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ECR Minerals #ECR – CEO Craig Brown talks to Alan Green

Brand Comms CEO Alan Green talks to ECR Minerals #ECR CEO Craig Brown about the company’s flagship gold exploration projects in the heart of Australia’s Victoria Goldfields. Taking slides from the latest company presentation, Craig talks about ECR’s wholly owned drill rig, HQ at Bendigo and the £4m funding and extra cash resources owned by the company. We look at the Creswick Gold project located close to the Ballarat Gold Mine before discussing this year’s production numbers at the Fosterville goldmine and how they might compare to assay results and ore grades currently being drilled at the Bailieston HR3 target. Craig looks at Black Cat, Cherry Tree and other targets at Bailieston, before we move onto the blue sky potential at the Tambo Project, and the connection with ECR’s Head Geologist Dr Rodney Boucher. We end with some takeaway points for investors.

Alan Green talks commodities supercycle, Cadence Minerals #KDNC, Logistics Development Group #LDG & Coinsilium #COIN on UK Investor Magazine podcast

A commodities supercycle will lift the FTSE 100 @Alan__Green joins to discuss Greatland Gold #GGP, Power Metal Resources #POW, Cadence Minerals #KDNC, Logistics Development Group #LDG and Coinsilium #COIN

Power Metal Resources #POW – Option Signed – Australia Copper-Gold Acquisition


Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce the Company has secured an exclusive 60-day option in respect of a potential new acquisition of copper-gold focused exploration interests in the Paterson Province in the eastern Pilbara Region of Western Australia.

The Paterson Province is considered highly prospective for gold-copper and base metal mineral systems and is currently of particular focus for resource companies with a significant level of exploration activity underway across the region.  This level of interest follows recent high-profile copper and gold discoveries by Rio Tinto at their Winu property1 and by Greatland Gold plc (LON:GGP) with the Havieron discovery2. Notably, several major groups in search of Tier 1 deposits have entered into joint-venture / farm-in deals with junior explorers to expedite exploratory work. 

The area also has developed mine and processing infrastructure due to the presence of established mining operations, including Newcrest Mining’s Telfer Mine3 and the X-Metals Nifty Copper Operation4 (planned as a mine restart). 

Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:  

“Power Metal is keen to build its exposure to Australian base and precious metals exploration where there is, in our view, the potential for large scale metal discoveries in a secure and stable operating environment.

Through our joint venture in the Victoria Goldfields, and subject to due diligence, through this acquisition, we will have operating interests in two of the major centres for exploration activity in Australia.

The level of interest in the Paterson Province has been somewhat dramatic after the Winu and Havieron discoveries, much as the success of the Fosterville gold mine in the State of Victoria led to a surge in exploration activity in 2020.

Power Metal is positioning itself to develop a diverse and expansive exploration business in Australia, and this is another important step forward.”

The Option:

–  Power Metal has signed an Option agreement (the “Option Agreement”) to acquire a 100% interest in First Development Resources PTY Ltd (“FDR”), an Australian private company holding the Wallal Project and an option to acquire the Ripon Hills Project, (ownership structure as outlined below).

–  The Option Agreement provides a 60 business-day option period, during which Power Metal may undertake due diligence, and the terms for option exercise to acquire 100% of FDR from its current shareholders (the “Vendors”). 

–  The Option Agreement fee of £30,000 is to be satisfied through the issue to the Vendors of one million Power Metal new ordinary shares of 0.1p each in the Company at an issue price of 3p per share (the “Option Shares”).

FDR and its Business Interests:

–  FDR holds two projects interests; the Wallal Project and the Ripon Hills Project.

–  The Wallal Project currently 100% owned by FDR comprises E45/5816 an exploration licence application covering 390km2 in the western quadrant of the Paterson Province   with a favourable lithospheric setting for substantial base metal deposits consistent with Rio Tinto’s (ASX: RIO) Winu discovery – predominantly copper-gold-silver with a JORC compliant Inferred Resource of 503Mt @ 0.45% Cu equivalent. 

–  FDR also has a right to acquire 100% of the Ripon Hills Project from Great Sandy Pty Ltd (“Great Sandy”) a private Australian Company, (with consideration for the transfer being satisfied by Great Sandy nominees receiving a proportion of consideration outlined below under “Upon Option Exercise”.)  The Ripon Hills Project comprises E45/5088 a granted exploration licence covering 4 2km2 prospective for base metal-gold mineralisation and is proximal to Rumble Resources’ (ASX: RTR) Braeside Project where significant new base metal discoveries have been made. 

Upon Option Exercise:

–  Should Power Metal at its sole volition exercise the Option for the acquisition of FDR the Company will pay initial consideration of A$50,000 in cash (circa £28,304) and £150,000 payable through issue to the Vendors of 5 million new Ordinary Shares at an issue price of 3.0 pence per share (“Initial Exercise Shares”) (note: A$20,000 (circa £11,322) will be used to eliminate shareholder loans in the accounts of FDR and therefore on acquisition FDR will carry no liabilities).  The cash component of the consideration above will be funded from Power Metal existing Australian Dollar cash resources.

