Last checked at 12 Jul 2023 12:18
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Potential Exploration Targets Defined from Recently Completed LIDAR Survey at the Hurricane Project, North Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia is pleased to announce it has received data from the recently completed LIDAR survey at exploration tenements (EPM 27518, EPM 25855 and EPM 19437) located in NE Queensland, together known as the Hurricane Project (“Hurricane Project”). Interpretation of the LIDAR data shows potential outcrops along strike at the existing Gold and Antimony mineralised quartz breccias known as the Tornado, Cyclone and Holmes prospects.
HIGHLIGHTS
Aerial LIDAR survey completed over exploration tenements EPM 27518, EPM 25855 and EPM 19437, together known as the Hurricane Project. Interpretation of LIDAR shows resistant ridgeline structures along strike at the existing Gold and Antimony mineralised quartz breccias known as the Tornado, Cyclone and Holmes prospects. The Board believes that the structures could also host other mineralised breccias that have yet to be explored. A follow up site visit to evaluate the identified structures with rock chip sampling will take place in August 2023.ECR CEO Andrew Haythorpe commented: The ECR board are acutely aware of the impact that challenging markets are currently having on our shareholders, and I am therefore pleased to be able to report solid progress at our Hurricane project, with some high resolution detail generated by the recent LIDAR survey. This is a project that I personally have detailed knowledge of and am vested in through work undertaken prior to my joining ECR as CEO. Our plan is to get boots back on the ground next month in order that we can firm up what the historical data, early fieldwork and the LIDAR findings have led us to believe – which is that Hurricane is a later stage gold and antimony property with exceptional near-term development potential.”
“I look forward to reporting on progress in the coming weeks and months.”
The extent of the LIDAR survey with the regional structural trends and known prospects can be found here:
Figure One: https://www.ecrminerals.com/images/2023/Fig1_230711.png
Interpreted outcrops along strike of known mineralisation at Hurricane can be found here:
Figure Two: https://www.ecrminerals.com/images/2023/Fig2_INSERT_230711.png
LIDAR SURVEY
The LIDAR (Light detection and ranging) survey is a well proven aerial survey method that sends out thousands of laser points to map the undulations of the ground surface in incredible detail. The initial Hurricane project LIDAR survey took place over an area of 50 square kilometres during the May to June in order to evaluate the terrain and plan for drill access to the Tornado, Cyclone and Holmes prospects (see Figure One above).
INTERPRETATION OF LIDAR DATA
The processing of the LIDAR data has revealed a number of such topography highs along strike at the Tornado, Cyclone and Holmes prospects (see Figure Two above), and in particular we are pleased to note that the weathering of the rock surrounding these known mineralised quartz breccias and stockwork veins has produced detailed, high resolution topography pictures. Although the Company cannot confirm that the outcrops identified from LIDAR host any mineralisation at this juncture, historically LIDAR interpretations generally represent a cost and time effective way to identify targets with potential for extensions to mineralisation, and these results add to our confidence in the project potential.
NEXT STEPS
The geology team have now scheduled a ‘boots on the ground’ field visit to investigate these targets during August. The targets will be mapped and rock chip samples will be taken to evaluate any mineralisation at the delineated targets, and also to provide additional targets for follow-up drilling.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc |
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David Tang, Non-Executive Chairman Andrew Haythorpe, CEO |
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Email: info@ecrminerals.com |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
| Tel: +44 (0) 207 220 1666 |
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Nominated Adviser Katy Mitchell / Andrew de Andrade |
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SI Capital Ltd |
| Tel: +44 (0) 1483 413500 |
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Broker |
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Nick Emerson |
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Novum Securities Limited |
| Tel: +44 (0) 20 7399 9425 |
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Broker Jon Belliss |
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Brand Communications |
| Tel: +44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green
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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). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
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 Queensland, Australia.
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.
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