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ECR Minerals #ECR – Drilling Update – Creswick Gold Project Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to announce that the Company’s drill programme at the Creswick gold project in the state of Victoria, Australia, has commenced and the first four holes have been successfully completed.

Further information in respect of this drill programme is available in the Company’s announcement of 29 January 2019.

In addition, ECR have produced a project specific presentation for the Creswick gold project, which may be viewed on the Company’s website through the following link:

PDF version:

https://www.ecrminerals.com/investors-media/presentations/download?path=ECR%2BCreswick%2BQ1%2B2019%2BDrilling%2B%2BProgramme%2B08-02-19.pdf

PowerPoint version:

https://www.ecrminerals.com/investors-media/presentations/download?path=ECR%2BCreswick%2BQ1%2B2019%2BDrilling%2B%2BProgramme%2B08-02-19.ppsx

It is also the Company’s intention to provide site photographic images for the Creswick gold project drill location and drilling process on the Company’s website.

The images may be viewed through the following link:

https://www.ecrminerals.com/creswick-gallery

COMPETENT PERSON STATEMENT

The information in this announcement that relates to Exploration Results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.

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.

FOR 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

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson

ABOUT ECR MINERALS PLC

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Limited has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda Gold Project in the Yilgarn Region, Western Australia.

ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.

ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.

ECR Minerals #ECR – Exploration mapping Reveals Large Gold System at Creswick Project

ECR Minerals plc (LON:ECR) the precious metals exploration and development company is pleased to confirm that exploration mapping undertaken by the Company at the Creswick Project has identified a large gold system in the Dimocks Main Shale gold targets.

The DMS sits between two large gold producing areas where it is estimated historically, 15 million ounces of gold has been produced in Victoria, Australia. It is the proposition of the Company’s technical team that they have identified the hard rock source for a significant portion of the aforementioned 15 million ounces of gold production. Although further work is required to validate this proposition.

A visual representation of the DMS and the Company’s mapping, which demonstrates the potential link from the alluvial source with the DMS, is provided through following links to the ECR Minerals website:

https://www.ecrminerals.com/images/Creswick_Map1.jpg

https://www.ecrminerals.com/images/Creswick_Map2.jpg

The original acquisition of the Creswick project was announced by the Company on 20 April 2018 and readers may wish to review that announcement.

Highlights:

  • ECR Minerals holds a 100% interest in the Creswick Project which includes granted Exploration Licence 6184 and an adjacent exploration licence application numbered EL6713 submitted by the Company following the acquisition of the Creswick project in April 2018;
  • Exploration mapping undertaken by ECR’s technical team led by Dr Rodney Boucher, who has significant experience in the area, has revealed a potential link between the large alluvial gold system at Ballarat and Creswick with the DMS gold source;
  • The DMS system hosts strata-bound auriferous quartz veins hosting the gold mineralisation and has potential for bulk gold mining;
  • The DMS is 25 m wide and runs for over 7 km through ECR’s tenements and is estimated to be 15 kilometres in total length, including adjacent tenements;
  • The DMS is open at depth resulting in considerable in-situ tonnage that could be included in a bulk mining activity, if it is to be proven to contain economically extractable gold;
  • The directors believe the DMS is an important gold source, which has been extensively worked along it’s entire length, as evidenced by ECR’s data suggesting there are 300 reef shafts (mine workings) on the DMS. These shafts, which are still located on the DMS, suggest that there were significant active alluvial workings on site;
  • Notwithstanding this visual verification by the Company’s technical team, only two of these shafts are currently recorded in the government database along the DMS. The directors believe that this record is incomplete and that this may be a reason why the region has not attracted recent exploration activities;
  • The technical team’s review of field mapping and understanding of the regional sedimentology of alluvial workings demonstrates that the DMS within ECR’s tenements is a potential contributing source to the Creswick/Berry Lead systems (estimated to have produced 2.6 million gold ounces) and a potential contributor to the Eureka Lead in the upper parts of the Ballarat goldfield that (estimated to have produced 11 million ounces of alluvial gold plus an additional 2 million ounces of reef gold);
  • ECR Minerals will drill test the DMS to establish the gold endowment within the DMS tonnage identified;
  • Rock chip sampling of the DMS is currently underway to supplement exploration data and analysis currently available, prior to commencement of drilling;
  • The Directors believe that the DMS provides potential for the Company to identify a rare bulk tonnage gold operation in Victoria, Australia, although at this stage there is no guarantee that such an outcome will be achieved; and
  • Further information will follow to outline material developments in the now prioritised Creswick Project exploration programme.

