Encouraging Gold Results from Lolworth Project

ECR Minerals PLC

23 October 2023

 

ECR MINERALS plc

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

Encouraging Gold Results from Lolworth Project

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the results from outcrop mapping and sampling within the vicinity of the Upper Gorge Creek at the Lolworth Project, North Queensland, Australia.

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) which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of ECR ("LUX"). LUX has identified numerous Gold, Niobium and REE anomalies within the project.

HIGHLIGHTS

·      Mapping and sampling results from recent on-site geological investigations in the Upper Gorge Creek show the presence of gold.

·      A number of exposed outcrops up to 3m wide x 20m long in the Gorge Creek West ridgeline show gold results up to 13.75 g/t Au from initial rock chip testing. Results from soil grid work over the ridgeline to test for other gold bearing sub-crops in the vicinity are also due shortly.

·      A rhyolitic dyke 5m wide x 200m long that contains anomalous gold has been discovered in the Gorge Creek East area. Rock chips collected over the extent of the outcrop average 0.25 g/t Au, with one best result of 8.02 g/t Au. Whilst the results are still at an early stage, the Board are greatly encouraged by these findings and the Directors believe these gold sources within the rocks could form part of a larger system within the tenement.

ECR Technical Director Adam Jones commented: "Following on from the Reedy Creek, Gorge Creek and Woolshed Creek results announced on 25 September 2023, today's results from Gorge Creek provides further evidence that Lolworth is becoming a bona fide exploration opportunity. Our best result of 128 ppm Gold announced in September 2023 is backed up by a number of additional high-grade samples taken within the surrounding area. We still have further data to collect, but we are now entering this information and historical data into our area plan so we can start to accurately map out drill targets."

Figure One: Plan locations of reportable rock chips: https://www.ecrminerals.com/images/2023/Fig1_Gorge-Ck-Rockchips.png

ROCKCHIP RESULTS

A number of rock chips were taken from the Upper Gorge Creek area during recent field mapping in during August 2023. The locations are shown in Figure One linked above.

The recent heavy concentrate pan sampling programme has helped us to confirm that the streams within the Upper Gorge Creek Western area are highly anomalous in gold, added to which the field team have also discovered numerous gold nuggets within these drainages. Recent geological mapping during August this year led to the discovery of numerous silica outcrops within the ridgeline above these gold bearing streams. The Company has now received the results from rock chipping at these outcrops with best results of 13.75 g/t Au, 3.13 g/t Au and 2.17 g/t Au (full details are set out in Table 1 at the end of this announcement). Where mapped, a number of outcrops measure up to 3m wide x 20m long, while the remaining outcrops are hidden under the shallow soil cover. A large soil sampling grid has recently been completed over the cover sequence to confirm the direction of the extensions to the gold bearing outcrops. The results from this are due shortly.

Geological mapping and sampling of outcrop has also been completed in parts of the Gorge Creek East area. A Rhyolitic dyke (intrusion) 5.5m wide x 200m long and anomalous in gold has been discovered. The majority of rock chips from the dyke returned an average of 0.25 g/t Au. One rock chip from the centre of the dyke returned 8.02 g/t Au. Other dykes are known to exist within the tenement area and these have never been sampled or mapped. Whilst these results are still at an early stage, and significant work is still required at site to determine the economic potential of the opportunity, the Board are greatly encouraged by these findings and the Directors believe these gold sources within the rocks could lead to further gold discoveries in other dykes yet to be sampled.

ADDITIONAL WORK PROGRAMMES

Other exploration work continues to be undertaken on the Lolworth Project and results are due shortly from soil sampling over the ridgeline of Gorge Creek West. The Board believes this work could help the Company confirm whether other hidden gold bearing outcrops are present under the soil cover, particularly given that the streams draining this ridgeline have already been proven to contain gold.

The field team are also continuing to soil sample two other gold-bearing areas, namely Woolshed/Flaggy Creek and Reedy Creek. Rock chip results from a system of narrow stringer quartz veins from Flaggy Creek are also expected shortly.

Further announcements will be made when the results are known.

Table One. Gold results greater than 0.1 g/t Au from recent rock chip sampling and outcrop mapping at Gorge Creek:

SampleID	Easting (GDA94 Z55)	Northing (GDA94 Z55)	Au g/t	Prospect
LWC145	294145	7755719	0.02
LWC147	314942	7751994	8.02	Rhyolite Dyke
LWC162	313557	7751157	13.75	Gorge Ck West
LWC166	313695	7751338	0.1
LWC168	313707	7751331	0.15
LWC169	313680	7751310	0.56
LWC170	313682	7751308	2.64
LWC171	313682	7751307	0.19
LWC172	313683	7751306	0.78
LWC173	313684	7751306	0.34
LWC174	313684	7751307	0.16
LWC193	313269	7751424	3.13	Gorge Ck West
LWC194	313351	7751428	0.33	Gorge Ck West
LWC195	313358	7751441	1.73	Gorge Ck West
LWC196	313352	7751428	0.68	Gorge Ck West
LWC197	313358	7751433	0.84	Gorge Ck West
LWC198	313358	7751436	0.24	Gorge Ck West
LWC199	313327	7751421	0.33	Gorge Ck West
LWC200	313335	7751418	0.85	Gorge Ck West
LWC201	313361	7751446	2.17	Gorge Ck West
LWC202	313366	7751452	0.62	Gorge Ck West
LWC215	313162	7751359	0.38
LWC216	314940	7751988	0.52	Rhyolite Dyke
LWC217	314941	7751992	0.19	Rhyolite Dyke
LWC218	314944	7751996	0.39	Rhyolite Dyke
LWC219	314949	7752002	0.16	Rhyolite Dyke
LWC221	314956	7752008	0.17	Rhyolite Dyke
LWC222	314965	7752019	0.18	Rhyolite Dyke
LWC225	314971	7752029	0.22	Rhyolite Dyke
LWC227	314991	7752049	0.42	Rhyolite Dyke
LWC228	314944	7752004	0.11	Rhyolite Dyke
LWC230	314918	7751965	0.16	Rhyolite Dyke
LWC231	314915	7751962	0.33	Rhyolite Dyke
LWC232	314910	7751955	0.2	Rhyolite Dyke
LWC311	316430	7750263	0.26
LWC313	316435	7750265	0.19
LWC317	316443	7750263	0.35
LWC318	316432	7750259	1.64
LWC319	316432	7750259	0.29
LWC320	316433	7750259	0.26
LWC321	316434	7750258	0.61
LWC325	316435	7750255	0.1
LWC326	316434	7750253	1.43

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: [phone]
David Tang, Non-Executive Chairman Nick Tulloch, Managing Director Andrew Scott, Director
Email: [e-mail]
Website: www.ecrminerals.com
WH Ireland Ltd		Tel: [phone]
Nominated Adviser Katy Mitchell / Andrew de Andrade
SI Capital Ltd		Tel: [phone]
Broker
Nick Emerson
Novum Securities Limited		Tel: [phone]
Broker Jon Belliss
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 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 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), 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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