ECR Minerals (AIM:ECR) said development drilling and blasting is now underway on the main decline at its Maddens Underground Mine in North Queensland.
The company holds a 50% interest in the Maddens Flat Group of Mines, and the decline advance marks a step toward its goal of starting gold production from Maddens during the fourth quarter.
The decline is advancing from the 355 metre level and will extend approximately 72.5 metres, targeting an ore drive with around 12.5 metres of stoping height believed to hold an estimated potential of 1,500 ounces of gold.
The work follows completed upgrades to mine ventilation, escapeways and underground surveying, while refurbishment of the existing processing plant continues in parallel, including installation of a 20-inch Knelson concentrator to improve gold recovery.
First ore processing from existing surface stockpiles is expected by the end of September, ahead of underground ore production targeted for the fourth quarter as the decline advances toward the Maddens Reef.
"Our objective is to bring newly mined underground ore into production during Q4 2026, and I am very encouraged by the progress being made on site," said ECR Non-Executive Director Mike Parker.
Chairman Nick Tulloch said the next major objective is accessing the planned production area through the decline, with output from newly mined underground ore targeted for the fourth quarter.
News Intelligence what this means for the company
ECR Minerals has begun decline blasting at Maddens Underground Mine, advancing toward its Q4 2026 production target. The company is on track for first ore processing from surface stockpiles by end-September, with underground ore production to follow as the decline extends 72.5 metres toward the Maddens Reef. This marks tangible progress on the path to cash generation from a 50% stake in the asset, backed by recent capital raises totalling £886,250 announced in August.
Execution risk remains—the company must complete decline development, process plant refurbishment (including Knelson concentrator installation), and ramp underground production within six months. Success would validate the Maddens development thesis and move ECR from pure exploration into a producing asset; delay or cost overrun would pressure the balance sheet and timeline credibility.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