–  In addition, Power Metal will issue the Vendors 5 million warrants with an exercise price of 4.5p per new Ordinary Share and life to expiry of 3 years from the date of Option exercise (“Initial Exercise Warrants”).  Should the volume weighted average price (“VWAP”) of Power Metal shares meet or exceed 7.0 (seven) pence for a 5 consecutive trading days Power Metal may serve notice on the Vendors providing 10 trading days to exercise and pay for the Initial Exercise Warrants.

–  Upon grant of exploration license application E45/5816 (Wallal Project) and the transfer of the granted exploration license E45/5088 (Ripon Hills Project) into FDR a further £100,000 consideration is payable through the issue of 2,857,143 new Ordinary Shares at an issue price of 3.5p each.

–  In addition, upon the grant of exploration license application E45/5816 (Wallal Project) and the transfer of the granted exploration license E45/5088 (Ripon Hills Project) into FDR, Power Metal will issue the Vendors 2,857,143 warrants with an exercise price of 5p per new Ordinary Share and life to expiry of 3 years from the date of Option exercise (“Grant Warrants”).  Should the volume weighted average price (“VWAP”) of Power Metal shares meet or exceed 10.0 (ten) pence for a 5 consecutive trading days Power Metal may serve notice on the Vendors providing 10 trading days to exercise and pay for the Grant Warrants.

–  The Vendors will retain a 2% net smelter royalty (“NSR”) over the licence application E45/5816 and granted licence E45/5088 and Power Metal will have the right to purchase 1% of this NSR for A$1,000,000 payable as cash or in full or part (and at Power Metal’s election) by the issue of new Ordinary Shares based on the Power Metal share volume weighted average price in the 7 trading days prior to date of notification to the Vendors of the NSR purchase.

–  The consideration items outlined above, on Option exercise, will not be paid until the regulatory approvals have been received including any such approval required from the Foreign Investment Review Board, Australia.

–  The Vendors and their professional licensing and geological teams will continue to work with Power Metal following Option exercise to undertake ground exploration and to further build the licence footprint in the Paterson Province.


Wallal Project – E45/5816 – Exploration Licence Application

The Wallal Project comprises a large, well located 390km2 area, in the western quadrant of the Paterson Province. Notably, the Wallal Project has a favourable lithospheric setting for substantial base metal deposits consistent with Rio Tinto’s (ASX: RIO) Winu discovery – predominantly copper-gold-silver with a JORC (2012) compliant Inferred Resource of 503Mt @ 0.45% Cu equivalent1

The tenure covers an area of transported sand cover including linear north west-south east trending aeolian dunes. Furthermore, the Wallal Project is located on an interpreted basin bounding structure known as the Wallal embayment.

Interestingly, the geology on the eastern boundary of the Wallal Project – associated with a ‘gravity ridge’ geophysical anomaly – is similar to the structural setting of Rio Tinto’s Winu discovery (the Anketell Regional Gravity Ridge). Notably, at Wallal there is a 46km strike feature, which is part of a geological structure called the Vines Fault, that is considered highly prospective copper-gold mineralisation.

It is envisaged that potential drilling targets might be identified utilising high precision gravity, seismic and magnetic survey techniques focussing on specific zones within the apparent gravity ridge. 

Ripon Hills Project – E45/5088 – Granted Exploration Licence

The Ripon Hills Project (42km2) contains outcropping Carawine Dolomite rocks of the Archaean Hamersley Group overlying rocks of the Fortescue Group. Furthermore, the Ripon Hills Project is considered prospective for base metal-gold mineralisation associated with deep seated north to north west trending fault structures, as they have the potential to be conduits for various styles of hydrothermal mineralisation.

Ripon Hills is proximal to Rumble Resources’ (ASX: RTR) Braeside Project where significant new base metal discoveries have been made5. Specifically, this is a regional scale, 60km long, fracture zone containing porphyry to epithermal mineralised systems with 45 priority Cu-Au-Zn-Pb-Ag targets and five deposit types delineated. Encouragingly, this materially enhances the prospectivity of the Ripon Hills Project, which is largely under-explored, as the underlying geology is similar.  

Notably, the priority exploration targets within the Ripon Hills Project are interpreted north to north westerly striking deep seated fault structures. Further, these targets have the potential to host various styles of hydrothermal base metal and gold mineralisation, similar to what is apparent in the Braeside Project. Interestingly, mineralisation can occur in the underlying Fortescue Group rocks as well as the Carawine Dolomite.

Exploration Rationale

Having a footprint in the world class Paterson Province in Western Australia has the potential to deliver significant value for shareholders. While the area has excellent mining infrastructure, there are many parts of the region – highly prospective for copper-gold mineralisation – which are under-explored. In turn, this significantly enhances the upside potential as much of the area is masked by surficial cover. 

