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ECR Minerals PLC (LON:ECR) has provided an update on its exploration activities at the Tambo project in Victoria, Australia. The company has announced plans to undertake a diamond drilling programme in the fourth quarter of 2024, following a series of recent advancements in their exploration work.
Soil Sampling Results
As part of their exploration efforts, ECR Minerals collected 84 soil samples near the Duke of Cornwall Lode. These samples have yielded notable results, with the highest concentration being 0.56 ppm gold. Out of these, 48 samples showed gold levels exceeding 0.01 ppm, and four samples had gold concentrations greater than 0.1 ppm. This follows previous high-grade results from rock chip sampling, which included a peak reading of 52.2 g/t gold.
Correlation with Bismuth
A finding from the soil sampling is the correlation between gold and bismuth. Bismuth has been identified as a key pathfinder element, which could aid in the exploration of gold deposits within the licence area. This correlation strengthens the rationale for the planned diamond drilling to explore subsurface gold potential further.
Antimony Exploration at Bailieston
In addition to the Tambo project, ECR Minerals is advancing its exploration activities at the Bailieston Project. Recent work includes reanalysis of diamond core samples from a previous drilling campaign, revealing antimony levels. The highest sample returned a result of 0.3m at 32% antimony. Given the rising demand and prices for antimony, which is used in various applications including flame retardants and batteries, ECR Minerals is evaluating ways to further develop this opportunity. The company is considering partnerships to support additional exploration.
Next Steps and Project Development
For the Tambo project, ECR Minerals is moving forward with preparations for the diamond drilling programme. The company is currently negotiating with landholders and contractors to facilitate the drilling, which is expected to begin early in Q4 2024. This drilling will aim to assess the gold potential below the surface, leveraging the promising surface results and the correlation with bismuth.
Outlook
ECR Minerals remains optimistic about the potential of both the Tambo and Bailieston projects. The results from recent exploration activities have bolstered confidence in these projects. The company is also focused on securing necessary permits and services to ensure the successful commencement of the drilling operations at Tambo.
