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I just hope that when the multipurpose rig arrives, they send both rigs to the project area that they have the most geological confidence in. Very recently, CB said that this was Blue Moon. Its time to start focussing on our best projects and demonstrating the value in the ground.
'I'd also be keen for an update on license application' - Yep this is the biggy for me atm. Due to the nature of the horizontal drilling we're clearly not getting the kind of 'in your face' black and white type of results the fickle market wants to re-rate the sp (I say fickly because if anybody actually takes the time to digest the webcasts it's clearly explained as to why the intersections are narrow on the horizontals). Licenses therefore will be the driver IMO (unless we get some whopping horizontals!). So yes, I want to know the status of these as they have BIG implications for warrant sales + JV negotiations etc
Even a tweet with our up to date license status/s would give us some idea.
What's the cost analysis between our own rig and crew against contractors? I'd be interested in CB letting us know that, as well as what warrants have been exercised. I'd also be keen for an update on license applications, where things stand, and expected timelines. We have amassed a big team to surround our own 1 drill, what is everyone doing on a day-to-day basis? What has been logged when, and awaiting back, would be nice to know this too? Why are we creating so many subsidiary companies? What is going on with our tax breaks/allowances and when will this be realised?
I feel these are all things CB/ECR could easily let us know, these things don't need to be in the dark. I don't follow on a day to day basis so if I've missed some of this info coming out apologies.
I can understand your concern there Snip but once the spending is done (sometimes you have to strike whilst the iron is hot) and the new drill arrives (should be soon) then they can start to rein in costs.
He said that shortly they will be pulling the contractor off CresWick and will decide what to do next , I think they will drill on the acquired properties , at least that was the impression I got in the last interview whilst planning the next stages.
Although they can check the cores in a limited way they do need full information on what they have done so far and are probably as frustrated by the results delays as PI's.
The mines are important because it seems the deeper they go in Victoria the bigger the gold finds /shoots and that does make sense, don't know how much they have to go at now but the leases at one point were over 1000 km2 and in a highly prospective gold field area like Victoria then that is massive.
There must be clues in their recent tweets somewhere, must remember to have a look over the weekend to see if there is anything obvious.
It feels like we are overspending and that's a worry. The activities over the last 6 months with new hires, new areas, new equipment, and now property, it is leaving us with a dwindling cash pile. I could forgive the outright lies during the underhanded placement as it meant that we had enough cash to drill pretty much constantly throughout this year and nearly all of next year too, giving us a good chance of seeing some results. This I think is not the case now. On CB himself, he is setting himself up for failure at nearly every opportunity, he's constantly over promising and under delivering. Feels like he is trying to run before he can walk. If that land was so important/valuable for Kirkland, do you not think they would have bought it? Or are we just believing they were too busy pulling gold out of the ground to realise it was up for sale and happy to pay us a 10x multiple on it?
To balance my average is not too far away and I expect to have positive returns from ECR over the next 6 months so I am holding but let's not all drink the cool-aid.
SnipVW. In the past you have been notably harsh on posters who have been sceptical or dissillusioned about developments. It would be interesting to read what's changed your stance.
PaulFG - I meant our own and newly purchased multi purpose second rig. Currently we are only diamond drilling (I think?) with our own first rig and a contracted one.
Trek - re the infill drilling, that's what I'm also hoping for. Once the multipurpose rig arrives, we will start to do the type of drilling and get the kind of results that will hopefully generate results that will move the share price. In terms of getting our own second rig operational, I would imagine we will take receipt of it in October/November (which allows 3-4 months for delivery) and would hope we might have it operational for early in 2022 (Feb 2022?).
They have pXRF results. They’re not 100% but they would have benchmarked the results agains the previous assays and calibrated from there.
Paul, take your point but the 2nd one is a contract drill. Well soon have two of our own, flat out.
Then hoping we will soon either JV and/or build a mine!
It makes little sense for a company such as ECR to spend so much of its capital on buying land such as this. If they know the results and have not released them to the market, then that's bad. If they don't know the results and are buying on speculation, then that's bad.
JSmith23 there’s always a raise it’s one of the primary reasons these companies list, access to capital. The question is when, what for and is it accretive.
