Bailieston project - initial drilling results
This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
27 May 2025
ECR MINERALS PLC
("ECR Minerals", "ECR" or the "Company")
Initial drilling confirms antimony-gold mineralisation at the Bailieston Project
ECR Minerals plc (AIM: ECR), the exploration and development company focused on gold in Australia, is pleased to report positive initial results from its diamond drilling programme at the Bailieston Gold and Antimony project in Central Victoria, Australia (the "Bailieston Project"). The programme has confirmed the presence of both gold and antimony mineralisation in two of the first three drill holes completed.
A total of approximately 570 metres of drilling has now been completed across four holes (BH3DD044 to BH3DD047). The final hole, BH3DD047, was completed on 27 May 2025 with core samples in the process of being submitted to the laboratory for analysis this week.
Highlights:
· Antimony mineralisation intersected in two of the first three holes (BH3DD044 and BH3DD046).
· BH3DD046 returned 0.15m @ 0.84 g/t Au and 1.62% Sb, both from 135.2m.
· BH3DD044 intersected a 1.6m mineralised zone from 133.0m, including 0.2m @ 3.86 g/t Au and 1.41% Sb from 133.5m, as well as 0.3m @ 3.09 g/t Au from 133.7m.
· Visual confirmation of stibnite (antimony sulphide) throughout the drilling interval.
Overview of Drilling Results (See Figures 1+2 and Tables 1+2)
Following the Company's announcement on 14 April 2025, a four-hole diamond drilling programme has now been completed at the Company's Bailieston Project. The programme intersected gold and antimony mineralisation in two of the first three holes (BH3DD044 and BH3DD046).
Hole BH3DD044 delivered promising results, intersecting a 1.6m mineralised zone from 133.0m, including 0.2m @ 3.86 g/t Au and 1.41% Sb from 133.5m, yielding a gold equivalent grade (AuEq) of 7.62 g/t at 133.5m (based on A$3,500/oz gold and A$30,000/t antimony prices), and 0.3m @ 3.09 g/t Au from 133.7m, with visual confirmation of stibnite (antimony sulphide) throughout this interval. Additionally, a shallower intercept in BH3DD044 returned 0.2m @ 0.92 g/t Au from 61.3m.
Hole BH3DD046 intersected 0.15m @ 0.84 g/t Au and 1.62% Sb from 135.2m.
Hole BH3DD045 intersected the intended structure. However, the quartz vein had pinched out, limiting mineralised potential in that section, and no significant gold or antimony intercepts have been reported from the intervals tested from that drill hole.
The final hole, BH3DD047, was completed on 27 May 2025 with core samples in the process of being submitted to the laboratory for analysis this week and the Company will update on the results from this in due course.
The drilling programme thus far has successfully intersected the targeted mineralised structures within three metres of predicted depths, with the structural orientation closely aligning with a previous high-grade intercept in hole BH3DD019, which returned 0.3m at 32% Sb, reinforcing the potential of the mineralised system.
Figure 1: Plan of Drilling and Results to Date
Figure 2: Presence of Stibnite (1.4% Sb) in hole BH3DD044
Table 1: Average grades of mineralisation for significant intercepts and depths of zones tested for Antimony-Gold Target Zones
|
Drill Hole |
From |
To |
Length |
Au g/t |
Sb % |
|
|
|
BH3DD044 |
133 |
133.5 |
0.5 |
0.55 |
|
|
|
|
BH3DD044 |
133.5 |
133.7 |
0.2 |
3.86 |
1.41 |
|
|
|
BH3DD044 |
133.7 |
134 |
0.3 |
3.09 |
|
|
|
|
BH3DD044 |
134 |
134.6 |
0.6 |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
BH3DD046 |
135.2 |
135.35 |
0.15 |
0.84 |
1.62 |
|
|
|
BH3DD046 |
135.35 |
135.55 |
0.2 |
0.23 |
|
|
|
Table 2: Average grades of mineralisation for significant intercepts and depths of zones tested for additional Gold-Only Zones
|
Drill Hole |
From |
To |
Length |
Au g/t |
Comment |
|
BH3DD044 |
61.3 |
61.5 |
0.2 |
0.92 |
100mm thick quartz vein |
|
BH3DD044 |
89 |
89.75 |
0.75 |
0.13 |
Mineralised dyke and veining |
|
BH3DD044 |
89.75 |
89.93 |
0.18 |
1.13 |
|
|
BH3DD044 |
89.93 |
90.15 |
0.22 |
1.42 |
|
|
BH3DD044 |
90.15 |
90.7 |
0.55 |
0.38 |
|
|
BH3DD044 |
90.7 |
91.75 |
1.05 |
0.19 |
|
|
|
|
|
|
|
|
|
BH3DD045 |
129.5 |
129.8 |
0.3 |
0.15 |
Narrow quartz vein within shear |
|
|
|
|
|
|
|
|
BH3DD046 |
135.2 |
135.35 |
0.15 |
0.84 |
Shear zone (Target) |
|
BH3DD046 |
135.35 |
135.55 |
0.2 |
0.23 |
Hole BH3DD045 (Hole 2) intersected the intended structure. However, the quartz vein had pinched out, limiting mineralised potential in that section.
Mike Whitlow, ECR's Managing Director, said: "We are encouraged by these initial results from the recent drilling at the Bailieston Project, with two of the first three holes confirming the presence of antimony-gold mineralisation. The consistency between BH3DD044 and BH3DD046, particularly the identification of stibnite, reinforces our confidence in the structural model and the broader mineralised system.
"Importantly, the drill programme thus far is achieving its objectives with precision, intersecting the targeted structures within a few metres of plan. With the final drill hole completed today and the core to be submitted shortly for analysis, we look forward to reporting on the full results in due course. Our ongoing fieldwork at the Bailieston Project along strike and across parallel vein systems, including at the Hard Up Reef area, continues to indicate strong gold potential."
Review of announcement by a 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|
ECR Minerals Plc |
Tel: +44 (0) 02 8080 8176 |
|
Nick Tulloch, Chairman Andrew Scott, Director |
|
|
|
|
|
Website: www.ecrminerals.com |
|
|
|
|
|
Allenby Capital Limited |
Tel: +44 (0) 3328 5656 |
|
Nominated Adviser Nick Naylor / Alex Brearley / Vivek Bhardwaj |
|
|
|
|
|
Axis Capital Markets Limited |
Tel: +44 (0) 203 026 0320 |
|
Broker |
|
|
Lewis Jones |
|
|
|
|
|
SI Capital Ltd |
Tel: +44 (0) 1483 413500 |
|
Broker |
|
|
Nick Emerson |
|
|
|
|
|
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.
Glossary
|
Au:
|
Gold
|
|
g/t:
|
Grammes per Tonne (Metric)
|
|
AuEq or Gold equivalent grade: |
Gold equivalent grade, being a way to express the value of a mineral deposit containing multiple metals by converting them into the equivalent amount of gold. The gold equivalent of 7.62 g/t stated in this announcement is based on assumed prices of A$3,500/oz gold and A$30,000 per tonne antimony prices and metallurgical recoveries based on the metal grades. It is the Company's opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
|
|
km:
|
Kilometres (Metric)
|
|
km²:
|
Kilometre squared (Metric)
|
|
M:
|
Metres (Metric)
|
|
Sb:
|
Antimony
|
|
Sq:
|
Square (Metric)
|
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 15 hours ago Savannah Energy
- 16 hours ago Buccaneer Energy PLC
- 17 hours ago Savannah Energy
- 17 hours ago Carclo
- 17 hours ago Schroder Japan Growth Fund