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Three Exploration licences granted in the Lolworth Region, North...
Three Exploration licences granted in the Lolworth Region, North....
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n \nThree Exploration licences granted in the Lolworth Region, North Queensland\n\nECR Minerals plc\n\n \n \n \n ECR MINERALS plc\n \n \n (“ECR Minerals”, “ECR” or the “Company”)\n \n \n Three Exploration licences granted in the Lolworth Region, North Queensland\n \n \nECR 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.\n\n \nLUX is a wholly owned subsidiary of ECR with a specific focus on exploration projects in the North Queensland region in Australia.\n\n \n ECR Chairman David Tang commented: \n “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.”\n \n \n “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.”\n \n \n SUMMARY:\n \n \n \nLUX Exploration has been granted three exploration licenses covering a total of 964 km2\n \n \n \nHistoric stream sediment sampling indicates that the Lolworth Range is prospective for gold, tungsten and tin.\n\n \n \nExploration 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.\n\n \nThe exploration licences are located approximately 120km west of the historic Charters Towers Gold Mine in North Queensland, Aus...