ECR MINERALS
plc
("ECR Minerals", "ECR" or the
"Company")
Fire Assay Results Confirm
High Grade Gold Photon Analysis Numbers at Tambo,
Victoria
ECR Minerals plc (LON: ECR), the
exploration and development company focused on gold in Australia,
is pleased to provide the fire assay gold results from the historic
Duke of Cornwall Mine, Swifts Creek (Tambo), Victoria,
Australia.
HIGHLIGHTS
●
Fire assay of 37 rock chips at
the Duke of Cornwall Lode improves earlier
best result from photon analysis from 51.5 g/t Au to 52.2 g/t Au
●
10 Samples returned results above 5 g/t Au
●
Additional gold results for 19 rock chips include
more best results including 9.79
g/t Au, 8.55 g/t Au and 5.31 g/t Au
●
The results fall within the 95% confidence
interval indicating photon analysis does offer a reliable
indication of fire assay results
Background to Photon Assay
Analysis
As announced on 10 June 2024, ECR
Minerals undertook an exploration campaign at its Eastern Victorian
exploration tenement (EL007484) which included detailed mapping of
historical gold workings and the collection of 56 rock chips and 84
soil samples at spaced intervals across and along strike of the
known mineralisation. Initial testing of 37 rock chips using the
Photon Assay method returned significant results with 8 samples
showing gold concentrations exceeding 5 g/t Au, including a best
result of 51.5 g/t Au.
Fire Assay Comparison
The Board has now received the gold
and multi-element results for all 56 rock chip samples, analysed
using both traditional Fire Assay and ME-ICPMS methods. In
comparing the 37 Photon Assays to the Fire Assays, all samples are
within a 95% confidence level. The largest variance observed
between assay methods was 2.05 g/t Au in rock chip BTR054. It is
acknowledged that gold results inherently exhibit some variance, as
evidenced by duplicate and repeat testing for Au (refer to Table 1
below). A vein previously sampled in 2023, with a fire assay
indicating 0.2 metres at 22 g/t Au, produced a photon analysis
result consistent with expectations, measuring 24 g/t
Au.
Multi-Element Pathfinders
All rock chip samples also underwent
ME-ICP analysis to determine levels of Silver, Arsenic, Bismuth,
Copper, Lead, and Zinc. Elements such as Arsenic (As) have
traditionally been a key indicator for gold mineralisation. Bismuth
(Bi) has shown the closest correlation with gold at higher
elevations and falls within the detectable range of a pXRF device,
a valuable tool included in the Company's exploration toolkit
(refer to Chart 1 below). Pathfinder elements can be crucial for
expediting and cost-effectively generating future regional
exploration targets.
Table One: Results above 5g/t Gold from 56 Rock Chip Samples,
Tambo Project Exploration. Comparison between earlier Photon
Analysis also shown.
Sample
|
Photon Au
g/t
|
FA Ave Au
g/t
|
Au g/t
(FA-1)
|
Au g/t
(Duplicate)
|
Au g/t
(Repeat)
|
Bismuth ppm
|
BTR005
|
|
8.55
|
8.56
|
|
8.53
|
1230
|
BTR011
|
|
5.31
|
5.52
|
|
5.09
|
186
|
BTR019
|
|
9.79
|
8.88
|
|
10.70
|
482
|
BTR021
|
16.70
|
15.70
|
16.50
|
|
14.90
|
1200
|
BTR027
|
7.00
|
6.13
|
5.72
|
6.53
|
|
256
|
BTR044
|
26.50
|
26.25
|
25.60
|
|
26.90
|
1040
|
BTR046
|
16.90
|
17.20
|
17.00
|
17.40
|
|
747
|
BTR047
|
24.00
|
22.85
|
21.80
|
|
23.90
|
316
|
BTR054
|
19.70
|
17.65
|
16.50
|
|
18.80
|
640
|
BTR056
|
51.50
|
52.20
|
53.20
|
|
51.20
|
1450
|
* Fire Assay Average grade =
(Au g/t + duplicate + repeat) / number of
analysis
No other rock chip samples returned
results above 5 g/t Au.
![](https://dw6uz0omxro53.cloudfront.net/3106930/f59872c3-4a06-469a-a824-b0208157fc50.gif)
Chart 1: Plot of Au (g/t) against Bismuth (ppm) showing close
correlation between the two elements.
Mike Whitlow Chief Operating Officer
commented: "The high grade gold results, and perhaps more
importantly, the statistically significant correlation to the fire
assay data has validated our decision to implement photon assaying
at Tambo. A best result of 52.2 g/t Au in rock chips is an
exceptional outcome and I look forward to our exploration teams
resuming work at the project in due course.
"In Queensland, the earlier recovery of
visible gold through our washplant at Blue Mountain has exceeded
expectations and we're eagerly awaiting the results of laboratory
analysis which will guide our next steps for the project. In the
coming days, I'm looking forward to our chief geologist Adam Jones
joining our field crews at Lolworth where initial hard rock
trenching is planned for Gorge Creek West."
Adam Jones Chief Geologist
added: "Our
geological team has been very impressed with the Photon Assay
method, noting its close correlation with reported Fire Assays. It
not only provides faster and more cost-effective results but also
represents a significant shift in our approach moving forward. Our
next objective at this prospect is to confirm the consistency of
gold hits within the vein structure which is likely to include a
short drill program."
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) 1738 317 693
|
Nick Tulloch, Chairman
Andrew Scott, Director
|
|
|
|
|
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Email:
info@ecrminerals.com
|
|
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Website:
www.ecrminerals.com
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WH Ireland
Ltd
|
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Tel: +44 (0) 207 220 1666
|
Nominated Adviser
Katy Mitchell / Andrew de Andrade
|
|
|
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Axis Capital
Markets Limited
|
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Tel: +44 (0) 203 026
0320
|
Broker
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Ben Tadd/Lewis Jones
|
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SI Capital
Ltd
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Tel: +44 (0) 1483 413500
|
Broker
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Nick Emerson
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Brand
Communications
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Tel: +44 (0) 7976 431608
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Public & Investor
Relations
|
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Alan Green
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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 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.
ABOUT
PHOTONASSAY
Developed by Australia's national science
agency, CSIRO, photon assay is described as a technique that can
deliver faster, safer, and more accurate gold analysis. The
developers of PhotonAssay are positioning it as an
environmentally-friendly replacement for fire assay that can
provide rapid turnaround on high sample volumes. Samples can
be processed in less than 2 minutes in an automated process,
compared to 3-4 hours for fire assay samples. A number of companies
have undertaken a thorough evaluation of the method on their
projects by undertaking extensive testing against fire assays
(currently considered the gold standard for grade determination)
with excellent results. PhotonAssay is considered most suitable for
coarse gold mineralisation where analysis of large sample sizes is
advantageous.
The technique works by hitting samples with
high-energy X-rays, which causes excitation of atomic nuclei
allowing enhanced analysis of gold, silver, copper and other
elements in as little as two minutes. A highly sensitive detector
picks up the unique atomic signatures from these elements to
determine concentrations.
PhotonAssay has the following
features:
·
Bulk measurement of large samples, typically 400-650
g
·
Minimal sample preparation e.g. crush to 2-3 mm
top-size
·
Non-destructive; no chemical reagents required
·
Rapid (< 2 mins per sample, 70 samples/hour)
·
Excellent sensitivity (0.01 ppm detection limit on reagent
blanks, 0.015-0.030 on typical gold ores)
·
Independent of sample matrix, chemistry or
mineralogy
·
Fully-automated