Proactive Investors - ECR's prospects in Victoria are Bailieston, Avoca, Timor, Creswick and Moormbool.
In Victoria, the company is now concentrating on two projects, Bailieston and Creswick, where a significant amount of boots-on-the-ground activity has continued into 2020, allowing for some coronavirus disruption.
ECR also has the Windidda project in Western Australia. Fieldwork has yet to begin at Windidda, but the company has completed geophysical modelling and review of historical activity reports in order to better understand the potential prospectivity of the project.
How it's doing
In April 2021, ECR raised £2mln by placing shares at 2.2p each.
The net proceeds of the placing will be used to ramp up drilling and exploration activities on ECR’s wholly-owned gold exploration projects in Victoria, Australia and for working capital purposes.
Drilling with the company’s own diamond drill rig is continuing in the HR3 area of the Bailieston gold project in Victoria. Five drill holes have been completed, and a sixth hole is in progress.
ECR expects to be in a position to report assay results from initial holes before the end of April.
In January 2021, the company put its newly acquired drill rig, named “Midas”, into operation at its inaugural drill site, the Byron prospect in the HR3 area of the Bailieston project. This is the first of numerous planned drill locations which will be coordinated from ECR’s central exploration facility compound in the Victoria Goldfields.
The extensive drilling the company plans to undertake will be funded from ECR’s existing cash resources and the Company can confirm that cash resources currently amount to circa £2.95 million providing a considerable forward cash runway for operational and corporate activities.
What the boss says: Craig Brown
“The net proceeds of the placing announced today will take the company's cash position to in excess of £5.8 million and, in addition to funding a modest expansion of our operational capabilities at our Bendigo HQ in Central Victoria, will enable ECR to drive hard towards its twin targets of establishing a maiden JORC-compliant gold resource at the Bailieston project and completing further drilling at the Creswick project.
“The funds raised will also provide ECR with the financial flexibility to consider potential new opportunities as they arise. We are now fully funded for these programmes and don’t envisage requiring additional equity financing for quite some time.”
Inflexion points
- Drilling to the west at Blue Moon gets underway
- Further exploration at Creswick and Windidda
- ECR has a strong cornerstone investor in Shenyang Xinliaoan Machinery