Member Info for Zebbo1284

Surely if an official complaint is logged, it will prompt investigation?

I think Blue Mountain could be the cheapest exploration towards a resource in the short term. BM tenements are exploration licences. They need to be converted to a production licence to commercially mine first. To do this you need a sound resource. Looking forward to working towards this in the coming year.

To become a producer, ECR needs to convert an exploration licence to a mining licence, which needs a proven resource to do. The only project i see they have something close is the blue mountain. Junior companies need to have plan B and C to have a backup to generate funds to prove such resources.

Some seem to think that testing a few rockchips is enough to think that's enough to become a producer.

These are soil samples used to trace to the source of the gold in the rock. ECR hasn't sampled the soil looking for economic soil to mine, i think the results are indications towards the underlying source rock. This is a first for Lolworth. Positive news.

1 ppm = 1 g/t.

1 g/t is roughly 0.7 cubic metre. But we are not looking at volume, looking at mass.

ECR would need to convert the exploration licence to a mining licence to legally go into production. To get a mining licence they need to prove a resource. To get a resource they need to test more buckets of rocks.

Exploration is NOT cheap in Australia. It is a wise decsion that the Board are reducing the risk of spending into a project by testing stage by stage. Something previous CEO's never did and blew alot of money. Unfortunately it takes time and patience.

Regarding drilling other tenements than Creswick since 2019. This may have to do with completing work before a tenement permit expires. I think the Bailieston permit (HR3) was expiring therefore Craig had to finish testing the ground. They announced another 5 year renewal of Bailieston EL5433 licence last year I believe.

This is definitely a problem-having too many tenements at once because you are required to spend "X" amount $ over the limited years and end up not having a focussed project with such a junior company.

The ground at Creswick looks very nugget or nothing ground. High risk and high reward.

Selling the drill rig should also reduce the other costs that it seems people on here don't think about. That is the staff to run the thing and the up keep to maintain it. I know good drilling staff in Australia are on $1000 AUD plus a day. On top of this is superannuation etc... big costs overall especially when you are not making money with it.

The same can be said for the consultants. If they are contractors, they to have to pay their own costs of transport, software, tools, insurance etc... software alone can cost $10K per year to run. This is why they charge what they do.

I think this is a step in the right direction to minimise costs between exploration campaigns.

i have notied the large amounts of negativity from certain inviduals on here. if they are so ****ed off about their decision to buy and then lose out, why don't you sell at a loss against your tax.

it is true that visible gold at davey road found by locals prospecting doesnt mean we have bagged some in the drilling, but it does give confidence. good luck everyone. i bet the geo has fingers crossed atm.

It seems ECR have been dabbling here and there over the last 10 years without any real focus on anything. Hopefully the current direction is changing this philosophy. Otherwise you only have a share price jumping up and down instead of a steady climb.

They stated RC drilling will be used this time, It is faster, half the price of diamond drilling. MIDAS i believe is a diamond type drill rig. You only get grades with RC and not structure and geology in detail, but at this early stage of exploration at Davey Road etc... you first want grades to justify anything further.

It is not delete Qld at all. It is obvious ECR needs news flow over the seasonal no work period of Qld and the only other place where work can currently proceed is Vic.

Yes, christmas is some 20 days away. An RNS on the drilling plans might cement the SP a bit more.

If they drill RC method as they did in 2019, drilling very quick. I have heard RC drilling can achieve up to and more than 200 metres a day. The job will done quickly this side of xmas i reckon.

Looking forward to seeing what comes out of drilling. Big risk as always exploration is. If the gold was sticking out of the ground, the old timers would have got it all already (perhaps Notrex doesn't understand this). All ECR can do is reduce the risks and increase probabilities of success, this is done by rock chips and soil sampling. We know ECR has already identified some of these bull's-eyes in the Creswick area, they just need to drill test and hope there is some chance of commercial success.

Victoria is narrow small veins but the commercial success is in the grades and finding the grade continuity to depth.

It is always good to have an approach of interest from a bigger Company. YES it is only an approach. However, if Victoria exploration does come out of the current lull, Hopefully ECR will gain some traction on the SP. Having ground even near successful ground (Fosterville/Southern Cross) boosts the SP temporarily. ECR needs to battle through this period, hopefully some drill hits might turn peoples ears.

They are probably going to Creswick first because the chances of better drill intercepts in a shorter amount of time. Also, some of the Creswick prospects have already been soil sampled and are showing gold but never drilled. To soil sample and then drill north of HR3 would require more time for results. I believe they will eventually get round to Bailieston.