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Update on Drilling Progress at (HR4) ‘Cherry Tree’

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LONDON, October 25, 2021--(BUSINESS WIRE)--

ECR MINERALS plc

("ECR Minerals", "ECR" or the "Company")

Update on Drilling Progress at (HR4) ‘Cherry Tree’

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to update shareholders on drilling progress at historic reserve number 4, otherwise known as ‘Cherry Tree’, which is part of the Company’s Bailieston Project.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which is operated under its Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd ("MGA").

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: "I am delighted to announce a significant step forward for the Bailieston project, with the near completion of drilling at HR4 (Cherry Tree). With 1545 metres of diamond drilling completed as shown in Fig 1, MGA now have a more detailed understanding of the prospect, proving up the historic percussion drilling results that showed broad low-grade mineralisation zones with occasional high-grade intercepts."

"Once the final HR4 drill hole has been completed, MGA will return to complete drilling at the HR3 ‘Byron’ area. In addition MGA are awaiting the final drill results from our recently completed diamond drilling at Creswick (EL6184). The final four drill holes are adjacent to the high-grade intercepts already reported from CSD003 (0.95m @ 9.93 g/t Au from 84.2m and 0.95m @ 23.58 g/t Au from 89.05m) (see announcement dated July 19th 2021). I look forward to reporting further drilling results from HR3 and Creswick in the coming weeks."

SUMMARY:

  • A total of 1545 metres of diamond drilling has been completed to date at the Cherry Tree prospect. The company is currently drilling the final drillhole (BCTDD010) before moving back to complete drilling of the HR3 ‘Byron’ area.

  • Visual examination of drill core BCTDD009 shows the most intense quartz-sulphidic vein drilled to date at Cherry Tree.

  • Orientated diamond core has delineated sulphidic fault zones containing broad low-grade gold mineralisation emanating from a central anticlinal hinge zone.

DRILLING TO DATE

A total of 1545 metres of diamond drilling has been undertaken to date at Cherry Tree. Drilling has been completed using the Company’s owned and operated drill rig named ‘Midas’. This is the first time that diamond drilling has been done within this deposit. Previous shallow percussion drilling was done in the late 1980’s by earlier explorers where results showed broad low-grade zones of mineralisation accompanied by occasional high-grade (> 7 g/t Au) intercepts are present. The aim of the recent drilling by ‘MGA’ was to test the structural trends associated with the historic percussion drilling. For this aim, MGA has been successful.

Refer to figure 1 link below for locations described in the following paragraphs.

https://www.ecrminerals.com/images/fig1_plan_bct_update_211021.png

GEOLOGICAL OVERVIEW

The Cherry Tree prospect was the subject of intense, shallow hard-rock mining from the 19th Century where miners selectively took out the narrow quartz filled fault veins. Historic records show these veins can often grade over 50 g/t Au. Mapping of historic workings at surface show a system of faults to strike in a WNW direction from a centralised anticlinal fold. This anticline links the HR3 (Byron) prospect, 2km to the NNW where first-pass drilling was undertaken by MGA in the first half of the current year. The Cherry Tree mines are located at a bend within this anticline (refer to fig1). It is likely that brittle deformation in fine grain sandstones within this bend led to development of the WNW fault zones and subsequent gold mineralisation. Gold is closely associated with arsenopyrite, thus arsenic is a good local pathfinder element for gold mineralisation.

DRILL HOLE SUMMARY

Drilling of the first diamond holes in Cherry Tree (BCTDD001, BCTDD002 and BCTDD003) have been reported previously (see announcements dated August 10th 2021). In summary, BCTDD001 was successfully drilled to identify the central anticline position. BCTDD002 and BCTDD003 were drilled to test the down-dip of a WNW fault system located in the central portion of the goldfield. Best results were from BCTDD003 (0.5m @ 11.02 g/t Au from 98.85m). Drilling has continued across WNW fault zones at different points along the anticline, with the current hole (BCTDD010) being near complete. Drilling shows broad zones of low-grade mineralisation.

Summary of all drill intercepts containing reportable levels of gold greater than 1 g/t Au for holes BCTDD004 - BCTDD008.

BCTDD004

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

63

64

0.12

1

125

126

0.17

1

Fault Zone

130

131

0.12

1

Arsenopyrite

144.5

145.5

0.18

1

Perpendicular QV

177

178

0.18

1

QV

198

199.1

0.13

1.1

Fault Zone

BCTDD005

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

30.6

32

0.14

1.4

0.6m of core loss

41.35

42.3

0.13

0.95

100ppm As pXRF*

55.4

57.1

0.11

1.7

0.8m core loss

80

81.1

0.13

1.1

103.2

104.2

0.12

1

QV

127

128

0.21

1

QV with disseminated pyrite

*pXRF (portable x-ray fluorescence-in house analysis)

BCTDD006

*Currently awaiting the results from the last 24 samples of this hole*

There are two broad zones of mineralisation within this hole.

