IMO, Folks need to be careful here. VAST has got itself in a really awkward position, not dissimilar to Cradle Arc this time last year.
A mouth watering opportunity to make some serious money. But needing additional finance over and above existing borrowings to proceed to production. Zimbabwe - not too dissimilar to Botswana Negotiated multiple sources of finance set against assets, with a need for inter-creditor agreements
As with CRA, everything lined up to finally make a fortune, only to see the rugged pulled out re finance. And as they say 'the rest is history'.
ZimGov wont sign the diamond agreement until the finance is sorted. The proposed loan from ATLAS may not be forthcoming until intercreditor agreement is signed off by Mercural. The proposed finance structure then has to be passed at General Meeting. Any future debt restructure loan from Swiss Tony will not be forthcoming until bulk sampling and proof of concept has been established.
On the back of this, ECR commisioned Western GeoPhysics to process and interpret existing airborne magnetic and ground gravity data.
The survey results announced mid October 2019 noted that the depths to magnetic sources were shallowest on a highly magnetic trend striking NNW-SSE in the western half of the Windidda project area. Added to this, previous gold intersections drilled by North Ltd (NL) in 1998-2000 coincide with the highly magnetic units in the NL Bermuda project area, which lies outside the Windidda project area to the south.
This magnetic and mineralised ‘Bermuda’ trend projects into Windidda exploration licence application E38-3369, and the modelling results indicate shallow feasible drill targets there.
It’s not just Creswick grabbing attention though. ECR revealed at the end of September that they had been approached by a listed mineral exploration company to farm into their Windidda Gold Project in Western Australia.
Whilst ECR have decided not to proceed with the farm-in, another company looking to come on board is certainly an encouraging indication of the project potential.
ECR may also be expecting some better offers to come to the table. Given how sought after licenses are in the Yilgarn Craton, not to mention difficult to come by, such a development wouldn’t necessarily come as a surprise given that the area is home to around 30% of the world’s known gold reserves.
The decision to retain 100% ownership is also an indication of ECR’s own strong belief in its value and confidence in its ability to go it alone.