Shares of ECR Minerals PLC (LON: ECR) fell 5.41% for the second day in a row as investors took profits on their bullish positions amid a lack of fundamental triggers.
The gold exploration and mining company’s last announcement was regarding purchasing a property at 35 Brewing Lane, Springmount, Australia, on 2 September 2021.
Investors cheered the move at the time leading to a four-day rally that ended September 6, before the start of the current downtrend, which can be easily attributed to profit-taking.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
ECR Minerals expects to finally close on the property by 27 September 2021, following the payment of the completion monies.
The property covers an area of 16 acres and will provide a base for ECR’s activities across the 45 square kilometre Creswick license area in which it is located. The site will also be used as a site for the development of the mine decline.
ECR Minerals paid AUD 500,000, which is equivalent to £267,680, to acquire the property from a private individual.
Craig Brown, ECR Minerals’ CEO, commented: “Following the positive progress of the drilling programme at Creswick, we are pleased to announce the purchase of the Brewing Lane property (subject only to payment of the settlement monies). Which sits in our existing license area.”
Adding:
“I remain enthused by the pace of developments at Creswick, Bailieston and our other assets and look forward to receiving the remaining assay results at Creswick and reporting on progress.”
ECR Minerals shares have been trading sideways since April, and many are waiting for a break higher that could lead to a bullish trend. However, this is yet to happen as the shares keep pulling back from the top of the range.
ECR Minerals share price.
ECR Minerals shares fell 5.41% to trade at 1.75p, falling from Tuesday’s closing price of 1.85p.
