ECR Minerals Advances Queensland Gold Strategy Following Drilling Success

ECR Minerals PLC (LON: ECR) said in an update on Friday that it is strategically focusing on near-term alluvial gold production and major exploration in Queensland, Australia, following successful drilling at the Lolworth project.

The company aims to establish near-term production at its advanced-stage alluvial gold projects while exploring the potential across its broader tenement package.

ECR Minerals reported the successful conclusion of its 2025 drilling program at the Lolworth gold and rare earths project in North Queensland, coupled with an update on its alluvial gold operations at the Blue Mountain project and its proposed acquisition of Licence ML 3665 (Raglan Project).

Highlights include the validation of gold and silver-bearing veins at shallow depths at the Lolworth Project, ongoing wash plant trials and resource modeling at the Blue Mountain Project (ahead of a Q4 2025 mining lease application), and advancements in the proposed acquisition of the Raglan Project, with first gold production targeted for Q4 2025.

A pre-completion restructuring has reduced the cost of the Raglan Project acquisition to A$1.01 million plus GST.

The 2025 drill program at the Lolworth Project confirmed the company's geological interpretation of gold and silver-bearing vein systems at the Uncle Terry prospect.

ECR drilled 21 reverse circulation holes at Uncle Terry and seven at Gorge Creek West, to depths of 30 to 42 meters. Chief Geologist Adam Jones reported strong visual results, including multiple intersections of sulphides and visible silver mineralization.

At the Blue Mountain Project, ECR is finalizing its most extensive alluvial gold drilling program, with nearly 400 holes completed across the Lower Patterson, Windmill, and Upper Kariboe Creek areas.

Visible coarse gold has been confirmed in multiple zones. Wash plant trials, including testing of high-and-low-grade material, will validate drill results and inform an initial internal resource estimate, leading to a mining lease application in Q4 2025.

The Raglan Project, near Gladstone, Queensland, is a fully permitted alluvial gold operation. Following due diligence, ECR aims to complete the acquisition soon and is preparing for mobilization. The acquisition now involves only Raglan Resources Pty Ltd, the holder of Licence ML 3665, reducing the cost to A$1.01 million plus GST. Raglan Resources carries A$1.2 million of unutilised tax losses that can be amalgamated with ECR's existing A$75 million of tax losses.

Operations at the Raglan Project are targeted to commence during Q4 2025, potentially providing immediate production capability and revenue while the Blue Mountain Project final planning and mining lease application progresses. Synergies between the two projects allow for redeployment of personnel and equipment.

The Creswick JV, covering the Company's Creswick Gold Project in Victoria, Australia, is progressing. Under the terms of the Creswick JV, Bold Gold will fund all exploration costs by investing up to A$3 million to earn an 80% interest through staged exploration expenditure.

ECR will retain an interest in a project which it believes potentially has considerable potential upside but is able to focus its management time and resources on its Queensland projects.

ECR Chief Geologist Adam Jones commented, “The completion of our first drilling campaign at the Lolworth Project marks a significant step forward for ECR… The visuals are highly encouraging, and the Lolworth Project continues to show the scale and geological potential to be a major discovery in Queensland.”

ECR Chairman Nick Tulloch added, “The successful drilling at the Lolworth Project marks an important milestone for ECR as we build momentum across our Queensland portfolio… We are entering Q4 2025 with a significant number of near-term value catalysts that we believe are capable of redefining ECR.”

The dual-track approach of near-term revenue generation and larger-scale development positions ECR favorably. Markets will be closely watching assay results, wash plant trial outcomes, and the potential conclusion of the Creswick JV in Q4 2025.