TIDMECR
RNS Number : 1643Z
ECR Minerals PLC
10 January 2024
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Review of Lolworth Project
ECR Minerals plc (LON: ECR), the exploration and development
company focused on gold in Australia, is pleased to provide the
following overview of its Lolworth Project in Queensland. The 2023
field work season concluded with soil sampling which, together with
exploration work already undertaken, has provided the Company with
a solid overview of the project area and, importantly, a guide for
the next phase of exploration this year.
HIGHLIGHTS
-- Reedy Creek returned best rock chips of 22g/t with stream samples of 205 PPM.
-- Gorge Creek returned rock chips of 13.75g/t with stream samples of 1395 PPM.
-- Butterfly Creek reported stream samples of 962 PPM.
-- An overview of soil, rock chip and stream sediment sampling
indicate that the best-ranking gold prospects so far may be Flaggy
Creek, Butterfly Creek and Gorge Creek West areas. Other prospects
identified but yet to be explored in more detail include Brumby
Creek and Gorge Creek East where our soil sampling campaign
demonstrated sporadic anomalous gold.
-- Laboratory results have been received for soil sampling
completed at Flaggy Creek and Reedy Creek West. Peak gold results
in soils at Flaggy Creek include 0.41 g/t Au, 0.19 g/t Au and 0.13
g/t Au. The results align to an obscure North-Easterly trend.
Anomalous peak results of lead within these soils correlate
adjacent to previous rock-chipped gold-bearing veins. Best results
from soil sampling at Reedy Creek West were 2.01 g/t Au. Early
interpretations of geochemistry results show these are near to a
possible geological boundary.
-- Previous pan concentrate sampling identified Oaky Creek to be
carrying good values of Niobium and Tantalum (Nb-Ta)
mineralisation. Follow-up soil sampling led to specific outcropping
areas that are yet to be sampled and mapped.
-- Similar geological rock types associated with Nb-Ta
mineralisation at Oaky Creek have been noted to exist within the
eastern boundary of the Lolworth tenements. No modern exploration
has been undertaken within this region before.
ECR Technical Director Adam Jones commented: "We took on
Lolworth as a 'greenfield' project and, with some 900 square km of
ground to explore, we believed that it was within a geological
province that had every potential for significant discoveries for
ECR Minerals. Our work in 2023 has gone some way to endorse that,
proving that gold exists in multiple places within the project
area. Our soil sampling results back up the high-grade stream
sedimentary samples and rock chips reported in 2023. By definition
work at surface, whilst early stage, is designed to predict what
may occur in greater concentrations at deeper levels and the
widespread presence of gold in our sample results increases our
confidence in both the prospectivity and potential scale of the
Lolworth resource."
Mike Whitlow Chief Operating Officer said: "The conclusion of
the 2023 field work season at Lolworth has given us a solid
platform from which to plan the next stage of our reconnaissance
programme. We have identified several locations to hone in on and
we believe that there are still other gold sources that can be
followed up over in the coming year. Alongside the gold, we also
have found the presence of the sought after Niobium-Tantalum Rare
Earth minerals and, whilst this is only an initial indication, we
expect this story will continue to develop. Our work for the 2024
season in Queensland is likely to include trench sampling and drill
target generation. Additionally, we look forward to updating
shareholders as operations continue In Victoria."
OVERVIEW OF GOLD EXPLORATION TO DATE
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) covering over 900 square
kilometres of ground where numerous Gold, Niobium and REE anomalies
have been identified within the project. The operations are being
explored by LUX Exploration Pty Ltd, a wholly-owned subsidiary of
ECR.
