(Alliance News) - ECR Minerals PLC on Monday said it has identified numerous gold, niobium and rare-earth elements discoveries within the Lolworth project, in North Queensland, Australia.
The Australia-focused mineral exploration and development company said the Lolworth project is located approximately 120 kilometres west of the historic gold mining centre of Charters Towers, North Queensland. The project consists of three exploration tenements and are operated under the 100% owned LUX Exploration Pty Ltd.
It noted that field work, including rock chipping, mapping and tighter spaced pan concentrate stream sampling at both Woolshed Creek and Gorge Creek prospects continue to reveal visible gold, indicating potential for increased prospectivity across the project area.
Chief Operations Officer Mike Whitlow said: "Whilst we recognise the early stage nature of this work, the confidence in today's announcement leaves us naturally inspired to continue our efforts at Lolworth towards the end of the year, at which point we will have the perfect opportunity to plan our accelerated future work programme. We are understandably very excited by this latest development."
Shares in ECR Minerals were down 5.8% to 0.3 pence each in London on Monday around midday.
By Sophie Rose, Alliance News reporter
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ECR Minerals (ECR)