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ECR Minerals #ECR – Asset Overview and Evaluation
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that the new directors are already conducting a comprehensive review of all exploration activities currently being undertaken. In addition a detailed evaluation of the existing asset base is underway, including the Company’s property, plant and other readily realisable assets.
A summary of the Company’s exploration assets, royalty assets, property and plant follows:
North Queensland assets:
- Lolworth Project – An extensive fieldwork campaign of soil sampling and rock chips has already been successfully completed. However, ECR’s geological team continues to concentrate on areas of high potential to help delineate a series of future high-priority zones and drill targets.
- Hurricane Project – Following a campaign of fieldwork undertaken during August and early
September 2023, the Company is awaiting the highly anticipated sampling programme results to prove the near-term development potential of Hurricane. - Blue Mountain Project – Following the announcement of the conditional acquisition of the project in April 2023, initial studies have yet to commence. Based on reports from previous explorers, the Board believes that the project has potential for a gold discovery.
Victoria assets:
- Creswick Project – The new directors are reviewing all of the Company’s assets at Creswick where ECR plans to seek a secondary (technical) opinion of its opportunities in Victoria. This will run alongside plans to investigate the discovery of two potential 100m gold ‘shoots’ at the Quartz Hill prospect and potential for further shoots along the Dimocks Main Shale strike and south towards Ballarat, further exploration work at the Davey Road prospect, Bush Inn Road prospect and at the Kuboid Hill and Mills Reef prospects.
- Bailieston – The Company believes that the Bailieston licenses still hold considerable nascent value. Further work at the HR3 prospect at Bailieston tenement EL5433 is planned, including a soil geochemistry programme and follow-up drilling to the north of HR3.
- Tambo Project – Following an initial field visit to the Tambo project, the rock chip sample results from the Duke of Cornwall prospect will be assessed prior to taking any next steps.
Philippines asset
- Danglay gold project – ECR owns 90% of 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. The Company is currently considering how best to extract value from this asset.
Royalty assets
- Fosterville South Exploration Ltd (TSX-V: FSX) (“Fosterville South”) – 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), ECR has the right to receive up to A$2m in payments subject to future resource estimation or production from the projects sold to Fosterville South (see announcement dated 20 April 2020).
- SLM gold project, La Rioja Province, Argentina – ECR holds a royalty and can potentially receive up to US$2.7 million in aggregate across all licences.
Property
- ECR owns a property at 35 Brewing Lane, Springmount, Australia. The property consists of 16 acres and is located within the Company’s existing 100% owned Creswick license area. The Board are considering a sale of the property, which is currently being used as a base for Creswick operations.
Plant
- ECR owns several items of valuable mechanical equipment. All options including future deployment, plant rental or disposal are being considered by the Company.
ECR Managing Director Nick Tulloch commented: “It is very evident that ECR owns a valuable
and diverse portfolio of assets which we believe in time have the potential to offer considerable upside. This factor was certainly a catalyst in driving the recently announced board changes and the share subscription that is of course subject to approval at our forthcoming General Meeting. We hope to have a comprehensive technical view of both our historical projects as well as the conclusion of our latest work programme on Queensland in the coming weeks.”
ECR Chief Operations Officer Mike Whitlow added: “The Board are engaged in an intensive review of all of ECR’s assets and operations. Our primary objective is to ensure the Company is on a secure financial footing for all future activities, and we will be making a series of decisions that will be announced to our shareholders in the coming weeks. I would like to take this opportunity to thank our shareholders for their patience and steadfastness in these matters, and I look forward to reporting back to you on these next steps as they occur.”
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Nick Tulloch, Managing Director Andrew Scott, Director |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| Brand Communications | Tel: +44 (0) 7976 431608 | |||
| Public & Investor Relations | ||||
| Alan Green | ||||
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 six licence applications outstanding which includes one licence application lodged in eastern Victoria (Tambo gold project).
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company also has an option to acquire 100% of Placer Gold, which wholly owns the Hurricane Project, a later stage gold and antimony project located west of Cairns in the Hodgkinson Province, NE Queensland.
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 holds a 90% 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.
ECR Minerals #ECR – Danglay Gold Project shareholding increases to 90%
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that its shareholding in Cordillera Tiger Gold Resources, Inc (“Cordillera”), owner of Exploration License EP-006 at the Danglay gold project in the north of the Philippines, has increased from 70% to 90%.
This increase was due to the conversation of an intercompany loan of 28,354,525 pesos (approx. £420800) which was owed by Cordillera to ECR. The loan was in relation to certain fees and explorations expenses and was satisfied by the issue of 6,666,667 new ordinary shares in the Company.
Following this issue ECR holds 8,999,996 Ordinary Shares in Cordillera representing 90% of its issued share capital.
ECR CEO Andrew Haythorpe added: “Although I have yet to visit the Philippines and view the Danglay Gold project first hand, I am very much aware of the opportunity and nascent value it represents for the ECR asset portfolio.”
“In my strategic update last July, I stated that all options to monetize and develop non-core assets would be considered. This issue of equity brings our holding in Cordillera Tiger to 90%, and as a result, the Board now expects to be able to take full advantage of opportunities that may arise in regard to the development of the Danglay Gold project. I look forward to reporting back on further progress.”
