ECR MINERALS
plc
("ECR Minerals", "ECR" or the
"Company")
AGM
Statement
ECR
Minerals plc (LON: ECR), the gold exploration
and development company focussed
on Australia, announces that at the
Company's annual general meeting (AGM) at 11:00 am today
the chairman will make the following statement:
"Good morning, ladies and gentlemen.
Welcome to the 2024 Annual General Meeting of ECR Minerals
plc.
Firstly, my thanks and appreciation
to David Tang, our former chairman. It was an honour to take over
from him in February and I thank him for the work he's done for
ECR.
Since Mike and I joined the company
in September last year, it's been pleasing to see a significant
acceleration in the pace of operations alongside more stringent
financial controls.
I'd like firstly to take this
opportunity to provide shareholders with an update on our
exploration plans in Australia across our projects in Queensland
and Victoria.
With improving weather conditions,
our field teams are preparing to return to Lolworth in Queensland.
Initial assessments have revealed numerous gold-bearing streams as
well as indications of rare earths mineralisation. The best
indicators appear to be at our Oak Creek prospect.
Our upcoming trenching campaign aims
to provide us with a better understanding of the subsurface geology
which will be a key step towards identifying and then ranking drill
targets. We remain optimistic about the potential for significant
mineralisation at Lolworth.
Also in Queensland, our Chief
Geologist is preparing for ECR's inaugural exploration campaign at
Blue Mountain. Our preliminary analysis suggests that the
historical work conducted by the previous operator presents
compelling opportunities - especially for its alluvial gold
potential. It currently includes an alluvial resource reported to
contain at least 100,000 ounces. Subject to the necessary
permissions, we're looking forward to advancing the project
potentially towards production-readiness. Encouragingly, the
landowners have expressed their willingness to work with us on the
project which has further increased our confidence that the project
could well exceed our initial expectations.
In Victoria, building upon the
success of our recent drill campaign at Creswick, we have now
re-established contact with the landowners at Tambo where we expect
to deploy our team in the coming weeks. Rock samples taken from the
project back in 2022 yielded highly encouraging results of up to 22
g/t, and we'll be looking to undertake a brief follow-up work
programme before identifying optimal sites for drilling in due
course.
Investors will be aware that last
month we raised £585,000 - notably at a 71% premium to our last
raise 6 months ago when Mike and I first joined ECR. That brings
the total capital raised during our time with the company to £1.16
million. Along with the existing directors' salary sacrifice
arrangements, as well as Mike and I accepting shares in lieu of
salary, we are well funded and have the necessary working capital
to undertake our upcoming work programs in both Queensland and
Victoria.
I'm very much looking forward to
keeping our shareholders up to date on what we expect to be
exciting developments over the coming weeks and months as we work
to unlock the potential we see in our projects."
FOR
FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals
plc
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Tel: +44 (0) 20 7929 1010
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Nick Tulloch, Chairman
Andrew Scott, Director
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Email:
info@ecrminerals.com
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Website:
www.ecrminerals.com
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WH Ireland
Ltd
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Tel: +44 (0) 207 220 1666
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Nominated Adviser
Katy Mitchell / Andrew de Andrade
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Axis Capital
Markets Limited
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Tel: +44 (0) 203 026
0320
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Broker
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Ben Tadd/Lewis Jones
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SI Capital
Ltd
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Tel: +44 (0) 1483 413500
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Broker
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Nick Emerson
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Novum
Securities Limited
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Tel: +44 (0) 20 7399 9425
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Broker
Jon Belliss
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Brand
Communications
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Tel: +44 (0) 7976 431608
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Public & Investor
Relations
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Alan Green
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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.
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 licences.