  1. 42.1m - 48.6m (6.1m @ 0.63 g/t Au) or 3.89 grams over 6.1m (gram x length)

  2. 49.6m – 52m (2.4m @ 1.49 g/t Au) or 3.57 grams over 2.4m (gram x length)

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

32.3

33.1

0.13

0.8

QV (Fault)

42.1

43

0.27

0.9

Fault Zone 1

43

43.9

0.12

0.9

Fault Zone 1

44.3

45.4

0.13

1.1

Fault Zone 1

45.4

46.5

1.74

1.1

Fault Zone 1

46.5

47.5

1.24

1

Fault Zone 1

47.5

48.6

0.22

1.1

Fault Zone 1

49.6

50.5

3.39

0.9

Fault Zone 2

50.5

51.1

0.48

0.6

Fault Zone 2

51.1

52

0.26

0.9

Fault Zone 2

59

60

0.13

1

60

61

0.4

1

89

89.8

0.15

0.8

QV (Fault)

131

132

0.29

1

159

160

0.12

1

The following holes were drilled around the highest grade and broad mineralised intercepts found in BCTDD003. The mineralisation is associated with a fault zone that has been mined near surface at 1m wide).

BCTDD007

*Currently awaiting 17 assay results for this hole*

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

50.6

51.1

0.11

0.5

51.1

52.1

0.15

1

58.2

59

0.14

0.8

64

65.6

0.24

1.2

BCTDD008

*Only the first 17m of this hole has been assayed to date*

Another Fault zone present at the top of this hole: 5.4m @ 0.69 g/t Au or (3.71 gram metres)

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

0.3

1.1

1.14

0.8

Near surface faulting

4.8

6

0.13

1.2

8.2

9.1

0.14

0.9

Fault Zone 1

9.1

10

0.14

0.9

Fault Zone 1

13.6

15.3

0.17

1.7

Fault Zone 1

15.3

16.3

2.92

1

Fault Zone 1

16.3

17.2

0.28

0.9

Fault Zone 1

BCTDD009

Drilling of BCTDD002, BCTDD003, BCTDD007 and BCTDD008 showed that the WNW fault is more open (dilated) as we drill further west away from the anticline. A solid sulphidic quartz vein over 2m wide was drilled through at 146.5m depth. Geological logging and sampling of BCTDD009 is currently in progress, see figure 2 link below for detailed image of BCTDD009 core samples.

https://www.ecrminerals.com/images/fig2_bctdd009_quartz.jpg

FORWARD LOOKING STATEMENTS

Whilst drill results to date at Cherry Tree have been disappointing of late, it must be emphasised that structural interpretation of the Cherry Tree deposit has only been achieved through completing diamond drilling across multiple fault zones. Drilling of the last hole (BCTDD009) is showing a remarkable improvement in vein quality and size as we drill west of the anticline. For the time being, pending results, the drill rig will be moved to more promising sites at the north end of the HR3 (Byron) reserve where soil sampling is revealing strong arsenic-antimony anomalies on surface.

MGA are also awaiting the final drill results from our recently completed diamond drilling at Creswick (EL6184). The final four holes were drilled adjacent to the high-grade intercepts in CSD003 (0.95m @ 9.93 g/t Au from 84.2m and 0.95m @ 23.58 g/t Au from 89.05m). MGA staff have begun to sample the soils surrounding the projected outcrop of this quartz vein. If the results are positive, it will assist in delineating the plunge of mineralisation, which it is hoped will provide MGA with a better selection of future drill targets.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc

Tel: +44 (0) 20 7929 1010

David Tang, Non-Executive Chairman

Craig Brown, Director & CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com

WH Ireland Ltd

Tel: +44 (0) 207 2201666

Katy Mitchell/Andrew de Andrade

Nominated Adviser

SI Capital Ltd

Tel: +44 (0) 1483 413500

Broker

Nick Emerson

Novum Securities Limited

Tel: +44 (0) 20 7399 9425

Broker

Jon Belliss

Blytheweigh

Tel: +44 (0) 207 138 3204

Public Relations

Tim Blythe

ABOUT ECR MINERALS PLC

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 eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.

https://mercatorgold.com.au/

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd ("LUX") which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia.

https://luxexploration.com/

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), Mercator Gold Australia Pty Limited 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.

ECR has earned a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005323/en/

Contacts

ECR Minerals plc

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