ECR Minerals plc (AIM: ECR), the exploration and development company focused on gold in Australia, provides an update this week on ongoing discussions regarding the potential sale of its wholly-owned subsidiary, Mercator Gold Australia Pty Ltd (“MGA”), which holds its Australian tax losses.
The company also updated on the latest exploration results from the Lolworth Gold and Critical Minerals Project in North Queensland, Australia, and ECR’s 2025 field season plans for the Lolworth Project.
Mark Fairbairn from StockBox Media spoke with Mike Whitlow, MD of ECR Minerals PLC, about recent exploration progress and growth strategies.
- Promising Gold Results: 165 samples from the Lolworth project yielded nine standout gold values over 9 ppm, reinforcing the project’s scale and potential ahead of a maiden drilling campaign.
- Path to Production: ECR is focused on advancing Blue Mountain toward early-stage gold production while leveraging strategic assets, including high-grade antimony and rare earth projects.
- Strategic Growth: Active negotiations on tax asset monetization, JV opportunities, and expanding partnerships position ECR for significant value growth within the next six months.
Lolworth 2025 Field Season Plans
Building on the successful exploration campaign in 2024, ECR is refining its focus on five key gold prospects including Gorge Creek West, Butterfly Creek, Uncle Terry, Gorge Creek Diggings and Woolshed Creek.
These prospects have been identified for sub-surface evaluation by drilling, with discussions currently underway with drilling contractors. Further announcements will be made in due course.
Adam Jones, ECR’s Chief Geologist, said: “These latest results from the Lolworth Project reinforce our confidence in the Project’s gold and critical minerals potential. The discovery of high-grade gold samples in new areas, along with potentially significant niobium-tantalum values, highlights the untapped potential of this under-explored region. We look forward to further defining these targets through drilling in 2025.”
Nick Tulloch, ECR’s chairman, said: “Although visiting Lolworth was not on the itinerary for my recent visit to Australia, it featured prominently in discussions during the week. The scale of the project area and our ongoing very promising results from the work we are undertaking there gives us considerable optimism for our forthcoming drilling plans. Our partnerships with Geological Survey of Queensland and James Cook University at Lolworth are a further reminder of the widening interest of a project that is prospective for both gold and critical minerals.”
Background to Tax Losses
The Company’s tax losses are held within MGA and have been accumulated since 2006. Any transaction involving these tax losses would be coupled with a restructuring of MGA, as indicated in the Company’s announcement of 23 December 2024.
ECR Chairman, Nick Tulloch, commented: “While our discussions with Octo remain advanced and our priority, the increasing number of parties seeking to engage with us highlights the significant potential of these assets. We believe that the pricing of antimony and heightened global demand is driving fresh attention to the Bailieston gold and antimony exploration project in Victoria. We remain committed to securing the best possible outcome for our shareholders.”
