ECR MINERALS
plc
("ECR Minerals", "ECR" or the
"Company")
Creswick drilling
results
Illustrates potentially
extensive presence of larger ore bodies
ECR
Minerals plc (LON: ECR), the exploration and development company
focused on gold in Australia, is pleased to provide additional
results from its drilling programme at the Kuboid Hill site in its
Creswick tenement. Significantly, this drilling campaign has
demonstrated quartz/gold mineralisation continuity in the Creswick
area with results having the hallmarks of a potential future small
scale operation.
HIGHLIGHTS
● Two high
grade results of 8.87g/t Au and 8.06g/t Au over 1 metre.
● Far more
significant is the extensive broad mineralisation demonstrated
in several holes where contiguous gold is present at 3.05g/t Au
over 3 metres, 2.25g/t Au over 4 metres and 1g/t Au over 5
metres.
● This
compares very favourably with historical mining operations
elsewhere in Victoria with broad mineralisation where those grades
averaged around 0.7 g/t Au.
● Aggregated
51 metres of mineralized quartz.
● The drilling
returned significant intercepts with evidence of anomalous gold
within 14 of the 15 holes drilled.
● Bulk sample
testing at Creswick has indicated in the past both greater
prevalence and higher grades of gold and this is being carried out
now on the results for Kuboid Hill.
A total of 1,025 metres of reverse
circulation drilling was completed at Kuboid Hill on
16 February 2024 ("Kuboid Hill Programme"). This was the
second part of an extended reverse circulation drilling programme,
following on from an original drilling programme of 522 metres
completed at Davey Road where ECR reported a best overall grade
gold of 41.03g/t Au (for full details of the results see
announcement dated 12 February 2024). The Kuboid Hill Programme was
designed to follow up on the Company's anomalous gold soil sampling
campaign that was completed in 2022 which indicated the potential
for a broader system which can now be seen in the today's results.
The drilling also tested best practices for first pass
drilling evaluation at Creswick where operators have had historical
challenges of reporting a representative broad mineralisation gold
grade due to the coarse and random nature of gold that is very
often present in Central Victoria.
ECR has now received laboratory
results for 15 out of the 17 holes drilled at Kuboid Hill,
comprising leaching and fire assay. As with the Davey Road
analysis, due to the nature of the course gold expected in this
region, ECR then utilises dry-blowing and pan concentration
on the 'leftovers' from the preliminary
drilling results to reduce the gold bias
and potentially coalesce the overall Au g/t result. These bulk
samples results will follow in due course with the results from the
final two holes also anticipated very soon. I.
The best individual grades so far
are from two holes: 1m @ 8.87g/t Au (hole KHRC001) and 1m @ 8.06g/t
Au (hole KHRC016).
Details of current drilling and significant intercepts >
1g/t
HOLEID
|
From
(m)
|
To
(m)
|
Interval (m)
|
Sample ID
|
Au
g/t
|
KHRC001
|
9
|
10
|
1
|
CRC1538
|
8.87
|
KHRC016
|
50
|
51
|
1
|
CRC1146
|
8.06
|
KHRC012
|
30
|
31
|
1
|
CRC718
|
3.11
|
KHRC010
|
24
|
25
|
1
|
CRC547
|
2.23
|
KHRC009
|
23
|
24
|
1
|
CRC608
|
2.18
|
KHRC007
|
20
|
21
|
1
|
CRC1183
|
1.96
|
KHRC010
|
23
|
24
|
1
|
CRC546
|
1.95
|
KHRC011
|
27
|
28
|
1
|
CRC789
|
1.28
|
KHRC014
|
42
|
43
|
1
|
CRC853
|
1.25
|
However, what is far more
significant is the extensive broad mineralisation demonstrated
in several holes where contiguous gold is present at 3.05g/t Au
over 3 metres, 2.25g/t Au over 4 metres and 1g/t Au over 5 metres.
The drilling recorded intercepts greater than 0.5 g/t Au average
over a total of 51 metres with the broadest identified mineralised
zone being over 15 metres (KHRC010). All intercepts align along
strike and dip to the same mineralised zone under Kuboid Hill.
Previous drilling campaigns within the Creswick project have only
identified narrow veins (often less than 1 metre) and high-grade
gold mineralisation styles.