Using an array of modern exploration techniques, comprising reconciling geophysics and geochemical surveys, the exploration would seek to efficiently and cost effectively identify priority test-drill targets.

Additional Disclosure

In the 6 months ended 31 December 2020 FDR made an operating loss of A$18,914 (circa £10,707) and as at 31 December 2020 FDR had net liabilities of A$19,939 (circa £11,287).


Application will be made for the 1,000,000 Option Shares to be admitted to trading on AIM, which is expected to occur on or around 26 January 2021 (“Admission”). The Option Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Following Admission, the Company’s issued share capital will comprise 1,056,218,972 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.


The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.


Source 1: Rio Tinto PLC announcement https://www.riotinto.com/en/news/releases/2020/Rio-Tinto-reveals-maiden-Resource-at-Winu-and-new-discovery

Source 2: Greatland Gold PLC announcement https://polaris.brighterir.com/public/greatland_gold/news/rns/story/wkqm9ow  

Source 3: Newcrest Mining Ltd : https://www.newcrest.com/our-assets/telfer  

Source 4: Metals X Ltd:  https://www.metalsx.com.au/copper/  

Source 5 : Rumble Resources Ltd:  http://rumbleresources.com.au/braeside_project.php   

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.  

For further information please visit  https://www.powermetalresources.com/   or contact:

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617


SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470


SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Notes to Editors:

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base and strategic metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently the subject of drill programmes.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

Alan Green looks at 2021, discussing markets plus stocks including #ECR, #GGP, #PHE, #EQT and more on UK Investor Magazine podcast

2021 Outlook: Gold, ESG, Oil, Brexit and shares to watch in the new year

Alan Green looks at 2021, discussing markets plus stocks including ECR Minerals #ECR, Greatland Gold #GGP, Powerhouse Energy #PHE, EQTEC #EQT and more on UK Investor Magazine podcast

ECR Minerals #ECR – Business Operations Update

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on Australia, is pleased to provide the following update on its activities, which are centred on the Bailieston and Creswick gold projects in Victoria, Australia. Both projects are 100% owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).


  • Field mapping and geochemistry currently underway across numerous gold prospects in the Bailieston project area;
  • ECR has acquired a diamond drilling rig capable of drilling as deep as 1,300 metres, due for delivery next month and which will be deployed immediately on an ECR managed drill programme;
  • High priority gold prospects within the Bailieston and Creswick project areas with potential for immediate drilling have been identified.

Craig Brown, Chief Executive Officer of ECR, commented:

“There is continuing interest in ECR’s Bailieston and Creswick projects with regards to potential joint venture or earn in opportunities. However, there can be no guarantee that any transaction will occur. The Company will provide further updates as appropriate.

The engagement we are experiencing is not surprising given the interest in Victoria gold opportunities, as evidenced by the many corporate transactions that we have seen in the area.

ECR is also gearing up to launch next stage exploration campaigns across our properties and we look forward to providing updates as the work progresses

The Directors are very optimistic for the future, and the Company has a robust underlying cash position of £1.65m with which we can confidently push ahead with operational programmes.”


With the approaching end of the Victorian winter, MGA has begun to ramp-up exploration at the Bailieston and Creswick projects. A programme of follow-up field mapping and geochemistry across numerous prospects in the Bailieston project area is currently underway. MGA has recently purchased its own portable Olympus XRF analyser in order to enhance and expedite its geochemical sampling capabilities.

A map of the eastern Bailieston project area showing some of the prospects and features referred to in this announcement can be viewed at:


Detailed mapping and geochemistry at the Cherry Tree, Cherry Tree South and Black Cat prospects is aimed at locating the surface position of shoots and identifying mineralisation along strike of trends established by historical and recent exploration. This will assist with the consideration of these prospects for drilling.

Cherry Tree (Historic Reserve #4) and Cherry Tree South are along the Bailieston trend and south of the Fosterville-style mineralisation mined in a small open cut in the 1990s at Historic Reserve #1 (HR1).

Rock chip samples were taken by MGA from Cherry Tree and Cherry Tree South as part of a 2018 sampling programme along the Bailieston trend. A total of 58 rock chip samples were taken at Cherry Tree and Cherry Tree South, with 17 samples returning grades of >1 g/t gold and the highest assay result being 8.8 g/t gold.

Field mapping and geochemical sampling at the Kings Cross and Pontings prospects in the Bailieston project area will follow-up earlier results including soil samples of up to 1.79 g/t gold at Kings Cross and rock chip samples of up to 8.31 g/t gold at Pontings.


MGA has recently signed a contract for the purchase of a new Cortech CSD1300G diamond drilling rig complete with spares and all downhole equipment, which is capable of drilling as deep as 1,300 metres. The rig is expected to be delivered in October 2020 and will give MGA an in-house drilling capability, which will be preferable to relying on contractors.

