TIDMECR
27 May 2021
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
STRATEGIC LICENCE APPLICATIONS AUSTRALIA
APPLICATION FOR 300 SUB-BLOCKS WEST OF CHARTERS TOWERS IN THE
LOLWORTH DISTRICT OF NORTH QUEENSLAND, AUSTRALIA.
ECR Minerals plc (LON: ECR), the gold exploration and
development company focused on Australia, is pleased to announce
three new strategic licence applications with a view to adding new
exploration opportunities in Queensland, Australia.
Three Exploration Permits in Application ("EPM") licences have
been submitted in North Queensland, Australia by LUX Exploration
Pty Ltd ("LUX") which is a 100%-owned Australian subsidiary of ECR
Minerals.
Craig Brown, Chief Executive Officer, commented:
"The strong cash position enjoyed by ECR Minerals has not only
enabled us to launch aggressive drilling programmes across our
existing properties, but has also facilitated full utilisation of
in-house and advisory resources to identify, investigate and
potentially acquire new opportunities to expand our Australian
exploration portfolio. Today's announcement manifestly demonstrates
that capability.
We are currently operating two diamond drill rigs at the
Bailieston and Creswick projects in Victoria, Australia, both of
which are delivering considerable amounts of drill core for
technical review, processing and assay testing.
We believe the ongoing drilling operations and the upcoming
implementation of drilling across multiple high-profile gold
targets will expose ECR to potential new gold discoveries.
We also look forward to providing further information from the
new Queensland Australia licence applications, which we believe
offer significant potential for precious and base metal discoveries
in an area of Australia where multiple large-scale discoveries have
already been made.
Exploration work across Australia continues apace and we expect
to provide further operational updates in the near term"
THE APPLICATION AREA
-- Three Exploration Permits in application (EPM 27901, 27902 and 27903);
representing 300 sub-blocks covering a total 900 km2 of highly
prospective ground located within the Lolworth Range, 200km WSW of
Townsville and 30km north from Pentlands, North Queensland Australia.
EXPLORATION POTENTIAL
-- The application area contains metamorphic rocks of the Charters Towers
Province, that host historical large gold producing centres such as
Charters Tower (6.6M Oz Au) and Ravenswood (>1M Oz Au). The structural
and basement geology is poorly understood in the area suggesting finding
new deposits are possible.
-- The area also contains reported rhyolitic volcanics which play host to
intrusion-related breccia gold deposits in the region such as Mount
Leyshon (>2.5M oz) and Mount Wright (>1M oz). (see Figure 1 below).
-- Desktop study of historic exploration data from the late 1980's revealed
highly anomalous gold stream sediment sample results within the applied
areas.
-- The application area is encompassed on the southern boundary by rich
alluvial gold deposits of the Cape River and Gorge Creek area, which
drain the southern Lolworth Range.
-- The east boundary of EPM27902 and EPM27903 is bordered by current
exploration permits exploring the Lolworth dyke swarm; a north-west
trending system of rhyolitic dykes and small breccia pipes containing
gold, copper and molybdenum.
-- Historic samples also highlighted tin-tungsten mineralisation in the
western areas of EPM27902 (see Figure 2). Reports show no detailed
follow-up work has been undertaken.
Figure 1: Location of EPM27901, 27902 and 27903 and nearby gold
deposits and towns.
https://www.ecrminerals.com/images/figure1_Lux.jpg
EXPLORATION OUTLINE
-- Research reveals little mineral exploration work has been done within the
Lolworth Range. Access, company specific targeted ore-deposit styles and
price of metals reflect the efforts of past exploration. The most
detailed exploration work undertaken within the application area would
have been under AP4855M (A.R.I Limited) during the 1987-88 period. The
work this company undertook is one of the main reasons for the current
application area. A.R.I undertook a major stream sediment program within
the drainage of the Lolworth Range via helicopter access. This work
highlighted seven gold anomalous areas worth following up. Rock chips
also demonstrated the perspectivity of the region with elevated gold in
association with rhyolites and breccias. Eleven watersheds showed visible
gold in pan concentrates. Highlights from this historic exploration work
are shown on (Figure 2).
Figure 2: Plan of EPM application area showing historic stream
sediment sampling results.
https://www.ecrminerals.com/images/figure2_Lux.jpg
-- Initial exploration likely to include confirmation of existing stream
sampling anomalies to potential watersheds, followed up by soil and rock
chip sampling of ridgelines that are above these anomalous watersheds.
The outcome of this work will delineate worthy drill targets.
-- Assuming the licence applications will be approved, LUX Exploration Pty
Ltd. will have initially 5 years to complete the planned exploration
program, with right to apply for permit extensions for up to a total of
15 years. LUX Exploration will need to extinguish 50% of the initial
application area after 5 years.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, a director of
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 REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the
publication of this announcement via Regulatory Information Service
(RIS), this inside information is now considered to be in the
public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
Email:
info@ecrminerals.com
Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)207 220 1666
Nominated Adviser
Katy Mitchell / James Sinclair-Ford Tel: +44 (0)20 7399 9425
Novum Securities Limited
Broker
Jon Belliss
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson
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, and two licence
applications lodged in eastern Victoria for the Tambo gold
project.
MGA is currently drilling at both the Bailieston and Creswick
projects and has an experienced exploration team with significant
local knowledge in the Victoria Goldfields and wider region.
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 at any of those projects.
ECR has earned a 25% 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, and holds a
royalty on the SLM gold project in La Rioja Province, Argentina
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210527005452/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
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