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “We are excited by this discovery of a potentially large gold system at Creswick which has been identified by our technical team, led by Dr Rodney Boucher, and is the outcome of many years of detailed study. We are very grateful for the professionalism, experience and commitment that has been applied to reach this point.

The news announced today is in line with our primary objective to make a significant and economic gold deposit discovery. The confirmation of a system which potentially feeds into two established gold producing areas is very exciting for the team; and an area of targeted future exploration.

We will be providing further information in respect of this project, and specifically the drilling programme for the DMS which will be undertaken in due course when preparatory works have been undertaken.

The board’s confidence in the Victoria region and its potential to hold further large gold deposits has been growing with our recent work and today’s announcement provides a significant step up in our confidence level.

Further work is required to substantiate our findings and quantify the extent of gold mineralisation, but without doubt, the Creswick licences are now a key project for the Company.”

Further Information – Dimocks Main Shale Gold Targets

In the view of the Company’s technical team contemporary exploration has continually been drawn to the district due the proximity of the Ballarat and Creswick goldfields and in particular exploration programs within EL6184 have sought the source alluvial gold that was in the Berry Lead system.

It is also the view of the technical team that despite numerous companies having held tenements over the area those companies failed to recognise the significance of the Dimocks Mains Shale and its potential for significant gold mineralisation.

ECR Minerals’ Geologist Rodney Boucher recognised the potential of the Dimocks Main Shale and has been mapping in the region for 15 years for several companies. When a differing company relinquished the ground to the north of North Ballarat’s tenements, Rodney Boucher applied for EL6184 and provided it to ECR Minerals. Subsequently ECR Minerals have applied for EL6713 over recently relinquished ground.

The Dimocks Main Shale provides an opportunity not previously recognised in Victoria. The DMS is 25m wide and hosts strata-bound auriferous quartz veins with potential for bulk mining (refer to Map 1).

The shale has been mapped and shown to run for over 7 km in EL’s 6184 and 6713 (refer to Map 1). The DMS continues 8 km to the south to form one third of the Ballarat goldfield at the locality of Nerrina or Little Bendigo.

Field mapping of alluvial workings (refer to Map 2) shows the potential link between the alluvial workings and their gold sources, in particular the DMS and suggests that the DMS is a major contributing source to the Berry Lead system (estimated to have produced 2.6 million ounces of gold) and a contributor to the Eureka Lead in the upper parts of the Ballarat goldfield (estimated to have produced 11 million ounces of alluvial gold plus an additional 2 million ounces of reef gold).

COMPETENT PERSON STATEMENT

The information in this announcement that relates to Exploration Results is based on information compiled by Dr Rodney Boucher of Linex Pty Ltd. Linex Pty Ltd provides geological services to Mercator Gold Australia Pty Ltd, including the services of Dr Boucher, who has a PhD in geology, is a Member and RPGeo of the Australian Institute of Geoscientists and is a Member of the Australian Institute of Mining and Metallurgy. Dr Boucher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Boucher consents to the inclusion in the announcement of the material based on his information in the form and context in which it appears.

ABOUT ECR MINERALS PLC

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia.

ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.

ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.

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.

FOR 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

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Broker
Graeme Dickson
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson

FORWARD LOOKING STATEMENTS

This announcement may include forward looking statements. Such statements may be subject to numerous known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward-looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward-looking statements because of new information, future events or for any other reason.

ECR Minerals #ECR sees ‘significant gold opportunity’ at Blue Moon in Australia – Proactive Investors Stocktube

ECR Minerals PLC’s (LON:ECR) CEO Craig Brown and geologist Dr Rodney Boucher discuss the recent work programmes carried out at the Blue Moon gold project in Australia.

ECR Minerals #ECR – Directorate Change

The directors of ECR Minerals plc announce that Christian St. John-Dennis has resigned as a director of the Company with immediate effect, in order to focus on his other business interests.

Craig Brown, Chief Executive Officer of ECR, commented: “The Directors would like to thank Christian for his assistance to the Company to date, and wish him well in his future endeavours. The Company’s intention is to appoint a new Non-Executive Director and a further announcement will be made to the market in due course.”