MGA has access to experienced drilling personnel to operate the rig, and it is expected that future drilling can be completed at lower cost and with greater flexibility using MGA’s own rig.

High priority gold prospects within the Bailieston and Creswick project areas which have the potential for immediate further drilling are detailed below. Once the drill rig has been received in Australia, a decision will be taken as to where it should first be put to work.

Bailieston Project – Blue Moon 

Blue Moon is an exciting new gold discovery made by MGA, with intercepts from 2019 reverse circulation (RC) drilling including 15 metres at 3.81 g/t gold from 51 metres downhole (with 2 metres at 17.87 g/t gold) (see announcement dated 14 March 2019 for full details of the drill programme). The best 2019 drilling results came from the western fence line. The host sandstone thins towards the east, where the drill results diminished accordingly.

ECR plans to test whether the mineralisation continues to improve towards the west, subject to gaining surface access. There is also potential to carry out further drilling within the zones already tested, with the objective of establishing an initial JORC Mineral Resource.

Bailieston Project – HR3

Three dimensional (3D) modelling of historical data for the Bailieston Historic Reserve #3 (HR3) and the results of drilling in the area by MGA in 2017 was completed in late 2019 and has assisted in the identification of the architecture of the major folds, structures and cross structures at the prospect. HR3 comprises at least four closely-spaced lines of reef, including the Byron, Dan Genders, Scoulars and Maori Reefs, plus numerous cross-structures. This provides a number of drill-ready targets.

Creswick Project 

Drilling conducted by MGA in 2019 at the Slades Reef prospect covered 300 metres of the 12.5 kilometre strike length of the Dimocks Main Shale (DMS) within ECR’s granted exploration licence (EL) and EL application areas at Creswick. This drilling encountered complex structures at Slades Reef; the cross section shown in ECR’s announcement dated 21 June 2019 showed drilling into interpreted faulted and parasitic folded DMS on an overall west-dipping limb.

Diamond drilling can be utilised to test this structural hypothesis and test the gold-bearing structures identified at Slades Reef where key faults intersect the anticline. Elsewhere at Creswick, field mapping and geochemical sampling could be used to attempt to delineate the surface expression of shoots to the south including Jackass Reef and Mills Reef ahead of potential drilling of these targets.

Review of Announcement by Qualified Person

This announcement has been reviewed 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 Australasian Institute of Mining and Metallurgy. Dr Boucher is a Qualified Person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.


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.


ECR Minerals plc Tel: +44 (0)20 7929 1010 
David Tang, Non-Executive Chairman   
Craig Brown, Director & CEO   
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 
Nick Emerson   


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

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX), ECR has the right to receive up to A$2 million in payments subject to future resource estimation or production at those projects.

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, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.

Insatiable Gold Demand Set To Continue – ECR On The Cusp Of ‘Great’ Ness.

Insatiable Gold Demand Set To Continue – ECR On The Cusp Of ‘Great’ Ness. 

With the US Fed signalling a more relaxed approach to inflation in its end of month policy meeting, gold rebounded sharply after falling from August highs of  $2,075oz as markets interpreted Fed Chairman Jerome Powell’s comments to mean that low interest rates are here for years to come.

Ole Hansen, head of commodity strategy at Saxo Bank believes that the Fed’s shift to let inflation and employment run higher will keep interest rates low for years to come, thereby lifting the appeal of non-interest-bearing gold.“There’s still room for bullion to set new all-time highs, although that may take time,” Hansen commented. “Powell’s speech did not threaten the bullish narrative for gold and silver.”

“Low interest rates for longer, a weaker dollar, massive amounts of stimulus and the increased demand for inflation hedges are likely to continue to drive demand for both metals,” he added.

Peter Hug, division head for precious metals at Kitco News is of the view that conditions have not changed for gold and silver.

Speaking to Kitco News on following the Fed meeting, Hug said conditions are positive for gold due to the amount of fiscal support provided by banks.

“The macro picture has not changed. Every central bank in the world has got their foot on the pedal, and I don’t think they’re going to take their foot off the pedal probably until the end of 2021.”

Old Gold projects resurfacing

The ever present strength in gold is sustaining huge levels of investor interest in junior gold explorers. As mining geologists take fees for their work in shares as well as cash, droves of canny investors are now following geologists on social media to try to get the early inside line to any upcoming projects, even to the point of investing into the company owning /operating the project as soon as a new appointment is announced. A successful drilling campaign can of course have a transformational effect the valuations of small cap explorers with quality projects, meaning that professional fees can potentially multiply in value. 

The outlook for gold being what it is, many dormant mining projects are being re-examined and feasibility studies revisited. The latest tools, survey techniques and digital / desktop assets available to mining engineers have proved transformative in the search for precious metals within existing dormant assets and mines around the world.  And as many projects have some infrastruture already in place, opportunities to ‘fast track’ such developments are ever present.

