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.
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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.