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Jtb - without doubt the prospect of a JV was the big factor that made me choose to invest in ECR at the start of the year. We all thought it was imminent and were fairly confident it would happen by Marc. In fact, back in December, I think we were dreaming of it being a JV with Newmont on this bb. As you say, that would have been a guaranteed multi bagger development. I'm hoping we can still get to that kind of situation. Obviously, the licence issues need to be resolved, but the drilling results will also be important, if not the crucial factor. If they are really good results at CresWick, then we probably have enough DMS strike length on our existing licence(s), without needing the additional ones, to attract a JV. But equally, if the results are not good, a JV might fall away? I would expect JV talk to start revving up again, including possibly from CB himself, once we get either licence news or positive drilling results. Therefore, need to stick with ECR and see how things play out over the next 3-6 months.
@AG1980 @Legalwolf. This from AG's post: "The JV was the big factor for me." IMHO i think you'll find it was the big factor for all of us. The idea of a GGP-style run all the time sitting on your hands was a nice thought but an immediate 3 or 4 bagger would have provided a chance to de-risk and/or a trading opportunity. It would have been hard to resist.
Jtb/TS - I'm in agreement with both of you. We probably need to do the drilling at CresWick to secure the licence renewal, irrespective of a JV. It could be that a JV partner wants to see more results before committing, or we wish to prove it up more in order to get a better JV. As I have said previously, there will be conditions attached to the licence (which are not available to us to read) but which will stipulate what programme of works needed to be completed before December 2021 i.e. the licence conditions. Because we don't know what these conditions are - CB has not really talked about the conditions or the expiry of the licence in interviews (why would he?) - it is difficult to be sure about this. A while back I read that link to ERR's website about licence conditions. I had the impression that the usual approach/expectation is that an exploration licence is initially granted for 5 years and the idea is that in that time, the company will get to a JORC resource. Of course, we are nowhere near that, but we only took over the licence at midway point. I don't think the licence renewal will be a problem, because we will have had two drilling campaigns on it by the time it expires and have finances to undertake more, or move our own drill across to CresWick. It is perfectly possible that by the time we come to making any renewal application, that might be through a JV. Second half of this year is going to be very interesting for ECR. This could still end up being a real winner for us in 2021.
@mentalmax: "Hypothetically, IF ECR hit the motherload outside of a JV could they go it alone with their Chinese partners?". Yes - for me, the logical conclusion is that there isn't an imminent JV deal already worked out, more that there's the possibility or likelihood that a deal can be worked out after the other licenses are granted. In the meantime, get on with drilling it ourselves to grow the resource estimate, as AG has just pointed out.
Also it could be a condition of the license renewal. They cannot risk the new licenses being dragged out to near the end of the year and with no activity the main CresWick license being lost. Also showing activity on both the existing licenses would play favourably to those deciding the contested license. Just a safety net/ insurance move to ensure the license renewal IMHO ...and if there is a significant find then there is nothing stopping CB going back to the negotiating table.
That was one of my recent disappointments with Craig. There was nothing set in stone regarding the JV but CB made it out that we were close and in advanced discussions
So when he announced we will be drilling at Creswick, the very first thought that came to my head was “surely the pending results from the upcoming Creswick campaign will negate or change any agreements made with the JV”. Which then questioned me to think how advanced where these discussions
The JV was the big factor for me. But that being said, the next best thing is us returning and drilling it ourselves. Let’s see how prospective it really is.
I’m putting the JV out of my mind for a while. Said previously 1m@80g/t is a great results, but on its own with a couple of 1g/t strikes, I’m surprised at the level of interest.
Maybe after the next campaign and new licenses announced, we can announce the JV :)
I’ve pondered this. I suppose there’s no harm in drilling unless there’s a stipulation that ground can’t be touched until an agreement is signed, which is unlikely. Hypothetically, IF ECR hit the motherload outside of a JV could they go it alone with their Chinese partners?
They also need to drill as much as possible as the licence needs to be renewed by end of 2021, maybe it will be renewed under a JV name?
From ECR 2018 RNS: “ The Creswick exploration licence (EL006184) has been transferred by the previous holder with no consideration payable by ECR or MGA. The expiry date of the licence is 28 December 2021. There was no profit or turnover attaching to the asset and there was no book value at acquisition.”
Hi AG if we get granted the licence according to the work schedule on the application by Mercator they plan to start RC drilling after 3 months
From the site: Proposed schedule for the exploration program
Historic research: Concurrent with on ground activities. Field mapping: 2 months initiated as soon as the tenement is granted. Soil geochemical sampling (if necessary to assist with delineation of the path of the reefs). Concurrent with field mapping. Interpretation, review & in-house reporting: 1 month following the completion of field mapping. RC drilling: Following completion of the above steps, the process will commence 3 months after the grant of licence. Depending on target sites, either: Low Impact Exploration route, drill tendering, 7 day DSDBI notice & drilling as soon as the preferred drill company is available (season dependent, unlikely to drill during winter), OR If a Standard Work Plan is required, time to drilling will be dictated by the length of the approval process. Targets outside the initial focus area will be prospected through a similar process (field mapping, soil geochemistry, drilling) concurrent with or following the initial exploration.
With gold breaking through 1800, it couldn't be a better time for ECR to release an RNS announcing the commencement of its drilling at CresWick together with an update re current drilling at Baileston. And if gold maintains its rise, then it should make for a decent few months ahead for ECR. We could end up in a bit of a deja vu situation towards the end of this year i.e. talking about a JV but this time with all the building blocks in place thereby giving us more conviction about it. As we have all been saying, the drilling results are going to be key. If we get another decent hit at CresWick, then it's very much game on again for ECR. GLA
@mentalmax: "Also I’m aware I’m comparing ecr with ggp.. a forbidden practice round these parts! apologies." In Prohibition America it was forbidden by some people to have a drink but most people did it all the time. Even the ones who were doing the forbidding.
But definitely a step in the right direction. Jumps 2% to a 10 week high on the back of a weak dollar. Be great to see it push.
Always enjoyed having my money in gold stocks. Lot of uncertainty in the general market with inflation etc, combine this with the crypto boom (which I don’t think will last personally) and gold is a great insurance.