ECR Minerals (LON:ECR) is mulling the extent to which it may carry out further exploration at its Danglay project in the Philippines following the publication of the technical resource report.
Last month, the firm announced the first resource estimate for the site, previously known as the Itogon project, which showed it contains 1.2mln ounces of oxide ore grading 1.6 grams per tonne for 60,500 ounces in the inferred category.
A new conceptual exploration target sees between 600,000 tonnes grading five grams gold per tonne for 95,000 ounces and 700,000 tonnes at 7.5 grams for 170,000 ounces.
Stephen Clayson, ECR's chief executive, said today: "The report makes detailed recommendations for further exploration at the Danglay project, with a budget of US$775,000.
"The directors are considering the extent to which these recommendations may be implemented by ECR, and a further announcement will be made in due course."
The firm also said it was pleased to note recent political developments in Argentina, including the election of a new president - Mauricio Macri - who is seen to be relatively pro-business, and the liberalisation of currency controls.
"The directors expect to provide an update regarding the outlook for the company’s SLM gold project in Argentina in early 2016," said Clayson.
ECR has a 100% interest in the SLM gold project in La Rioja Province, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near term production.