ECR Minerals (AIM:ECR) has announced a significant antimony discovery at Bailieston, Australia. Retesting of 44 samples yielded highly promising antimony results, exceeding expectations. Antimony is in high demand for applications in hardening alloys, munitions, and fire retardant equipment. The global production is mainly concentrated in volatile regions, making the discovery in Bailieston particularly valuable. ECR is seeking a strategic partner to collaborate on further exploration, leveraging the exceptional antimony grades discovered.
In addition to the discovery, ECR Minerals is exploring ways to realize and transfer accumulated tax losses from as far back as 2007 to generate additional value. The company is actively seeking opportunities to maximize the potential benefits of these tax losses.
ECR Minerals is a mineral exploration and development company with a wholly owned Australian subsidiary, Mercator Gold Australia Pty Ltd, which has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia. The company also owns an Australian subsidiary, LUX Exploration Pty Ltd, which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. Additionally, 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 licenses.
The company has 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, ECR Minerals 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 unutilized tax losses incurred during previous operations.
Overall, ECR Minerals is actively pursuing opportunities to capitalize on its recent antimony discovery at Bailieston and exploring ways to maximize the value of its tax losses from 2007, while continuing its mineral exploration and development activities in Australia and Argentina.