Exploration has been undertaken by methods of stream sampling
(heavy pan concentrate sampling), rock chip (outcrop mapping) and
soil sampling over prospective ridgelines. The Lolworth Project
covers over 900 km(2) of exploration ground. The host rocks have
undergone some degree of alteration by intrusive rocks and
pegmatites and hence are favourable for exploring for multiple
commodities. Approximately 700km(2) of the project has now been
initially explored by stream sampling. Gold, Niobium-Tantalum and
REE (in particular Neodymium) are the main commodities discovered
from the stream sampling programmes. The gold prospects of interest
are named Gorge Creek West, Gorge Creek East, Reedy Creek, and of
recent discovery Flaggy Creek, Butterfly Creek and Reedy Creek
West. The main focus of Niobium-Tantalum exploration has been at
Oaky Creek. See Figure One for locations in the project area. Best
results from exploration to date are included in Table One
below.
Figure One: Lolworth Project Prospects
All gold prospects have been found from following up positive
stream sampling results and now are targeting the hill slopes above
such streams, looking for the source of the gold. The directors
consider the results to be outstanding. Visible gold has often been
found in creeks that have had no modern exploration. Best results
to date include 1395 ppm Au (Gorge Creek), 962 ppm Au (Butterfly
Creek), 594 ppm Au (Reedy Creek). Multiple clusters of gold
mineralisation have been found in specific streams of Flaggy Creek,
Gorge Creek West, Reedy Creek West and Butterfly Creek. This has
led to outcrop sampling and mapping and soil sampling firstly at
Flaggy Creek and Gorge Creek West. Further detailed work has been
planned for Reedy Creek and Butterfly Creek and will include
geological mapping and outcrop sampling and detailed soil sampling.
The ridgeline between Reedy Creek and Butterfly Creek which the
gold bearing creeks are draining from is an area over 1km in strike
length to explore in detail.
NIOBIUM-TANTALUM AND REE EXPLORATION
Critical listed minerals Niobium-Tantalum (Nb-Ta) and other REE
(Neodymium) have been discovered in the Oaky Creek drainage system.
High Niobium and Tantalum results from pan concentrate sampling in
the headwaters of Oaky Creek led to the completion of a regional
soil sampling programme over the adjacent hillslopes. Results from
this show the best Niobium concentrations in soils (up to 146 ppm
Nb) (see RNS September 25 2023 here ). A mapping and sampling
programme over the immediate outcrop of the best Niobium results is
planned for 2024. Elevated Nb-Ta and REE results are associated
with a mapped pegmatitic intrusive complex. The same type of rock
outcrop has been noted to occur on the eastern province of the
Lolworth Project area. The field team will access the streams
within this eastern province to investigate the potential for gold
and critical minerals.
FLAGGY CREEK AND REEDY CREEK WEST SOIL SAMPLING RESULTS
Results from a soil sampling programme centred around a cluster
of gold bearing creeks discovered by pan concentrate sampling at
Flaggy Creek (previously called Woolshed Creek) and Reedy Creek
West has been received. Initial rock chip and outcrop mapping at
one notable hillslope at Flaggy Creek were reported last October
(see RNS October 31 2023 here ). Best results from rock chip and
outcrop mapping included 4.66 g/t Au, 3.97 g/t Au and 3.28 g/t Au.
Gold has also been discovered in quartz fragments that is lying on
the nearby surface, indicating gold veinlets in a primary source is
nearby. Where visible, the quartz veining at Flaggy Creek is
running in groups of narrow veins that lie parallel to each other.
The veins can be traced along the surface for 70 metres before
passing under soil cover. The anecdotal evidence from surface scree
and fragments shows the parallel veins to be in a zonation of up to
100m wide. The potential size of this zonation is what makes Flaggy
Creek an attractive gold exploration target. The soil sampling
programme has been completed north and south of these discovered
veins, the target being to discover any gold values in soils that
are potentially hiding other parallel gold veins hiding under the
shallow soil cover. The best gold results from the soil sampling
were 0.41 g/t Au, 0.19 g/t Au and 0.13 g/t Au (see Table Two),
highlighting three 'spot' anomalies which lie along a discrete
north-easterly trend. (see Figure Two). This north-easterly trend
also correlates to the upper source line of the gold found in the
surrounding streams. Interestingly, lead is elevated in the soil
immediately surrounding the known gold bearing veins and is now
looked at being a pathfinder element to the proximity to gold
veins. Lead results are also elevated in previous best gold results
from rock chipping. The best gold result from this soil sampling is
located to the north-east of the already mapped veins. ECR has not
mapped these new anomalous areas and will extend mapping and
sampling of visible outcrop to these new areas this year.
