Creswick

The Creswick project consists of three exploration project areas (EL006907, EL006713 and EL006184) which are located 10km north of the major historical gold centre of Ballarat and cover a total of 192 km2. There is over 9km of strike length to explore within each of the three mineralised corridors. Creswick sits in an impressive “postcode” with numerous historic production sites in the vicinity and, more recently, growing interest again in Victoria as a gold-producing region.

At least three major mineralised corridors are recognised to exist within the project area from west to east. All three gold systems have had some historical hard rock mining, with the most productive areas being the Frenchman’s Reef (140.5kg), St George’s Reef (121.1kg) and Seymour Gold Mine (53.6kg).

Furthermore all three gold systems are believed to have contributed to the extensive historical alluvial gold production in, and north of, the township of Creswick such as Upper Slatey Creek (31 tonnes Au) and the famous Madame Berry Lead (87 tonnes Au).

Since 2019, ECR has focused on mineralisation related to the Dimocks Main Shale (“DMS”). The DMS is a lithological host to an extensive vein array of bedded and cleavage parallel auriferous quartz veins that are linked to the intensely folded sediments in the region.

Initial exploration drilling into the DMS has shown high grade intercepts such as 1m @ 44.63 g/t Au (CSR006), 0.95m @ 23.58 g/t Au (CSD003) and 1m @ 9.68 g/t Au (CSD001). Since 2022, exploration has broadened to look at the adjacent mineralised corridors at prospects such as Kuboid Hill, Quartz Hill and Shuileworth Road.

The gold is believed to be enriched in high grade pockets known as a shoot. The expression of the shoot at the surface level is emphasised by the presence of gold values in small clusters in the soil.

The spread of alluvial gold throughout the creeks within the project shows the potential of multiple shoots to exist along the strike of each mineralised corridor. ECR’s exploration technique is to define the surface location of multiple shoot locations with follow-up deposit evaluation by drilling.

ECR’s most recent drilling campaign focused on Davey Road and Kuboid Hill in early 2024.  The reverse circulation (“RC”) drilling programme completed 522 metres at Davey Road and 1,032 metres at Kuboid Hill.

At Davey Road, we reported a best overall grade gold of 41.03g/t Au over one metre. The Kuboid Hill programme led to different, and possibly more significant, findings with the drilling campaign demonstrating quartz/gold mineralisation continuity in the Creswick area.  This was indicated in several holes where contiguous gold is present at 3.05g/t Au over 3 metres, 2.25g/t Au over 4 metres and 1g/t Au over 5 metres, comparing very favourably with historical mining operations elsewhere in Victoria with broad mineralisation where those grades averaged around 0.7 g/t Au.

Once completed, bulk sampling at Kuboid Hill revealed higher gold content than from the initial analysis. This was anticipated because of the presence of coarse gold in the area. Five bulk samples are now evidencing significant intercepts, the most prominent of which is an increase from 1m @ 1.04 g/t Au to 1m @ 8.37 g/t Au in hole KHRC005 from 17m depth. These findings support the presence of higher-grade gold pockets within a broader low-grade mineralisation halo at Kuboid Hill which differs from Davey Road’s narrow vein, higher-grade style of mineralisation. The results provide encouragement that similar mineralisation styles exist within the Creswick license area.

Proposed joint venture at Creswick

In September 2025, ECR announced a proposed joint venture with Bold Gold at Creswick, pursuant to which Bold Gold would be responsible for all mandated expenditure on the Creswick licences during the JV period, up to a limit of A$3 million, and for which it would earn a maximum 80% interest in the Project. ECR’s only commitment will be to assist Bold Gold in certain renewals of the Project’s licences. 

Once a binding joint venture agreement has been entered into, Bold Gold will commit to a minimum exploration spend of A$250,000 during the first 12 months of the JV.  Following this, Bold Gold will also commit to spend an aggregate of A$1.25 million on exploration in the Project area over a two-year period, to earn an interest of 51% in the Project. Thereafter, Bold Gold would spend a further A$1.75 million (or A$1.5 million should part of the Project be converted into a retention licence or otherwise renewed) on exploration in the Project area over a further two year period, to earn an interest of 80% in the Project.

Bold Gold would be obliged to spend not less than an aggregate of A$1.25 million before it secures any interest in the Project.

A joint venture committee will be established, comprising two representatives from each company, to determine the Project’s work programme.

At the point at which Bold Gold earns into 80% of Creswick, ECR can elect either to pay for its 20% share of future operational expenditure on the Project area or convert its interest to a royalty on terms to be agreed at that time.

The proposed JV will be subject to, among other things, due diligence by Bold Gold, entry into a legally binding JV agreement and satisfaction of regulatory requirements. There can therefore be no certainty that final binding terms will be agreed, nor as to the timing or final terms, value or conditions of the Proposed JV.  

The Board views the proposed JV as consistent with its strategy of maximising value from its Victorian assets while prioritising its own time and resources on exploration and nearer-term production opportunities in Queensland.