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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 .
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...
A$ Snip, Aussie dollars!
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?
On balance SnipVW you are also hypothesising about the land purchases with that last post.
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.
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
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.
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'.
Ha good point SnipVW, news every week eh?!
What's this speed and flexibility you talk of? Can't see any from where I'm looking.
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.
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....
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.
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 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.