LONDON, October 04, 2022--(BUSINESS WIRE)--
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Update on Sampling at Lolworth, Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce an update on the stream sediment sampling campaign currently in progress on its tenements at Lolworth Range, North Queensland, Australia.
ECR Minerals plc has 100% ownership of three exploration tenements (EPM27901, EPM27902 and EPM27903), which covers the Lolworth Range, located 120km west of the famous gold district of Charters Towers. The project is being explored under ECR’s Australian wholly owned subsidiary Lux Exploration Pty Ltd ("LUX").
Program well ahead of schedule
Close to 75% complete
More than 91 samples have been despatched and awaiting results from the laboratory.
Follow-up sampling work is continuing
ECR CEO Andrew Haythorpe commented: "Although it is early in the planned exploration schedule, we’ve made a very encouraging start to what will be a detailed and exhaustive exploration programme. Once the remaining samples have been collected and documented, we will then move to establish a shortlist of targets for further exploration."
"I look forward to reporting shortly our conclusions once the remaining sampling work has been completed.’’
The Lolworth Range project is located approximately 120km west of the historically famous Charters Towers gold district. ECR Minerals owns three Exploration tenements covering a total area of 964 km2. The area encompasses the Lolworth Range, a region comprising of similar rocks that host world class gold deposits such as Charters Towers and the historic Mt Leyshon Mine (>2.5 million ounces).
In 1987-1988, a stream sediment survey was undertaken by previous explorers ARI Ltd under permit ATP4855M. Their investigations identified numerous anomalous streams within Lolworth Range containing not only visible gold, but also minerals such as tin and tungsten. Research by ECR Minerals geologists established that no follow-up exploration of any note had been undertaken since the work under the ATP4855M permit, mostly likely due to the relatively inhospitable terrain. It is for this reason that ECR Minerals pegged this ground in 2021.
UPDATE ON INITIAL STREAM SAMPLING PROGRAM
ECR planned for 210 samples to be taken using a heavy mineral concentration method by panning, following up on the initial work undertaken by ARI Ltd in 1987-1988. ECR’s current sampling campaign is duplicating previous works to confirm ARI’s historical results, but the campaign is also following the best recorded results further up-stream towards possible sources of mineralisation.
To date, More than 91 out of the initial planned 210 samples have been sent to the laboratory for analysis.
The completed samples are now at the ALS Laboratory located in the nearby Queensland city of Townsville. Due to the current demand on Australian laboratories, we are not expecting the results back until the end of October.
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
Andrew Haythorpe, CEO
WH Ireland Ltd
Tel: +44 (0) 207 220 1666
Katy Mitchell / Andrew de Andrade
SI Capital Ltd
Tel: +44 (0) 1483 413500
Novum Securities Limited
Tel: +44 (0) 20 7399 9425
Tel: +44 (0) 207 138 3204
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 km2 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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ECR Minerals plc