REG-ECR Minerals plc Purchase of Second Drill Rig for Central Victorian Goldfields, Australia

ECR MineralsAnnouncement

27/07/2021 16:20

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Purchase of Second Drill Rig for Central Victorian Goldfields, Australia

 

ECR MINERALS plc

(“ECR Minerals”, “ECR” or the “Company”)

Purchase of Second Drill 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 12(th) 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 19(th) 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
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fcortech.cn%2Fproduct_show.asp%3Fid%3D2%26lan%3Den&esheet=52466800&newsitemid=20210727005838&lan=en-US&anchor=http%3A%2F%2Fcortech.cn%2Fproduct_show.asp%3Fid%3D2%26amp%3Blan%3Den&index=1&md5=9b0862d29700790ed2f549626fa8d83c)

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:                                                                                                                                                                                                                                                                                
 
                                                                                                                                                                                                                                                                                     
 info@ecrminerals.com (mailto:info@ecrminerals.com)                                                                                                                                                                                                                                    
 Website: www.ecrminerals.com                                                                                                                                                                                                                                                          
 (https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ecrminerals.com%2F&esheet=52466800&newsitemid=20210727005838&lan=en-US&anchor=www.ecrminerals.com&index=2&md5=d64fe89beb2b8e008c7d568adbffa388)                                                                 
                                                                                                                                                                                                                                                                                       
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ABOUT ECR MINERALS PLC

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.

https://mercatorgold.com.au/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fmercatorgold.com.au%2F&esheet=52466800&newsitemid=20210727005838&lan=en-US&anchor=https%3A%2F%2Fmercatorgold.com.au%2F&index=3&md5=f6b32a4c8e3e9dd57aedc23554d51b79)

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.

https://luxexploration.com/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fluxexploration.com%2F&esheet=52466800&newsitemid=20210727005838&lan=en-US&anchor=https%3A%2F%2Fluxexploration.com%2F&index=4&md5=dfa80af970b96e4721ef2f7c917b5f05)

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.



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ECR Minerals plc


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