TIDMECR
RNS Number : 9436T
ECR Minerals PLC
20 November 2023
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Latest Lolworth Gold Exploration Results Suggest Extended
Mineralisation.
ECR Minerals plc (LON: ECR), the exploration and development
company focused on gold in Australia, is pleased to announce the
latest gold exploration developments at its Lolworth Project, North
Queensland, Australia. The results from the latest pan concentrate
stream samples, whilst still early stage, are considered
significant by the Directors as they suggest an extension in the
size of the gold footprint south of the Reedy Creek area into
Butterfly Creek. The latest soil results from the Gorge Creek West
area also correlate with a quartz sub-crop which has been mapped
across the ridgeline.
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
-- Pan concentrate sampling south of the Reedy Creek drainage divide into Butterfly Creek indicates the likely
existence of a gold source that also extends further south. Visible gold continues to be seen in sampling.
-- The peak soil sampling results from Gorge Creek West area correlate along strike to a mapped quartz vein
sub-crop. Further investigations are planned.
-- Results from Flaggy Creek and Reedy Creek West soil sampling are due soon, with interpretation of these results
determining the next steps to be taken. Operations have been paused while we evaluate our workplan.
-- Follow-up investigations into targeting other Niobium and REE stream anomalies also in progress.
ECR Technical Director Adam Jones commented: "I am pleased to
report good grades from pan concentrate sampling, which indicate
that additional sources of gold could exist within the headwaters
of Butterfly Creek and extend the region's prospectivity some 2km
further south of Reedy Creek. Local landholders have reported to us
that good sizeable gold discoveries were made in this watershed by
early prospectors and the evidence of our work to date supports
these theories. In addition to this, the field team are steadily
building a picture of extended gold mineralisation in the
headwaters of Gorge Creek West resulting from on-going results from
soil sampling and outcrop mapping."
ECR Chief Operations Officer Mike Whitlow added: "Our Lolworth
project is progressing nicely and we are consistently seeing
visible gold, which supports the historical evidence, but more
importantly validates our own thesis. We are collating the data
into our work plan to conclude the reconnaissance work and prepare
for the target generation stage. We expect to provide further
updates soon."
Figure One: Plan showing the location of the latest results;
https://www.ecrminerals.com/images/2023/Fig1_Latest-Results-Lolworth_231115.jpg
Reportable results from sampling presented in Table 1 and Table
2 below.
STREAM SAMPLING INTO BUTTERFLY CREEK
Butterfly Creek runs south from the dividing range that
separates the Reedy Creek area to the north (see Figure One above).
Recent field work completed infill pan concentrate sampling along
the headwaters of streams in the Reedy Creek area and Butterfly
Creek, with visible gold consistently noted throughout the sampling
process. The most recent lab results confirm these findings, with
high concentrations of gold resulting in 962 ppm Au, 139 ppm Au and
29.7 ppm Au. One ppm is equal to One g/t Au; however, these results
are from concentrating a 5kg stream sample into a laboratory sized
sample and therefore are not representative of an in situ-resource
within the stream. The results do however show the coarse nature of
the gold, confirming that the stream is strongly gold-bearing and
close to a nearby source up the hillslopes. From the sampling
evidence received ECR can conclude the source of gold is likely to
reside within the saddle ridge as marked on Figure One. The round
coloured markers on the map relate to the corresponding gold grades
in the map legend, with previous pan sampling results shown as
coloured stars. Gold anomalies are clustered as shown on Figure One
at Reedy Creek West, Reedy Creek and Gorge Creek West. ECR is still
waiting for final soil sampling results within the Reedy Creek West
area.
GORGE CREEK WEST SOIL SAMPLING
Results from soil sampling over part of the western ridgeline
above the gold-bearing streams of Gorge Creek West have also been
received. 14 samples report gold above background levels of 0.01
g/t Au, with best results of 0.39 g/t Au and 0.32 g/t Au. Although
modest, these results are important in context as they correlate
spatially along strike of a large quartz sub-crop vein exceeding 4
metres wide. This vein was sampled previously and delivered a best
result of 0.56 g/t Au.
The results from the quartz sub-crop vein do not match the
results from the creek below, where the team located numerous gold
nuggets during previous pan concentrate sampling. A single rock
chip along strike to the east returned 13.75 g/t Au, while rock
chip results immediately to the north of the soil sampling and the
quartz sub-crop show promise, with large outcrops of quartz veins
(grading up to 3.13 g/t Au) sited adjacent to the contact of the
intruded granite. Further investigation is required.
