ECR Minerals PLC (AIM:ECR) has increased its shareholding in Philippines-based Cordillera Tiger Gold Resources Inc and its Danglay gold project from 25% to 70%.
Cordillera chairman and vice president Ludevico Estacio agreed to sell about 1.5mln of his shares in the company to ECR for about £22,000 in cash.
Cordillera successfully renewed an exploration license at the Danglay gold project in July 2021 for a further two years. The licence is located in an established gold and copper mining district in the north of the Philippines.
ECR said it believes the political climate for the minerals industry in the Philippines is improving and considers that Danglay has potential for further exploration to build upon the existing inferred mineral resource estimate of 63,500 ounces of gold at 1.55 grammes a tonne that was reported in 2015.
“We are delighted to have the opportunity to acquire a majority stake in the Danglay gold project from an existing shareholder, alongside whom we have worked over the years,” said ECR chairman David Tang.
ECR has invested £1.2mln into Danglay to date.
“While ECR’s priority and focus is on the continued development of our Australian assets, we believe today’s acquisition adds value to the ECR asset portfolio given the continued improvement in the political climate for the minerals industry in the Philippines,” Tang added.