Figure Two: Flaggy Creek Exploration Update
A soil sampling programme was also completed over the headwaters
of three gold bearing creeks that drain into the western side of
Reedy Creek. Previous pan concentrate sampling revealed plenty of
visible gold backed up with good laboratory results within these
creeks. One spot gold anomaly of 2.01 g/t Au was picked up in the
soil sampling results. An abrupt boundary where background higher
values of lead concentration in soil is higher in the southern half
of the soil sampling (see Figure Three). Early interpretations show
this boundary is likely coincide with a geological boundary. Field
staff reported the nearby soil to be red (from iron) and contain
quartz float which are evidently from nearby quartz veins. Mapping
and sampling of all quartz veining within the anomalous area and
near the geological contact will be completed this year.
Figure Three: Reedy Creek West Exploration Update
Table One. Some of the best results from exploration at the
Lolworth Project to date (see previous announcements).
NOTE: (1 ppm Au = 1 g/t Au)
PROSPECT EXPLORATION METHOD Easting Northing Au g/t Pb ppm Announcement
Date
Gorge Creek Stream Sampling 314342.3 7749643 1395 n/a 23/03/23
-------------------- --------- --------- ------- ------- ------------------
Butterfly Creek Stream Sampling 310193.5 7749951 962 n/a 20/11/23
-------------------- --------- --------- ------- ------- ------------------
Butterfly Creek Stream Sampling 310289 7750626 594 n/a 8/8/23
-------------------- --------- --------- ------- ------- ------------------
Reedy Creek Stream Sampling 310475.6 7751531 205 n/a 23/03/23
-------------------- --------- --------- ------- ------- ------------------
Gorge Creek
West Stream Sampling 314025 7751352 152.5 n/a 12/12/22
-------------------- --------- --------- ------- ------- ------------------
Butterfly Creek Stream Sampling 310247.8 7750052 139 n/a 20/11/23
-------------------- --------- --------- ------- ------- ------------------
Reedy Creek Stream Sampling 309411.5 7750724 138 n/a 8/8/23
-------------------- --------- --------- ------- ------- ------------------
Reedy Creek
West Stream Sampling 308154.7 7751007 128 n/a 25/9/23
-------------------- --------- --------- ------- ------- ------------------
Reedy Creek
West Stream Sampling 308394.7 7751332 60.9 n/a 25/9/23
-------------------- --------- --------- ------- ------- ------------------
Reedy Creek Stream Sampling 310359.1 7752184 51 n/a 01/02/23
-------------------- --------- --------- ------- ------- ------------------
Reedy Creek Rock Chip 309345.6 7750941 22.00 104 15/8/23
-------------------- --------- --------- ------- ------- ------------------
Gorge Creek
West Rock Chip 313557.5 7751157 13.75 14250 23/10/23
-------------------- --------- --------- ------- ------- ------------------
Gorge Creek
East Rock Chip 314942.4 7751994 8.02 199 20/10/23
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Rock Chip 298711.6 7760551 6.05 267 31/10/23
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Rock Chip 298696.6 7760564 5.96 751 31/10/23
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Rock Chip 298694 7760685 4.73 542 01/02/23
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Rock Chip 298697.5 7760694 4.66 480 31/10/23
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Rock Chip 298694.4 7760683 3.97 91 31/10/23
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Rock Chip 298705.1 7760729 3.28 685 31/10/23
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Rock Chip 298701.1 7760710 3.19 3270 31/10/23
-------------------- --------- --------- ------- ------- ------------------
Gorge Creek
West Rock Chip 313268.9 7751424 3.13 375 20/10/23
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Soil Sampling 298875.9 7760698 0.41 8 This announcement
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Soil Sampling 313239 7751347 0.39 12 This announcement
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Soil Sampling 313198.6 7751347 0.32 11 This announcement
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Soil Sampling 299071.3 7761011 0.19 4 This announcement
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Soil Sampling 313267 7751305 0.18 17 This announcement
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Soil Sampling 313295.6 7751171 0.13 18 This announcement
-------------------- --------- --------- ------- ------- ------------------
Flaggy Creek Soil Sampling 298434.6 7760314 0.13 12 This announcement
-------------------- --------- --------- ------- ------- ------------------
Reedy Creek
West Soil Sampling 308349.2 7751205 2.01 n/a This announcement
-------------------- --------- --------- ------- ------- ------------------
Table Two. Latest Gold results above reportable levels (>0.01
ppm Au) for Soil Sampling at Flaggy Creek and Reedy Creek, Lolworth
Project.
