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Gosh, only just seen the rns, still here, it's looking good, slowly but surely :)
From the outlook section of today's results,
"Over the remainder of this year, the Company's work programme will include:
· Inaugural exploration campaign at Blue Mountain where work conducted by the previous operator is reported to include an alluvial resource which could potentially yield over 100,000 ounces
· Trenching at Flaggy Creek and Reedy Creek in Lolworth, Queensland - trench across various outcrops followed up with Reverse Circulation drilling
· Reconnaissance for Niobium, REE and Gold in streams over eastern tenements in Lolworth where geological mapping suggests the presence of pegmatite intrusion that covers approximately 45km2
· Reverse Circulation drilling at Tambo, Victoria, where the Company has recorded 51.5g/t gold in rock chips
Through a combination of the placing announced in March 2024, the Board's focus on cost management and salary sacrifice and last year's assets sale, these activities are fully funded."
3 very solid and fully funded exploration targets with some niobium and REE investigations thrown in.
We have the property sale, tax losses and possible JV discussions all running in the background. With the tax losses being the blue sky item if/when it lands.
BBN - I take your point. A shame that was not made clear.
They will be returning to Tambo to drill. There was no mention of a return to Creswick during this exploration campaign.
Following the rock chips results at the old Duke of Cornwall mine Tambo represents a valid drilling target.
By the end of the year, ECR should know which assets are worth focusing on.
But the outside interest is leading nowhere. If it were we might have a JV with Creswick but regular attempts by previous management and the present to find a material resource in Creswick has FAILED. Yet talk Ant has today tweeted that the present management intends to return to Creswick to drill - drill for what ? pockets of gold? Beggars belief.
The fact that they are getting outside interest is interesting. Essentially, they have places to go for low or off-balance sheet financing should they need it.
Loads of activity to come on a number of licenses, all fully funded.
I'm especially excited to see Lolworth trenching and driling this year....that's going to be a huge value add as well as BM moving towards potential production.
There is interest from other parties as well:
" in recent months we have received approaches from other businesses in the resources sector offering co-development and other collaborative opportunities. while these developments in themselves have served to further confirm the nascent value within our project portfolio"
All bodes well.
Impressive progress to date. So much going on across multiple fronts. Im excited
operational highlights:
· geological mapping at lolworth led to the discovery of numerous quartz outcrops within the ridgeline above those gold bearing streams in the upper gorge creek area with best results from rock chipping of 13.75 g/t au, 3.13 g/t au and 2.17 g/t au over a number of outcrops measuring up to 3m wide x 20m long
· discovery of a rhyolitic dyke in gorge creek east, lolworth 5.5m wide x 200m long having anomalous gold valueswith the best rock chip from the centre of the dyke returning 8.02 g/t au
· results from mapping a quartz veinlet system within the upper creek drainage of flaggy creek, lolworth over a length of 70 metres long and within a zone up to 100m wide have proven to be gold-bearing with best results being 6.05 g/t au, 5.96 g/t au, 4.66 g/t au and 3.97 g/t au
· application submitted for an exploration licence at kondaparinga, queensland, approximately 120km2 in area within the hodgkinson gold province
· broader mineralisation and increased levels of high-grade gold reported from our drilling programme at creswick, victoria, with best individual grades 8.87g/t au and 8.06g/t au
· bulk sample testing at davey road, victoria indicated extensive gold mineralisation, with a best result of 41.03 g/t au
· tambo rock chip results comfortably exceeded those from previous exploration activities, with eight samples having gold grades greater than 5 g/t au and best results of 51.5 g/t au, 26.5 g/t au and 24 g/t au
financial highlights:
· sale of non-core assets realise a$420,000
· ongoing examination of historic tax losses of a$75 million to potentially unlock significant value
· cost reductions through salary sacrifice scheme and closure of london office
· two fundraisings completed in september 2023 and march 2024 to raise almost £1.2 million in aggregate
nick tulloch chairman said: "in the nine months since mike ******* and i joined ecr, we have sought to implement a step change in the pace of our operations, coupling increased activity in our australian projects with a prudent approach to cash management. mike and i have always viewed ecr's project portfolio as a potential sleeping giant, and now with the results and developments reported across our tenements in recent months, we believe the company is well on the way to realising the value of these assets."
"as a board, we are receptive to ideas to add value, new initiatives and projects to our operations. in recent months we have received approaches from other businesses in the resources sector offering co-development and other collaborative opportunities. while these developments in themselves have served to further confirm the nascent value within our project portfolio, in line with our own projects, we have retained a conservative approach to these discussions. expanding ecr's business is high on our agenda but we will do so only when we are satis
Perhaps, but insinuative carrot dangles haven't once accurately prophesied a single thing, in fact I'd argue that they stir the jam which inevitably leads to disappointment (historically). I won't get excited until an RNS drops. These new punters pumping ECR clearly haven't been here long. Been there, done that, learned.
