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Pin to quick picksECR Minerals Regulatory News (ECR)

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Asset Overview and Evaluation

21 Sep 2023 10:34

 

ECR MINERALS plc

RNS Reach (“ECR Minerals”, “ECR” or the “Company”)

Asset Overview and Evaluation

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that the new directors are already conducting a comprehensive review of all exploration activities currently being undertaken. In addition a detailed evaluation of the existing asset base is underway, including the Company’s property, plant and other readily realisable assets.

A summary of the Company’s exploration assets, royalty assets, property and plant follows:

North Queensland assets:

Lolworth Project – An extensive fieldwork campaign of soil sampling and rock chips has already been successfully completed. However, ECR’s geological team continues to concentrate on areas of high potential to help delineate a series of future high-priority zones and drill targets. Hurricane Project - Following a campaign of fieldwork undertaken during August and early September 2023, the Company is awaiting the highly anticipated sampling programme results to prove the near-term development potential of Hurricane. Blue Mountain Project - Following the announcement of the conditional acquisition of the project in April 2023, initial studies have yet to commence. Based on reports from previous explorers, the Board believes that the project has potential for a gold discovery.

Victoria assets:

Creswick Project - The new directors are reviewing all of the Company’s assets at Creswick where ECR plans to seek a secondary (technical) opinion of its opportunities in Victoria. This will run alongside plans to investigate the discovery of two potential 100m gold ‘shoots’ at the Quartz Hill prospect and potential for further shoots along the Dimocks Main Shale strike and south towards Ballarat, further exploration work at the Davey Road prospect, Bush Inn Road prospect and at the Kuboid Hill and Mills Reef prospects. Bailieston – The Company believes that the Bailieston licenses still hold considerable nascent value. Further work at the HR3 prospect at Bailieston tenement EL5433 is planned, including a soil geochemistry programme and follow-up drilling to the north of HR3. Tambo Project - Following an initial field visit to the Tambo project, the rock chip sample results from the Duke of Cornwall prospect will be assessed prior to taking any next steps.

Philippines asset

Danglay gold project – ECR owns 90% of 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. The Company is currently considering how best to extract value from this asset.

Royalty assets

Fosterville South Exploration Ltd (TSX-V: FSX) (“Fosterville South”) - 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), ECR has the right to receive up to A$2m in payments subject to future resource estimation or production from the projects sold to Fosterville South (see announcement dated 20 April 2020). SLM gold project, La Rioja Province, Argentina – ECR holds a royalty and can potentially receive up to US$2.7 million in aggregate across all licences.

Property

ECR owns a property at 35 Brewing Lane, Springmount, Australia. The property consists of 16 acres and is located within the Company’s existing 100% owned Creswick license area. The Board are considering a sale of the property, which is currently being used as a base for Creswick operations.

Plant

ECR owns several items of valuable mechanical equipment. All options including future deployment, plant rental or disposal are being considered by the Company.

ECR Managing Director Nick Tulloch commented: “It is very evident that ECR owns a valuable

and diverse portfolio of assets which we believe in time have the potential to offer considerable upside. This factor was certainly a catalyst in driving the recently announced board changes and the share subscription that is of course subject to approval at our forthcoming General Meeting. We hope to have a comprehensive technical view of both our historical projects as well as the conclusion of our latest work programme on Queensland in the coming weeks.”

ECR Chief Operations Officer Mike Whitlow added: “The Board are engaged in an intensive review of all of ECR’s assets and operations. Our primary objective is to ensure the Company is on a secure financial footing for all future activities, and we will be making a series of decisions that will be announced to our shareholders in the coming weeks. I would like to take this opportunity to thank our shareholders for their patience and steadfastness in these matters, and I look forward to reporting back to you on these next steps as they occur.”

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc

Tel: +44 (0) 20 7929 1010

David Tang, Non-Executive Chairman

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

Website: www.ecrminerals.com

WH Ireland Ltd

Tel: +44 (0) 207 220 1666

Nominated Adviser

Katy Mitchell / Andrew de Andrade

SI Capital Ltd

Tel: +44 (0) 1483 413500

Broker

Nick Emerson

Novum Securities Limited

Tel: +44 (0) 20 7399 9425

Broker

Jon Belliss

Brand Communications

Tel: +44 (0) 7976 431608

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 six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).

