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TRADING UPDATES: ECR Minerals confident on Creswick drilling results

8th Apr 2024 17:03

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:


ADM Energy PLC - London-based natural resources investing company - Executes subscription agreements with two investors, rasing gross proceeds of GBP220,500 through the issue of 22.1 million shares at 1 pence each. Says the proceeds will be used to acquire an interest in SW Oklahoma Reclamation LLC. SW Oklahoma is a joint venture between ADM and Bargo Capital LLC, established to reinitiate operations at the 20-acre JKT Reclamation facility in Wilson, Oklahoma. As a result of its investment, ADM will hold a 31% interest in JKT Reclamation LLC, a company "engaged in the purchase, processing and sale of residual oil from oil tanks". The consideration for the investment is USD827,500, to be paid through the issue of 43.2 million shares at a price of 1p each, totalling USD540,000, a cash investment of 287,500, and the granting of 14.6 million 3-year 1.0p warrants. ADM says the investment is "expected to be immediately cash flow generative to the company".


ECR Minerals PLC - exploration and development company focused on Australian gold - Says drilling at the Kuboid Hill site on its Creswick tenement, located near Victoria, Australia, demonstrated "quartz/gold mineralisation continuity in the Creswick area with results having the hallmarks of a potential future small scale operation". Highlights included two high-grade results of 8.87 grams of gold per tonne of ore and 8.06 grams per tonne over one metre. "Extensive broad mineralisation" was also demonstrated in holes where contiguous gold is present at 3.05 grams per tonne over 3 metres. ECR says the results compare "very favourably with historical mining operations elsewhere in Victoria". Drilling also returned "significant intercepts" with evidence of anomalous gold within 14 of the 15 drilled holes.


Serabi Gold PLC - Brazil-focused gold mining company - Says that recent drilling results from the Sao Domingos target at the company's Palito complex in northern Brazil reinforce its confidence that the region is a "highly compelling target". Results from drilling at the Ganso target indicated "a large zone with geologic features and mineralogy characteristic of an upper alteration zone typical of a copper porphyry system". Diamond drilling at Matilda showed that mineralisation extends to over 150 metres in depth. Chief Executive Officer Mike Hodgson says: "Matilda continues to deliver positive results and the team is focused on understanding the mineralisation. At the same time the wider exploration results to date show that Matilda is not unique, and the regional geological system is larger and has more potential for hosting copper porphyry mineralisation than expected. The discovery of new, large targets within the extensive tenement holding demonstrates the potential of the region."


By Hugh Cameron, Alliance News reporter

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