Erin Ventures Inc. [TSXV: EV] [OTCQB: ERVFF] is pleased to announce the release of an amended mineral resource estimate report titled, “Mineral Resource Estimate Update On The Piskanja Borate Project, Serbia, October 2016 – Amended February 28 2019” (the “Report”), for Erin’s 100% owned Serbian boron property. The Report was authored by SRK Consulting (UK) Ltd (“SRK”) independent of Erin, and has been prepared in accordance with Canadian Securities Administrators’ National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”).
The effective date of SRK’s mineral resource statement contained within the Report is July 19, 2016, and was prepared in conformity with the Canadian Institute of Mining (CIM) “Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines”.
In summary, in producing the mineral resource statement, the Qualified Persons (the “Authors”) at SRK have:
- Modelled the borate horizons in 3D;
- Composited the sample data into 1m intervals and undertaken a statistical analysis of the assay data in each mineralised domain;
- Evaluated the composited assay data for the presence of high-grade outliers from histograms;
- Undertaken geostatistical analyses to determine appropriate interpolation algorithms;
- Created a block model with block dimensions of 10x10x2 m;
- Undertaken a Quantitative Kriging Neighbourhood Analysis (QKNA) to test the sensitivity of the interpolation parameters;
- Interpolated borate grades into the block model;
- Visually and statistically validated the interpolated block grades relative to the original sample results; and
- Reported an MRE according to CIM Standards.
Upon consideration of data quality, drill hole spacing and the interpreted continuity of grades controlled by the deposit, the Authors variously classified portions of the deposit in the Indicated and Inferred Mineral Resource categories.
The Authors applied basic economic considerations to restrict the Mineral Resource to material that it considered had reasonable prospects for economic extraction by underground mining methods.
The updated MRE for the Project is presented below.
SRK Mineral Resource Statement as at July 19, 2016 for the Piskanja
Deposit prepared in accordance with CIM Standards
1 Mineral Resources are not Mineral Reserves as they have no demonstrated economic viability. SRK and Erin are not aware of any factors (environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors) that have materially affected the Mineral Resource Estimate.
2 The quantity and grade of reported Indicated and Inferred Mineral Resources in this estimation are uncertain in nature. There has been insufficient exploration to report these Mineral Resources in the Measured category and it is uncertain if further exploration will result in upgrading a part of these to this category in due course or if further technical work will enable them to reported as Mineral Reserves.
3 Contained metal figures and totals may differ due to rounding of figures.
Report Conclusions
The infill drilling and database verification work completed in 2016 added further confidence to the geological model and borate grade distributions and enabled the production of an updated MRE which is similar in quantum, but is now more robust, than that previously produced.
Comparison to Previous Estimates:
In comparison to the previous 2013 MRE for the Project, which was also reported at a cut-off grade of 12% B2O3 but above a minimum mining thickness of 1.0 m, this updated MRE (which is reported above a minimum mining thickness of 1.2 m) has more borate in the Indicated category (2.4Mt compared to 1.7 Mt) and less borate in the Inferred category (1.0Mt compared to 1.8 Mt). These changes are primarily due to some previously reported Inferred material being upgraded in to the Indicated category though there is also a slight reduction in B2O3 content for the Project as a whole from 3.5 Mt to 3.4 Mt (-4%) mainly as a result of a 6% reduction in tonnage. This change is primarily due to the 2015 infill drilling which has shown some of the thicker zones to be less continuous than previously assumed but also enabled the higher grade zones to be better delineated, which has reduced the tonnage slightly but at the same time slightly improved the grade (namely a global 2% increase in grade compared to the previous estimate).
Piskanja Mineralisation Model, looking north
SRK Mineral Resource Classification
The Report describing the details of the resource estimate will be available under Erin's profile on SEDAR at www.sedar.com, and on the Company's website www.erinventures.com. The full report contains more information with respect to the key assumptions, parameters, methods and risks of determination associated with the Mineral Resource Estimate.
On behalf of the Board of Directors,
Blake Fallis, General Manager
Qualified Persons
The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P. Eng., a director of Erin, who is a Qualified Person under National Instrument 43-101.
The responsible persons for the updated MRE are Dr Mike Armitage (C.Eng. C.Geol.) and Dr Mikhail Tsypukov who are both full time employees of SRK and Qualified Persons in accordance with the CIM Definition Standards on Mineral Resources and Reserves (CIM Standards) and independent of Erin Ventures. Dr Mikhail Tsypukov visited the Project between 17th and 19th of October 2018.
About Erin Ventures Inc.
Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange under the symbol “EV” and OTCQB Venture Market under the symbol “ERVFF”. 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
www.erinventures.com
645 Fort Street, Suite 203
Victoria, BC V8W 1G2
Canada
Erin Public Quotations:
Canada
TSX Venture: EV
USA
SEC 12G3-2(B) #82-4432
OTCBB: ERVFF
Europe
Berlin Stock Exchange: EKV
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.