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ECR Minerals #ECR – Purchase of Second, Multi-Purpose Drilling Rig for Central Victorian Goldfields, Australia
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce the purchase of a second drilling rig by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
MGA has recently signed a contract for the purchase of a new Cortech CMR1000 multi-purpose drilling rig for a total of US$402,957. This follows the purchase of the Midas Drilling Rig (“Midas”) currently engaged in an aggressive drilling programme at the Bailieston project. The new rig is a high capacity, heavy duty multi-purpose drill rig which is highly effective in diamond coring, reverse circulation and rotary drilling techniques. It has been purchased complete with spares and all downhole equipment and is capable of drilling as deep as 2,000 metres*. The rig will be delivered in Q4 2021 and will further boost MGA’s in-house drilling capability.
With access to a growing team of experienced drilling personnel to operate the rig, along with Midas, the addition of the new CMR1000 rig increases MGA’s flexibility in the field and is expected to accelerate future drilling schedules and enable drill programmes to be completed at lower cost.
Craig Brown, Chief Executive Officer commented: “I am delighted to announce the acquisition of our second drill rig. Midas has already proved its value in the field, as it has been constantly working at Bailieston since our campaign launch at the Byron prospect announced on January 12th 2021.
The strong cash position enjoyed by ECR Minerals has enabled us to maintain aggressive drilling programmes across our existing properties, and the acquisition of the new, multi-purpose rig significantly enhances our on-the-ground capabilities.
The RC and diamond drilling capability the new CMR rig provides us with is particularly suited to the license areas at our three Queensland projects announced in May 2021. Given the recent results from the Creswick project announced on July 19th 2021, we are confident that the strategy of fast-paced and aggressive drilling programmes across multiple high-profile gold targets will expose ECR to potential new gold discoveries.”
*Factory data sheet specification http://cortech.cn/product_show.asp?id=2&lan=en
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
OR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | ||
| David Tang, Non-Executive Chairman | |||
| Craig Brown, Director & CEO | |||
| Email: | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | ||
| Nominated Adviser | |||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | ||
| Broker |
Nick Emerson
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Novum Securities Limited Broker Jon Belliss |
Tel: +44 (0)20 7399 9425 |
Brand Communications
Public Relations Tel: +44 (0) 7976 431608
Alan Green
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queesnland, Australia.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
ECR has earned a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.
ECR Minerals #ECR – Placing of shares to raise £2m, acceleration & expansion of drilling campaign
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on Australia, is pleased to announce the placing of 90,909,091 new ordinary shares of 0.001p at a Placing price of 2.2p per share to raise gross proceeds of £2,000,000.
The net proceeds of the Placing, which is conditional on admission of the Placing Shares to trading on AIM, will be used to ramp-up drilling and exploration activities on ECR’s 100%-owned gold exploration projects in Victoria, Australia and for working capital purposes. The Placing was arranged by the Company’s joint-broker Novum Securities.
Drilling with the Company’s own diamond drill rig is continuing in the HR3 area of the Bailieston gold project in Victoria. Five drill holes have been completed, and a sixth hole is in progress. ECR expects to be in a position to report assay results from initial holes later this month. Visible gold has been noted in the hole first drilled at the Byron prospect (see announcement dated 12 February 2021).
Placees will receive one warrant for every two Placing Shares and accordingly, subject to the Placing completing, 45,454,545 Warrants will be issued by the Company. Each Warrant permits the holder to subscribe for one new ordinary share in ECR Minerals plc at a price of 3.75p for a period of 24 months from the date of Admission. If all the Warrants were to be exercised, this would generate proceeds of approximately £1.7 million for the Company, although there can be no guarantee that this would occur.
Craig Brown, Chief Executive Officer, commented:
“We are delighted by the tremendous show of support for ECR from investors in the placing announced today. We believe this reflects both the high degree of market interest in Victorian gold projects generally, and ECR’s success in assembling a highly prospective portfolio of projects and establishing an in-house drilling capability which is being put to full use.
