May 27, 2021
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
AUSTRALIA STRATEGIC LICENSE APPLICATIONS
REQUEST FOR 300 SUBBLOCKS WEST OF CHARTER TOWERS IN LOLWORTH DISTRICT OF NORTH QUEENSLAND, AUSTRALIA.
ECR Minerals plc (LON: ECR), the Australian-focused gold exploration and development company, is pleased to announce three new strategic license applications to add new exploration opportunities in Queensland, in Australia.
Three In-Application Exploration Licenses (“EPM”) were submitted in North Queensland, Australia by LUX Exploration Pty Ltd (“LUX”), a 100% Australian subsidiary of ECR Minerals.
Craig Brown, CEO, commented:
“ECR Minerals’ strong cash position not only allowed us to launch aggressive drilling programs at our existing properties, but also facilitated the full use of in-house and advisory resources to identify, investigate and potentially acquire new ones. opportunities to expand our Australia exploration portfolio Today’s announcement clearly demonstrates this capability.
We currently operate two diamond drilling rigs at the Bailieston and Creswick projects in Victoria, Australia, both of which supply significant amounts of drill core for engineering review, processing and assay testing.
We believe that ongoing drilling operations and the upcoming implementation of drilling on several high level gold targets will expose ECR to potential new gold discoveries.
We also look forward to providing further information on new license applications from Queensland Australia, which we believe offer significant potential for precious and base metal discoveries in an area of Australia where multiple discoveries at large scale have already been made.
Exploration work in Australia continues at a strong pace and we plan to provide further operational updates in the near term. “
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THE APPLICATION AREA
- Three exploration permits in application (EPM 27901, 27902 and 27903); representing 300 sub-blocks covering a total of 900 km2 of very promising land located in the Lolworth Range, 200 km west of Townsville and 30 km north of Pentlands, in north Queensland in Australia.
- The application area contains metamorphic rocks from the province of Charters Towers, which are home to major historic gold production centers such as Charters Tower (6.6M Oz Au) and Ravenswood (> 1M Oz Au). The structural and basement geology is poorly understood in the region, suggesting that new deposits are possible.
- The eastern boundary of EPM27902 and EPM27903 is bordered by current exploration permits exploring the Lolworth dyke swarm; a northwest trending system of rhyolitic dykes and small breccia pipes containing gold, copper and molybdenum.
Figure 1: Location of EPM27901, 27902 and 27903 and nearby gold deposits and towns.
- Research shows that little mineral exploration has been done in the Lolworth Range. Access, company-specific target ore deposit styles and metal prices reflect past exploration efforts. The most detailed exploration work undertaken in the application area would have taken place under AP4855M (ARI Limited) during the period 1987-88. The work undertaken by this company is one of the main reasons for the current field of application. ARI undertook a major stream sediment program in the drainage of the Lolworth Range via helicopter access. This work has highlighted seven anomalous gold zones that deserve to be monitored. Rock chips also demonstrated the perspective of the region with high gold content in association with rhyolites and breccias. Eleven watersheds showed visible gold in pan concentrates. The highlights of this historical exploration work are presented in (Figure 2).
Figure 2: Map of the EPM application area showing historical stream sediment sampling results.
- Initial exploration will likely include confirmation of existing stream sampling anomalies in potential watersheds, followed by sampling of soil and rock chippings from the ridge lines that are above these anomalous watersheds. . The result of this work will define worthy drill targets.
- Assuming license applications will be approved, LUX Exploration Pty Ltd. will initially have 5 years to complete the planned exploration program, with the right to request license extensions for a total of 15 years. LUX Exploration must extinguish 50% of the initial application area after 5 years.
REVIEW OF THE ADVERTISEMENT BY A QUALIFIED PERSONNOT
This announcement has been reviewed by Adam Jones, Director of ECR Minerals plc. Adam Jones is a professional geologist and is a fellow of the Australian Institute of Geoscientists (MAIG). He is a Qualified Person within the meaning of that term as defined by the AIM Note for Mining, Oil and Gas Companies.
MARKET ABUSE REGULATION (EU) N ° 596/2014
The information contained in this announcement is considered by the Company as inside information as stipulated in the Market Abuse Regulation (EU) n ° 596/2014 (MAR). As soon as this announcement is published via the regulatory information service (RIS), this inside information is now considered to be in the public domain.
FOR MORE INFORMATION, PLEASE CONTACT:
|ECR Minerals plc||Phone: +44 (0) 20 7929 1010|
|David Tang, Non-Executive Chairman|
|Craig Brown, Director and CEO|
|WH Ireland Ltd||Phone: +44 (0) 207 220 1666|
|Katy Mitchell / James Sinclair-Ford
Novum Securities Limited
|Phone: +44 (0) 20 7399 9425|
|SI Capital Ltd||Phone: +44 (0) 1483 413500|
ABOUT ECR MINERALS PLC
ECR Minerals is a mining exploration and development company. ECR’s 100% Australian subsidiary, Mercator Gold Australia Pty Ltd (“MGA”), owns 100% of the Bailieston and Creswick gold projects in central Victoria, Australia, and two license applications filed in eastern Victoria for the Tambo gold project.
MGA is currently drilling the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria gold fields and the region as a whole.
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 is entitled to receive up to AU $ 2 million in payments subject to estimate or future production of resources for any of these projects.
ECR has acquired a 25% interest in the Danglay Gold Project, an advanced exploration project located in a prolific gold and copper mining district in the northern Philippines, and holds a royalty on the SLM gold project in the province from La Rioja, Argentina