required to establish mineral resources at Creswick, including drilling
at Mills Reef, Kuboid Hill and other prospects where soil sampling and rock
chipping have shown the presence of gold (see RNS from April 17 2023 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fw3njddr&esheet=53403954&newsitemid=20230521005017&lan=en-US&anchor=here&index=2&md5=6a566413f7032d1186048136a55d4730)
, and RNS from May 2 2023 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fxzjeglw&esheet=53403954&newsitemid=20230521005017&lan=en-US&anchor=here&index=3&md5=574a3038a3560a33d05958a43a22680a)
). However, with global markets currently reflecting a lack of appetite for
long-term investment into junior gold exploration companies the Board has
decided to halt exploration drilling at Brewery Lane, Creswick for the
remainder of this year and focus instead on exploration at ECR’s Queensland
projects.
GOLD EXPLORATION IN EASTERN VICTORIA (TAMBO)
ECR has two tenements (EL007484 and EL007486) in the Tambo River region
residing in the eastern part of Victoria state. EL007484 is currently active
and license EL007486 is in the final stages of application. The field team
have recently gained access to historical gold workings within EL007484 on
private land, and with the landowner’s support for gold exploration a
programme of rock chipping and pXRF mapping within quartz veins from
underground exposures is now on-going. The field team are reporting good
visual findings with plenty of sulphides seen within quartz veins. Initial
results are expected shortly.
NEXT STEPS - EXPLORATION TRANSITION TO NORTH QUEENSLAND
Exploration has commenced at the Lolworth Project in North Queensland. The
results from last year’s field season revealed numerous Gold, Niobium and
Tantalum anomalies within many of the drainage lines within the Lolworth Range
(see RNS from March 26 2023 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Frye9y3w&esheet=53403954&newsitemid=20230521005017&lan=en-US&anchor=here&index=4&md5=2434b4a0e58f7a80903f89bfe291184a)
, and RNS from April 3 2023 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fxelgk2r&esheet=53403954&newsitemid=20230521005017&lan=en-US&anchor=here&index=5&md5=128b00864444ce0886123339264b9998)
). Although the project is in the early stages of exploration, initial
findings are already showing a larger footprint of diverse mineralisation and
the potential to identify a commercial resource of not only Gold, but also for
critical minerals. Using our now established process of detailed mapping and
sampling, the Board plans to identify a number of drill targets at Lolworth by
the end of this year.
The field team will also commence work at the Hurricane Project, also in North
Queensland (see Hurricane project detail in RNS from October 27 2022 here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fxqgdykw&esheet=53403954&newsitemid=20230521005017&lan=en-US&anchor=here&index=6&md5=0f959a6772e99882d392f553b97e4460)
). Work undertaken by previous explorers identified a number of quartz-breccia
outcrops of varying widths carrying a broad range of Gold and Antimony values,
(antimony is a valuable critical mineral). A 50km(2 )LIDAR aerial mapping
survey has just been completed by ECR across the areas containing the
quartz-breccia outcrops, which to date have not been drilled. LIDAR can assess
the ground through the vegetation and allows the field team to quickly target
and test breccia outcrops. ECR Geologists will be on the ground at Hurricane
from June 2023 and the Board will report on progress in due course. Subject to
satisfactory progress, the first drilling at Hurricane is scheduled for the
second half of 2023.
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.
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
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=53403954&newsitemid=20230521005017&lan=en-US&anchor=www.ecrminerals.com&index=7&md5=e96366aa13c79bb907a92e0e0eff3ce8)
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 1
Table 1. Drill intercepts containing reportable levels of gold (> 0.1 g/t
Au) for the remaining drillholes at the Blue Moon Prospect, Bailieston,
Victoria
Drillhole From (m) To (m) Interval (m) Grade (g/t Au)
BBMDD012 83.2 84.2 1 0.18
BBMDD012 84.2 85.2 1 0.12
BBMDD012 85.2 86.2 1 0.16
BBMDD012 86.2 86.8 0.6 0.32
BBMDD012 86.8 87.4 0.6 0.66
BBMDD012 87.4 88.4 1 0.49
BBMDD012 88.4 89.4 1 0.97
BBMDD012 89.4 90.05 0.65 0.31
BBMDD012 90.05 90.85 0.8 0.18
BBMDD012 90.85 91.2 0.35 0.12
BBMDD012 91.2 91.65 0.45 0.14
BBMDD012 91.95 92.25 0.3 1.26
BBMDD012 93.25 94.35 1.1 0.28
BBMDD012 94.35 95.2 0.85 0.11
BBMDD012 100 100.4 0.4 0.11
BBMDD012 100.4 100.8 0.4 0.12
BBMDD012 102.2 102.95 0.75 0.15
BBMDD013 70.8 71.5 0.7 0.13
BBMDD013 71.5 72.5 1 0.3
BBMDD013 73.5 74.1 0.6 0.15
BBMDD013 74.7 75.4 0.7 0.15
BBMDD013 76.1 77 0.9 0.13
BBMDD013 77.2 78 0.8 0.16
BBMDD013 78 79 1 0.15
BBMDD013 79.95 80.2 0.25 0.15
BBMDD013 81.7 82.7 1 0.23
BBMDD013 82.7 83.7 1 0.12
BBMDD013 83.7 84.4 0.7 1.6
BBMDD013 85.4 86.4 1 0.27
Table 2. Drill intercepts containing reportable levels of gold (> 0.1 g/t
Au) for the Brewery Lane diamond drilling, Creswick, Victoria
Drillhole From (m) To (m) Interval (m) Grade (g/t Au)
CSD015 6.8 7.2 0.4 0.15
CSD015 7.2 7.5 0.3 0.14
CSD015 26.15 27.15 1 0.13
CSD015 27.5 27.95 0.45 0.12
CSD015 27.95 28.15 0.2 0.13
CSD015 28.15 28.3 0.15 0.15
CSD015 29.65 29.95 0.3 0.27
CSD015 29.95 30.3 0.35 0.15
CSD015 36.7 37.05 0.35 0.14
CSD015 40.55 40.8 0.25 0.11
CSD016 75.85 76.1 0.25 0.13
CSD016 94.8 95.8 1 4.29
CSD017 14.7 15 0.3 0.14
CSD017 28 28.3 0.3 0.11
CSD017 34.5 34.7 0.2 0.12
CSD017 68.9 69.2 0.3 0.34
CSD017 87.9 88.7 0.8 0.67
CSD017 101.55 101.85 0.3 0.8
CSD017 105.4 106.15 0.75 0.24
CSD018 3.1 3.3 0.2 0.25
CSD018 11.4 12 0.6 0.39
CSD018 12.5 13 0.5 0.26
CSD018 13 13.5 0.5 0.33
CSD018 20.9 21.6 0.7 0.22
CSD018 23.6 24.2 0.6 0.63
CSD018 38.4 39.4 1 0.12
CSD018 46.8 47 0.2 0.13
CSD018 73.8 74.2 0.4 0.15
CSD018 89 89.4 0.4 0.12
CSD018 97.1 97.4 0.3 0.16
CSD018 100.6 101.8 1.2 0.13
CSD018 101.8 102.1 0.3 0.13
CSD018 118 118.75 0.75 0.18
CSD018 118.75 119.1 0.35 1.3
CSD018 119.1 120 0.9 0.11
CSD018 120 120.5 0.5 0.19
CSD018 121.6 122 0.4 0.11
CSD018 122 123 1 0.18
CSD018 127 128 1 0.14
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