ECR Minerals plc announced an update on the drilling progress at the Blue Moon Prospect, Victoria. This announcement contains the results for holes BBMDD005 to BBMDD008, which has tested the western extension to Blue Moon, identified in a previous drilling campaign completed in 2019 Drilling of associated holes BBMDD010 and BBMDD011 is currently underway in the same area (focusing on ECR's best RC drilling intercept to date was completed in the 2019 campaign), and while drilling has been completed for associated drill hole BBMDD009, the sampling work is currently still underway. ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which contains the gold prospects known as HR3, Cherry Tree, Blue Moon and Black Cat.

The projects are operated by ECR's wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd. OPERATIONAL UPDATE: The Board announced its intention to test the westerly extent of the Blue Moon body following the successful drill intercepts from 2019's RC Drilling program. A total of 1000m of diamond drilling was initially planned over 4 holes, and was subsequently expanded to 7 holes. Drilling was completed for holes BBMDD005 to BBMDD009 prior to Christmas, with results now received for holes BBMDD005 to BBMDD008.

Drilling throughout December 2022 took longer than anticipated with some maintenance required to the Company's drill rig ‘Midas', sustained wet weather and a pause in operations over the Christmas period (December 22nd to 9th January 2023). Drilling of holes BBMDD006 and BBMDD007 struck broken (faulted) ground that also slowed the daily drill metres. Despite this, the team intercepted the Blue Moon dyke rock in all 4 drill holes.

Gold mineralisation can be demonstrated to extend further to the west however given the low grades from these holes the Board have taken the view that a final decision regarding further drilling and exploration at Blue Moon will be made on receipt of the final results for holes BBMDD009, BBMDD010 and BBMDD011. NEXT STEPS TO COMPLETE BLUE MOON CAMPAIGN FOR THIS SEASON: An additional campaign of three drill holes is now underway in the Blue Moon area. This includes drilling of holes BBMDD010 and BBMDD011 which is focused on the same area where ECR's best RC drilling intercept to date was completed in 2019, and the Board expects that these results will determine the extent of the strike and width in this part of the Blue Moon prospect.

The reason these holes were not completed first was largely due to logistics: the drill campaign took place on active farmland that requires timely drilling and Victoria has experienced one of the wettest winters on record which hampered initial drilling efforts during September and November. Associated hole BBMDD009 has also now been drilled underneath this zone, with sampling currently being completed and further updates will be provided in due course as appropriate.