ECR MINERALS PLC: Property Purchase within the Creswick License Area
September 02 2021 - 1:00AM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Property purchase within the Creswick License Area
ECR Minerals plc (LON: ECR), the gold exploration and
development company focused on Australia, is pleased to announce
that its 100% owned Australian subsidiary, Mercator Gold Holdings
Pty Ltd ("MGA"), has purchased a property at 35 Brewing Lane,
Springmount, Australia (the "Property"), subject only to the
payment of the completion monies. The Property is located within
the Company's existing 100% owned Creswick license area.
It is anticipated that monies will be paid, and completion will
occur, on or around 27 September 2021, and further updates will be
provided at that time.
Highlights:
-- The property consists of 16 acres, within the 45 square kilometre
Creswick license area in Victoria, Australia
-- The property is held over three titles
-- The Property will provide a base for activities across the license area
as ECR advances its drilling programmes and, when appropriate will be the
site for development for the mine decline
-- The purchase price of the property is AUD500,000, which is to be settled
in two tranches, consisting of a AUD$$50,000 deposit which has already
been paid and the balance to be paid on 27 September 2021. The purchase
will be funded by the Company's existing cash resources. The Group has
GBP4,222,940 in cash after paying the deposit. This is the equivalent of
USD5,824,631.
Craig Brown, Chief Executive Officer commented: "Following the
positive progress of the drilling programme at Creswick, we are
pleased to announce the purchase of the Brewing Lane property
(subject only to payment of the settlement monies) which sits in
our existing license area. Following completion we intend that the
property will provide the Company with an operational base and, in
future, can be developed as a site for the decline access to
existing, and potential, vein mineralisation.
"Earlier this year, we reported strong results from the
[ongoing/current] drilling programme at the Creswick license which
has continued to delineate gold mineralisation along strike, with
all assayed holes returning gold (see announcement dated 19 July
2021). Of particular significance are holes CSD003 and CSD004 which
returned 9.93 g/t and 23.58 g/t gold, respectively."
"I remain enthused by the pace of developments at Creswick,
Bailieston and our other assets, and look forward to receiving the
remaining assay results at Creswick and reporting on progress."
The property was purchased from a private individual.
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) 161 832 2174
Nominated Adviser
SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited Tel: +44 (0) 20 7399 9425
Broker
Jon Belliss
Blytheweigh Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe
ABOUT ECR MINERALS PLC
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 licence
applications outstanding including two licence applications lodged
in eastern Victoria. (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.
https://mercatorgold.com.au/
ECR also owns 100% of an Australian subsidiary LUX Exploration
Pty Ltd ("LUX") which has three licence applications covering 900
km2 covering a relatively unexplored area in Queensland,
Australia.
https://luxexploration.com/
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 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, 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210901006074/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2021
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