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(Alliance News) - ECR Minerals PLC on Monday noted encouraging gold results from outcrop mapping and sampling at its Lolworth project in north Queensland, Australia.
The Australia-focused mineral exploration and development company said the results showed the presence of gold, with a number of exposed outcrops of up to three metres wide and 20 metres long in the Gorge Creek West ridgeline showing gold results up to 13.75 grams per tonne from initial rock chip testing.
ECR Minerals said results from soil grid work over the ridgeline to test for other gold bearing sub-crops in the vicinity are also due shortly.
It also identified a rhyolitic dyke of five metres wide by 200 metres long containing anomalous gold in the Gorge Creek East area.
ECR Minerals said that rock chips collected over the extent of the outcrop average 0.25 grams per tonne of gold, with one best result of 8.02 grams per tonne.
"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," the company said.
ECR Minerals Technical Director Adam Jones commented: "Following on from the Reedy Creek, Gorge Creek and Woolshed Creek results announced on September 25, today's results from Gorge Creek provides further evidence that Lolworth is becoming a bona fide exploration opportunity. Our best result of 128 [parts per million of] 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."
The Lolworth project is located around 120 kilometres west of the historic gold mining centres of Charters Towers, ECR Minerals said, consisting of three exploration tenements EPM27901, EPM27902 and EPM27903, which are operated by its subsidiary LUX Exploration Pty Ltd.
Shares in ECR Minerals were down 4.2% to 0.21 pence each in London on Monday afternoon.
On Friday last week, ECR Minerals said it terminated its option to buy the Hurricane project through buying Placer Gold Pty Ltd. It was granted the option to buy the project in October 2022.
ECR said that although preliminary results from its due diligence "show promise", the potential value to ECR of the Hurricane project "cannot be justified against the previously agreed acquisition terms."
By Greg Rosenvinge, Alliance News reporter
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