ECR Minerals PLC's chief geologist, Adam Jones, provided an update on the company's recent activities. The final bulk sampling results from the reverse circulation drilling program at the Kuboid Hill site in Creswick revealed high-grade pockets of gold within the broader mineralization footprint. Jones also discussed forthcoming plans in Queensland. ECR Minerals is a mineral exploration and development company with various projects in Australia, including the Bailieston and Creswick gold projects in central Victoria, the Tambo gold project in eastern Victoria, and the Lolworth Range in Queensland. The company also holds a royalty on the SLM gold project in La Rioja Province, Argentina.
The company's wholly owned Australian subsidiary, Mercator Gold Australia Pty Ltd, has the right to receive up to A$2 million in payments from the sale of the Avoca, Moormbool, and Timor gold projects to Fosterville South Exploration Ltd. Additionally, ECR Minerals has approximately A$75 million of unutilized tax losses and 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.
ECR Minerals' Australian subsidiary, LUX Exploration Pty Ltd, has three approved exploration permits covering 946 km2 in the Lolworth Range, Queensland, and has submitted a license application at Kondaparinga, located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland. The company's recent activities and future plans demonstrate its commitment to advancing its mineral exploration and development projects.