RNS3 Jul 2024 07:06
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the latest results for additional testing for the critical mineral Antimony (Sb) from diamond core previously drilled at Bailieston, Central Victoria, Australia.
HIGHLIGHTS
● 44 samples from previous diamond drilling at Bailieston submitted for additional multi-element testing.
● Best results include 0.3m grading 32% Sb and 0.1m grading 1.20 % Sb.
● A total of 12 samples returned results greater than 0.1% Sb
● Antimony is classified as a critical mineral by the Australian Government and many other major economies
● Prices have soared to record highs in 2024 of ~$18,000/t antimony trioxide (Argus Media), the highest price in over 10 years, as declining ore grades and depleting mines squeeze supply
● The Bailieston Goldfield, part of the Costerfield-Nagambie Geological Zone, is known for its Antimony deposits and active mining.
● ECR remains fully funded for its planned operations in Queensland and Victoria in 2024.
Antimony Exploration In Victoria
The ECR Board made the decision to reanalyse diamond core samples for Antimony from the Bailieston Project, drilled during the 2021-2022 campaign, due to the Melbourne Geological Zone's reputation as a prominent host for Antimony lodes and the increasing demand for the critical mineral.
The Costerfield Mine, owned by Mandalay Resources, is a significant Antimony producer in the region, recording 1,860 tonnes of Sb in 2023. Nearby, Nagambie Resources recently announced a maiden JORC resource estimate of 17,800 tonnes of Sb, while Southern Cross Gold is actively exploring for Antimony at its Sunday Creek Project.
ECR holds exploration licenses situated 45 kilometres east of Costerfield and 25 kilometres west of Nagambie. The Bailieston Prospect (HR3) is positioned on the Bailieston Anticline, renowned for its Antimony mineralisation.
Sampling Method
As part of the Company's drilling program undertaken in 2021-2022 at Bailieston, all diamond drill core underwent regular analysis using a handheld pXRF unit. The data has subsequently been analysed specifically for Antimony concentrations exceeding 2000 ppm Sb. 44 samples were chosen and forwarded to OSLS Laboratory in Bendigo for comprehensive multi-element analysis (ME-ICP). Samples returning Sb higher than 4000 ppm are tested for higher Sb concentrations by XRF method.
Results
The best sample returned an Antimony result of 0.3m @ 32% Sb (drillhole BH3DD019) while a further 11 samples returned highly anomalous results.
Table 1: Antimony (Sb) Results (%) reported above 0.1 % Sb from the selected drill core from Bailieston.
HOLEID
FROM
TO
Length
Sb %
BH3DD019
143.4
143.7
0.3
32
BH3DD027
126.4
126.5
0.1
1.2
BH3DD027
125.9
126.4
0.5
0.99
BH3DD012
72
73
1
0.88
BH3DD022
49.5
50
0.5
0.6
BH3DD009
52.7
53.4
0.7
0.24
BH3DD010
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