The Company confirms that it expects to release assay results at its Blue Moon project tomorrow.

FOR 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

Website: www.ecrminerals.com

WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Broker
Graeme Dickson
FlowComms Tel: +44 (0)7891 677 441
Investor Relations
Sasha Sethi

FORWARD LOOKING STATEMENTS

This announcement may include forward looking statements. Such statements may be subject to numerous known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward-looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward-looking statements because of new information, future events or for any other reason.

ECR Minerals #ECR – Unaudited Half-Year Results for the Six Months Ended 31 March 2018

UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2018 AND UPDATE

LONDON: 29 JUNE 2018 – The directors of ECR Minerals plc are pleased to announce the Company’s unaudited half-yearly results for the six months to 31 March 2018, along with an update on the Group’s activities.

HIGHLIGHTS:

  • Five gold exploration licences in Victoria, Australia now held by ECR’s wholly owned subsidiary Mercator Gold Australia Pty Ltd, with a sixth licence applied for.
  • Consultancy Terra Resources identified 47 targets for potential follow-up within the Avoca, Bailieston, Moormbool and Timor exploration licences, including 15 high priority areas.
  • Blue Moon, Bung Bong and Monte Christo gold prospects drilled, with results for Bung Bong and Monte Christo announced in June 2018.
  • Blue Moon assay results received very recently and will be announced early next week.
  • Acquisition of Creswick gold project, considered highly prospective for gold mineralisation.
  • Reduced group comprehensive expense of £321,433 for 6 months ended 31 March 2018, (£432,339 for six months ended 31 March 2017).
  • Net assets of £3,413,791 at 31 March 2018 (£2,382,561 at 31 March 2017).

CHIEF EXECUTIVE OFFICER’S REPORT

ECR has continued to concentrate its efforts on gold exploration in Victoria, Australia, although the Directors regularly review potential new projects both inside and outside Australia. We view Victoria as a relatively overlooked gold exploration destination, given its impressive past gold production of around 85 million ounces, and the presence of a number of successful modern gold mines in the state. In particular, we note that the Fosterville mine, which is located in the same district as ECR’s Bailieston and Moormbool projects, has produced more than one million ounces to date, and is now under the ownership of Canada’s Kirkland Lake Gold. Kirkland Lake’s 2018 production guidance for Fosterville is 260-300,000 ounces from high grade underground mining operations.

ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) now has five exploration licences in Victoria (Avoca – EL5387; Bailieston – EL5433; Creswick – EL006184, Moormbool – EL006280; and Timor – EL006278), with a sixth licence under application and expected to be granted shortly (Creswick North).

In December 2017, the Company received the results of an interpretation and targeting study using open-file geophysical data covering the Avoca, Bailieston, Moormbool and Timor exploration licences. The study was carried out for MGA by the consultancy firm Terra Resources and identified a total of 47 targets for potential follow-up, including 15 high priority areas. The geophysical compilation datasets included regional airborne magnetics and radiometrics and ground gravity data, which were processed and imaged in order to perform geological interpretation and target generation. The high priority targets identified included areas already considered to be of significant interest by ECR, such as the Byron, Black Cat and Cherry Tree prospects at Bailieston, the magnetic anomaly at Moormbool, and the Leviathan trend at Timor. Several new target areas were also identified.

Early in 2018, Dr Rodney Boucher, an experienced Victorian gold geologist, commenced a review of all available data on MGA’s exploration licences (at that time numbering four licences), complemented by geological mapping and geochemical surveys in selected areas. The purpose of this work was to help define targets for a diamond drilling programme extending across a number of MGA’s prospects. The geochemical surveys utilised a portable XRF to delineate proxy minerals associated with gold.

Drilling at Blue Moon, Bung Bong and Monte Christo prospects

Drilling commenced at the Bung Bong prospect in April 2018, and five holes were completed. Thereafter, the rig moved to the Monte Christo prospect, and then to the Blue Moon prospect, with two holes drilled at each, after which the programme was brought to a close. The Blue Moon prospect is part of the Bailieston project area (EL5433), while Bung Bong and Monte Christo are part of the Avoca project area (EL5387). Assay results were announced in early June 2018 for the drilling at Bung Bong and Monte Christo. Results from the drilling at Blue Moon have been received very recently, and an announcement is being prepared for release early next week.

