TIDMECR
RNS Number : 8865Q
ECR Minerals PLC
23 October 2023
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Encouraging Gold Results from Lolworth Project
ECR Minerals plc (LON: ECR), the exploration and development
company focused on gold in Australia, is pleased to announce the
results from outcrop mapping and sampling within the vicinity of
the Upper Gorge Creek at the Lolworth Project, North Queensland,
Australia.
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"). LUX
has identified numerous Gold, Niobium and REE anomalies within the
project.
HIGHLIGHTS
-- Mapping and sampling results from recent on-site geological
investigations in the Upper Gorge Creek show the presence of
gold.
-- A number of exposed outcrops up to 3m wide x 20m long in the
Gorge Creek West ridgeline show gold results up to 13.75 g/t Au
from initial rock chip testing. Results from soil grid work over
the ridgeline to test for other gold bearing sub-crops in the
vicinity are also due shortly.
-- A rhyolitic dyke 5m wide x 200m long that contains anomalous
gold has been discovered in the Gorge Creek East area. Rock chips
collected over the extent of the outcrop average 0.25 g/t Au, with
one best result of 8.02 g/t Au. Whilst the results are still at an
early stage, the Board are greatly encouraged by these findings and
the Directors believe these gold sources within the rocks could
form part of a larger system within the tenement.
ECR Technical Director Adam Jones commented: "Following on from
the Reedy Creek, Gorge Creek and Woolshed Creek results announced
on 25 September 2023, today's results from Gorge Creek provides
further evidence that Lolworth is becoming a bona fide exploration
opportunity. Our best result of 128 ppm Gold announced in September
2023 is backed up by a number of additional high-grade samples
taken within the surrounding area. We still have further data to
collect, but we are now entering this information and historical
data into our area plan so we can start to accurately map out drill
targets."
Figure One: Plan locations of reportable rock chips:
https://www.ecrminerals.com/images/2023/Fig1_Gorge-Ck-Rockchips.png
ROCKCHIP RESULTS
A number of rock chips were taken from the Upper Gorge Creek
area during recent field mapping in during August 2023. The
locations are shown in Figure One linked above.
The recent heavy concentrate pan sampling programme has helped
us to confirm that the streams within the Upper Gorge Creek Western
area are highly anomalous in gold, added to which the field team
have also discovered numerous gold nuggets within these drainages.
Recent geological mapping during August this year led to the
discovery of numerous silica outcrops within the ridgeline above
these gold bearing streams. The Company has now received the
results from rock chipping at these outcrops with best results of
13.75 g/t Au, 3.13 g/t Au and 2.17 g/t Au (full details are set out
in Table 1 at the end of this announcement). Where mapped, a number
of outcrops measure up to 3m wide x 20m long, while the remaining
outcrops are hidden under the shallow soil cover. A large soil
sampling grid has recently been completed over the cover sequence
to confirm the direction of the extensions to the gold bearing
outcrops. The results from this are due shortly.
Geological mapping and sampling of outcrop has also been
completed in parts of the Gorge Creek East area. A Rhyolitic dyke
(intrusion) 5.5m wide x 200m long and anomalous in gold has been
discovered. The majority of rock chips from the dyke returned an
average of 0.25 g/t Au. One rock chip from the centre of the dyke
returned 8.02 g/t Au. Other dykes are known to exist within the
tenement area and these have never been sampled or mapped. Whilst
these results are still at an early stage, and significant work is
still required at site to determine the economic potential of the
opportunity, the Board are greatly encouraged by these findings and
the Directors believe these gold sources within the rocks could
lead to further gold discoveries in other dykes yet to be
sampled.
ADDITIONAL WORK PROGRAMMES
Other exploration work continues to be undertaken on the
Lolworth Project and results are due shortly from soil sampling
over the ridgeline of Gorge Creek West. The Board believes this
work could help the Company confirm whether other hidden gold
bearing outcrops are present under the soil cover, particularly
given that the streams draining this ridgeline have already been
proven to contain gold.
The field team are also continuing to soil sample two other
gold-bearing areas, namely Woolshed/Flaggy Creek and Reedy Creek.
Rock chip results from a system of narrow stringer quartz veins
from Flaggy Creek are also expected shortly.
