REG - ECR Minerals PLC - Tambo: Photon analysis grades up to 51.5 g/t gold

ECR MineralsAnnouncement

10/06/2024 07:45

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RNS Number : 7667R  ECR Minerals PLC  10 June 2024

ECR MINERALS plc

 

("ECR Minerals", "ECR" or the "Company")

Photon Analysis Yields Grades Up to 51.5 g/t Gold at Swifts Creek (Tambo)

 

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to provide the first gold results from photon
analysis of rock chips from the historic Duke of Cornwall Mine, Swifts Creek
(Tambo), Eastern Victoria, Australia.

 

HIGHLIGHTS

●     A selection of 37 rock chips from the Duke of Cornwall Lode have
been analysed for gold using photon analysis.

●     Best results include 51.5 g/t Au, 26.5 g/t Au and 24 g/t Au.

●     A further 5 rock chips contain gold grades greater than 5 g/t Au.

●     Total of 56 rock chips and 84 soil samples were taken across the
broader strike of mineralisation with results from these additional samples
due shortly.

●     The Eastern Victorian exploration tenements offer a new area for
gold and base metal exploration.

 

Recently completed exploration

 

ECR Minerals holds exploration tenement EL007484 in eastern Victoria,
Australia. It has also applied for, but is awaiting final approval, for
exploration licence EL007486 (in the same area). Situated approximately 500km
east of ECR's Central Victorian projects (Creswick and Bailieston), the
project area hosts distinct geology offering potential opportunities for gold
and base metals.

 

There has been no significant exploration work completed on EL007484 since a
site visit by ECR in 2023. Initial findings at that time included a
significant rock chip sample of 0.2m @ 22 g/t Au from the Duke of Cornwall
Mine. Elevated levels of pathfinder elements arsenic and bismuth alongside
gold indicated the potential for further discoveries.

 

A recent exploration campaign included detailed mapping of historical gold
workings and the collection of 56 rock chips and 84 soil samples taken at
spaced intervals across and along strike of the mineralisation to gain a
better understanding of the spread of pathfinder elements. Notably, historical
mine development below 20m from surface remains unexplored.

 

With positive community and landowner relations the Board is confident that
ECR is well positioned to make substantial progress on the project going
forward.

 

Photon analysis

In response to recent challenges in obtaining laboratory results for gold
through conventional fire assay methods, as previously announced, ECR has been
trialling alternative approaches, including the use of photon analysis.
PhotonAssay, described in more detail at the end of this announcement, is a
novel, cost effective and non-destructive analytical technique, which can
significantly reduce both sample preparation time and the duration of final
analysis. This method has undergone testing by a number of mining companies
and its consultants, in recent years, to understand its precision and the
Directors understand it has been extensively used for grade control sampling
at the Fosterville Goldmine (owned by Agnico-Eagle). Whilst it is still a new
technique, the work done to date suggests that gold grade analysis does not
necessarily need fire assay accuracy and that photon analysis can achieve the
same results, particularly if grades mined are high and the sample size is
large.

 

Out of the 56 rock chips, 37 have been analysed for their gold content using
Photon analysis. The initial findings suggest encouraging indications of
high-grade gold. Notably, eight samples have revealed gold concentrations
exceeding 5 grams per tonne (g/t). Sample BTR056 was obtained from in-situ
unmined vein material and has demonstrated an expected grade of up to 51.5 g/t
Au. Sample BTR047, extracted from a vein previously sampled in 2023 where a
fire assay indicated 0.2 meters at 22 g/t Au, yielded a photon analysis result
consistent with expectations, measuring 24 g/t Au.

 

All 56 rock chips are now undergoing duplicate analysis for gold by way of
fire assay, and the results of this analysis will be announced as soon as they
are available. In addition, earlier findings from 2023 indicate the presence
of the metal bismuth, with concentrations reaching up to 0.4 kilograms per
tonne, alongside gold. Further work is underway to better understand the
significance and implications of bismuth in these samples.

 

Table One: Rock chip results above 0.5g/t Gold from Latest Tambo Project
Exploration

 

 SAMPLE ID  g/t Au  Comment
 BTR056     51.5    40cm wide Unmined quartz outcrop above Adit
 BTR044     26.5    Quartz from dump
 BTR047     24      20cm Quartz vein in situ. (Same sample site from 2023 at 22 g/t Au)
 BTR054     19.7    10 cm Unmined vein extension within Adit
 BTR046     16.9    Quartz from mine dump
 BTR021     16.7    Quartz from mine dump
 BTR027     7       Subcropping quartz vein
 BTR025     5.01    Quartz from mine dump
 BTR045     2.03    -
 BTR028     1.07    -
 BTR029     1.04    -
 BTR026     0.84    -

 

No other rock chip samples returned reportable results.

 

Figure One: Plan view of Duke of Cornwall Lode and Best Rock Chips.

 

Mike Whitlow Chief Operating Officer said: "Our technical strategy in Victoria
continues to deliver promising results. We are observing significant
variations in the geological age and footprint at our easternmost tenement,
Tambo. Today's findings are particularly encouraging, as they are based on new
scientific data analysis, further supporting the potential for drilling this
asset in the second half of this year.''

 

Adam Jones Chief Geologist added: "The Eastern Adit has shown very encouraging
high-grade results which merit further exploration. Although still early
stage, our work done to date suggests these grades continue at greater depths
below surface and beyond the shallow historical workings. These encouraging
findings have pinpointed several high-priority drill targets which we will
revisit in the coming months.  What was also apparent during my visit is that
large parts of the tenement are yet to be explored so there is considerable
scope to follow up. It's worth considering what other sites have been
overlooked since the early days of mining, especially in the current strong
gold price environment.''

 

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, Chief Geologist 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.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

 ECR Minerals plc                                                                                                                                                                                                                                           Tel: +44 (0) 1738 317 693
 Nick Tulloch, Chairman

 Andrew Scott, Director

 Email:

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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).

 

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), MGA 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.  MGA also has approximately A$75
million of unutilised tax losses incurred during previous operations.

 

ECR holds a royalty on the SLM gold project in La Rioja Province, Argentina
which could potentially receive up to US$2.7 million in aggregate across all
licences.

 

ABOUT PHOTON ASSAY

 

Developed by Australia's national science agency, CSIRO, photon assay is
described as a technique that can deliver faster, safer, and more accurate
gold analysis. The developers of PhotonAssay are positioning it as an
environmentally-friendly replacement for fire assay that can provide rapid
turnaround on high sample volumes.  Samples can be processed in less than 2
minutes in an automated process, compared to 3-4 hours for fire assay samples.
A number of companies have undertaken a thorough evaluation of the method on
their projects by undertaking extensive testing against fire assays (currently
considered the gold standard for grade determination) with excellent results.
PhotonAssay is considered most suitable for coarse gold mineralisation where
analysis of large sample sizes is advantageous.

 

The technique works by hitting samples with high-energy X-rays, which causes
excitation of atomic nuclei allowing enhanced analysis of gold, silver, copper
and other elements in as little as two minutes. A highly sensitive detector
picks up the unique atomic signatures from these elements to determine
concentrations.

 

PhotonAssay has the following features:

·    Bulk measurement of large samples, typically 400-650 g

·    Minimal sample preparation e.g. crush to 2-3 mm top-size

·    Non-destructive; no chemical reagents required

·    Rapid (< 2 mins per sample, 70 samples/hour)

·    Excellent sensitivity (0.01 ppm detection limit on reagent blanks,
0.015-0.030 on typical gold ores)

·    Independent of sample matrix, chemistry or mineralogy

·    Fully-automated

 

 

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