All five holes at Bung Bong and the two holes at Monte Christo fulfilled their intended purpose, which was to test the structural architecture of the target areas. The holes were the first ever drilled at both Bung Bong and Monte Christo, and gold mineralisation was intersected at both prospects, although no high-grade shoots were encountered.

Blue Moon disseminated gold prospect

The target at Blue Moon is a disseminated gold deposit, as opposed to the quartz reef systems at Bung Bong and Monte Christo. The drill holes at Blue Moon were designed to test arsenic and antimony anomalies identified by the soil geochemical survey completed by MGA earlier in the year. An arsenic-anomalous zone up to 40 m wide and more than 200 m long was identified, and previous work has shown anomalism over a further 150 m to the west. Previous rock chip samples include results of 12.1, 10.1 and 7.0 g/t, and previous soil surveys identified gold to 5.0 g/t (as detailed in the technical report identified in the Company’s announcement dated 20 April 2016). After the assay results from the drilling at Blue Moon have been fully interpreted, planning can begin for the next phase of exploration in Victoria.

Acquisition of Creswick gold project

MGA acquired 100% ownership of the Creswick licence in April 2018 and applied for Creswick North shortly after. The licences are considered highly prospective for gold mineralisation hosted within the Dimocks Main Shale, which extends over a 15 km trend from the mining centre of Ballarat to the south, including approximately 3 km within the Creswick project area. In the project area, the Dimocks Main Shale (DMS) is an approximately 25 m wide shale containing bedding- and cleavage-parallel auriferous quartz veins with potential for bulk mining. Only two holes have been drilled to test the DMS within the Creswick licence, both in the 1990s. The results of this drilling included an intercept of 2 m at 12.28 g/t gold. The best previous drill intercept into the DMS to the south of Creswick is 2 m at 176 g/t gold. ECR has not yet commenced field activities at Creswick.

Argentina and Philippines projects

ECR continues to have 100% ownership of the SLM gold project in La Rioja, Argentina, and is entitled to a 25% interest in the Danglay gold project in the northern Philippines. The status of both projects remains as disclosed in the Company’s annual report and accounts published in 2018.

FINANCIAL RESULTS

For the six months ended 31 March 2018 the financial statements of the Company as consolidated with its subsidiaries (the “Group”) record a total comprehensive expense of £321,433, the largest component of which is other administrative expenses of £240,719, which relate primarily to the development of the Company’s projects, but which cannot be capitalised under applicable accounting standards. The Group reported a total comprehensive expense of £432,339 for the six months ended 31 March 2017.

The Group’s net assets were £3,413,791 at 31 March 2018 compared with £2,382,561 at 31 March 2017.

Craig Brown
Chief Executive Officer

ABOUT ECR

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia has 100% ownership of the Avoca, Bailieston and Timor gold projects in Victoria, Australia.

ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015, and is available for download from ECR’s website.

ECR’s wholly owned subsidiary Ochre Mining has a 100% interest in the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.

FOR 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

Website: www.ecrminerals.com

WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
Optiva Securities Ltd Tel: +44 (0)203 137 1902
Broker
Graeme Dickson
FlowComms Tel: +44 (0)7891 677 441
Investor Relations
Sasha Sethi

FORWARD LOOKING STATEMENTS

This announcement may include forward looking statements. Such statements may be subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations. There can be no assurance that such statements will prove to be accurate and therefore actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Any forward looking statements contained herein speak only as of the date hereof (unless stated otherwise) and, except as may be required by applicable laws or regulations (including the AIM Rules for Companies), the Company disclaims any obligation to update or modify such forward looking statements as a result of new information, future events or for any other reason

Consolidated Income Statement
For the six months ended 31 March 2018
Six months ended

31 March 2018

Six months ended

31 March 2017

Year ended

30 September 2017

Continuing operations £ £ £
Other administrative expenses (240,719) (431,492) 509,545
Currency exchange differences (2,507) (1,335) (3,186)
Total administrative expenses (243,226) (432,827) (512,731)
Operating loss (243,226) (432,827) (512,731)

Loss on disposal of available for sale financial assets

(1)

Fair value movements – available for sale financial
asset

(5,429) (1,108) 1,255
(248,655) (433,935) (511,477)
Finance income 710 131 353
Finance income and costs 710 131 353

