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Jtb - I agree it would be a contradiction IF we were ever close to agreeing a JV. You are right, in this scenario, why would we then undertake drilling ourselves? However, it is also possible that we have in fact struggled to get our 'asking price' and/or get a JV over the line because of a lack of supporting evidence. To be fair, there has been very limited drilling at CresWick with only one hole to shout about in terms of evidence. Potential JV partner(s) might have indicated an unwillingness to proceed, or meet the 'asking price' until they see more evidence, or they might have made low ball offers because we have little evidence. I think we might have got a hint of this in the interviews that CB gave in January, when he talked about not accepting any JV offer, but that it had to be the right offer. Then in the same context, he stated that we might need to go back to CresWick to put another hole in, which is what we are now doing. IMO there has to be a reason why in the very midst of JV discussions (when there was more than one party reportedly interested in a JV) our CEO was nonetheless talking about the possible need to go back to CresWick, not for a full on drilling campaign with 1000s of metres of drilling, but sticking another hole in. Another way to look at this is to ask ourselves what useful purpose drilling only another 2000metres is going to serve for ECR/CresWick project? It is not going to materially advance the licence, or make a massive dent in meeting any licence conditions. Therefore, I think there is a possibility that this limited drilling is being done as a consequence of the JV discussions we have had, rather than a standalone plan that we have irrespective. Of course all pure spec and all IMO. No harm I guess in discussing it as we await news.
Yeah, i just don't know anymore and i think you and Angoose are correct regarding the JV. It's just a bit of a leap skipping from JV talks being in advanced discussions to us returning there to prove it up a little more before a JV is signed. Puts an even slighter element of pressure on the upcoming campaign there. Fingers crossed they come up with the goods and get something signed. Combine this with the new licenses which will hopefully soon be granted and we can push forward
Legalwolf,
I have the same opinion.
Makes the most sense... given it's location, licenses history etc.
look what we have here JV partners GOLD
AG1989 - it's interesting that we are currently planning only 2000 metres of drilling at Creswick (and possibly more later). Back in January, I recall CB saying something along the lines of 'we might need to return to CresWick ourselves and stick another hole in'. He said this when talking about the JV, and we discussed this remark extensively on this bb. Therefore, it is quite possible (likely even) that this drilling is being done for the SPECIFIC purpose of advancing a JV, rather than for the usual reasons (such as proving up, testing limits of mineralisation, licence renewal, etc).
Just putting this out there as a possibility - what do others think?
. The funds raised will also provide ECR with the financial flexibility to consider potential new opportunities as they arise
Could Get Mighty Interesting ! Could Have Quite Easily Left It Off The Last Rns !
In a recent interview, CB stated that he wanted to focus on existing projects and that ECR were not looking at other opportunities. I was glad to hear him say that. Of course, things can change, but I too would like ECR to focus on the existing projects first and stick with the current plan. ECR is a small operation and with £6 million in cash, I think it has enough work to be getting on with already. What would change this view is if there is either a 'too good to turn down' project that comes our way (a gold/copper project would be nice), or, we do a JV at CresWick and/or Baileston, which would then free the company up to develop any new projects. We still have Tambo remember which is untouched.
Personally, I wouldn't want them to. It's taken 3 years to sort out the additional Creswick licenses, years to sort Tambo out which is still ongoing, use the resources proving up what you have. Another project to stick 8 holes in and leave for another 3 years is not what ECR needs right now.
Operational update and progress on Creswick and MIDAs next location.
It wont happen and i know it's not on the cards, but I'd like MIDAS to temporarily join the contracting rig at Creswick, get a solid 3,500-4,000m of solid drilling under their belts, combined with the historic 1,700m and set themselves up (results pending) for a strong JV.
Nice to see a couple of 1M trades since lunch. Hopefully confidence returning as we look forward to Bailieston, CresWick and licences updates...
For An Aquisition ! Hinted In The Fundraise !