REG-ECR Minerals plc Second ECR Drill Rig Update
11/10/2022 08:30
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Second ECR Drill Rig Update
ECR MINERALS plc
(“ECR Minerals”, “ECR” or the “Company”)
Second ECR Drill Rig Update
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%2Fwww.londonstockexchange.com%2Fnews-article%2FECR%2Fpurchase-of-second-drill-rig-for-central-victorian-goldfields-australia%2F15075443&esheet=52941607&newsitemid=20221011005668&lan=en-US&anchor=here&index=1&md5=67e6862767d01d60dbdcbeeff2fdbfb5)
) 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%2Fwww.londonstockexchange.com%2Fnews-article%2FECR%2Finvestor-presentation-and-strategic-update%2F15527479&esheet=52941607&newsitemid=20221011005668&lan=en-US&anchor=here&index=2&md5=df8617fbdf9e85b7cf952db006194906)
).
The rig purchase has now been completed, following the agreement of a
meaningful discount, on what the board consider to be competitive and
attractive terms. Arrangements are currently being made for the rig to be
loaded onto a ship for delivery to Melbourne Port.
ECR CEO Andrew Haythorpe commented: “I am delighted that we have now
completed the purchase of our long awaited second drill rig, and on very
attractive terms. Our MIDAS drill rig has proved its value in the field time
and time again.’’
I believe the new Cortech, multi-purpose rig will significantly enhance our
on-the-ground capabilities, offering both RC and diamond drilling systems. As
Technical Director Adam Jones works on expanding our existing drill campaign
plans, I look forward to announcing details of the rig’s maiden deployment
once it arrives at Melbourne.”
ECR Chairman David Tang added: “I am pleased that we have finally secured
our new Cortech rig on very preferential terms. Given the challenges that
regional operators face in scheduling drill teams and equipment, the board
considers that the new rig is a solid investment that will ramp up our
operational capability and flexibility. In addition, this could also provide
ECR with potential rig hire income should a suitable opportunity arise in the
future.”
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=52941607&newsitemid=20221011005668&lan=en-US&anchor=http%3A%2F%2Fcortech.cn%2Fproduct_show.asp%3Fid%3D2%26amp%3Blan%3Den&index=3&md5=9a5f65bd610fc30d3e398aeb82b7eec2)
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=52941607&newsitemid=20221011005668&lan=en-US&anchor=www.ecrminerals.com&index=4&md5=630f2c812e5718c48cd122279c912863)
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
BlytheRay Tel: +44 (0) 207 138 3204
Public Relations
Tim Blythe
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 (EL5433) and Creswick (EL6148)
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=52941607&newsitemid=20221011005668&lan=en-US&anchor=https%3A%2F%2Fmercatorgold.com.au%2F&index=5&md5=a6a4dd74b2a2348e6c5bec04cbbb9217)
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 Queensland, Australia.
https://luxexploration.com/
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fluxexploration.com%2F&esheet=52941607&newsitemid=20221011005668&lan=en-US&anchor=https%3A%2F%2Fluxexploration.com%2F&index=6&md5=38d6af678c8dd920a572238661e20207)
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 70% 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:
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(https://www.businesswire.com/news/home/20221011005668/en/)
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