Loss for the period before taxation

(247,945) (433,804) (511,124)
Income tax
Loss for the period (247,945) (433,804) (511,124)
Loss attributable to:
Owners of the parent (247,945) (433,804) (511,124)
Loss per share – basic and diluted (0.10)p (0.33)p (0.31)p
Consolidated Statement of Comprehensive Income
For the six months ended 31 March 2018
Six months ended

31 March 2018

Six months ended

31 March 2017

Year ended

30 September 2017

£

£

£

Loss for the period (247,945) (433,804) (511,124)

Items that may be reclassified subsequently to
profit or loss

Gain/(losses) on exchange translation (73,488) 1,465 (51,524)

Other comprehensive income/(expense) for the
period

(73,488) 1,465 (51,524)
Total comprehensive expense for the period (321,433) (432,339) (562,649)
Attributable to:
Owners of the parent (321,433) (432,339) (562,649)
Consolidated Statement of Financial Position
At 31 March 2018
As at

31 March 2018

As at

31 March 2017

As at

30 September 2017

Assets £ £ £
Non–current assets
Property, plant and equipment 5,751 11,483 8,694
Exploration assets 2,675,346 2,556,688 2,668,747
Total non-current assets 2,681,097 2,568,171 2,677,441
Current assets
Trade and other receivables 46,138 9,927 54,888
Available for sale financial assets 16,841 19,906 22,269
Taxation 20,283 70,816
Cash and cash equivalents 701,499 107,508 1,082,994
784,761 208,157 1,160,151
Total assets 3,465,858 2,776,328 3,837,592

Current liabilities

Trade and other payables 52,066 393,767 102,367
Interest bearing borrowings
Total liabilities 52,066 393,767 102,637

Net assets

3,413,792 2,382,561 3,735,225
Equity attributable to owners of the parent
Share capital 11,282,812 11,281,695 11,282,812
Share premium 43,823,335 42,508,217 43,823,335
Exchange reserve (291,547) (165,070) (218,059)
Other reserves 1,381,998 1,215,259 1,381,998
Retained losses (52,782,806) (52,457,540) (52,534,860)

Total equity

3,413,792 2,382,561 3,735,225

Consolidated statement of changes in equity

For the six months ended 31March 2018

Share
capital

Share
premium

Exchange

reserves

Other

reserves

Retained

reserves

Total

Equity

£ £ £ £ £ £

At 1 October 2016

11,281,628 42,441,553 (166,535) 1,147,717 (52,023,736) 2,680,627
Loss for the period (433,804) (433,804)
Loss on exchange translation 1,465 1,465
Total comprehensive income /(expense) 1,465 (433,804) (432,339)
Share based payments 67,542 67,542
Shares issued in payment of creditors 67 66,664 66,731

At 31 March 2017

11,281,695 42,508,217 (165,070) 1,215,259 (52,457,540) 2,382,561
Loss for the period (77,320) (77,320)
Loss on exchange translation (52,989) (52,989)
Total comprehensive income /(expense) (52,989) (77,320) (130,309)
Shares issued 1,109 1,552,455 1,553,564
Share issue costs (84,878) (84,878)
Share based payments (166,739) 166,739
Shares issued in payment of creditors 8 14,280 14,288

At 30 September 2017

11,282,812 43,823,335 (218,059) 1,381,998 (52,534,860) 3,735,226
Loss for the period (247,945) (247,945)
Loss on exchange translation (73,488) (73,488)
Total comprehensive income /(expense) (73,488) (247,945) (321,433)

At 31 March 2018

11,282,812 43,823,335 (291,547) 1,381,998 (52,782,805) 3,413,793
Consolidated Cash Flow Statement
For the six months ended 31 March 2018

Six months ended
31 March 2018

Six months ended

31 March 2017

Year ended

30 September 2017

£ £ £
Net cash flow used in operations (301,408) (241,445) (569,016)
Investing activities
Increase in exploration assets (6,600) (191,080) (231,140)
Purchase of property, plant & equipment (3,776) (6,174)
Interest received 353
Net cash used in investing activities (6,600) (122,856) (236,961)
Financing activities
Proceeds from issue of shares and warrants 1,468,686
Net cash from financing activities 1,468,686
Net change in cash and cash equivalents (308,008) (364,301) 662,709
Cash and cash equivalents at beginning of the period 1,082,994 471,809 471,809
Effect of change in exchange rates (73,487) (51,524)
Cash and cash equivalents at end of the period 701,499 107,508 1,082,994

Notes to the Condensed Half-Yearly Financial Statements

For the six months ended 31 March 2018

1. Basis of preparation

The condensed consolidated half-yearly financial statements incorporate the financial statements of the Company and its subsidiaries (the “Group”) made up to 31 March 2018. The results of the subsidiaries are consolidated from the date of acquisition, being the date on which the Company obtains control, and continues to be consolidated until the date such control ceases.

