ECR Minerals shares were trading higher on Tuesday morning after releasing an update on their Lolworth project which has confirmed the presence of Gold, Niobium, Tantalum and REE,
Exploration company ECR has found visible gold and recorded encouraging pan concentration stream samples. The best results were 594 ppm and 138 ppm gold from streams near Reedy Creek in the centre of the project area.
ECR also found niobium, tantalum and the rare earth element neodymium in samples from Oaky Creek.
ECR said 28 out of 200 samples show values greater than 500 ppm in Niobium which they say may indicate a source rocks in the vicinity and possibly a significant discovery.
CEO Andrew Haythorpe commented:
“Putting aside the fact today’s results add a further significant piece to the Lolworth jigsaw, the progress announced today also serves to illustrate the painstaking and methodical work by Adam Jones and the field team in mapping and logging a hitherto virtually untouched and unexplored area. The detail now provided by the numerous Gold, Niobium and Tantalum results generated from this work are enabling us to zero in on the sources and the high potential locations in order that we can delineate drill targets.”
“ECR’s Lolworth project continues to exceed expectations. Meanwhile we expect to report further results from our projects within a week.”
The company will now analyse rock samples taken in both areas and complete more soil sampling. It aims to delineate drill targets before the field season ends this summer.
Over 200 pan concentrate results were received so far from 628 samples taken since exploration began last year. ECR said visible gold keeps occurring during panning. It stressed the stream samples don’t indicate an in-situ resource.