ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”), 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.
As reported in the Annual Report on March 23rd 2021 ECR is entitled to a 25% interest in the Danglay gold project in the Philippines, which is held by a Philippine corporation called Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”) under an Exploration Permit. The issuance of a 25% shareholding in Cordillera Tiger to the Company 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.
The Company also notes that former ECR consultant and CEO Stephen Clayson, who resigned from ECR Minerals on July 16th 2021, has in addition resigned as director of Cordillera Tiger.
The Directors believe the political climate for the minerals industry in the Philippines is improving, and consider that the Danglay gold project, which is located in a prolific gold and copper mining district in the north of the country, has potential for further exploration to build upon the existing inferred mineral resource estimate of 63,500 ounces of gold at 1.55 g/t 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 (conceptual potential quantity and grade of mineralisation expressed as ranges) of 95,000 to 170,000 ounces of gold at 5 to 7.5 g/t was reported.
Craig Brown, Chief Executive Officer commented: “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. ”
“Although ECR’s priority and focus is on developing our Australian assets, this is nonetheless a significant development given ECR has already £1.2 million into the project. In particular the Board have noted that the political climate for the minerals industry in the Philippines is improving, and as such I hope to report further positive progress on the Danglay gold project to you in the coming months.”
MARKET ABUSE REGULATION (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
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|David Tang, Non-Executive Chairman|
|Craig Brown, Director & CEO|
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ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queesnland, Australia.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
ECR has earned a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.