Mining Giants Lined Up for Fast Tracking 

The major mining companies around the world today all started somewhere. Many will have started life as microcap exporation companies, developing assets into production, and using the proceeds to fund other projects. In some cases, the fuding will have come from existing shareholders. With others a farm-in agreement will be reached with another mining company to share or bear the developments costs, which sees the partner ‘earn-in’, usually at an increasing level of project ownership as the money is spent.

The current ‘pedal to the metal’ approach to monetary easing is providing a perfect backdrop for project developments of this nature, and has created fertile hunting ground for the world’s leading mining companies seeking lucrative farm-in opportunities.  Equally, the project potential may see active investors support the board and go it alone.

AIM listed ECR Minerals (AIM: ECR) is a company on the cusp of a series of game changing deals. The company 100% owns Bailieston and Creswick projects in Central Victoria, Australia, and also has financial interests in the Avoca, Moormbool and Timor projects following the sale of those licenses to TSX-V listed Fosterville South Exploration Ltd. In addition ECR owns a 25% interest in the Danglay epithermal gold project in the north of the Philippines and a net smelter royalty agreement from the sale of the SLM gold project in Argentina.


Creswick is situated within the Dimocks Main Shale, a geological feature considered to be highly prospective for gold, and which extends some 15km from the mining centre of Ballarat. ECR’s exploration licenses cover approximately 7km of this region. Following drilling results in 2019,  a highest grade duplicate result of 80.97 g/t gold came from a 1 metre interval that originally assayed 44.63 g/t, confirming the original findings. A study by pre-eminent consulting geochemist Dr Dennis Arne, whose experience includes extensive consultancy at the highly successful Fosterville gold mine in Central Victoria, underlined the significant gold exploration potential at Creswick, and ‘nuggety gold mineralisation’.


Bailieston is also at the centre of the current gold exploration boom in Victoria, close to the world-class Fosterville mine owned by Kirkland Lake Gold. Mining giant Newmont has a license application in for ground immediately to the north of ECR’s Black Cat prospect, plus an open cut gold mine was operated at Bailieston by Perseverance Corporation in the 1990’s. Quality samples have been logged from drilling by ECR at the Blue Moon prospect in 2019, including a 17.8g/t sample from a 2 metre interval, confirming Blue Moon as a new gold discovery. The Bailieston license areas also include a raft of other prospects, namely HR3, Cherry Tree, Red Moon and Yellow Moon.

Mining Major Joint Ventures and Drilling

Having previously sold three Victoria licences (Avoca, Moormbool and Timor gold exploration projects) for upfront cash and royalties to TSX-V listed Fosterville South Exploration Ltd, along with a raft of warrant exercises, ECR is now fully funded to continue drilling at its 100% owned Creswick and Bailieston projects through to the end of 2021.

In a recent ShareTalk podcast here, ECR CEO Craig Brown provided some background on the most recent developments. He confirmed that several earlier offers to partner in the projects had been rejected, and that mining majors were interested in Creswick and the highly prospective Dimocks Main Shale gold trend that runs through Creswick from the Ballarat gold mine.  Citing some of the most recent gold asset sales in the region, Brown stated that both Creswick and Bailieston projects were superior in quality to many in the region, and that value could be realised in a Greatland Gold type asset sale and free carry deal structure. 

Progress and site visits are being hampered somewhat by the COVID lockdown – any teams flying in from other states are subject to a 14 day quarantine. But as regards the immediate future of both Creswick and Baileston, one thing is abundantly clear. ECR will commence drilling at one or both projects in the coming weeks, and given the ultra-bullish long term outlook for gold, mining majors seeking a JV will be keen to strike a deal sooner rather than later.

Currently valued at just GB£12m, many investors believe ECR is on the cusp of ‘Great’ Ness – a transformational Greatland Gold esque deal. Despite the lockdown restrictions, the insatiable demand for gold looks set to continue for the next 18 months – near perfect conditions for junior gold miners with superior quality assets. 


Kitco: https://www.kitco.com/news/video/show/Kitco-NEWS/2957/2020-08-28/Every-central-bank-in-the-world-has-got-their-foot-on-the-pedal–Peter-Hug#_48_INSTANCE_puYLh9Vd66QY_=https%3A%2F%2Fwww.kitco.com%2Fnews%2Fvideo%2Flatest%3Fshow%3DKitco-NEWS

Share Talk: https://www.pscp.tv/w/choS9jF4blFyWHlrQW5rall8MWt2SnBla0xBbWt4RVXUWZxBJJOsdYs2rhJuzDRWVD0-zN2rj-l_AWcuc8bF

ECR Minerals #ECR – Positive Geophysics Update at Windidda Gold Project Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to provide an update with regard to the Company’s Windidda gold project located in the Yilgarn region of Western Australia.

