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100% agree LW
No more wasted/lost core samples from contractors and with labs Getting back to reasonable turnaround times results will flood in.
However, the geology is what it is that won't change.
It really gives ECR maximum flexibility and options when it comes to drilling their targets. Now they have the inhouse capability to do the type of drilling that is required and best suits the circumstances and/or switch between them as needed. Given the nature of some of the the systems that they are exploring, no doubt this will be a massive help and actually expedite the progression of each individual target area.
I know we knew it was coming but that is one impressive drill at a good price , under £300k with spares and all equipment required for drilling , I do like the fact that they use the Cummins engines. Doubt if 2000 mtrs is required but that is really heavy duty and ups the ante considerably.
Makes me wonder if they will double up at some point as I would guess that they can do everything required for ECR and no need to employ the contractor (GMP) , which will save a lot of costs.
Certainly hope so Trek. Going into 2022 with two rigs on the ground (one of which is multi purpose) and across three licence areas is a very exciting prospect indeed. It's clear from the RNS that the strategy is to attack multiple "high profile" targets to make gold discoveries. And we should have news on some of our licence applications by the time the second rig is operational. So the possibilities have really opened up here with likely exploration at Queensland, to add to CresWick (plus two new licences?) and Baileston (phase two at the anticline, soil sampling targets, Blue Moon, etc).
Also agree with Happyhaddock's comment that with each RNS the balance of risk vs reward is is slowly shuffling in the direction of reward and away from risk. When you think about the newsflow that the above will generate over the next 18 months, it's hard not to think that the current depressed sp represents an accumulation opportunity that might not be around for much longer. Let's hope this is the start of a turning point and GLA.
Or there abouts **
Well, let's all hope this rig hits something thicker than 1 metre.
GLA
JV is still key down the line, but 2 wholly owned drill rigs, that’s value right there. We’ve seen the work being carried out by Midas, none stop drilling, this compliments the process very well.
Well done to the company. With £5m in the bank, if there about a, it’s a brilliant purchase.
Q4 delivery.
Let’s crack on as normal, very excited for these upcoming Creswick results.
Anyone else get the feeling things are starting to turn.
1.125p warrant conversion decision by 30th. Most should have converted by now and by the look of the SP many probably flipped. 2.2p next hurdle although why would you take part in the placing and then sell after all this work.
The next conversions are options which expire 24th Feb 22 so there is no pressure on converting any for a some time. Next warrants are due 16th June 22, a year.
Multi-purpose rig due in Q4 and confident in getting together another crew.
Contractors drilling at Creswick
Confidence around new licenses.
Assays building a picture, more results to come and a constant flow of data near term.
Cash.
Just need a little luck now, bit of sentiment, some good results build a JV case and no reason why we can’t claw our way back through 2p for starters.
I think peeps will be happier then and once we get more assays momentum will build and we can get to new trading level. At least it’s in our hands!
Trek
That's a serious deep drill that they have purchased...
Still.own everything
Proving up all licenses without a jv required...thats added value
Money in the bank
It's more than double the price of Midas so I hope they have a rigorous and immediate plan to utilise it
ECR now has so much flexibility, I wonder if they're planning to continue with their plans to establish their own lab or whether those funds have been ploughed into the second truth machine?
Well we'd pretty much figured out we had ordered/bought the 2nd rig by the time this RNS came though, but great to hear formally announced nevertheless.
If it said that actions speak louder than words then our BOD's commitment to drilling shouts volumes about their own belief in the ground we hold.
We are still a very speculative punt but with each RNS I think the balance of risk vs reward is is slowly shuffling in the direction of reward and away from risk.
I think there is a good chance that they have been given "the nod".....
The EPM licenses have yet to be approved but now that the work programmes have been approved, the EPM's will be advertised, following which there will be a 4-month consultation period. The Directors believe the licences should be granted in approximately 6 months time, and further announcements will be made at that time. Once approved, all three are valid for an initial period of 5 years to enable the Group to complete the planned exploration program, with a right to apply for permit extensions for up to a total of 15 years. The licenses will be held in the name of LUX Exploration Pty Ltd ("LUX") which is a 100%-owned Australian subsidiary of ECR Minerals.
Doubt licences have been confirmed that quick for NQ?
Has CB just told us that these are now in the bag......
Three Exploration Permits in Application ("EPM") licences have been submitted in North Queensland, Australia by LUX Exploration Pty Ltd ("LUX") which is a 100%-owned Australian subsidiary of ECR Minerals.
The RC and diamond drilling capability the new CMR rig provides us with is particularly suited to the license areas at our three Queensland projects announced in May 2021. Given the recent results from the Creswick project announced on July 19(th) 2021, we are confident that the strategy of fast-paced and aggressive drilling programmes across multiple high-profile gold targets will expose ECR to potential new gold discoveries."
GLAH
Thrid project?
Finally, that is fantastic news. Drilling to commence at a third project?
Confirmation of new drill buy...brilliant. these guys are breaking the mould
Here’s the confirmation