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I'm confused (nothing unusual there lol)....but what is the point of having a lab if it doesn't get the results any quicker.
It's been weeks since we got the last assay results. I had assumed by having the lab (that every keeps saying is a good thing), would produce faster results. Maybe someone can enlighten me.
I may be wrong here, but my interpretation of why a lab is handy is so they can do their own in house testing prior to sending the samples off get the official grades.. This way they can be more efficient with what they send. I'm sure there are other benefits also.
I'm sure there will be people who know better than me but I'm thinking that you would need results independently verified before they could be released as an RNS. A lab would allow ECR to get quick results and target areas accordingly but perhaps not release officially.
thanks for that, but if this is supposed to speed up results I'd hate to think how long it would take without the lab....
kdonk, The point of their own lab and their own drill rigs is speed and being agile.
the company does not want to wait 4-6 weeks for each result to come back from the lab and then make a decision on if they need to move/change the drilling plan. Having it on site they can make those decisions quickly , make adjustments to sites/drilling angles and also input data in to their resource mapping software without delay.
Having speed and flexibility with their own lab/rigs is an absolute masterstroke.
Of course they have said they will only publicly publish results from an independent lab which is absolutely the correct thing to do as any variation from in house & independent results, no matter how small, would lead to mistrust and the negative posters would be all over it, so adds some certainty/confidennce.
What's this speed and flexibility you talk of? Can't see any from where I'm looking.
Ha good point SnipVW, news every week eh?!
Oh, wait, someone has to remind us of the delays from the labs!! There are plenty of miners returning assays over the last 6 months so I'm not buying this 'delay'.
I'm not aware that they have a lab, not seen any pics of it and ECR are usually good at showing what is where.
I am aware that Australia has moved from winter into spring when the drilling everywhere ramps up so the assays will back up.
Someone kept saying about the draconian (Draco's fault) lockdown measures , well that didn't impact the drilling as we know Creswick is on the 13th hole and not sure where we are on Bailieston but apparently is having an impact on all companies with regards to assay results (ref: = Last interview with Craig where the interviewer spoke about the assay problems).
Some of the money was highlighted for a 'lab' but I do wonder if it was low key stuff like another XRF machine and maybe a grinder and small furnace , anyway , never did I expect it to be something with a room full of equipment and white coats working in there day in and out.
Snip, The agility won't be visible from our viewpoint.
Subtle changes in the drilling angles, slight amendments to drilling locations and deciding not to drill/ drill additional holes will all be being made based on the results that they are seeing.
The land purchases are a sign that the results are promising
TS - what are you talking about? You are completely hypothesising as to what's happening. Also, show me another miner who has purchased land in the same way ECR has? At this rate we are going to run out of cash very soon, buying property with 30% of our cash position is foolhardy.
CB has made a few dubious errors in the last 9 months and is coming across as a bit of a fool now. He needs to turn things around and quickly. I would also like to see an updated share register to see exactly who's behind us and really controlling things.
On balance SnipVW you are also hypothesising about the land purchases with that last post.
in what way am I? $1.25m on both of them. If anyone can provide evidence of small miners buying land packages whilst exploring said land, I'd be happy to see this and what the results have been?
A$ Snip, Aussie dollars!
You called CB foolhardy for buying land, you’re hypothesising that it was a bad move, when in reality we don’t know all the details, just like with the lab. More detail on both fronts would be greatly appreciated though, if you’re reading CB...
I thought it was clear on both max.
Bought to ensure that they have land available, that isn't crown land , to put in declines on both CresWick and Bailieston when the time comes as they have said for some time that they will put in mines on both .
Having the land available now saves a lot of time and money in the future with permissions . The purchase of both blocks doesn't make ECR worth any less and they will still have a few million to continue with the drilling .
What I want to know (detail wise) is what gave them the confidence to spend 30% or their working capital on land for declines and tailing facilities.. Personally I see it as a very positive move, you would drill an area for months then buy land to set up camp if the geography was duff.. surely?!
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'
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.
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.
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.
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.
Trek
ecrminerals
@ecrminerals
·
Sep 23
#ECR - Our new land purchase at 127 Nagambie-Rushworth Road, Bailieston.
~ Adjacent to Cherry Tree project, which neighbours
@KirklandLakeGld
’s #Fosterville #gold mine
~ 297 acres - ample scope to develop a mine, processing plant & tailings dam
https://twitter.com/ecrminerals/status/1440956271910400000
Thought this was all pretty clear, no wonder PI's get a poor rep lol
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”!