NOTE: (1 ppm Au = 1 g/t Au)
PROSPECT SAMPLEID EASTING NORTHING Au ppm
(GDA94 Zone (GDA94 Zone
55) 55)
Reedy Creek
West LWL3650 308349.2 7751205 2.01
---------- ------------- ------------- -------
Reedy Creek
West LWL3610 308190.5 7751091 0.03
---------- ------------- ------------- -------
Reedy Creek
West LWL3616 308317 7751089 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3400 298875.9 7760698 0.41
---------- ------------- ------------- -------
Flaggy Creek LWL3439 299071.3 7761011 0.19
---------- ------------- ------------- -------
Flaggy Creek LWL3179 298434.6 7760314 0.13
---------- ------------- ------------- -------
Flaggy Creek LWL3394 298908.6 7760741 0.09
---------- ------------- ------------- -------
Flaggy Creek LWL3438 299105.6 7760974 0.09
---------- ------------- ------------- -------
Flaggy Creek LWL3493 299497.2 7761071 0.07
---------- ------------- ------------- -------
Flaggy Creek LWL3038 298725.4 7760724 0.05
---------- ------------- ------------- -------
Flaggy Creek LWL3487 299377.4 7761287 0.05
---------- ------------- ------------- -------
Flaggy Creek LWL3408 299380 7760838 0.04
---------- ------------- ------------- -------
Flaggy Creek LWL3007 298717.2 7760799 0.03
---------- ------------- ------------- -------
Flaggy Creek LWL3029 298626 7760805 0.03
---------- ------------- ------------- -------
Flaggy Creek LWL3039 298703.8 7760737 0.03
---------- ------------- ------------- -------
Flaggy Creek LWL3068 298698.7 7760697 0.03
---------- ------------- ------------- -------
Flaggy Creek LWL3359 299052.5 7760806 0.03
---------- ------------- ------------- -------
Flaggy Creek LWL3374 298983.1 7760815 0.03
---------- ------------- ------------- -------
Flaggy Creek LWL3403 298790.9 7760822 0.03
---------- ------------- ------------- -------
Flaggy Creek LWL3448 299056.1 7760954 0.03
---------- ------------- ------------- -------
Flaggy Creek LWL3452 299193.7 7760809 0.03
---------- ------------- ------------- -------
Flaggy Creek LWL3009 298760.6 7760774 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3014 298715.6 7760777 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3033 298712.5 7760755 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3043 298617.3 7760787 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3110 298730 7760585 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3123 298549.3 7760597 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3268 298863.9 7760492 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3380 298948.6 7760771 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3402 298819.2 7760780 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3453 299228.1 7760773 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3464 299386.8 7760934 0.02
---------- ------------- ------------- -------
Flaggy Creek LWL3468 299325.6 7761125 0.02
---------- ------------- ------------- -------
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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