Last checked at 11 Dec 2023 07:04
ECR MINERALS plc
("ECR Minerals" or the "Company")
Update on Planned Drilling at the Creswick Project
ECR Minerals plc (LON:ECR), the exploration and development company focused on gold in Australia, is pleased to announce that its subsidiary, Mercator Gold Australia Pty Ltd, has engaged a drilling contractor, on standard commercial terms, to undertake ECR Mineral's proposed drilling programme within the Creswick gold project in central Victoria, Australia.
The proposed drill campaign will focus on two prospect locations respectively known as Kuboid Hill and Davey Road (see Figure 1 below). Both prospects have proven to contain evidence of gold from previous soil analysis and rock chip sampling.
Figure 1: Creswick Gold Project
As previously announced, all necessary permits and drilling permissions from the relevant governmental authorities have been submitted and the Directors are now just waiting for right of access to the site, which is anticipated to be a simple procedural step, whereupon drilling is expected to commence very shortly. It is currently anticipated that drilling will commence at Creswick by the end of the current calendar year.
The Company expects that approximately 1,200 metres of reverse circulation drilling in aggregate will be completed at around 10 - 12 locations at Creswick. Following drilling, and allowing for laboratory closures over the holiday period, assay results are anticipated to be available midway through the first quarter of 2024.
Further updates will be provided in due course.
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 has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North 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.