ECR Minerals (LON:ECR) has unveiled a maiden resource estimate for the Danglay gold project (formerly known as Itogon) in the Philippines.
The project has initially been estimated to host 1.2mln tonnes of inferred resources at a grade of 1.6 grams per tonne, which equates to 60,500 ounces of contained gold resources.
This represents the deposits surficial oxide mineralisation only, the company highlights, and it believes there a further exploration targets containing sulphidation vein-hosted mineralisation that are similar to other deposits in the area.
According to ECR these higher grade targets may contain between 600,000 tonnes at 5 grams per tonne and 700,000 tonnes at 7.5 grams per tonne, equating to between 95,000 and 170,000 possible ounces of contained gold.
Chief executive Stephen Clayson declared himself “very pleased” with the results.
“These items are the fruit of ECR’s efforts to date on the project, which include two drilling programmes, amongst much other work,” he said in a stock market statement.
Clayson added that the plans for the next phase of work at Danglay are still being refined and highlighted that the company has begun a process to review “opportunities and alliances” which could be of value for Danglay and ECR going forward.
He also highlighted that the project is in favourable location, which he expects will be a benefit in the future.
“The Danglay project lies within the Baguio District, from which tens of millions of ounces of gold are estimated to have been mined to date, and which continues to produce today,” Clayson said.
“This has positive implications for Danglay, in that factors such as the availability of skilled staff at competitive rates and the social acceptance of mining contribute to a positive setting for development.”