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 also has an option to acquire 100% of Placer Gold, which wholly owns the Hurricane Project, a later stage gold and antimony project located west of Cairns in the Hodgkinson Province, NE 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230921736452/en/

Copyright Business Wire 2023

Date   Source Headline
4th Apr 20147:00 amBUSECR At UK Investor Show 2014 and Master Investor 2014
2nd Apr 20148:07 amBUSECR SIGNS DRILLING CONTRACT FOR ITOGON GOLD-SILVER PROJECT, PHILIPPINES
28th Mar 201412:45 pmBUSRESULT OF AGM AND STATEMENT
25th Feb 201410:23 amBUSDirector/PDMR Shareholding
24th Feb 201412:54 pmBUSDirector/PDMR Shareholding
21st Feb 20144:27 pmBUSAnnual Financial Report
21st Feb 20142:41 pmBUSChange of Registered Office
10th Feb 201411:20 amBUSFURTHER POSITIVE ASSAY RESULTS RECEIVED FROM ROCK CHIP SAMPLING AT SIERRA DE LAS MINAS GOLD PROJECT IN ARGENTINA
6th Feb 20141:07 pmBUSVery High Grade Assay Results Received from Rock Chip Sampling at Sierra De Las Minas Gold Project in Argentina
3rd Feb 20147:00 amBUSUPDATE RE THEMAC RESOURCES
22nd Jan 20142:54 pmBUSUPDATE ON ACTIVITIES
9th Dec 20133:00 pmBUSCommencement of Earn-In to Itogon Gold-Silver Project
22nd Nov 20138:51 amBUSRenewal of Exploration Permit for Itogon Gold-Silver Project
22nd Nov 20137:19 amBUSThemac Resources Update
12th Nov 20132:03 pmBUSUPDATE RE SIERRA DE LAS MINAS GOLD PROJECT, ARGENTINA
31st Oct 20137:00 amBUSTotal Voting Rights
8th Oct 20137:00 amBUSTHEMAC Resources Update
7th Oct 20134:56 pmBUSTHEMAC Resources Trading Halt
27th Sep 20133:38 pmBUSHolding(s) in Company - Replacement
27th Sep 20131:09 pmBUSHolding(s) in Company
25th Sep 20135:05 pmBUSEXERCISE OF WARRANTS
18th Sep 201310:52 amBUSEXERCISE OF WARRANTS
17th Sep 20132:37 pmBUSHolding(s) in Company
12th Sep 20137:48 amBUSTHEMAC Resources Update
10th Sep 20137:00 amBUSExercise of Warrants
6th Sep 20137:30 amBUSNotice to Warrant Holders
6th Sep 20137:00 amBUSExercise of Warrants
30th Aug 201312:25 pmBUSPLACEMENT OF SHARES
30th Aug 20137:00 amBUSUpdate RE Itogon Gold-Silver Project, Mercator Gold Australia and Review of Potential New Projects
30th Aug 20137:00 amBUSExercise of Warrants
12th Aug 20132:27 pmBUSGRANT OF OPTIONS
9th Aug 20138:49 amBUSREPAYMENT OF LOAN
8th Aug 201310:46 amBUSMERCATOR GOLD AUSTRALIA UPDATE
5th Aug 201312:44 pmBUSRedemption of Convertible Loan Notes
30th Jul 20137:00 amBUSECR Completes Due Diligence on Itogon Gold-Silver Project, Philippines and Amendments to Terms of Proposed Redemption of Convertible Loan Notes
19th Jul 20137:00 amBUSProposed Redemption of Convertible Loan Notes
28th Jun 20134:29 pmBUSHalf-yearly Report
25th Jun 20135:00 pmBUSExtension of Due Diligence Period
12th Jun 20137:00 amBUSPLACING TO RAISE £450,000
22nd May 20137:00 amBUSPLACING TO RAISE £400,000
10th May 20132:27 pmBUSHolding(s) in Company
1st May 20134:22 pmBUSHolding(s) in Company
29th Apr 20134:35 pmBUSIssue of Equity
29th Apr 20132:00 pmBUSECR SECURES RIGHT TO EARN 50% INTEREST IN ITOGON GOLD-SILVER PROJECT, PHILIPPINES
5th Apr 20137:00 amBUSFINANCING UPDATE
2nd Apr 20139:28 amBUSRESULT OF AGM AND STATEMENT
7th Mar 20137:47 amBUSFinal Results
25th Feb 20131:06 pmBUSTHEMAC Resources Update
18th Feb 20133:22 pmBUSFINANCING UPDATE
15th Feb 20131:31 pmBUSTHEMAC Resources Update

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