As for MGA I believe PJ was referring to it in the last thing he said "we are in discusions" definetly the biggest short term bit of good news that I can see coming our way. I have been invested here since Nov 20 2013 and am being patient. Cash burn is low but what we have left I guess around 500,000 will not last for ever and I do hope the BOD can get the kind of news out in time if a placement will be made in the next 6 months so that people stop selling into these brief rises and the sp climbs into new territory. Johnsp describes this as the most exciting times for ECR I look forward to more from the next few RNS to back this up with cause I am waiting to top up and see no rush at present.
Fair play to you and what you say it is just frustrating for that news around the corner that you know is on its way. Talking to PJ as upbeat as ever helps as well as your explanation just looking forward to. looked up Glory hole this is best I got.The term glory hole can refer to a cylindrical feature in a reservoir, built right in front of the dam, designed to keep the dam from being overtopped—that is, if the water gets too high, it ﬂows into the glory hole and is transported under the dam and downstream. However, glory hole is most often used as a mining term. Originally conjured during the gold rush to describe the process employed by those miners who could not afford conventional and more sophisticated extraction methods, the glory hole was the single shaft dug straight down in hopes of happening upon a gold seam. The Glory Hole near Central City, Colorado, for instance, was once part of the most productive gold mining area in the world. In modern mining, the term has come to signify the belowground cavern—whether natural or man-made— from which material is mined. This contemporary sense, ironically, harks back to another colloquial use of the term to mean any small room or cupboard, or, in the instance of Jack London’s novel Michael, Brother of Jerry, the hidden locker at the stern of a ship. Connotatively, the expression indicates both the means to, and the chamber of, secret and sequestered booty.
Just picking up on the drilling at Itogon that you mentioned and I too was expecting phase 1 and 2 to be completed quite quickly after each other however they have found more gold in phase 1 and in the outcrops plus the main vein going down to the Dangly River area of the tenure.
This is a good thing as that one vein in TGRs NI-143 holds some 300,000oz of potential gold as per historical data and independent estimates to which the last RNS said they would continue to plan and drill further around it.
This phase 1 area covers the Glory Hole - google that and see what it means in mining terms and then we are continuing south easterly towards phase 2 but through 3D mapping they have identified I believe even more gold than planned hence there no rush to leave this area but to concentrate on it more.
I'm delighted as I knew Itogon has 4 independant estimates from a minimum of 507,000oz up to 1.4m oz but let's under estimate the whole site as per ECRs presentation and go with 500,000oz.
However, let's go one stage further on the flip side and say phase 1 alone holds that, I don't know but TGR / ECR remit is to prove up enough of a resource to JORC and then swing a for sale sign around its neck as per what Stephens said on his last Mining Maven interview.
The diligence been shown is applaudable and it keeps the cash burn down in not doing unecceassry drills for the sake of it, I believe they have hit the sweet spot but this is bigger than they expected, just the way I interprate it.
Dangley River strike some 250 metres x 600 metres with an extension upon the original 400 metres which wasn't in the previous historical data.
Itogon is the game changer for TGR / ECR and this is why City Natural Resources hold 300m shares as their not here for SLM nor MGA nor MAC as at the time of investing those 3 plays in ECRs portfolio were inconclusive asset values but you prove up 1m + oz of gold with a mining license in a country were low cash burn and low nett cost to produce is from where I am, a sound potential investment on its own.
I'm looking forward to the MGA update next week as too SLM during the month but Itogon is a compelling story unfolding and investing in the potential is the risk for reward ECR offer you.
maybe Margic is on holiday? no point on posting veryday when we all know RNS are going to be out this month. glad to see there are others in contact with PJ and echo my take on the man. ECR are being shrewd with there cash that is for sure but my only regret at this stage is that we are not planning on phase 3 of drilling but as a wise man once said the best things come to those who wait!!!
PJ was upbeat when I spoke to him recently. Top man. Certainly looking after the interest of us shareholders without a doubt. I was told that he is a nice man to work for and a great leader. Enjoy your week end all and hope to see sp back to the year high soon. Where is Margic these days ? Hope he is ok. Must admit I don't post quite as often myself.
had a chat with PJ this morning which is now the second time I have spoken to him since being invested here since Nov last year. the last thing I said was I look forward to what ECR plan on doing with MGA to which his reply was we are in discussions. He is as upbeat as ever and happy with our Itogon and slm projects also.
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