NIOBIUM AND REE EXPLORATION
Niobium (Nb) and Rare Earth elements discoveries have also been
reported previously at Oaky Creek, which contains an anomalous (Nb)
zone located in the northern part of the project area. Sampling
work at Oaky Creek transitioned from Nb and REE exploration to gold
exploration during the last couple of months to give landholders
the chance to conduct agricultural activities in the north of the
project area. ECR has a good working relationship with all
landholders in the area, and field work to follow-up on the Niobium
and REE regions will recommence at the earliest availability.
Table One. Gold results for all pan concentrate stream sampling
from the Butterfly Creek region. Results in Au ppm. Best results
presented first.
SAMPLEID EASTING NORTHING Au ppm
(GDA94 Zone (GDA94 Zone
55) 55)
LWSS963 310193 7749951 962
------------- ------------- -------
LWSS966 310248 7750052 139
------------- ------------- -------
LWSS965 310230 7750014 29.7
------------- ------------- -------
LWSS946 310693 7749535 25.8
------------- ------------- -------
LWSS949 310491 7749771 10.25
------------- ------------- -------
LWSS967 310201 7750188 8.95
------------- ------------- -------
LWSS917 311380 7749011 2.2
------------- ------------- -------
LWSS964 310259 7750002 2.04
------------- ------------- -------
LWSS957 310145 7749398 0.84
------------- ------------- -------
LWSS919 311136 7749379 0.64
------------- ------------- -------
LWSS950 310323 7749768 0.58
------------- ------------- -------
LWSS918 311245 7749317 0.36
------------- ------------- -------
LWSS948 310664 7749669 0.33
------------- ------------- -------
LWSS921 311348 7749487 0.14
------------- ------------- -------
LWSS923 311820 7749490 0.07
------------- ------------- -------
LWSS955 310839 7749895 0.07
------------- ------------- -------
LWSS929 312026 7749435 0.04
------------- ------------- -------
LWSS939 311195 7749033 0.04
------------- ------------- -------
LWSS956 311086 7749538 0.04
------------- ------------- -------
LWSS922 311546 7749380 0.03
------------- ------------- -------
LWSS940 311118 7749082 0.02
------------- ------------- -------
LWSS947 310406 7749538 0.02
------------- ------------- -------
LWSS924 311854 7749454 0.01
------------- ------------- -------
LWSS938 310996 7750078 0.01
------------- ------------- -------
LWSS942 311014 7749071 0.01
------------- ------------- -------
LWSS943 310773 7749239 0.01
------------- ------------- -------
LWSS944 310796 7749314 0.01
------------- ------------- -------
LWSS945 310676 7749448 0.01
------------- ------------- -------
LWSS958 310046 7749512 0.01
------------- ------------- -------
LWSS959 310037 7749442 0.01
------------- ------------- -------
LWSS960 309808 7749938 0.01
------------- ------------- -------
LWSS961 309985 7750079 0.01
------------- ------------- -------
LWSS962 309981 7750127 0.01
------------- ------------- -------
Table Two. Reportable gold results (> 0.01 g/t Au) for soil
sampling the Gorge Creek West area.
SAMPLEID EASTING NORTHING Au ppm
(GDA94 Zone (GDA94 Zone
55) 55)
LWL2900 313239 7751347 0.39
------------- ------------- -------
LWL2892 313199 7751346.7 0.32
------------- ------------- -------
LWL2888 313267 7751305.2 0.18
------------- ------------- -------
LWL2830 313296 7751170.6 0.13
------------- ------------- -------
LWL2786 313080 7751653.4 0.09
------------- ------------- -------
LWL2748 313048 7751412.8 0.07
------------- ------------- -------
LWL2925 313392 7751355.9 0.05
------------- ------------- -------
LWL2904 313307 7751305 0.04
------------- ------------- -------
LWL2913 313302 7751372.3 0.03
------------- ------------- -------
LWL2947 313126 7751741.3 0.03
------------- ------------- -------
LWL2805 313287 7751153.9 0.02
------------- ------------- -------
LWL2811 313184 7751216.4 0.02
------------- ------------- -------
LWL2875 313218 7751312.3 0.02
------------- ------------- -------
LWL2902 313273 7751326 0.02
------------- ------------- -------
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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