Erin Ventures Inc. [TSX-V: EV] reports the following update regarding exploration on its Piskanja borate project:
Erin’s exploration at Piskanja currently includes a diamond drill program of HQ and larger diameter vertical core drilling across the known mineralized area at Piskanja, on a 100 metre by 100 metre grid (with a tighter pattern already drilled over a portion of the license area). Engineering, hydrogeology, environmental and other required studies are also underway in conjunction with this drill program.
Concurrently, the data from this ongoing program is being collected, analyzed and compiled into a Geological Elaborate as required by Serbian mining law for use in a mining license application. It is anticipated that both this exploration phase and a mining license application will be completed before the end of this year.
Twenty-eight drill holes (approximately 10,100 metres) have been completed in Erin’s current program. Seven additional drill holes are required in order to complete the 100 m X 100 m grid across the licensed area. It is anticipated that these holes will be complete by September. The completion of this drill phase will permit a Serbian compliant resource estimate, as required for a mining license application.
Additionally, Erin is planning an industrial sample of approximately two tonnes of borate, to be extracted using a large bore drill. This industrial sample, a required component of the Geological Elaborate, will be used to test and refine the results of bench scale beneficiation (separation of borates from waste) and metallurgical studies conducted on a composite sample of drill core borate intersections.
Compliance to international exploration standards
Erin is ensuring that the project is being developed to provide disclosure in compliance with internationally accepted NI 43-101 standards, while conforming to the requisite Serbian mining standards. By doing so, Erin’s mine development, planning and implementation will conform to the highest standards expected by the Serbian authorities, the international community, and potential strategic partners.
Recently, Erin retained SRK Exploration Limited to produce a 43-101 compliant Technical Report for the Piskanja Project (as reported in Erin’s news release dated July 23, 2012). SRK recommended changes so that procedures used by Erin are consistent with generally accepted industry best practices (to help ensure the compliance to international guidelines for the classification assigned to any reported Mineral Resource Estimate). SRK does not consider any of its recommended procedural changes to be insurmountable. Steps are underway by Erin to adopt SRK’s recommendations. Several of the recommendations were already in the process of being implemented by Erin prior to SRK’s commission. All procedures followed by Erin to date comply with Serbian mining regulations.
SRK recommended that approximately 20 percent of the historic boreholes in the database be twinned (re-drilled) in order to verify the historic assay data and geology. It also recommended that additional twin drilling of holes drilled without sufficient QA/QC support and some of the historical RC drill holes be carried out. Prior to SRK’s report, Erin was aware that the pre-1997 data would not be recognized in a Serbian mineral resource statement. Consequently, the current drill phase (on a 100m X 100m grid), which is nearing completion, replaces 100 percent of the pre-1997 data. Additionally, Erin has completed the twinning of 20 percent of its RC holes (from 1997). Erin is not currently planning, but will consider the value of twinning certain of the holes from its current program (that were drilled without sufficient QA/QC support) once it has assessed the correlation of the assay data and geology from those holes with the data to be collected from its planned in-fill drilling (on a 50m X 50m grid) that will be completed using Erin’s QA/QC written protocols which are now in place.
Future development plans
If, as and when a mining license is issued, Erin expects to proceed with the detailed studies required for a Serbian feasibility study. As part of this next development phase, as reported by SRK, Erin is planning additional in-fill drilling totaling approximately 9,000 metres on a 50 metre by 50 metre grid over a portion of the licensed area. This development drilling would occur only after the receipt of a mining license.
On behalf of the Board of Directors,
Blake Fallis, General Manager
The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P. Eng., a consultant to the company, who is a Qualified Person under National Instrument 43-101.
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
Erin’s Public Quotations:
TSX Venture: EV
SEC 12G3-2(B) #82-4432
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 release contains forward looking statements. The words “believe,” “expect,” “feel,” “plan,” “anticipate,” “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.