42.5 meters averaging 34.6% B2O3, including 13.3 meters of 42.5% B2O3
Erin Ventures Inc. [TSXV: EV] has received assay results for the first three drill holes from this season’s exploration program on its 100% owned Piskanja boron project in Serbia, with the results meeting management’s expectations.
Piskanja is Erin’s wholly-owned high-grade boron deposit with an indicated mineral resource of 7.8 million tonnes (averaging 31 percent B2O3), and an inferred resource of 3.4 million tonnes (averaging 28.6 percent B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards), as disclosed in Erin’s filed report titled, “Mineral Resource Estimate Update On The Piskanja Borate Project, Serbia, October 2016”.
Highlights of drill holes EV148, EV149 and EV150
Holes 148, 149 and 150 are located on an existing section of a 50×50 meter in-fill drill grid (located in the central part of the Piskanja deposit). The results from these three holes continue to confirm the existence of massive borate mineralization and the continuity of several known mineral beds, as these results correlate very well with those from previously drilled adjacent holes (on a 100×100 m, or a 50×50 m grid).
Hole EV148 intersected a total of 42.5 meters of mineralization averaging 34.6% B2O3, from within six known borate layers and one new mineralized interval, including an intersection of 21.1 meters averaging 32.9% B2O3, and another of 13.3 meters of 42.5% B2O3, and results as high as 49.2% B2O3 over 3.2 meters.
Hole EV149 intersected five borate layers totaling 30.8 meters of 35.9% B2O3, including 13.5 meters averaging 37.1% B2O3, and results as high as 48.5% B2O3 over 2.9 meters.
Hole EV150 intersected 5 known and 1 new borate layers for a total of 40.1 meters of mineralization averaging 29.5% B2O3, including an intersection of 21.6 meters averaging 24.3% B2O3, and another of 12.9 meters of 33.8% B2O3, and results as high as 51.1% B2O3 over 2.3 meters.
Chemical analyses were conducted as follows:
- Results are stated as a percentage concentration
- All measurements are metric
- Chemical analysis was conducted by SGS Turkey, located in Ankara, Turkey an accredited laboratory, with sample preparation being conducted by SGS s facility in Bor, Serbia
- Analytical Methodology:
- ICP90Q (by Sodium peroxide fusion) – for determination of high grade Boron (presented in B%)
- ICP90A (by Sodium peroxide fusion) for multi-element analysis and low grade Boron (Al, As, B, Be, Ca, Cd, Co, Cr, Cu, Fe, K, La, Li, Mg, Mn, Mo, Ni, P, Pb, Sb, Sc, Sn, Ti, V, W, Y, Zn)
- ICP95A -Whole rock analysis (by Lithium metaborate Fusion / ICP-AES) for determinations: Al2O3, Ba, CaO, Cr2O3, Fe2O3, K2O, MgO, MnO, Na2O, P2O5, SiO2, Sr, TiO2, Zr
- CSA06V – total Sulphur, Leco method
- PHY01K – for determination of L.O.I (Loss on Ignition) at approx. 950°C by Gravimetric Analysis
- Location: Piskanja Project, Baljevac, Serbia
- Sample type: HQ size diamond core drilling, with drilling conducted by Geomag d.o.o. of Belgrade, Serbia
- Azimuth/dip: vertical hole, 90 degree dip
- Sample interval is 0.5 metres
- Control samples are sent to an umpire lab – Bureau Veritas Minerals Lab in Perth, Australia
This work program was designed to ensure that the project continues to comply with both the Canadian Institute of Mining “Best Practice Guidelines”, and the Republic of Serbia Ministry of Mining and Energy mine development and licensing regulations, as well as complying with recommendations made by Erin’s geological consulting firm – SRK Exploration Services Ltd.
Jarandol Basin License Update
Erin elected not to complete the work necessary in order to comply with the terms of its Jarandol Basin exploration license, at this time. Management chose to complete the work required to keep its flagship Piskanja Project license in good standing rather than Jarandol, as there were not the resources available to complete the required work on both. However, Erin is currently working to restore the Jarandol license. Further information will be provided if, as, and when available.
While the Jarandol Basin may hold some potential for boron deposits, it is in the best interest of Erin’s shareholders for Erin to, first and foremost, focus on advancing its Piskanja Project towards becoming a “going concern” operation, and then secondarily look to advance Jarandol as excess resources become available, as Jarandol continues to be an early stage, high-risk exploration target that requires substantial time and money to explore before its potential can be understood.
On behalf of the Board of Directors,
Blake Fallis, General Manager
About Erin Ventures Inc.
Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia and gold assets in North America. Headquartered in Victoria, B.C., Canada, Erin shares are traded on the TSX Venture Exchange under the symbol “EV”. For detailed information please see the Erin website at www.erinventures.com or the Company filed documents at www.sedar.com.
For further information, please contact:
Erin Ventures Inc. Canada
Blake Fallis, General Manager TSX Venture: EV
Phone: 1-250- 384-1999 or 1-888-289-3746 USA
645 Fort Street, Suite 203
Victoria, BC V8W 1G2
Erin Public Quotations:
TSX Venture: EV
SEC 12G3-2(B) #82-4432
Berlin Stock Exchange: EKV
The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P. Eng., a director of the company, who is a Qualified Person under National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements:
This press release may contain or refer to forward-looking information under Canadian securities legislation, including statements regarding the timing of future mineral resource estimates and the PEA, estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and future production and is based on current expectations that involve a number of business risks and uncertainties. The words “believe,” “expect,” “feel,” “plan,” “anticipate,” “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, as well as those factors discussed in the section entitled “Risks of the Business” in the Company s most recent regulatory filings which are posted on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities law. These and other factors made in public disclosures and filings by the Company should be considered carefully.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. “Inferred Resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. Investors are cautioned not to assume that all or any part of an inferred mineral resource reported in this news release will ever be upgraded to a higher category or to reserves. U.S. persons are advised that while mineral resources are recognized under Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. persons are also cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.