The Windidda gold project includes nine licence applications covering approximately 1,600 square kilometres of the Yilgarn region. The application areas were identified as a potential greenstone hosted orogenic gold exploration opportunity with significant potential to contain Archaean greenstones buried beneath cover. The application process for the licences is ongoing at present.

The focus of this announcement, the processing and interpretation of airborne and ground geophysics, is an important element in the determination of high profile drill targets, enabling the rapid assessment of the potential for gold mineralisation.


  • Processing, analysis and interpretation of gravity and open file airborne geophysics survey data covering the Windidda gold project area in Western Australia has been completed by Western Geophysics Pty Ltd on behalf of ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
  • The aim of the work was to process and interpret available airborne magnetic and ground gravity data to determine the depth of Archaean units below overlying Proterozoic Earaheedy Basin sediments.
  • The modelling results show the depths to magnetic sources are shallowest on the highly magnetic trend striking NNW-SSE in the western half of the Windidda project area.
  • Shallow, altered and mineralised gold intersections drilled by North Ltd in 1998-2000 coincide with the highly magnetic units in their Bermuda project area, which lies outside the Windidda project area to the south.
  • The magnetic and mineralised trend (Bermuda trend) projects into Windidda exploration licence application E38-3369 and the modelling results indicate shallow feasible drill targets there.

Craig Brown, Chief Executive Officer, commented: “The results of the study by Western Geophysics are most encouraging and demonstrate real potential for the discovery of gold mineralisation hosted in under-cover Archaean greenstones in the world-class gold mining environment of Western Australia.

The under-cover greenstone exploration model has been successfully tested to date by Greatland Gold at its Ernest Giles project located approximately 125km east of ECR’s Windidda gold project.

We look forward to moving the Windidda gold project forward and reporting back to the market with further developments.”



MGA has nine exploration licence applications located approximately 150km north of Laverton in Western Australia, which comprise the Windidda project. An update on the status of the applications was provided in the Company’s announcement dated 27 September 2019, which may be viewed at the following link:


The locations of the exploration licence applications, the regional geology and the gold and base metal (nickel) occurrences in the Gerry Well greenstone belt to the south are shown on Figure 1, which may be viewed at the following link:


The Windidda project area is underlain by Proterozoic age sediments of the Earaheedy Basin. The basin rocks unconformably overlie Archaean rocks of the northern margin of the Yilgarn craton.

The geophysical modelling results show the depths to magnetic sources are shallowest on the highly magnetic trend striking NNW-SSE in the western half of the project area. Shallow, altered and mineralised gold intersections from drilling by North Ltd (“North”) in 1998-2000 coincide with the highly magnetic units in their Bermuda project area (labelled “Windidda South” on Figure 1), located outside the Windidda project area to the south. The magnetic and mineralised trend (Bermuda trend) projects into Windidda exploration licence application E38-3369 and the modelling results indicate feasible drill targets there.

The modelling shows increasing depth to the north for central and eastern zones of NNE-SSW striking, strongly magnetic units. Magnetic units at <200 metres BGL (below ground level) are indicated on Lines 2000 and 2001, shown on Figure 18, which may be viewed at the following:


In order to advance future exploration, additional geophysics surveys are recommended to lower risk prior to any drilling. These being detailed gravity and high-resolution airborne EM surveys.

Previous work completed by North, located approximately seven kilometres to the south of the southern boundary of Windidda exploration licence application E38-3369, determined the Proterozoic is approximately less than or equal to 100 metres thick with some more shallow areas of Archaean banded iron formation (BIF) and ultramafic formations in subcrop.

A significant amount of work was done there by North (Bermuda project) from 1998 to 2000 including, mapping, drilling, some gravity lines and induced polarisation surveys. Unfortunately, none of the ground geophysics data are lodged in digital format with the West Australian Department of Mines. North concluded: “Significant gold anomalism has been intersected within E38/589. Associated with anomalous gold values are strong alteration zones, major through-going structures and anomalous multi-element geochemistry. All these factors show that E38/589 exhibits significant potential for hosting gold mineralisation and, requires further drilling to test anomalous zones.” The mineralisation is labelled as Windidda South on Figure 1.


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.


ECR Minerals plc

Tel: +44 (0)20 7929 1010

David Tang, Non-Executive Chairman

Craig Brown, Director & CEO



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


Nick Emerson


ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd 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.

Andrew Hore – Quoted Micro 22 January 2018


Capital for Colleagues (CFCP) reported a decline in full year revenues from £560,000 to £372,000 and there was no repeat of the realised gains on investments in the previous year. There was an increase in unrealised gains from £71,000 to £317,000. However, there was a £1.32m investment impairment. This meant that a profit of £158,000 was turned into a loss of £1.17m. There is £1.28m in the bank. The employee-owned businesses investor is focusing on managing its portfolio and the advisory business spun off into a joint venture. The NAV is 42.7p a share.

