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ECR Minerals updates on Danglay gold licence in the Philippines

Published: 08:19 02 Aug 2021 BST

ECR Minerals PLC -

ECR Minerals PLC (AIM:ECR, FRA:IZGH) has revealed that Cordillera Tiger Gold Resources Inc., in which ECR is entitled to a 25% interest, has successfully renewed Exploration License EP-006 at the Danglay gold project, which is located in a prolific gold and copper mining district in the north of the Philippines.

The issuance of a 25% shareholding in Cordillera Tiger to ECR has been delayed since 2016, largely due to a court case filed by an individual who is a minority shareholder and former director of Cordillera Tiger.

However, Jerry Marave, president of Cordillera Tiger, has written to ECR indicating his continued support for the earn-in interest and consequential shareholding given that the conditions for the earn-in have been satisfied.

ECR also noted that former ECR consultant and chief executive Stephen Clayson, who resigned from ECR Minerals on July 16 2021, has in addition resigned as director of Cordillera Tiger.

ECR believes the political climate for the minerals industry in the Philippines is improving and considers that the Danglay gold project has potential for further exploration to build upon the existing inferred mineral resource estimate of 63,500 ounces of gold at 1.55 grams per tonne gold.

This resource was reported by ECR in 2015 to the Canadian NI43-101 standard, based on exploration carried out at Danglay by ECR during 2014 and 2015. In addition to the resource, an NI43-101 target for further exploration of between 95,000 to 170,000 ounces of gold at five to 7.5 grams per tonne was reported.

“I am pleased to report that not only has license EP-006 has been renewed by Cordillera Tiger, but also, following Stephen Clayson’s resignation as director of Cordillera Tiger, president Jerry Marave has indicated his firm and continued support for ECR’s involvement and retained 25% interest,” said ECR’s chief executive Craig Brown. 

“Although ECR’s priority and focus is on developing our Australian assets, this is nonetheless a significant development given ECR has already [put] £1.2mln into the project.”

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