ECR MINERALS PLC: Purchase of Second Drill Rig for Central Victorian Goldfields, Australia
July 27 2021 - 11:18AM
UK Regulatory
TIDMECR
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Purchase of Second Drill Rig for Central Victorian Goldfields,
Australia
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 12(th) 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 19(th) 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.
OR 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
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson
Tel: +44 (0)20 7399 9425
Novum Securities Limited
Broker
Jon Belliss
Brand Communications
Public Relations Tel: +44 (0) 7976 431608
Alan Green
ABOUT ECR MINERALS PLC
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.
https://mercatorgold.com.au/
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.
https://luxexploration.com/
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210727005838/en/
CONTACT:
ECR Minerals plc
SOURCE: ECR Minerals plc
Copyright Business Wire 2021
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