REG-ECR Minerals plc Second ECR Drill Rig Arrives At Melbourne

ECR MineralsAnnouncement

01/03/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230301:nBw5vVNS8a&default-theme=true


Second ECR Drill Rig Arrives At Melbourne

 

ECR MINERALS plc

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

Second ECR Drill Rig Arrives At Melbourne

ECR Minerals plc (LON: ECR), the exploration and development company focused
on gold in Australia, is pleased to provide an update on the second drilling
rig.

A contract announced on July 27 2021 (see RNS here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fw3zmgzr&esheet=53353952&newsitemid=20230228006461&lan=en-US&anchor=here&index=1&md5=5f159c9b62234c655c48b83c515ec8b3)
) agreed the purchase of a new Cortech CMR1000 multi-purpose drilling rig for
a total of US$402,957. The Board subsequently made the decision to delay
completion of the rig purchase to allow for the appointment of CEO Andrew
Haythorpe and the completion of a new strategic plan announced on July 6 2022
(see RNS here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fwvj5g3w&esheet=53353952&newsitemid=20230228006461&lan=en-US&anchor=here&index=2&md5=0a2f873702d5cc16366f319ac4331745)
).

As announced on October 11(th) 2022 (see RNS here
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpolaris.brighterir.com%2Fpublic%2Fecr_minerals_plc%2Fnews%2Frns%2Fstory%2Fw9emzdr&esheet=53353952&newsitemid=20230228006461&lan=en-US&anchor=here&index=3&md5=a972781eccd5dfbbad2dbdc246eb7e80)
) the purchase was completed, and the rig has arrived today, March 1(st) 2023
at Melbourne Port. Our team will immediately collect and fit out the rig with
support equipment in the coming days ready for deployment.

ECR CEO Andrew Haythorpe commented: “I am delighted that our long awaited
second drill rig has finally arrived in Melbourne. As I stated previously this
new Cortech multi-purpose rig will significantly enhance our on-the-ground
capabilities, offering both RC and diamond drilling systems.”

“As previously reported, our drill schedule for 2023 is ramping up
considerably, and the rig will be put to work following a period of
commissioning. The Board are also greatly encouraged by expressions of
interest from companies regarding leasing the rig outside of ECR’s own
schedule. In this regard, it is anticipated that the fees from leasing, if
agreed, will fund a significant portion of our planned work at Creswick. I
look forward to providing further details in due course.”

BACKGROUND

A contract for the purchase of a new Cortech CMR1000 multi-purpose drilling
rig was initially signed for a total of US$402,957 in 2021. This followed the
purchase of the Midas Drilling Rig (“MIDAS”) currently engaged in the
diamond drilling programme currently underway at the Blue Moon project,
Bailieston.

The Cortech CMR1000 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*.

ECR has an experienced team of drilling personnel to operate the rig, and
along with Midas, the addition of the new CMR1000 rig should increase the
Company’s flexibility in the field. Owning and operating the two rigs is
expected to accelerate future drilling schedules and enable drill programmes
to be completed at lower cost, and should a suitable opportunity arise,
provide ECR with rig rental income.

*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=53353952&newsitemid=20230228006461&lan=en-US&anchor=http%3A%2F%2Fcortech.cn%2Fproduct_show.asp%3Fid%3D2%26amp%3Blan%3Den&index=4&md5=82c2475d6a92dd52bcd9312fdf1fe40b)

FOR FURTHER INFORMATION, PLEASE CONTACT:
 ECR Minerals plc                                                                                                                                                                                                                                        Tel: +44 (0) 20 7929 1010  
 David Tang, Non-Executive Chairman                                                                                                                                                                                                                                                 
 Andrew Haythorpe, 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=53353952&newsitemid=20230228006461&lan=en-US&anchor=www.ecrminerals.com&index=5&md5=c4b7b8a2320fa13ba05cfe707b86ae12)                                                              
                                                                                                                                                                                                                                                                                    
 WH Ireland Ltd                                                                                                                                                                                                                                          Tel: +44 (0) 207 220 1666  
 Nominated Adviser                                                                                                                                                                                                                                                                  
 Katy Mitchell / Andrew de Andrade                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                    
 SI Capital Ltd                                                                                                                                                                                                                                          Tel: +44 (0) 1483 413500   
 Broker                                                                                                                                                                                                                                                                             
 Nick Emerson                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                    
 Novum Securities Limited                                                                                                                                                                                                                                Tel: +44 (0) 20 7399 9425  
 Broker                                                                                                                                                                                                                                                                             
 Jon Belliss                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                    
 Brand Communications                                                                                                                                                                                                                                    Tel: +44 (0) 7976 431608   
 Public & Investor Relations                                                                                                                                                                                                                                                        
 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 six licence applications outstanding which includes
one licence application lodged in eastern Victoria. (Tambo gold project). MGA
is currently drilling at the Bailieston Blue Moon Project (EL5433) and
undertaking geochemical exploration on the Creswick (EL6148) project 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 approved exploration permits covering 946 km(2)
over a relatively unexplored area in Queensland, 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 holds a 90% 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.



View source version on businesswire.com:
https://www.businesswire.com/news/home/20230228006461/en/
(https://www.businesswire.com/news/home/20230228006461/en/)

ECR Minerals plc


Copyright Business Wire 2023