Blue Mountain Bulk Concentrate Yields 192 g/t Gold

ECR Minerals PLC

01 August 2024

 

ECR MINERALS plc

("ECR Minerals", "ECR" or the "Company")

Blue Mountain Bulk Concentrate Sampling Yields Up To 192 g/t Gold

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce results from trenching and bulk concentrate sampling at the Blue Mountain Project in Queensland, Australia.

HIGHLIGHTS

Trenching

●     8 trenches completed across strategic alluvial flats on the upper reaches of South Kariboe Creek

●     15.4 cubic metres of alluvial gravel processed yielding 9.95 grammes of visible gold

●     Average recovered visible gold of 1.55 grammes per bank cubic metre - significantly higher than previous estimates

Bulk Concentrate Sampling

●     In addition, 6 bulk samples of concentrates were submitted for laboratory analysis

●     Best results include 192.15 g/t, 97.40 g/t and 33.19 g/t Au within these concentrates

●     ECR remains fully funded for its planned operations in Queensland and Victoria for 2024

Background

The Blue Mountain project consists of two exploration permits (EPM27175 and EPM27183). Both permits are in good standing and the Company has recently applied to extend the terms for an additional five years. 

Previous testing of the alluvial ground on South Kariboe Creek and Denny's Gully is evidenced by the remains of old pits within the creek. An historic (non-JORC) alluvial resource within this region for the South Kariboe Creek and Denny's Gully prepared by Normin Consultants Pty Ltd, which has not been verified by ECR and cannot be relied upon, but is provided as indicative of the potential in the area estimates a potential 1,426,800 bank cubic metre (b.c.m) at 0.60 grammes per b.c.m for 27,526 oz Au.

In July 2024 LUX Exploration Pty Ltd, a subsidiary of ECR Minerals, completed 8 test trenches on the upper reaches of South Kariboe Creek.

A total of 15.4 cubic metres of alluvial gravel was processed through a pilot trommel wash plant, yielding 9.95 grammes of visible gold, an overall average of 1.55 grammes per b.c.m.

Additionally, six bulk samples of sluice box concentrates were submitted for laboratory analysis, with many of the results far exceeding expectations. (Table 1)

Table 1: Gold Results from Pilot Testing July 2024, Blue Mountain, EPM27183

Location	Est. Processed (m3)	Recovered Visible (Grams Au)	Laboratory Sample	Recovered Concentrate (g/t Au)
Trench 1	1	0.1	1	8.51
Trench 2	1	0.1	2	1.70
Trench 4	1	0.4	3	30.28
Trench 5	1	0.25
Trench 6	4.4	1.8	6	9.93
Trench 7	3	2.8	8	97.40
Trench 8	1	0.3		33.19
Trench 11	3	4.2	9	192.15
TOTAL	15.4	9.95

Next Steps

Given these highly encouraging results, ECR will now move to the next stage of metallurgical test work to determine the optimal method for gold extraction using various methods. Both tenements contain at least 12km of strike length available for follow up sampling and testing.

Chief Geologist Adam Jones commented: "Our detailed mapping and sampling has delivered gold results far beyond our expectations. We've pinpointed the more lucrative gold 'runs' within the wash layers, leading to much improved results. I was particularly excited by Trench 11, which emerged as a hotspot for coarse gold in shallow ground, situated well above the current creek system in an unexplored area. We have now submitted further samples to the laboratory which will undergo an enhanced gold recovery process to determine the potential commercial options for recovery."

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.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc		Tel: [phone]
Nick Tulloch, Chairman Andrew Scott, Director
Email: [e-mail]
Website: www.ecrminerals.com
Zeus Capital Limited		Tel: [phone]
Nominated Adviser Katy Mitchell / Andrew de Andrade
Axis Capital Markets Limited		Tel: [phone]
Broker
Ben Tadd/Lewis Jones
Brand Communications		Tel: [phone]
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.  ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina.

MGA also has approximately A$75 million of unutilised tax losses incurred during previous operations.

 

END