Second ECR Drill Rig Arrives At Melbourne
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide an update on the second drilling rig.
A contract announced on July 27 2021 (see RNS here) agreed the purchase of a new Cortech CMR1000 multi-purpose drilling rig for a total of US$402,957. The Board subsequently made the decision to delay completion of the rig purchase to allow for the appointment of CEO Andrew Haythorpe and the completion of a new strategic plan announced on July 6 2022 (see RNS here).
As announced on October 11th 2022 (see RNS here) the purchase was completed, and the rig has arrived today, March 1st 2023 at Melbourne Port. Our team will immediately collect and fit out the rig with support equipment in the coming days ready for deployment.
ECR CEO Andrew Haythorpe commented: “I am delighted that our long awaited second drill rig has finally arrived in Melbourne. As I stated previously this new Cortech multi-purpose rig will significantly enhance our on-the-ground capabilities, offering both RC and diamond drilling systems.”
“As previously reported, our drill schedule for 2023 is ramping up considerably, and the rig will be put to work following a period of commissioning. The Board are also greatly encouraged by expressions of interest from companies regarding leasing the rig outside of ECR’s own schedule. In this regard, it is anticipated that the fees from leasing, if agreed, will fund a significant portion of our planned work at Creswick. I look forward to providing further details in due course.”
BACKGROUND
A contract for the purchase of a new Cortech CMR1000 multi-purpose drilling rig was initially signed for a total of US$402,957 in 2021. This followed the purchase of the Midas Drilling Rig (“MIDAS”) currently engaged in the diamond drilling programme currently underway at the Blue Moon project, Bailieston.
The Cortech CMR1000 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*.
ECR has an experienced team of drilling personnel to operate the rig, and along with Midas, the addition of the new CMR1000 rig should increase the Company’s flexibility in the field. Owning and operating the two rigs is expected to accelerate future drilling schedules and enable drill programmes to be completed at lower cost, and should a suitable opportunity arise, provide ECR with rig rental income.
*Factory data sheet specification http://cortech.cn/product_show.asp?id=2&lan=en
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc
Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO
Email: [email protected]
Website: www.ecrminerals.com