The net proceeds of the placing announced today will take the Company’s cash position to in excess of £5.8 million and, in addition to funding a modest expansion of our operational capabilities at our Bendigo HQ in Central Victoria, will enable ECR to drive hard towards its twin targets of establishing a maiden JORC compliant gold resource at the Bailieston project and completing further drilling at the Creswick project. The funds raised will also provide ECR with the financial flexibility to consider potential new opportunities as they arise. We are now fully funded for these programmes and don’t envisage requiring additional equity financing for quite some time.”
ADMISSION OF NEW SHARES AND TOTAL VOTING RIGHTS
Admission of the Placing Shares to trading on AIM is expected to occur on or around 30 April 2021. Following admission, ECR’s issued ordinary share capital will comprise 985,528,390 ordinary shares of 0.001p. This number will represent the total voting rights in the Company, and, following admission of the Placing Shares, may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules. The new shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
MARKET ABUSE REGULATION
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (MAR) (as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals plc |
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David Tang, Non-Executive Chairman |
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Craig Brown, Director & CEO |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
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Tel: +44 (0)207 220 1666 |
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Nominated Adviser Katy Mitchell and James Sinclair-Ford |
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Novum Securities Limited Broker Jon Belliss |
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Tel: +44 (0)20 7399 9425 |
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SI Capital Ltd |
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Tel: +44 (0)1483 413500 |
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Nick Emerson
ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia. ECR is currently drilling high priority targets on the Bailieston gold project using the Company’s own diamond drill rig. ECR has an experienced exploration team with significant local knowledge in the Victoria Goldfields.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX), ECR has the right to receive up to A$2 million in payments subject to future resource estimation or production at those projects.
ECR has earned a 25% interest in the Danglay gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.
ECR Minerals #ECR – CEO Craig Brown talks to Alan Green
Brand Comms CEO Alan Green talks to ECR Minerals #ECR CEO Craig Brown about the company’s flagship gold exploration projects in the heart of Australia’s Victoria Goldfields. Taking slides from the latest company presentation, Craig talks about ECR’s wholly owned drill rig, HQ at Bendigo and the £4m funding and extra cash resources owned by the company. We look at the Creswick Gold project located close to the Ballarat Gold Mine before discussing this year’s production numbers at the Fosterville goldmine and how they might compare to assay results and ore grades currently being drilled at the Bailieston HR3 target. Craig looks at Black Cat, Cherry Tree and other targets at Bailieston, before we move onto the blue sky potential at the Tambo Project, and the connection with ECR’s Head Geologist Dr Rodney Boucher. We end with some takeaway points for investors.
ECR Minerals #ECR CEO Craig Brown interviewed by StockBox Media
ECR Minerals #ECR CEO Craig Brown is interviewed by StockBox Media. Craig discusses the recent purchases, including the Midas drill rig, and how the company plans to set up its own laboratory to analyse drill samples and geo data.
Craig explains the drilling process and how owning the equipment and resource has improved efficiency of operations and ultimately a speeding up of the process.
With £4m in the bank, sufficient funding to take the company through to 2023, Craig says the quartz cores extracted are looking very positive, although the detailed analysis needs to be undertaken.
Craig explains how the team at the new broker will conduct site visits and prepare detailed analysis notes, plus the Shenyang Xinliaoan Machinery Co major shareholding, (first invested in 2017). The company, which has approaching $1bn in assets, supplies mining equipment, plus equipment for industrial and earth moving equipment.
As major shareholders, Shenyang will also provide operational support and equipment for ECR going forward.
In regard to JV interest, short term Craig sees the greatest potential at Bailieston and HR3, Bryron, Blue Moon, Black Cat, Cherry Tree South and other areas. HR3 mineralisation looks v similar to Fosterville.
There is still serious interest at Creswick. Technical due diligence has been completed, so currently the JV partners are awaiting the final legal documentation. The partners are well known in the industry, having worked with a number of billion pound listed companies.
Craig ends by saying he’s not so much interested in corporate deals, rathermore he wants to discover something ‘on the ground’.
“It’s incredible when you discover something from nothing, and discover there is $8bn of gold sitting there. That’s what we hope to do for ECR..”