ECR Minerals PLC has provided an exploration update on its Blue Mountain and Lolworth Projects in Queensland, Australia. At Blue Mountain, trenching has been completed at former alluvial gold sites, producing 9 bulk concentrate samples. These samples have been submitted for laboratory analysis to determine next steps, which may include metallurgical test work to assess commercial opportunities. Additionally, an application has been submitted for a 5-year extension of the license area.
At the Lolworth Project, initial hard rock trenching is planned for Gorge Creek West, and the Chief Geologist will join field crews as the focus shifts to the north of the project area where niobium and additional gold prospects are located. The company remains fully funded for its planned operations in Queensland and Victoria in 2024.
The Blue Mountain Project historically produced alluvial gold, and recent trenching has identified multiple locations along the creek system within the tenement that warrant further follow-up and testing. The company has submitted an application for a 5-year extension of the license area and is awaiting the results from laboratory analysis to determine the next steps for the project.
The company has confirmed the acquisition of the Blue Mountain Project, subject to certain conditions, and all conditions have been satisfied. The company has issued 31,913,196 Ordinary Shares as consideration for the acquisition. Application has been made for the Consideration Shares to trade on AIM, and admission is expected to commence soon.