ECR Minerals PLC (AIM:ECR) confirmed it has now taken up a second drill rig, at a "meaningful" discount, to scale up its exploration operations in Australia.
The company, in a statement, noted that it previously agreed in July 2021 the purchase of a new Cortech CMR1000 multi-purpose drilling rig for US$402,957, but subsequently delayed the purchase pending the appointment of chief executive Andrew Haythorpe and the completion of a new strategic plan (which was announced in July 2022).
It has now completed a transaction for the rig on what the company described as “attractive terms” and arrangements are being made for the rig to be loaded onto a ship for delivery to Melbourne Port.
“I am delighted that we have now completed the purchase of our long-awaited second drill rig, and on very attractive terms,” said chief executive Andrew Haythorpe.
“Our MIDAS drill rig has proved its value in the field time and time again. I believe the new Cortech, multi-purpose rig will significantly enhance our on-the-ground capabilities, offering both RC and diamond drilling systems.
“As technical director Adam Jones works on expanding our existing drill campaign plans, I look forward to announcing details of the rig’s maiden deployment once it arrives at Melbourne.”
David Tang, ECR chair, meanwhile, added: “I am pleased that we have finally secured our new Cortech rig on very preferential terms.
“Given the challenges that regional operators face in scheduling drill teams and equipment, the board considers that the new rig is a solid investment that will ramp up our operational capability and flexibility.
“In addition, this could also provide ECR with potential rig hire income should a suitable opportunity arise in the future.”