ECR MINERALS PLC: New Parallel Gold System Identified at Creswick, Victoria

TIDMECR 
 

ECR MINERALS plc

("ECR Minerals", "ECR" or the "Company")

New Parallel Gold System Identified at Creswick, Victoria.

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce updated soil sampling results from the on-going geochemistry exploration on EL006184 at Creswick, Victoria, Australia. These results highlight a potential new parallel gold system within the Dimocks Main Shale (DMS).

ECR Minerals plc has 100% ownership of the Creswick Project within licence areas EL006184 and EL006907, which resides 14km north-east of the City of Ballarat, Victoria, Australia. License EL006907 also links Creswick to the Ballarat East-Nerrina Goldfield. The Company is exploring a number of parallel-gold mineralisation trends that are believed to extend 10km south towards Ballarat.

ECR CEO Andrew Haythorpe commented: "With so much investor interest focussed on Creswick, it is gratifying to see the project move into a new and exciting phase of development. My visit to Creswick with Adam Jones earlier this year and the subsequent success from the re assay of the drill core confirmed to me that our asset has considerable potential to host gold at several locations."

"Today's soil geochem results and the subsequent new gold system identified confirm beyond doubt that Creswick is host to a gold system that warrants an extended and detailed exploration campaign."

"We will continue to employ LIDAR Geochem across our Creswick tenements as we draw up a list of drill targets in 2023. I look forward to reporting back to you very shortly with further progress."

HIGHLIGHTS

   -- Soil geochemistry results identify the presence of anomalous gold in a 
      potential new gold system 500m east of the Dimocks Main Shales. 
 

Figures related to this announcement can be viewed as follows:

Figure 1: Location map

https://www.ecrminerals.com/images/2022/fig1_CDY_Location-plan_221220.png

Figure 2: Plan of Davey Road Workings

https://www.ecrminerals.com/images/2022/fig2_DaveyRd_221220.png

Figure 3: Plan of Davey South prospect

https://www.ecrminerals.com/images/2022/fig3_DaveyRd-Sth_221220.png

CRESWICK LIDAR IMAGERY

Recently, LIDAR imagery covering ECR's Creswick exploration tenements became publicly available. The imagery reveals the surface terrain, which otherwise is hidden underneath thick forest canopy and undergrowth. Additional historical alluvial gold workings along the numerous creek drainages within the tenement have been revealed in creeks 500m to the east of the Dimocks Main Shale trend (DMS), which was recently drilled throughout 2021 (see Figure 1 above for location). Although the primary source of the alluvial gold has not yet been discovered, ECR geologists quickly identified possible locations for a primary gold source on the hillslopes above these alluvial workings. The field team have recently finished soil sampling on these hillslopes and the first announced results are detailed below.

PARALLEL GOLD SYSTEM IDENTIFIED

Two main areas have been identified with anomalous gold, respectively named the Davey Road Workings and the South Davey (see Figure 1 above).

The Davey Road Workings consist of historical trenches and shallow shafts with a strike length of 150 metres. Two worked alluvial gullies lead up to the outcrop from the west (see Figure 2 above). A soil sampling grid was completed over the extent of the workings, aiming to identify gold near the surface through its presence within the surrounding soil. Results to date show gold is present within soils located at the north end of the old gold workings, and these anomalies also coincide with shallow pits and trenches on the land. The historical workings gradually get deeper to the south of the site, potentially indicating a south plunging gold system. Additional duplicate soil samples were taken and panned down by gravity separation to check for visible gold. A number of fine visible gold samples were present within the soils, correlating with the laboratory samples returning gold concentration above 0.11 ppm Au. The extent of the anomaly is highlighted in red in (see Figure 2 above).

The South Davey prospect is located approximately 600m along strike to the south of the Davey Road workings (see Figure 1 above). Historical alluvial workings heading east from Jackass Gully lead up to this area, showing where previous prospectors were searching for the primary gold source without success. Results to date again show gold is present within these soils with the best anomaly located on the north end (see Figure 3 above). Duplicated samples are also showing the presence of visible fine gold within the anomalous area. An example of the fine gold is shown in (see Figure 3 above).

Table 1. Anomalous Soil Samples (=> 0.11 ppm Au), Davey Road Workings and South Davey.

 
SampleID   Grid        Easting   Northing  Au_ppm 
CDY360     GDA94_Z54   759837.9  5853958   16.50 
CDY470     GDA94_Z54   759870.9  5853954   8.54 
CDY457     GDA94_Z54   759845.1  5853909   0.73 
CDY330     GDA94_Z54   759882.9  5853502   0.66 
CDY369     GDA94_Z54   759865.8  5853969   0.38 
CDY370     GDA94_Z54   759878.9  5853975   0.33 
CDY385     GDA94_Z54   759887.3  5853988   0.23 
CDY464     GDA94_Z54   759868.5  5853936   0.19 
CDY361     GDA94_Z54   759845.6  5853960   0.16 
CDY376     GDA94_Z54   759875.8  5853982   0.11 
 

NEXT STEPS

The results to date have proven up our exploration methods using LIDAR imagery and targeted soil geochemistry, and have narrowed down a potential location for the primary source of gold mineralisation. As we prepare a shortlist of drill targets across the best anomalies for a 2023 Creswick drilling campaign, our 'LIDAR Geochem' approach will be applied across all of our Creswick tenements in the coming months. ECR now has 10km of strike along what we believe is the most prospective ground towards Ballarat.

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: [phone] 
David Tang, Non-Executive Chairman 
Andrew Haythorpe, CEO 
 
Email: [e-mail] 
Website: www.ecrminerals.com 
 
WH Ireland Ltd                        Tel: [phone] 
Nominated Adviser 
Katy Mitchell / Andrew de Andrade 
 
SI Capital Ltd                        Tel: [phone] 
Broker 
Nick Emerson 
 
Novum Securities Limited              Tel: [phone] 
Broker 
Jon Belliss 
 
Brand Communications                  Tel: [phone] 
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 70% 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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    SOURCE: ECR Minerals plc 
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December 22, 2022 02:05 ET (07:05 GMT)