First Sentinel (FSEN) has invested the £1.4m it raised when it joined NEX last year. These investments include fellow NEX-quoted company NQ Minerals, where First Sentinel boss Brian Stockbridge is chairman, AIM-quoted UK Oil and Gas Investments and AIM-quoted Premier African Minerals. There is a £65,000 loan to unquoted tea cafés operator Yumchaa, where Stockbridge is 50% shareholder. The loan has an interest rate of 12% and lasts until October.

Block Energy (BLOK) has further delayed the planned move to AIM. The oil and gas company has a new expected admission date of end-February. Trading remains suspended on NEX.


Mark Watkin Jones intends to step down as chief executive of student and private rental accommodation developer Watkin Jones (WJG) but he will stay until a successor is identified. In the year to September 2017, revenues were 13% higher at £301.9m and underlying operating profit rose by a similar percentage to £42.7m. The dividend was 6.6p a share, equivalent to a 10% increase if Watkin Jones had been quoted for all the previous year. Investor demand for student accommodation and private rental residential property remains strong.

Van Elle (VNL) has an outstanding debt of £1.6m from failed facilities management and construction company Carillion. finnCap has also assumed lower second half profit of £1.3m relating to expected business from Carillion. The specialist piling contractor has a poor record since floating and this does not help.

Engineering and IT recruitment company Gattaca (GATC) says that most of Carillion’s debt to the company is insured with around £100,000 uninsured. Premier Technical Services (PTSG) says that it has £800,000 of annual revenues with Carillion with £300,000 still owed. Elsewhere, business is in line with expectations. Bilby (BILB) says that it does not think that the contract with CarillionAmey will be impacted.

Sinclair Pharma (SPH) directors have been buying shares on the back of the news that it has received regulatory approval of Ellanse pre-mixed bioresorbable collagen stimulating fillers in Brazil, one of the most important global markets. Ellanse will be soft launched immediately and the full launch is a matter of weeks away. Other Sinclair dermatological products are selling well in Brazil.

K3 Capital (K3C) reported interim figures that were better than forecast. This led to a £1m increase in forecast full year revenues but the pre-tax profit forecast is maintained at £5.4m because of additional costs required to accelerate the growth of the business. The business broker and corporate finance adviser announced an interim dividend of 2.85p a share and a total dividend of 8.2p a share is forecast for the full year.

Full year trading at Midwich (MIDW) was better than expected with revenues 28% ahead at £470m, helped by acquisitions performing ahead of expectations. The audio visual equipment distributor has also improved gross margin. The 2017 results will be published on 13 March.

Utilitywise (UTW) has changed its accounting policy relating to initial revenue recognition of new contracts.

LiDCO (LID) has signed up a new Japanese distributor. Merit Medical has a three year exclusive agreement and there is potential to significantly increase last year’s sales of £117,000. The LiDCOunity version 2 monitor has been approved in Japan.

African Battery Metals (ABM) is the new name for Sula Iron and Gold. Prior to the name change, £1.75m was raised and the Riverfort facility terminated with an associated buy back of shares. ABM is paying $100,000 ($50,000 is still outstanding) for a 70% stake in cobalt licences in the Democratic Republic of Congo. The other shareholder will retain its 30% stake up until a decision is made to mine, so ABM will pay the exploration costs.

Orosur Mining Inc (OMI) produced 7,052 ounces of gold at an average cash operating cost of $867/ounce in the second quarter and plans to produce at least 30,000 ounces in the financial year. Although the South America-focused gold producer and explorer generated $2.16m in cash in the second quarter, there was a $251,000 loss in the period because the all in sustaining cost was higher than the gold price received. Asset Chile has forfeited the 16% stake it earned in Anillo because it did not move into phase 2 of the project.

Shareholders have approved share buybacks by China New Energy Ltd (CNEL) until the end of 2019. Up to one-fifth of the shares can be acquired for less than 2p a share. The bioenergy technology developer and operator increased revenues from £8.85m to £24.7m in 2017 and the order book is worth £13.7m. The company was profitable last year and anticipates it will be in 2018.

Data software company WANdisco (WAND) says bookings increased 45% to $22.5m in 2017 with two-thirds generated by WANdisco Fusion software. There was cash of $27.4m at the end of 2017, with $4m from a new growth capital facility.

Thor Mining (THR) has had its stake in US Lithium diluted to 20.8% due to a A$240,000 fundraising at A$0.12 a share, which is four times the Thor acquisition price. US Lithium plans an ASX-listing.

Veltyco Group (VLTY) is acquiring a 51% stake in Varkasso, which has exclusive rights to use the crypto wallet technology platform 8Crypt, for £265,000 in cash and shares. Veltyco will incorporate the 8Crypt crypto wallet in all the gaming platforms it is involved with.

Newmont Mining has decided not to become involved in the Greatland Gold (GGP)-owned Ernest Giles gold project in Australia. It appears that the project was not in the right place or large enough for Newmont to go ahead with, although it took its time to make a final decision. Greatland benefits from the work conducted by Newmont, which has identified a large gold anomaly. Targeted exploration will be undertaken at Ernest Giles in the first quarter of 2018.

