ECR Minerals (AIM:ECR) has discovered a new gold-bearing quartz reef at its Maddens Mine in North Queensland, Australia.
The AIM-listed exploration and development company holds a 50% interest in the Maddens Gold Project, where the reef, named Jack's Reef, was found during underground ventilation development work.
The structure runs at least 50 centimetres wide in places, with visible gold observed regularly within the quartz.
Recent 3D surveying shows existing Maddens Mine mineralisation appears to terminate where Jack's Reef begins, and the reef follows a foliation-parallel orientation consistent with a "ramp and flat" structural model, one that may connect the Maddens Mine to the Maddens Northern Lode, a separate site of extensive historic high-grade workings.
Non-executive director Mike Parker called it "one of the most exciting geological developments we have seen recently at Maddens," adding that the Northern Lode "can now be regarded as much more prospective, potentially to a similar extent as the Maddens Mine itself."
The company plans targeted underground follow-up work and a possible surface drilling programme to test continuity and grade.
Chairman Nick Tulloch said the immediate operational focus remains on production, with material from both Jack's Reef and the main Maddens Mine already stockpiled on surface.
Processing activity is expected to begin later this month.
News Intelligence what this means for the company
ECR Minerals has identified Jack's Reef, a gold-bearing quartz structure at its 50%-owned Maddens Gold Project, during underground development work. The reef's significance lies not in its current width (at least 50 cm with visible gold) but in its position: 3D surveying suggests it may bridge the existing Maddens Mine workings to the Maddens Northern Lode, a separate historic high-grade site, via a structural model consistent with a "ramp and flat" geometry. The company plans targeted follow-up work and possible surface drilling to test continuity and grade, while processing of stockpiled material from both Jack's Reef and the main mine is expected to begin later this month.
The discovery potentially expands the resource base at Maddens by connecting two previously separate mineralised zones, which could extend mine life and justify the capital deployed in recent months. However, the investment case remains contingent on follow-up work confirming continuity and grade; the reef's current visibility and width alone do not yet quantify its economic contribution to production.
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