ECR Minerals PLC Diamond Drilling Programme planned for Tambo

RNS Number : 3883Z

ECR Minerals PLC

06 August 2024

 

ECR MINERALS plc

 

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

 

Victoria Projects Update

Planning Underway for Diamond Drilling Programme at Tambo, Victoria

 

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide an update on activities at its projects in Victoria, Australia.

 

HIGHLIGHTS

 

Tambo

●     84 soil samples taken in the vicinity of the Duke Of Cornwall Lode

●     Best results include 0.56 ppm Au - a total of 48 samples returned above 0.01 ppm Au

●     Follows earlier best results from rock chip sampling including 52.2 g/t Au 

●     Planning underway for diamond drilling programme in Q4

 

Bailieston

●     Discussions advancing on pathways to maximise the Antimony potential given the continued price rise and interest in the mineral

●     Best results from recent field work include 0.3m @ 32% Sb (Antimony) and 0.1m @ 1.20% Sb

●     Antimony is classified as a critical mineral by the Australian Government

●     ECR remains fully funded for its planned operations in Queensland and Victoria in 2024

 

 

Background to Soil Sampling, Tambo

On 12 July 2024, ECR Minerals announced the fire assay gold results from the historic Duke of Cornwall Mine in Swifts Creek (Tambo), Victoria, Australia. Best results included 52.2 g/t Au. A total of 10 samples returned results above 5 g/t Au.

 

Subsequently, 84 soil samples were taken perpendicular to the strike of the Duke of Cornwall lode to gain a better understanding of the geochemical orientation with a best result of 0.56 ppm Au.

 

Of these, 48 samples returned results above 0.01 ppm Au and a total of 4 samples returned results greater than 0.1 ppm Au (Table 1).

 

A significant correlation between gold and bismuth has now been identified, highlighting bismuth as a key pathfinder element within the exploration licence.

 

Next Steps

Given the highly encouraging surface results, the Company is now planning its next steps which will include further evaluating the sub-surface levels of gold. Negotiations are underway with the landholder and contractors for an anticipated maiden diamond drilling campaign which is expected to commence early in the fourth quarter of 2024.

 

Antimony Exploration in Victoria

As announced on 3 July 2024, ECR Minerals made the decision to reanalyse diamond core samples for Antimony from its Bailieston Project, drilled during the 2021-2022 campaign, due to the Melbourne Geological Zone's reputation as a prominent host for Antimony lodes and the increasing demand for this critical mineral. The best sample returned an Antimony result of 0.3m @ 32% Sb (drillhole BH3DD019) while a further 11 samples returned highly anomalous results.

 

Prices of the metal, which is used in flame-retardants, munitions and batteries, have continued to rise to new highs in 2024. Whilst still early stage, the Board is further analysing how best to advance this valuable opportunity given the wider demand and interest in the region, including identifying a suitable strategic partner to collaborate with to fund further exploration at Bailieston.

 

Mike Whitlow Chief Operating Officer commented: "The results of the comprehensive soil analysis at Tambo, coupled with the exceptional quality of the previously collected rock chip samples have significantly boosted our confidence in the project's potential. The continuity of the gold results, as well as confirmation of a direct correlation with bismuth, strongly supports our decision to prioritise drilling at Tambo at the earliest opportunity later this year.  We are making excellent progress in securing the required permits and services to commence drilling operations and will provide further updates as they become available."

 

Table 1: Soil sample results greater than 0.01 ppm Au

 

Sample ID	Au ppm	Bi ppm
BTSL046	0.56	309
BTSL009	0.31	46
BTSL019	0.22	62
BTSL020	0.12	112
BTSL047	0.09	17
BTSL043	0.08	75
BTSL016	0.06	32
BTSL045	0.06	23
BTSL052	0.05	22
BTSL010	0.04	13
BTSL027	0.04	4
BTSL048	0.03	7
BTSL057	0.03	8
BTSL035	0.03	5
BTSL022	0.03	8
BTSL026	0.03	1
BTSL029	0.03	21
BTSL003	0.02	3
BTSL018	0.02	12
BTSL028	0.02	10
BTSL023	0.02	9
BTSL034	0.02	5
BTSL012	0.02	4
BTSL041	0.02	11
BTSL031	0.02	5
BTSL044	0.02	11
BTSL025	0.02	9
BTSL066	0.02	13
BTSL072	0.02	1
BTSL056	0.01	1
BTSL051	0.01	3
BTSL042	0.01	15
BTSL002	0.01	3
BTSL054	0.01	1
BTSL001	0.01	3
BTSL011	0.01	6
BTSL049	0.01	1
BTSL065	0.01	21
BTSL021	0.01	16
BTSL032	0.01	5
BTSL006	0.01	8
BTSL039	0.01	1
BTSL053	0.01	1
BTSL050	0.01	1
BTSL008	0.01	6
BTSL005	0.01	11
BTSL033	0.01	8
BTSL007	0.01	4

 

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.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc		Tel: [phone]
Nick Tulloch, Chairman Andrew Scott, Director
Email: [e-mail]
Website: www.ecrminerals.com
Zeus Capital Limited		Tel: [phone]
Nominated Adviser Katy Mitchell / Andrew de Andrade
Axis Capital Markets Limited		Tel: [phone]
Broker
Ben Tadd/Lewis Jones
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).

 

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.  ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina.

 

MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.

 

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