Identified Broad Mineralised Zones with
intercepts
HOLEID
|
From
(m)
|
To
(m)
|
Interval (m)
|
SampleID
|
Au
g/t
|
Drilled intercept composite grade
|
KHRC001
|
9
|
10
|
1
|
CRC1538
|
8.87
|
4m @ 2.41
g/t Au
|
KHRC001
|
10
|
11
|
1
|
CRC1539
|
0.03
|
KHRC001
|
11
|
12
|
1
|
CRC1540
|
0.26
|
KHRC001
|
12
|
13
|
1
|
CRC1541
|
0.46
|
KHRC006
|
7
|
8
|
1
|
CRC1218
|
0.96
|
4m @ 0.52
g/t Au
|
KHRC006
|
8
|
9
|
1
|
CRC1219
|
0.03
|
KHRC006
|
9
|
10
|
1
|
CRC1220
|
0.63
|
KHRC006
|
10
|
11
|
1
|
CRC1221
|
0.45
|
KHRC007
|
19
|
20
|
1
|
CRC1182
|
0.77
|
6m @ 0.57
g/t Au
|
KHRC007
|
20
|
21
|
1
|
CRC1183
|
1.96
|
KHRC007
|
21
|
22
|
1
|
CRC1184
|
0.12
|
KHRC007
|
22
|
23
|
1
|
CRC1185
|
0.05
|
KHRC007
|
23
|
24
|
1
|
CRC1186
|
0.32
|
KHRC007
|
24
|
25
|
1
|
CRC1187
|
0.2
|
KHRC009
|
17
|
18
|
1
|
CRC601
|
0.45
|
8m @ 0.52
g/t Au
|
KHRC009
|
18
|
19
|
1
|
CRC602
|
0.12
|
KHRC009
|
19
|
20
|
1
|
CRC604
|
0.03
|
KHRC009
|
20
|
21
|
1
|
CRC605
|
0.14
|
KHRC009
|
21
|
22
|
1
|
CRC606
|
0.58
|
KHRC009
|
22
|
23
|
1
|
CRC607
|
0.03
|
KHRC009
|
23
|
24
|
1
|
CRC608
|
2.18
|
KHRC009
|
24
|
25
|
1
|
CRC609
|
0.59
|
KHRC010
|
20
|
21
|
1
|
CRC543
|
0.51
|
15m @
0.51 g/t Au
|
KHRC010
|
21
|
22
|
1
|
CRC544
|
0.2
|
KHRC010
|
22
|
23
|
1
|
CRC545
|
0.03
|
KHRC010
|
23
|
24
|
1
|
CRC546
|
1.95
|
KHRC010
|
24
|
25
|
1
|
CRC547
|
2.23
|
KHRC010
|
25
|
26
|
1
|
CRC548
|
0.22
|
KHRC010
|
26
|
27
|
1
|
CRC549
|
0.14
|
KHRC010
|
27
|
28
|
1
|
CRC550
|
0.03
|
KHRC010
|
28
|
29
|
1
|
CRC551
|
0.35
|
KHRC010
|
29
|
30
|
1
|
CRC552
|
0.32
|
KHRC010
|
30
|
31
|
1
|
CRC553
|
0.03
|
KHRC010
|
31
|
32
|
1
|
CRC554
|
0.41
|
KHRC010
|
32
|
33
|
1
|
CRC555
|
0.79
|
KHRC010
|
33
|
34
|
1
|
CRC556
|
0.03
|
KHRC010
|
34
|
35
|
1
|
CRC557
|
0.43
|
KHRC012
|
27
|
28
|
1
|
CRC715
|
0.76
|
5m @ 1.00
g/t Au
|
KHRC012
|
28
|
29
|
1
|
CRC716
|
0.26
|
KHRC012
|
29
|
30
|
1
|
CRC717
|
0.21
|
KHRC012
|
30
|
31
|
1
|
CRC718
|
3.11
|
KHRC012
|
31
|
32
|
1
|
CRC719
|
0.67
|
KHRC014
|
42
|
43
|
1
|
CRC853
|
1.25
|
3m @ 0.53
g/t Au
|
KHRC014
|
43
|
44
|
1
|
CRC854
|
0.13
|
KHRC014
|
44
|
45
|
1
|
CRC855
|
0.2
|
KHRC016
|
46
|
47
|
1
|
CRC1142
|
0.27
|
6m @ 1.55
g/t Au
|
KHRC016
|
47
|
48
|
1
|
CRC1143
|
0.03
|
KHRC016
|
48
|
49
|
1
|
CRC1144
|
0.38
|
KHRC016
|
49
|
50
|
1
|
CRC1145
|
0.42
|
KHRC016
|
50
|
51
|
1
|
CRC1146
|
8.06
|
KHRC016
|
51
|
52
|
1
|
CRC1147
|
0.16
|
Whilst this is still early stage,
this drilling campaign at Kuboid Hill is the first time that ECR
has demonstrated that broad-scale quartz/gold mineralisation exists
in the Creswick area. Also significantly broad mineralisation is
also present at shallow vertical depths. This compares very well
with historical small-scale commercial mining operations elsewhere
in Victoria with similar broad mineralisation where those grades
averaged around 0.7 g/t Au (examples being the Bailieston open pit
and the Nagambie open pit). Furthermore these previous mines were
established when the gold price was much lower than it is
today.
