ECR MINERALS
plc
("ECR Minerals", "ECR" or the
"Company")
Exceptional Antimony Results
At Bailieston, Victoria
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
|
64.4
|
65.3
|
0.9
|
0.18
|
BH3DD035
|
90.9
|
91.3
|
0.4
|
0.17
|
BH3DD037
|
40.2
|
40.6
|
0.4
|
0.16
|
BH3DD037
|
40.6
|
41
|
0.4
|
0.14
|
BH3DD012
|
52
|
53
|
1
|
0.13
|
BH3DD012
|
73
|
73.8
|
0.8
|
0.11
|
Next Steps
The Board believes the findings
demonstrate further the potentially significant inherent value
within ECR's Bailieston Project and nearby exploration areas.
Previous drilling results from the Project are now undergoing
internal review where follow up plans will be announced in due
course.
Mike Whitlow Chief Operating Officer said:
We've identified
a highly promising opportunity at Bailieston that warrants further
follow-up. The discovery of 32% Antimony over an intersection of
0.3m, coupled with multiple other highly anomalous results, marks a
significant breakthrough and validates our decision to re- submit
these samples for further analysis. The finding is truly
remarkable, especially considering the current surge of interest
and demand for the critical mineral. In the near term, our primary
focus will be on identifying a suitable strategic partner to
collaborate with and fund further exploration to maximise what has
the potential to become an exciting multi-commodity asset at
Bailieston.
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:
info@ecrminerals.com
|
|
|
Website:
www.ecrminerals.com
|
|
|
|
|
|
WH
Ireland Ltd
|
|
Tel: +44 (0) 207 220 1666
|
Nominated Adviser
Katy Mitchell / Andrew de
Andrade
|
|
|
|
|
|
Axis Capital Markets Limited
|
|
Tel: +44 (0) 203 026 0320
|
Broker
|
|
|
Ben Tadd/Lewis Jones
|
|
|
|
|
|
|
|
|
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), 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.