Danglay Project Background
In July 2021, Cordillera Tiger successfully renewed Exploration License EP-006 at the Danglay gold project for a further two years. This licence is located in an established gold and copper mining district in the north of the Philippines. ECR initially held a 25% interest in the Danglay gold project through Philippines corporation Cordillera Tiger Gold Resources, Inc. under an Exploration Permit. The issuance of the 25% shareholding in Cordillera Tiger to the Company had 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. This matter was successfully resolved (see announcement dated July 30th 2021)
On April 27th 2022, Cordillera Chairman & Vice President Ludevico Estacio agreed to sell his shares (1,499,996 in total) to ECR Minerals for a consideration of 1,499,996.00 Philippine pesos (approx £22,000), which ECR paid for in cash (see announcement dated April 27th 2022 here). Following the acquisition, ECR held 2,333,329 Ordinary Shares in Cordillera representing 70% of its issued share capital.
The share issue announced today brings ECR’s shareholding in Cordillera Tiger to 8,999,996 Ordinary Shares (90%).. The Board believes that the political climate for the minerals industry in the Philippines continues to improve 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 g/t gold. This resource was reported by ECR in 2015 to the Canadian NI43-101 standard (see announcement dated 15 December 2015), 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.
The Directors recognise that this resource statement is not prepared to a standard currently recognised by AIM and accordingly this information is provided for guidance purposes only and is subject to further work, verification and updating. In addition, targets for further exploration are not mineral resource estimates, are conceptual in nature, are used where there has been insufficient exploration to define the target as a mineral resource, and where it is uncertain if further exploration will result in the target being delineated as a mineral resource.
In the year to December 2021, Cordillera Tiger Gold Resources Inc recorded no revenues or profits, and a deferred mine exploration cost of 27,800,747 Philippine pesos (approx £406,000) (audited).
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| Brand Communications | Tel: +44 (0) 7976 431608 | |||
| Public & Investor Relations | ||||
| Alan Green
|
||||
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 six licence applications outstanding which includes one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project 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 approved exploration permits covering 946 km2 over a relatively unexplored area in Queensland, 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 holds a 90% 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.
ECR Minerals #ECR – Andrew Scott talks to Andrew Haythorpe
ECR Minerals CEO Andrew Haythorpe talks to Andrew Scott. Andrew discusses the reasons behind the appointment of Adam Jones – his technical knowledge and attention to detail which has resulted in some science based breakthroughs. Andrew says the board are looking at projects wider afield, and discusses the Danglay gold project in the Philippines before returning to Bailieston and the challenges created by the COVID driven assay delays. Andrew looks at Blue Moon, where there are good grades over 2m and a strong antimony association. The drill collars have all been planned by Adam, now awaiting drilling permissions. Andrew then looks at Lolworth, where access agreements have been made with landowners, and with field crews all set they could be ready to go in 6-8 weeks. Andrew looks at the Queensland structure, a multiple host environment, including large porphyry / breccia structures similar to Mt Leyshon & Kitston, plus epithermal veins (similar to Hemlo in Canada) and the historic Charters Towers mine. He concludes with the value opportunity – a great believer in Warren Buffet’s philosophy – why now – GARP – Growth at the Right Price – lots of growth opportunity, good commercial business and jv opportunities with neighbours.
ECR Minerals #ECR – CEO Andrew Haythorpe talks to Andrew Scott
Andrew Haythorpe talks to Andrew Scott in his first interview since taking the helm as CEO. Andrew gives his first impressions of Bailieston and Creswick following a site visit with geologist Adam Jones. He discusses the infrastructure, his own ideas for developing the business and the potential he sees in the company.
ECR Minerals #ECR increases shareholding in Danglay Gold Project from 25% to 70%
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that following an agreement with Philippines based company Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”, “Cordillera”), in which ECR has a 25% shareholding, the Cordillera Chairman & Vice President Ludevico Estacio has agreed to sell his shares (1,499,996 in total) to ECR Minerals.
The consideration for the additional 1,499,996 shares in Cordillera is 1,499,996.00 Philippine pesos (approx £22,000), which has been paid for in cash. Following this acquisition, ECR hold 2,333,329 Ordinary Shares in Cordillera representing 70% of its issued share capital
ECR Chairman David Tang commented: “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. We have already invested £1.2 million into the Danglay Gold Project license EP-006 to date, and 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.”
ECR CEO Andrew Haythorpe added: “Although I have yet to visit the Philippines and view the Danglay project first hand, I am very much aware that not only did Cordillera renew license EP-006 in July 2021 for a further two years, but alongside Cordillera, ECR engaged in a Community Development Programme in the Danglay area to foodpack assistance to families affected by COVID19.”
“I look forward to reporting further developments at Danglay to our shareholders, and I also look forward to working with Adam Jones and the geology team here on the ground in Australia to bring shareholders the latest developments and results from drilling campaigns at Creswick and Bailieston.”
Danglay Project Background
In July 2021, Cordillera Tiger successfully renewed Exploration License EP-006 at the Danglay gold project for a further two years. This licence is located in an established gold and copper mining district in the north of the Philippines.
