Cordillera Tiger has an exploration license for the Danglay gold project in the Philippines.

ECR Minerals PLC (AIM:ECR), a gold exploration and development company, said its 25% shareholding in Philippines based company Cordillera Tiger Gold Resources Inc has been formalised following a five-year delay.

The issuance of the 25% stake has been delayed since 2016, due mainly to a court case filed by a former director and minority shareholder of Cordillera Tiger.

In July, Cordillera Tiger renewed its exploration license for the Danglay gold project, which is located in a prolific gold and copper mining district in the north of the Philippines, ECR said.

ECR also said its board believes the political climate for the minerals industry in the Philippines is improving and considers the Danglay gold project has potential for further exploration to build upon the existing inferred resource estimate of 63,500 ounces of gold at 1.55 grammes a tonne.

Through Cordillera Tiger, ECR has been engaged in a community development programme in the Danglay area. Cordillera has helped to get rice, canned meat and fish delivered to families affected by Coronavirus (COVID-19) in the region.

“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,” ECR chairman David Tang said.

“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 £1.2mln 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.”

Shares in ECR were up 6.5% at 1.23 pence in mid-morning trading.

Source: Proactive