Kodal Minerals (KOD) says that the authorities have approved its exploration licences for the Bougouni lithium project in southern Mali. Triumvirat Mining Company will have a 10% economic interest in the licences, which are for an initial three year life. There has been positive drilling news concerning the Ngoualana and Sogola-Baoule prospects.

Electrical accessories supplier Volex (VLX) moved from the Main Market to AIM on 19 January.

Waste gasification technology business EQTEC (EQT) has partially repaid a five-year, £1.1m loan facility with an annual interest rate of 15%. The remaining balance of £621,000 is repayable in July 2020. The £2m of convertible secured loan note with Altair Group Investment Ltd has been extended until July 2020 and the interest rate doubled to 15%.

Renewable fuels technology developer Velocys (VLS) has raised £14m via a placing at 10p a share and hopes to raise up to £4.4m through an open offer at the same price. Last year, there was a £1.16m share issue at 45p a share. The cash will be used to finance initial development of the Mississippi biorefinery and fund the UK waste-to-renewable jet fuel project which has been around for many years.

Generic drugs supplier Beximco Pharmaceuticals (BXP) expects to complete the £18.2m acquisition of a 85.2% stake in Nuvista Pharma by the end of February.

Gama Aviation (GMAA) says last year’s trading was in line with expectations. The business aviation services provider has incurred $1m of costs relating to legal proceedings and there will be a similar amount to come. There will be around $2.5m of restructuring costs and write-downs. Net debt fell from $19m to $13m.

Although Blancco Technology Group (BLTG) says that first half sales declined this is due to the fact that certain contracts were not repeated in the latest period. The data erasure software business is expected to report continuing full year revenues 6% higher at £28.5m. However, higher overheads mean that there will be little profit.

Cyber security software supplier Crossrider (CROS) says that 2017 trading was in line with expectations and revenues improved 16% to $65.8m, while underlying EBITDA was 29% ahead at $8.3m. Profitability from the core activities more than doubled. There was $69.4m in the bank at the end of 2017.

Legend Gold Corp shareholders have agreed to the arrangement for Altus Strategies (ALS) to acquire the entity that owns the Legend gold projects in Mali in return for 41.1 million Altus shares. The mining projects investor is also applying for a dual listing on the TSX-V. Legend shareholders will be issued three Altus shares for each Legend share that they own, giving them 27.6% of Altus.

Toys supplier Character Group (CCT) says it has exited Christmas with “virtually no excess stocks”. International sales were poor but domestic sales grew. Pokemon products will be launched during the summer.

Caledonia Mining Corporation (CMCL) reported higher than guided annual production at the Blanket gold mine. The prediction was 54,000-56,000 ounces but the outcome was 56,135 ounces.

Sustainable pallets manufacturer RM2 International SA (RM2) had unrestricted cash of $4.1m at the end of 2017, but that could fall to $2m by the end of January. That means that there should be enough cash until the third week in February. Management continues to seek additional finance. There are plenty of potential customers but little in the way of orders.

Tiziana Life Sciences (TILS) has raised a further £150,000 at 150p. This is on top of the £150,000, £275,000 and £200,000 raised at the same price during November and December. There is a warrant with each new share and they are exercisable at 160p a share, although the most recent warrants last until January 2024. The cash is being invested in the phase IIa clinical trial for the Milciclib cancer treatment.
Remote tracking and monitoring products developer Starcom (STAR) says that last year’s turnover improved from $5.1m to $5.5m and lower operating costs mean that it will move from loss to breakeven. Strong orders mean that revenues and margins should improve this year.
Condor Gold (CNR) has obtained a TSX listing.


Path Investments (PATH) is cancelling its standard listing even before finalising its acquisition of a 50% participating interest in the Alfeld-Elze licence and gas field in Germany. The plan is to cancel the standard listing on 19 February and raise money and apply for an AIM quotation in the first quarter of 2018. Path has previously been on AIM in a different guise but if the deal does not go ahead the plan would be to maintain the standard listing.

World Trade Systems (WTS) plans a transaction involving the sale of its assets to a new company that will float on the Channel Islands-based The International Stock Exchange. WTS shareholders will be distributed shares in the new company that will be used to acquire the assets.
Loss-making telecoms firm Toople (TOOP) did not publish a full set of figures on RNS. That is always a giveaway. It did announce that the operating loss declined by 23% to £1.31m in the year to September 2017. Cash flow is much more important for a colander company like Toople.

Technology investment company Sure Ventures (SURE) has joined the Specialist Fund Segment of the Main Market, having raised £3.31m at 100p a share. The main focus is augmented reality, fintech and the Internet of Things.

Challenger Acquisitions Ltd (CHAL) has invested $300,000 in a new giant observation wheel for Dallas, Texas. Challenger also has the opportunity to operate the wheel.

Andrew Hore

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