ECR MINERALS
plc
("ECR Minerals", "ECR" or the
"Company")
Victoria Projects
Update
Significant increase in gold
grades from Bulk Sampling at Creswick
ECR Minerals plc (LON: ECR), the
exploration and development company focused on gold in Australia,
is pleased to provide an update on the bulk sample
results for the first four reverse circulation drill holes as well as the final two holes drilled at
the Kuboid Hill prospect in Creswick earlier this year. The
Company is also pleased to provide results from stream sampling that was carried out last month at its
Bailieston Project.
HIGHLIGHTS
Creswick
●
Reportable bulk sampling results of 3.05g/t Au and 2.53 g/t Au over 1 metre upgraded from
0.76 and 0.37 g/t Au respectively.
●
Techniques employed give potential scope for a
marked improvement in grades for the
remaining "best hole" bulk samples
from pan concentrate.
Bailieston
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Best results of 798 ppb Au and 712 ppb Au from
stream sampling.
●
Sampling was carried out at three areas with no
known historical workings and have shown encouraging surface expression of anomalous
gold which gives merit to further
follow up work.
●
Now re-analysing a number of drill cores from HR3
at Bailieston for the presence of Antimony,
which correlates with this latest reconnaissance work showing a
presence of Antimony.
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ECR is funded for its
planned activities in Victoria and Queensland in 2024.
Details of the
Programmes
Creswick
As announced on 8 April 2024, a
total of 1,032 metres of reverse circulation ("RC") drilling was
completed at Kuboid Hill on 16 February 2024. This was the
second part of an extended reverse circulation drilling programme
at Creswick, following on from 522 metres completed at Davey Road
where, as previously announced on 12 February 2024, ECR reported a
best overall grade gold of 41.03g/t Au. The Kuboid Hill programme
was designed to follow up on the Company's anomalous gold soil
sampling campaign that was completed in 2022.
ECR has received final results from
bulk sampling for the first four of the 17 RC drill holes at Kuboid
Hill (being KHRC012, KHRC008, KHRC009 and KHRC015). Only KHRC012
generated any reportable results from the bulk sampling,
significant improvement was seen in three of the
samples from that hole, as set out below:
Details of bulk sampling and
significant intercepts > 0.5g/t
HOLE
|
From (m)
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To (m)
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Interval (m)
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Original Au g/t
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Bulk Au g/t
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KHRC012
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27
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28
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1
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0.76
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3.05
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KHRC012
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28
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29
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1
|
0.26
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0.81
|
KHRC012
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40
|
41
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1
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0.37
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2.53
|
The bulk samples from the remaining
drillholes are currently in the laboratory. Based on the improved
results for hole KHRC012, the ECR Board considers that there is a
reasonable expectation of an improvement in grades for some of the
remaining bulk samples from other mineralised zones.
Additional Kuboid Hill Drill Holes
The remaining samples for the final
two drill holes at Kuboid Hill (see announcement 8 April 2024) have
revealed further
mineralised zones, consistent with what has been
seen previously, although neither reported intercepts above 1
g/t.
Bailieston
At the Company's Bailieston Project,
a stream sampling campaign was recently completed throughout the
northern part of the tenements (EL006911, EL006912 and EL007296)
with the campaign being designed to test for initial evidence of
gold mineralisation within the unexplored part of the
region.
All three areas have had no
historical work and, based on the results obtained, the Company
believes there is merit in undertaking additional near-term follow
up exploration.
●
Black Cat
South
Best results of 798 ppb Au and 712
ppb Au from two streams on the western flank of the Black Cat
Fault. The two streams drain a prominent ridgeline that is
approximately 400m long in strike and offers further prospectivity.
The regional Black Cat Fault is associated with other gold and
antimony historical mining activity along strike.
●
King's
Cross
Result of 150 ppb Au from a stream
that drains an old prospect known as King's Cross. Highly oxidised
quartz veins are present in this area and require follow up
testing.
●
Freisland
Hills
An anomaly of 100ppb Au was obtained
from an unnamed creek in the centre of the area.
In all three prospects, LIDAR
mapping shows there has been no previous mining activity or
prospecting in the area which provides for an opportunity for
development and deeper exploration.
In addition to stream sampling, two
small soil orientation surveys were completed on the north fringes
of the HR3 goldfield area and the Cherry Tree South goldfield. Both
soil surveys show coincidental elevated arsenic and antimony.
Previous soil sampling at HR3 has identified arsenic and antimony
as pathfinders to gold mineralisation.
ECR is now also re-analysing the
core from its earlier drilling at the HR3 prospect at Bailieston
for antimony. The Costerfield-Bailieston-Nagambie district is noted
for economic veins of antimony and elevated antimony has been
observed from previous pXRF analysis of the drill core.
Mike Whitlow Chief Operating Officer said:
"Today's news points to further potential value at our Creswick
gold assets and we're looking forward to the
results from the remaining bulk samples from our "best holes" following on from our 'off the rig' sample results, which
include observations of visible gold."
Adam Jones Chief Geologist said: "Results from the Bailieston
stream sampling survey are also encouraging and we firmly believe
ground exploration above these streams is now merited. The
Bailieston field is prospective for not only gold, but also for
antimony, and we're fortunate to be located between the two proven
fields of Costerfield and Nagambie. Today's results give
further validation to our rationale to re-analyse our historical
core from HR3 and Cherry Tree."
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.
FOR
FURTHER INFORMATION, PLEASE CONTACT:
ECR
Minerals plc
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Tel: +44 (0) 1738 317 693
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Nick Tulloch, Chairman
Andrew Scott, Director
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Email:
info@ecrminerals.com
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Website:
www.ecrminerals.com
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WH
Ireland Ltd
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Tel: +44 (0) 207 220 1666
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Nominated Adviser
Katy Mitchell / Andrew de
Andrade
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Axis Capital Markets Limited
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Tel: +44 (0) 203 026 0320
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Broker
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Ben Tadd/Lewis Jones
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SI
Capital Ltd
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Tel: +44 (0) 1483 413500
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Broker
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Nick Emerson
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Novum Securities Limited
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Tel: +44 (0) 20 7399 9425
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Broker
Jon Belliss
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Brand Communications
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Tel: +44 (0) 7976 431608
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Public & Investor
Relations
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Alan Green
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Glossary
Au
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Gold
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ppb
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parts per billion
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pXRF
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Portable x-ray fluorescence
(analyser)
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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 km2 over a relatively unexplored
area in Lolworth Range, Queensland, Australia. The Company has also
submitted a license application at Kondaparinga which is
approximately 120km2 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.
ECR holds a royalty on the SLM gold
project in La Rioja Province, Argentina which could potentially
receive up to US$2.7 million in aggregate across all
licences.