ECR Minerals has increased its exposure to the Itogon Gold Project in Benguet Province through the purchase of 358,000 common shares of Tiger International Resources. Tiger is the parent company of Cordillera Tiger Gold Resources, a Philippine corporation which holds the exploration permit comprising the Itogon epithermal project.
ECR now holds approximately 3.67% of Tiger’s issued share capital. ECR’s fully diluted interest in Tiger is also 3.67%, as Tiger currently has no share options, warrants or comparable instruments in issue.
ECR has the right to earn a 50% interest in the Itogon project pursuant to an earn-in and joint venture agreement entered into in April 2013 between the company, Tiger and Cordillera Tiger. Under the agreement, ECR is currently the operator of the Itogon project, through Cordillera Tiger.
ECR’s chief executive officer Stephen Clayson says, “In view of the promising results from our exploration at Itogon to date, we are pleased to have secured additional exposure to the project via a shareholding in Tiger.”
Meantime, ECR has received positive assay results from phase 4 channel sampling at the Itogon project. Intersections from sampling include, at surface, 28 metres averaging 3.11 grams/tonne gold, 20 metres averaging 1.15 grams/tonne and 12 metres averaging 2.08 grams/tonne.
The company intends to begin reconnaissance mapping and sampling this month on ridges to the northeast and southwest of the main prospect area while drilling was expected to recommence during the fourth quarter of 2014.
Stephen Clayson says, “The results of channel sampling continue to indicate a significant epithermal vein system with widespread surface expressions, and it is our belief that continued exploration will prove very rewarding.
“During the course of the year ECR has mapped and channel sampled numerous outcrops which do not appear to have been identified historically, the discovery of which has increased the known extent of mineralization in the main prospect area.
“Phase 4 channel sampling focused primarily on the western-most identified vein zones in the central part of the main prospect area. As with prior phases, a number of impressively consistent mineralized intercepts were obtained.
“Reconnaissance mapping and sampling are planned to commence on the ridges situated immediately to the northeast and southwest of and running sub-parallel with the ridge comprising the main prospect area, and are intended to identify any further surface expressions of the main epithermal system along with any other mineralization of interest.”
ECR is a UK-based mineral exploration and development company with, among other interests, the right to earn interest in Itogon, which is an advanced exploration project in a gold and copper mining district on the island of Luzon in the north of the Philippines.