LUX is a wholly owned subsidiary of ECR with a specific focus on exploration projects in the North Queensland region in Australia
The location of the tenements in a regional context. (Credit: ECR Minerals plc)
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce that exploration licences EPM27901, EPM27902 and EPM27903 have been granted to its subsidiary LUX Exploration Limited (“LUX”), in the Lolworth Region, North Queensland.
LUX is a wholly owned subsidiary of ECR with a specific focus on exploration projects in the North Queensland region in Australia.
ECR Chairman David Tang commented: “I am delighted to announce that the Lolworth Range license applications have been granted. Once again, along with our Head Geologist Adam Jones, our former CEO Craig Brown was instrumental in bringing LUX and the Lolworth Range tenements into the ECR Minerals asset portfolio, and all the indications are that Adam and the team could unlock significant additional value from these three new license areas.”
“I look forward to deploying our team for a reconnaissance survey in the Lolworth Range region this year, and reporting progress back to our shareholders.”
SUMMARY:
- LUX Exploration has been granted three exploration licenses covering a total of 964 km2
- Historic stream sediment sampling indicates that the Lolworth Range is prospective for gold, tungsten and tin.
Exploration licenses for tenements EPM27901, EPM27902 and EPM27903 were applied for in May 2021, and we are pleased to report that these were granted to LUX on 1 February 2022. The tenements will expire in 5 years (on 31 January 2027) and, while they will be available for renewal after the initial 5-year term, the area available for renewal will be reduced by 50%, which is a standard term of exploration licences to encourage companies to focus their exploration activities. LUX has a commitment expenditure of AUD$650,000 for the first three years across the three licence areas, which is expected to be funded from ECR’s existing cash resources.
The exploration licences are located approximately 120km west of the historic Charters Towers Gold Mine in North Queensland, Australia and cover an area of 964 km2.
PROSPECTIVITY OF THE AREA
The directors of ECR believe the Lolworth Range is under explored. The area has been closely monitored by ECR’s Head Geologist Adam Jones for at least eight years.
Historical documentation of exploration undertaken within the area, which has not been verified by ECR, reveals that a (pan concentrate) stream sediment campaign was undertaken in 1987-1988 within the granted tenements under the old tenement permit number AP4855M. This work revealed seven gold anomalous drainage sites within the mountain range, including visible gold in pan concentrates. Research has found these anomalies have not been followed up as they were interpreted as sourced from possible terrace alluvial deposits upon the sides of the drainage sites.
It is the Directors current belief that even if this was the case, the terrace deposits must still have their source within the Lolworth Range. Tin and tungsten anomalies were also recorded in streams within license area EPM27901. The metamorphic rocks of the range are still not well understood, however rhyolitic rock chips from historic exploration reports within the range were noted to be elevated in gold. These factors have led the Directors to conclude that the Lolworth licence areas have the potential to develop into a valuable asset for ECR Minerals plc. An initial reconnaissance survey of the area is planned for this coming year, and we look forward to updating on progress in due course..
Source: Company Press Release