ECR Minerals PLC has provided an update on its activities in Victoria, Australia, focusing on its Tambo and Bailieston projects. The company has conducted soil sampling at the Duke of Cornwall Lode in Tambo, with best results including 0.56 ppm Au, and is now planning a diamond drilling program in the fourth quarter of 2024. Additionally, discussions are progressing on maximizing the Antimony potential at the Bailieston project, given the increasing demand and interest in the mineral.
Following the announcement of fire assay gold results from the Duke of Cornwall Mine, ECR Minerals conducted soil sampling perpendicular to the lode's strike, with 48 samples returning results above 0.01 ppm Au. A significant correlation between gold and bismuth has been identified, indicating bismuth as a key pathfinder element within the exploration license. The company is now planning a diamond drilling campaign to further evaluate the sub-surface levels of gold, with negotiations underway for an anticipated maiden drilling campaign in the fourth quarter of 2024.
In addition, ECR Minerals has decided to reanalyze diamond core samples for Antimony from its Bailieston Project, given the Melbourne Geological Zone's reputation as a prominent host for Antimony lodes and the increasing demand for this critical mineral. The best sample returned an Antimony result of 0.3m @ 32% Sb, with further anomalous results from 11 samples. The company is analyzing how best to advance this opportunity and is considering identifying a suitable strategic partner to fund further exploration at Bailieston.
Mike Whitlow, Chief Operating Officer, expressed confidence in the projects' potential, stating, "The results of the comprehensive soil analysis at Tambo, coupled with the exceptional quality of the previously collected rock chip samples have significantly boosted our confidence in the project's potential." The company remains fully funded for its planned operations in Queensland and Victoria in 2024.
The announcement has been reviewed by Adam Jones, Chief Geologist at ECR Minerals plc, who is a qualified person as defined by the AIM Note for Mining, Oil and Gas Companies. ECR Minerals plc is a mineral exploration and development company focused on gold in Australia, with projects in Victoria and Queensland.