TIDMECR
RNS Number : 7798R
ECR Minerals PLC
31 October 2023
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Discovery of Gold Bearing Quartz Veins in Flaggy Creek,
Lolworth, Queensland.
ECR Minerals plc (LON: ECR), the exploration and development
company focused on gold in Australia, is pleased to announce that
following rock chip sampling and outcrop mapping at the Flaggy
Creek area at the Lolworth Project, N Queensland, Australia, gold
bearing quartz veins have been discovered.
The Lolworth Project is located approximately 120km west of the
historic gold mining centre of Charters Towers, North Queensland,
Australia. The project consists of three exploration tenements
(EPM27901, EPM27902 and EPM27903) which are operated by LUX
Exploration Pty Ltd, a wholly owned subsidiary of ECR ("LUX").
Numerous Gold, Niobium and REE anomalies have been identified
within the project.
HIGHLIGHTS
-- Results from mapping a quartz veinlet system within the upper
creek drainage of Flaggy Creek have proven to be gold-bearing.
-- The veinlet system consists of multiple narrow veins
outcropping over a length of 70 metres long and within a zone up to
100m wide.
-- Best rock chip results from outcrop include 6.05 g/t Au, 5.96
g/t Au, 4.66 g/t Au and 3.97 g/t Au.
-- Soil sampling programme just completed over the ridgelines in
Flaggy Creek, above the best gold bearing pan concentrate
samples.
ECR Technical Director Adam Jones commented: "The veinlet gold
system we have now identified at Flaggy Creek has come about
through our systematic approach to the groundwork. The geology
field team have seen for themselves how the initial sampling work
and mapping has through a process of elimination arrived at an
outcrop that has delivered some encouraging grades within a
concentrated area. We are confident that we have potentially
identified a style of gold bearing vein system that we can expect
to find throughout the region, and furthermore, we have identified
other gold bearing creeks from our stream sampling programme that
are in close proximity to and show very similar geological features
to the Flaggy Creek area. Coupled with the major soil sampling work
completed along strike at the Flaggy Creek outcrop, we are hoping
the results from this work may show a much larger system than
currently mapped."
ECR Chief Operations Officer Mike Whitlow added: "It is still
early days, but the ECR Board share Adam's excitement at what would
seem to be a robust gold vein discovery at Lolworth. We will
continue to be led by the geology and the assay results, but the
discovery announced today has indicated the potential for further
discoveries along strike and over the broader area. This has
certainly provided us with some cause for optimism."
Figure One: Plan to show locations of reportable rock chips at
Flaggy Creek:
https://www.ecrminerals.com/images/2023/Fig1_Flaggy-Creek_301023.png
ROCKCHIP RESULTS
Flaggy Creek is located in the NW part of ECR's Lolworth
exploration tenements. Previous work in 2022 shows the presence of
gold in pan concentrate sampling and a single rock chip from
outcrop (see announcement from 12 December 2022 here ). As a result
of further mapping and multiple rock chip sampling work undertaken
along the exposed outcrop, the team has now expanded on these
initial results, with grades of up to 6.05 g/t Au recorded.
Geological mapping shows that the gold is contained within
narrow quartz veinlets cutting through the granitic host rock. Each
quartz veinlet ranges between 0.2 and 1m wide. Multiple veinlets
have been observed, running in parallel groups that form a system
70 metres long and up to 100m wide. Significantly, a broken quartz
rock 'float' sitting on top of the adjacent surface indicates the
vein system could possibly be wider than mapped. Some of this
quartz float has been sampled and results of up to 5.96 g/t Au have
been recorded.
ADDITIONAL SOIL SAMPLING PROGRAMME
Further supporting the mapped outcrop detailed in this
announcement, the field team have also completed a large soil
sampling programme over and along strike of the quartz vein system
identified. The extent of this programme can be seen by the black
points shown in Figure 1 above.
The soil programme has two objectives. Firstly, to discover gold
bearing soils that are likely sitting in close proximity to other
quartz vein systems in the adjacent creek system and secondly, to
identify the best gold 'hotspots' above the sub-cropping gold
bearing quartz float. The geo team fully expect this methodology
will provide specific targeting for subsequent trenching and
drilling work.
With additional results still due from Flaggy Creek and other
Lolworth prospects, further updates will be provided in the coming
months.
Table One. Gold results greater than 0.1 g/t Au from recent rock
chip sampling and outcrop mapping at Flaggy Creek (in order of best
results):
SAMPLEID EASTING NORTHING Au g/t Ag g/t
(GDA94 Zone (GDA94 Zone
55) 55)
LWC294 298788.8 7760822 6.05 7.12
------------- ------------- ------- -------
LWC295 298696.6 7760564 5.96 28.9
------------- ------------- ------- -------
LWC256 298697.4 7760687 4.66 1.94
------------- ------------- ------- -------
LWC251 298694.4 7760683 3.97 2.35
------------- ------------- ------- -------
LWC267 298703.6 7760728 3.28 2.33
------------- ------------- ------- -------
LWC261 298698.4 7760708 3.19 14.15
------------- ------------- ------- -------
LWC264 298693.9 7760692 2.89 4.03
------------- ------------- ------- -------
LWC266 298700.3 7760723 2.63 4.49
------------- ------------- ------- -------
LWC268 298705.1 7760729 2.17 1.18
------------- ------------- ------- -------
LWC252 298694.4 7760683 2.01 1.08
------------- ------------- ------- -------
LWC276 298657.6 7760751 2 4.7
------------- ------------- ------- -------
LWC259 298697.7 7760705 1.6 2.98
------------- ------------- ------- -------
LWC275 298639.9 7760758 1.53 2.91
------------- ------------- ------- -------
LWC262 298701.1 7760710 1.44 5.86
------------- ------------- ------- -------
LWC265 298699.1 7760718 1.37 2.52
------------- ------------- ------- -------
LWC257 298697.5 7760694 1.33 1.08
------------- ------------- ------- -------
LWC263 298697.1 7760697 1.22 0.86
------------- ------------- ------- -------
LWC260 298698.5 7760707 0.88 2.84
------------- ------------- ------- -------
LWC253 298692.3 7760681 0.67 0.7
------------- ------------- ------- -------
LWC292 298765.3 7760783 0.65 1.31
------------- ------------- ------- -------
LWC291 298765.6 7760784 0.61 24.3
------------- ------------- ------- -------
LWC255 298688 7760673 0.54 0.2
------------- ------------- ------- -------
LWC258 298697.7 7760702 0.47 4.43
------------- ------------- ------- -------
LWC254 298692.7 7760681 0.41 0.22
------------- ------------- ------- -------
LWC288 298738.7 7760724 0.38 0.2
------------- ------------- ------- -------
LWC273 298632.4 7760734 0.22 5.94
------------- ------------- ------- -------
LWC284 298736.9 7760680 0.21 4.95
------------- ------------- ------- -------
LWC272 298642.1 7760737 0.2 7.27
------------- ------------- ------- -------
LWC283 298760.8 7760659 0.17 1.72
------------- ------------- ------- -------
LWC274 298633.5 7760739 0.14 3.81
------------- ------------- ------- -------
LWC293 298785.2 7760818 0.12 0.26
------------- ------------- ------- -------
LWC278 298704.5 7760673 0.1 3.37
------------- ------------- ------- -------
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman
Nick Tulloch, Managing Director
Andrew Scott, Director
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
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 eight active
exploration tenements and two in application (Ballarat and
Tambo).
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), 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.
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