Well mentalmax - agreed but when the Doc tweeted the video created by the previous owner the market is entitled to assume that he gave considerable thought to that in conjunction with Adam Jones.
@ecrminerals Finally, the consolidation that we've had on either side of the 200-day line and either side of 0.3p has been done #ECR We bounced off the floor of that rising trend channel from back in Sep @ZaksTradersCafe Above that looking for 0.38p perhaps by the end of next month. https://x.com/Share_Talk/status/1803420325993984150
Well near term production has not been confirmed has it? It’s based on historic workings that will need confirming surely?
Yep the good thing with ECR is they have multiple projects to focus on and are fully funded for them all into the end of the year. The short term pain from raising money at 0.3p is nearly over, its given a fantastic opportunity to add or accumulate to positions. Personally think the market has completely missed the significance of near term production at Blue Mountain.
Agreed, even at a less than favourable % should we team up with someone. Beggars can’t be choosers.
Thank you Amy. I think that you are referring to the RNS of 31st May.. At the risk of repeating myself there is clear evidence from the work done by the previous owners of Blue Mountain of 80K ounces of gold in existence; further work could expand that resource. As far as I am concerned and I am sure for other holders, production at Blue Mountain will be a game changer for ECR.
Id say 0.38p is nailed on before end of month... so next 10 trading days
Personally expecting a retest of 0.45p and breakout higher. So much about to land
Trenching program to begin any day based on RNSs. This could be a huge near term catalyst as the Gold is already there and ECR could be selling it much sooner than the market thinks
Morning Peeps.........!
Zak says 0.38p, I say hold for more........! :()
https://youtu.be/SMI6tICmhzc?si=LB4MbU0OlA1h84C_&t=361
All the best (ya welcome........! :)
If ECR become a producer then that is a real game changer, will change the dynamic all told.
I have confidence that they can do this 🤞
Going to run hard shortly. Very excited with whats going on. Blue Mountain ;)
TS - Let us see what happens at Blue Mountain. I have no reason to doubt the available 80k ounces found by the predecessor. That is a resource worth production. Not only would it bring the first ever production by ECR but also imo show that Nick and Mike are capable of bringing about real value. I still think that small shared (AGH) production is available in parts of the Creswick - income and value?
Daramunda,
Absolutely agree with your points regarding Blue Mountain.
I think Creswick was worth another go in the Queensland wet season (better than sitting twiddling their thumbs for 5 months) if only to expand the data set with a view to a sell and to test the new sampling/ target identification methodology. It was a shallow RC campaign at both sites and as such did not burn much cash , but did improve the understanding of the geology.
The main focus though has got to be Queensland ...BM in the short term and Lolworth being the potential monster long term company maker.
This summer season is definitely going to be a defining one for Mike & Nick and will determine the success of ECR moving forward.
After only 8 month's in the role M&N have made excellent progress IMHO and Creswick was worth revisiting , but not yet worth throwing the kitchen sink at.
They have made solid decisions and not made any poor ones (I wouldn't class the Creswick drilling as a mistake) . They have been tarred with alot of histiorical baggage ( a lot of "they haven't found anything for years" comments today) , but if you exclude the Haythorpe Hurricane fiasco and previous boards, and treat M&N as a new company from 8 months ago you would say that we have made solid operational progress since they took over and there is a plan in place for this year.
Continue to prove up Lolworth, move BM towards evaluation of production potential, initial drill at Tambo and back to Creswick in the Queensland wet season (I assume) as well as continuing to try to raise funds from the property sale and monetise the tax credits.
Time to look forward and not back.
NT to buy on IG..........! :()
quotes for 250k that is.....! more is a premium.....!
All the best (worth the wait......! :()
Sausage,
As I said previously: In the latest interview Doc said we had enough funds to stretch in to 2025..... so no immediate raise to come.
If there is a further raise this year I think we will be looking at November/December......but only if they have not sold the Creswick property (the listing has been removed from the estate agent site so a sale could have been agreed) or we monetise part of the tax losses.
If the property is sold it will likely push the next raise back to mid 2025.
Also the last podcast that Doc did he did state that he would not be able to discuss ECR (I assume that this was the same for today....I didn't listen in today).
The £6k was payment instead of cash (admittedly not clear in the RNS) to preserve cash reserves.