Most recently ECR has been engaged in a Community Development Programme in the Danglay area. ECR, in the name of Cordillera, has provided foodpack assistance, helping to get rice, canned meat & fish delivered to families affected by COVID19 in the Danglay region.
As reported in the Annual Report on March 23rd 2021, ECR was at that stage entitled to a 25% interest in the Danglay gold project in the Philippines, which is held by Philippines corporation Cordillera Tiger Gold Resources, Inc. under an Exploration Permit. The issuance of the 25% shareholding in Cordillera Tiger to the Company had 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. This matter was successfully resolved (see announcement dated July 30th 2021)
The completion of today’s acquisition of a majority shareholding in Cordillera Tiger is timely. The ECR Directors believe 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 g/t gold. This resource was reported by ECR in 2015 to the Canadian NI43-101 standard (see announcement dated 15 December 2015), 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.
The Directors recognise that this resource statement is not prepared to a standard currently recognised by AIM and accordingly this information is provided for guidance purposes only and is subject to further work, verification and updating. In addition, targets for further exploration are not mineral resource estimates, are conceptual in nature, are used where there has been insufficient exploration to define the target as a mineral resource, and where it is uncertain if further exploration will result in the target being delineated as a mineral resource.
In the year to December 2021, Cordillera Tiger Gold Resources Inc recorded no revenues or profits, and a deferred mine exploration cost of 27,800,747 Philippine pesos (approx £406,000) (audited).
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO |
||||
| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
||||
| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
||||
| Blytheweigh | Tel: +44 (0) 207 138 3204 | |||
| Public Relations | ||||
| Tim Blythe
|
||||
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 (EL5433) and Creswick (EL6148) projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
https://mercatorgold.com.au/
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 Queensland, Australia.
https://luxexploration.com/
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 holds a 70% 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.
ECR Minerals formalises 25% shareholding in Cordillera Tiger Gold Resources, owner of Exploration License EP-006 at the Danglay Gold Project, N Philippines
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce that its 25% shareholding in Philippines based company Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”, “Cordillera”) has been formalised and the Company is now in receipt of the share certificate.
In July 2021, Cordillera Tiger 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.
Most recently, through Cordillera Tiger, ECR has been engaged in a Community Development Programme in the Danglay area. Cordillera has provided foodpack assistance, helping to get rice, canned meat & fish delivered to families affected by COVID19 in the Danglay region.
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 Philippines corporation Cordillera Tiger Gold Resources, Inc. 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. This matter was successfully resolved, and ECR’s shareholding has now been formalised.
The ECR Board 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 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.
ECR Chairman David Tang commented: “I am pleased to report that after a lengthy delay, our 25% shareholding in Cordillera Tiger has now been formalised and we are now in possession of the documentation and share certificate. Shareholders will of course know that ECR’s priority and focus is on developing its Australian assets, but with our commitment to helping the Danglay community and our £1.2 million investment in the Danglay gold project to date, we believe the resolution of this longstanding issue and the improving political climate adds material value to the ECR asset portfolio.”
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | ||
| David Tang, Non-Executive Chairman | |||
| Email: | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | ||
| Nominated Adviser | |||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | ||
| Broker |
Nick Emerson
|
Novum Securities Limited Broker Jon Belliss |
Tel: +44 (0)20 7399 9425 |
| Blytheweigh | Tel: +44 (0) 207 138 3204 | ||
| Public Relations | |||
| Tim Blythe
|
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.
https://mercatorgold.com.au/
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.
https://luxexploration.com/
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 holds 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.
ECR Minerals #ECR – Alan Green talks to CEO Craig Brown
ECR Minerals #ECR CEO Craig Brown talks to Alan Green:
~ Latest Bailieston & Creswick drilling updates, ‘mineral shoots’ etc
~ Property acquisitions – strategy, evolution into gold producer etc
~ N Queensland & license application progress
~ Danglay Gold project, Philippines
~ Upcoming milestones for shareholders to watch out for
ECR Minerals #ECR CEO Craig Brown talks to Steve Darling at Proactive Investors
ECR Minerals #ECR CEO Craig Brown talks to Steve Darling at Proactive Investors. Craig provides an update on its current aggressive drill programs in Victoria, Australia at its flagship Bailieston and Creswick projects.
Craig also discusses the objectives of the drill campaigns and the arrival of a third multi-purpose rig which is due on site shortly. Brown also discusses recent developments in the Philippines as well as funding and offers up his thoughts on the gold price and what it means for the company’s projects.
ECR Minerals #ECR – Cordillera Tiger Gold Resources Renews Exploration License EP-006 at Danglay Gold Project, N Philippines
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.
OR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | ||
| David Tang, Non-Executive Chairman | |||
| Craig Brown, Director & CEO | |||
| Email: | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | ||
| Nominated Adviser | |||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | ||
| Broker |
Nick Emerson
|
Novum Securities Limited Broker Jon Belliss |
Tel: +44 (0)20 7399 9425 |
Brand Communications
Public Relations Tel: +44 (0) 7976 431608
Alan Green
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.