These condensed half-yearly consolidated financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 September 2017. They have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 30 September 2017. The report of the auditors on those accounts was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006, but did include a reference to matters which the auditors drew attention to by way of emphasis without qualifying their report.

The accounting policies have been applied consistently throughout the Group for the purpose of preparation of these consolidated half-yearly financial statements.

The financial information in this statement does not constitute full statutory accounts within the meaning of Section 434 of the Companies Act 2006. The financial information for the six months ended 31 March 2018 and 31 March 2017 is unaudited. The comparative figures for the year ended 30 September 2017 were derived from the Group’s audited financial statements for that year as filed with the Registrar of Companies. They do not constitute the financial statements for that year.

2. Going concern

The Directors are satisfied that the Company has sufficient resources to continue its operations and to meet its commitments for the immediate future. The Group therefore continues to adopt the going concern basis in preparing its condensed half-yearly financial statements.

3. Cash and cash equivalents

Cash includes petty cash and cash held in bank current accounts. Cash equivalents include short-term investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.

4. Loss per share

Six months ended

31 March 2018

Six months ended

31 March 2017

Year ended

30 September

2017

Weighted number of shares in issue during the
period

247,605,240 130,179,729 166,559,125
£ £ £

Loss from continuing operations attributable to
owners of the parent

(247,945)

(433,804)

(511,124)

The disclosure of the diluted loss per share is the same as the basic loss per share as the conversion of share options decreases the basic loss per share thus being anti-dilutive.

5. Income tax

No charge to tax arises on the results and no deferred tax provision arises or deferred tax asset is identified.

6. Related party transactions

The Directors are the only key management.

Directors’ remuneration during the period was as follows:

Six months ended 31
March 
2018

Six months ended
31 March 
2017

Year ended

30 September

2017

£ £ £
Directors’ emoluments 68,400 108,885 208,232
Employer’s national insurance contributions 8,312 10,402
Share-based payments 67,542 67,542
Total emoluments 76,712 176,427 286,176

There were no other related party transactions during the period.

7. Shares and options transactions during the period

During the period, no new shares or options were issued.

8. Consolidated Cash Flow Statement

Six months ended
31 March 
2018

Six months ended
31 March 
2017

Year ended

30 September

2017

£ £ £
Operating activities
Loss for the period, before tax (247,946) (433,804) (511,124)
Adjustments:

Depreciation expense, property, plant and equipment

2,943 (1,470) 3,717
Provision and impairment of investment and loans 1,108
Impairment of other current assets 2,672
Loss on available for sale financial assets (1,255)
Interest income (353)
Loss on revaluation of investments 5,428 1,465 1
Interest on convertible loans 135,118
Share based payments 67,542 67,542
Shares issued in lieu of expense payments 66,731 81,019
(Increase) /decrease in accounts receivable (1,097) (4,457) (36,899)
Increase/(Decrease) in accounts payable (50,300) 91,525 (199,876)
(Increase)/decrease in taxation (10,436) (32,757) 28,212
Net cash flow used in operations (301,408) (241,445) (569,016)

9. Post period end events

On 13 April 2018 the Company announced positive geochemical results and the start of a drilling programme at Bung Bong gold prospect in Victoria, Australia

On 20 April 2018 the Company announced that the Company’s wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has acquired 100% ownership of the Creswick gold project in central Victoria, Australia with no consideration payable by ECR or MGA.

On 3 May 2018 the Company announced that drilling has been completed at the Bung Bong gold prospect and drilling activities will commence shortly at the Monte Christo prospect.

On 22 May 2018 the Company announced that the Monte Christo drilling had been successfully completed and drilling commenced at the Blue Moon gold-antimony target.

On 5 June 2018 the Company announced the results of diamond drilling at the Bung Bong and Monte Christo gold prospects in Central Victoria, Australia.

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