Legal, I think the infill RC drilling will be the game shift. Question is how long to get the rig delivered and commissioned. These diamond drills are targeting the seams. RC will be v quick once it gets going.
If we then bombard the market with decent assays the sp will follow. Rule of thumb is average 2gpt over 100m and we’re good to go especially as shallow.
LW, we've had a second rig on the ground for quite some time. We are 1.6p bid
If £3 million potentially is coming in from warrants, why another raise?
Although in saying that, I do think sentiment will be different once we get that second rig on the ground. That is the kind of scenario which you could imagine might trigger a sustained rise? Anyway, let's see where the next RNS takes us.
He's going to need drilling results (or maybe licence news) to trigger a rise to those levels? On current sentiment, the more 'off the pitch' developments might not be good enough to take us much beyond a brief flirtation with 2p.
Yes that’s my point £1.7m (3.75p) + some scrag ends +£1.3m Shen.
That would significantly push back a fund raise. I have posted warrant details and all RNS dates before.
Craig is well aware that that is the lowest path of finance resistance. He will be aiming to get the SP through the triggers.
Let's hope we get the drilling results that unambiguously support the talk of mines. Remain hopeful here....
TrekMadone is that warrants will be equal to £1.7m + 1383909.75 , just over a total of £3 million in the bank to ECR?
Save a fundraise no?
Seems reasonable IMO for someone with actual knowledge of drill results/indications at each site to make land acquisitions with an eye to the future in a timely manner BEFORE such knowledge becomes public, when the price of that land would become very much more expensive? Also removes a potential obstacle for any future purchaser of the prospect/company (or for a JV partner in mine development)?
A much used phrase but “patience required”!
#ECR - Our new land purchase at 127 Nagambie-Rushworth Road, Bailieston.
~ Adjacent to Cherry Tree project, which neighbours
’s #Fosterville #gold mine
~ 297 acres - ample scope to develop a mine, processing plant & tailings dam
Thought this was all pretty clear, no wonder PI's get a poor rep lol
All we need to do is get the SP through 5p quickly then convince Shen to convert their 27678195 warrants at 5p by 16-jun-22. That’s worth £1383909.75 to us on top of the £1.7m!
Pretty sure that’s what Craig is teeing us up for!
You are more likely to spend £3m on conversions based on more than just a few assay results. If the operation looks like a mine and the SP is further north the money will follow.
The SP can move very quickly on some good results and more so with land and own drills!
Just gotta be patient.
The land purchases came out of the blue. As did the Queensland licences and the second rig. There is a bit of a pattern here and I think its a failure by CB to explain his thinking to us beforehand, which then might leave some to doubt him when these developments then catch us by surprise. In fact, sometimes he will rule something out, and then do the opposite shortly afterwards, which just adds to the doubters.
There are no buildings on the land purchased, so we also need to factor in the significant costs that will be incurred in bringing the land into use, for whatever purpose we intend to use if for? I would imagine that for the foreseeable future, we will continue to operate from our current HQ at Bendigo. Therefore, whether spending £650k on land was the right and necessary thing to do just now, is a legitimate discussion for us to have.
The mines that he was party to setting up are in his bio Snip, what is going on on the ground then eh?
Why the sudden panic , I agree the persistent selling is tedious but one day the traders will stop trading and the selling will stop .
As far as someone Chinese buying the properties how on earth did you come to that conclusion, as if you have been on the pop or something more powerful.
Again, show me another company that has purchased land for exploration activities? He has spent £650k on a potential decline when it's not needed. What's the bet that these 2 properties will be sold for considerably less than we have paid for them, to a Chinese investor.
You speak as you know him for many years, how long have you been investing in companies that CB has had a hand in? Where were those mines that he set up so successfully?
I'm hating being negative but the rubbish that is constantly posted on here by people who have no idea what's going on on the ground is remarkable and needs to be checked.
a$1.25m = c £650K to give us bases of operations on each site, remove the crown land issues and give a location for the declines while removing masses of red tape.
I would say that's an excellent purchase as those were the reasons given by the company.
CB has set up multi million Oz mines before so he has a great insight in to the best steps to take and also with his financing background he can be trusted to spend the money wisely without risking the farm'