Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I’m pretty sure I remember CB saying in an interview back end of last year that the reason they were drilling at HR3 first was a problem getting the permit to drill at Blue Moon and they didn’t want to sit on their hands waiting for that. If that’s the case then they still don’t have it if it’s HR4 next. Seems getting a license is one thing and a permit something completely different. I maybe wrong on this and I can’t be bothered to try and find it as I’ve also lost faith in CB. Still invested though so let’s hope he can turn it around.
Well if they need any advice RE a cheeky placing they could always ping an email to CB ;-)
@ mentalmax - my sentiments exactly - there are no guarantees but we do have the funds to keep rolling the dice many times over.
Wishbone Gold have just announced a monster of a drilling programme in the Patterson area.
Filed to drill 100 holes, up to the depth of 300m but it does not suggest all holes will go this deep
The question with that, are they fully funded for such a campaign? A lot of money, time and resources for a campaign like that.
This is where ECR stand in a favourable position. £6m in the bank, your own drill at Bailleston and contract drill at Creswick
*of
Indeed, all the fluff aside ECR have a cracking chance with all that. Any stock is a gamble, but with 6m, their own drill and sub contractors, acres and acres of historically fruitful land to explore..
One could argue they have many, many, many throws if the dice... and it only needs to land on six once to absolutely transform the company.
I see the SP is heading up. Should get to at least placing levels short term now sentiment is returning.
GLA
Legalwolf - definitely. It’s 6 of one, half a dozen of the other. But we are where we are.
And with over £5m in the bank and Creswick activity slowly sneaking in, the company are in a good position.
The SP looks to have “bottomed” but I’ve never been good in calling these Charts. It just seemed a great opportunity to average down for some, and a slightly average up for others.
My initial investment here was on the back of Creswick and some podcast I watched. Can’t remember the participants at the time. The JV is still on the cards but finally we have activity and will be able to release more assays to the market.
I think Craig believes Bailleston will return the most value for shareholders, but i still believe Creswick will be the catalyst. Nice problem to have, funded, 2 projects being drilled, which will eventually edge itself ahead as being the crown Jewell in the portfolio.
As well as the licences, the drilling results we get at CresWick will also be an important factor in any JV, in terms of it going ahead and the terms on which it goes ahead. If we get really good result on our existing licence, and we get the other CresWick licence as well, then I can see us getting a JV without the Ballarat one. The focus would be on the DMS much of which would run through these licences. With drilling at both projects and possibly decisions on licences as well, these next few months are shaping up to be really crucial/determinative for ECR.
Gino2903 - I commend your frank appraisal of Craig Brown and your honest disclosure of your investment position. CB is not the first Ozzie who I have come across who has bigged up a company's prospects and in effect led retail investors down the garden path. One has to hope that he has learned from his errors.
I regret that I have a jaundiced view of the placing in that in my opinion Novum Securities were not a good appointment and there is a fine dividing line between what is best for one's client and what is best for one's own fee income - brokers do well out of placings. Brown showed immense naievity regarding the placing. He has now freely admitted that the company did not need the money.
The events also in my view lead to questions about a very highly paid chairman - W. Tang. Where was he whilst all this was going on and should he remain in position? What does he offer the company which another prospective chairman on over £100k per annum (or even less) can offer?
Gino/AG1989 - good posts as usual. I initially had a slightly different view on the order of drilling at Baileston. I think there is some merit in going for the 'least exciting targets" first because if you get poor results there, as we might end up with at HR3, then at least the dream remains alive because you have your best targets to come. Look how we are all still hopeful because we still have Blue Moon etc to come. Equally, if you get great results at these lesser targets - as we still might at HR3 - then you have that sense of 'great start but the best is yet to come'. A great sentiment driver.
Imagine if it was the other way round, and we had obtained these results for Blue Moon? That would put a downer on the whole project and it would be harder to keep the hope/dream alive for Baileston. Therefore, I was initially okay about us going for HR3 and HR4 first. If we get good results at either, then it sets us up nicely and you can really start to see concrete evidence of a decent JORC resource building up for Baileston, and can think of the company going from exploration into mining.
Because sentiment/faith has been damaged by recent events, there is part of me that is now thinking: 'I actually want to know how good these exciting prospects actually are, or is it all hype' and therefore going to Blue Moon is starting to appeal more. And because of this, I am also hesitant to invest more here until we get actual and decent drilling results.
Yeah, i think a few have also lost faith, and whether he can regain that faith, who knows. but the important aspect now is the Gold in the ground
We are finally motoring with Creswick, but I've had the same train of thought as you with Bailleston, Blue moon should have been priority. I'm sure they're heading to HR4 next so I'l just have to keep faith that these untested targets will end up delivering. I'd love them to build up a comfortable JORC at Blue moon and/or Black Cat before testing the waters elsewhere.
Technically there is no right and wrong answer and every chance HR4 proves to be a gem, but if it doesn't, it could have been 6 months of drilling which may return little to nothing. There's no guarantee of a good strike at blue moon but with a solid 2018 campaign, it would have been better for me.
We could recieve our "First grant date" at the 2 new accepted Creswick licenses very soon which would be a welcome
I feel it appropriate to come out of LSE retirement and post. Let me just start off by getting the hard stuff off my chest.....CB has made a monumental mistake acting the way he did. Regardless off his reasoning in interviews, he misrepresented and has lost alot of my faith going forward.
I feel he also made a monumental mistake drilling anywhere apart from blue moon......many posters will remember my displeasure last year when I seen blue moon wasn't on the hitlist. Its our closest target to JORC and production, yet the board feel it necessary to chase a dragon and narrow veins at the HR's. These grades are not unexpected.
I currently hold several million at 2.49p average after averaging up from 1.98p, I am extremely disappointed in CBs actions. I don't generally sell at a lost and reworked my position from a 70p+ average, as many know. However, I have decided that when I get a 2.5p sell price I will be significantly reducing my holding. This little test has proven I cannot trust CB enough with what i have invested now. I expect to leave a about £25K as the company assets have not changed - but it frees up trading capital - a strategy which may not pay off, but ECR is a longer play now.
Moving forward we will be fully diluted at c1.2B shares, warrants and options included, giving us a pound for pound MCAP of £22M 1.85p. We have recently been valued at £38M and nothing has changed apart from sentiment. That means I expect a pound for pound SP of 3.2p in the not to distant future, however this will be a longer play for me and feel 8-10p is more realistic end of year. It will be strangled by warrants until then. A nice opportunity at these levels.
I like how the JV has been solidified and we now know that before a JV is confirmed all Creswick licences must be granted. I hope this does not extend into the Ballarat licence.......my big concern.
Baillieston gold has not disappeared and I look forward to seeing the future results over the next year or 2......I sit and wait patiently as I have done for 7 or 8 years since my first purchase.
I just cant continue to put almost all my eggs in one basket. Time will tell if CB can change my mind.