Further announcements will be made when the results are
known.
Table One. Gold results greater than 0.1 g/t Au from recent rock
chip sampling and outcrop mapping at Gorge Creek:
SampleID Easting Northing Au g/t Prospect
(GDA94 (GDA94 Z55)
Z55)
LWC145 294145 7755719 0.02
-------- ------------- ------- --------------
LWC147 314942 7751994 8.02 Rhyolite Dyke
-------- ------------- ------- --------------
LWC162 313557 7751157 13.75 Gorge Ck West
-------- ------------- ------- --------------
LWC166 313695 7751338 0.1
-------- ------------- ------- --------------
LWC168 313707 7751331 0.15
-------- ------------- ------- --------------
LWC169 313680 7751310 0.56
-------- ------------- ------- --------------
LWC170 313682 7751308 2.64
-------- ------------- ------- --------------
LWC171 313682 7751307 0.19
-------- ------------- ------- --------------
LWC172 313683 7751306 0.78
-------- ------------- ------- --------------
LWC173 313684 7751306 0.34
-------- ------------- ------- --------------
LWC174 313684 7751307 0.16
-------- ------------- ------- --------------
LWC193 313269 7751424 3.13 Gorge Ck West
-------- ------------- ------- --------------
LWC194 313351 7751428 0.33 Gorge Ck West
-------- ------------- ------- --------------
LWC195 313358 7751441 1.73 Gorge Ck West
-------- ------------- ------- --------------
LWC196 313352 7751428 0.68 Gorge Ck West
-------- ------------- ------- --------------
LWC197 313358 7751433 0.84 Gorge Ck West
-------- ------------- ------- --------------
LWC198 313358 7751436 0.24 Gorge Ck West
-------- ------------- ------- --------------
LWC199 313327 7751421 0.33 Gorge Ck West
-------- ------------- ------- --------------
LWC200 313335 7751418 0.85 Gorge Ck West
-------- ------------- ------- --------------
LWC201 313361 7751446 2.17 Gorge Ck West
-------- ------------- ------- --------------
LWC202 313366 7751452 0.62 Gorge Ck West
-------- ------------- ------- --------------
LWC215 313162 7751359 0.38
-------- ------------- ------- --------------
LWC216 314940 7751988 0.52 Rhyolite Dyke
-------- ------------- ------- --------------
LWC217 314941 7751992 0.19 Rhyolite Dyke
-------- ------------- ------- --------------
LWC218 314944 7751996 0.39 Rhyolite Dyke
-------- ------------- ------- --------------
LWC219 314949 7752002 0.16 Rhyolite Dyke
-------- ------------- ------- --------------
LWC221 314956 7752008 0.17 Rhyolite Dyke
-------- ------------- ------- --------------
LWC222 314965 7752019 0.18 Rhyolite Dyke
-------- ------------- ------- --------------
LWC225 314971 7752029 0.22 Rhyolite Dyke
-------- ------------- ------- --------------
LWC227 314991 7752049 0.42 Rhyolite Dyke
-------- ------------- ------- --------------
LWC228 314944 7752004 0.11 Rhyolite Dyke
-------- ------------- ------- --------------
LWC230 314918 7751965 0.16 Rhyolite Dyke
-------- ------------- ------- --------------
LWC231 314915 7751962 0.33 Rhyolite Dyke
-------- ------------- ------- --------------
LWC232 314910 7751955 0.2 Rhyolite Dyke
-------- ------------- ------- --------------
LWC311 316430 7750263 0.26
-------- ------------- ------- --------------
LWC313 316435 7750265 0.19
-------- ------------- ------- --------------
LWC317 316443 7750263 0.35
-------- ------------- ------- --------------
LWC318 316432 7750259 1.64
-------- ------------- ------- --------------
LWC319 316432 7750259 0.29
-------- ------------- ------- --------------
LWC320 316433 7750259 0.26
-------- ------------- ------- --------------
LWC321 316434 7750258 0.61
-------- ------------- ------- --------------
LWC325 316435 7750255 0.1
-------- ------------- ------- --------------
LWC326 316434 7750253 1.43
-------- ------------- ------- --------------
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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