Drilling at Kuboid Hill was some 8km
west of previous exploration undertaken at Davey Road which is
associated with, or close to, the Dimocks Main Shale corridor
("DMS"). Kuboid Hill falls within another parallel mineralised
system approximately 8km west of the DMS and shows early signs of
the potential to generate a low-grade, bulk tonnage proposition.
This is the first type of modern exploration applied within this
part of Creswick.
ECR's next steps are to dry-blow
bulk sampling of anomalous and broad mineralisation zones as
described above. This follow-on step at Davey Road produced some
enhancement of the results there. These preliminary results
from Kuboid Hill took some time to assemble given the extent of
mineralisation zones but the Company anticipates the results of the
final two drill holes and the bulk sampling will be completed more
quickly. A further announcement will be made in due
course.
Mike Whitlow Chief Operating Officer said:
"These results
point to, what the directors believe is, a significant breakthrough
at Creswick where the geological features demonstrate a distinct
difference from the challenges historically faced in the region
which we have previously understood to be predominated by the
sporadic or random nature of coarse nuggety gold. With
this new analysis what we now understand is that Kuboid Hill has a
potentially extensive presence of larger ore bodies from much
broader quartz/gold mineralised zones.
"Our Creswick tenement covers a total of 192 square kilometres
and investors will be aware that ECR has undertaken a considerable
amount of work on our prospects there. We still have more to
do but, importantly, what we can now see is the commercial
potential in the aggregated 51 metres of mineralized quartz.
Investors may recall a video released in January of this year
featuring our Chairman, Nick Tulloch, and Chief Geologist, Adam
Jones, standing in front of the former open pit gold mine just to
the north of our Baileston tenement. To set today's
results in context, that Baileston mine produced approximately
20,000 oz at an average grade of around 0.7g Au/t, and whilst ECR's
Creswick tenement is still early stage, and there can be no
guarantee it will produce gold, we consider this indicative of the
potential in this area.
"We look forward to reporting our bulk samples shortly and,
further to the placing we announced on 14 March 2024, we will
shortly finalise and announce our 2024 work programme
in Victoria and Queensland."
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.
FOR
FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals
plc
|
|
Tel: +44 (0) 20 7929 1010
|
Nick Tulloch, Chairman
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
|
|
|
|
|
|
Axis Capital
Markets Limited
|
|
Tel: +44 (0) 203 026
0320
|
Broker
|
|
|
Ben Tadd/Lewis Jones
|
|
|
|
|
|
SI Capital
Ltd
|
|
Tel: +44 (0) 1483 413500
|
Broker
|
|
|
Nick Emerson
|
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|
Novum
Securities Limited
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Tel: +44 (0) 20 7399 9425
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Broker
Jon Belliss
|
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Brand
Communications
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|
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 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. MGA also has
approximately A$75 million of unutilised tax losses incurred during
previous operations.
ECR holds a 90% interest in the Danglay gold
project in the Philippines and a royalty on the SLM gold project in
La Rioja Province, Argentina which could potentially receive up to
US$2.7 million in aggregate across all licences.