2013-12-02 14:36:26 -
Victoria, British Columbia CANADA, December 02, 2013 /FSC/ - Erin Ventures Inc. (EV - TSX Venture), is pleased to announce the completion of a National Instrument 43-101 compliant Technical Report and Maiden Mineral Resource Estimate (MRE) for its 100% owned Piskanja boron deposit, located in Serbia. The MRE reports an Indicated Mineral Resource totalling 5,600,000 tonnes with an average B2O3 content of 30.8 percent and an additional Inferred Mineral Resource of 6,200,000 tonnes with an average B2O3 content of 28.8 percent. The Mineral Resource statement has been prepared by SRK Exploration Services Ltd (SRK) in accordance with Canadian Securities Administrators' National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI"43-101
This Mineral Resource estimate presents a maiden estimate which has
been prepared by SRK on behalf of Erin. The geological modelling was completed using 53 drill holes, totalling 19,554 metres, which contained analytical sample data with B2O3 analysis results for 1,473 samples, totalling 6,211.68 metres. This borehole and sample data has been used to prepare the Mineral Resource Estimation, which has an effective date of 22 October 2013.
The maiden Mineral Resource Statement generated by SRK for the Piskanja Project is presented in the following table:
Mineral Resource Statement for the Piskanja Project, Serbia
SRK Exploration Services, 22 October 2013
Mineral Resource Category Tonnage, Mt B2O3 Contained
Grade, % B2O3, Mt
Indicated 5.6 30.8 1.73
Inferred 6.2 28.8 1.80
Reported at a cut-off grade of 12 percent B2O3, above a minimum mining thickness of 1 m,considering reasonable underground mining, processing and selling technical parameters and costs benchmark against similar borate projects and a selling price of US$1005/tonne (boric acid). All figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are not Mineral Reserves and do not have a demonstrated economic viability. The contained B2O3 represents estimated contained metal in the ground and has not been adjusted for metallurgical recovery, and may have discrepancies due to rounding.
The technical report containing the MRE has been prepared under the guidelines of National Instrument 43-101. The Mineral Resource Statement reported herein was prepared in conformity with the Canadian Institute of Mining (CIM) "Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines". The technical report, will be filed on SEDAR, and will contain more information with respect to the key assumptions, parameters, methods and risks of determination associated with the Mineral Resource Estimate.
Mineralisation Zone Modelling Highlights
The deposit grade distribution was assessed and modelled in Leapfrog software using a structural trend determined from cross-sections provided by Erin and through a statistical analysis that showed that a cut-off of 5 percent B2O3 provided contiguous zones of mineralisation. In total, SRK modelled 10 separate mineralisation zones. The average thickness of the mineralised zones ranges from 0.3 to 22.3 m, with an average thickness of 2.9 m. The average B2O3 grade is 30.4% for all mineralised zones. Seventy two percent of the mineralisation volume is located within Zones 1, 2 and 3.
Mineral Resource Expansion Potential
SRK states that there is potential to increase the current Mineral Resource with further targeted exploration programmes.
The main focus of any future drilling would be to increase the confidence within the confines of the presently modelled mineralised bodies by infill drilling to 50 x 50m. A secondary priority would be to delineate extensions to the existing mineralisation model through drilling at the peripheries of the deposit.
Both programmes of work would increase confidence in the geological and structural interpretations as well as add to the volume of mineralisation already modelled and defined. Greater sampling of low-grade intercalated, disseminated and wall-rock borate mineralisation may also add to the existing Mineral Resource Estimate.
The work completed by Erin to date demonstrates that the Piskanja Project and the western part of Jarandol Basin have significant potential to host multiple horizons of high-grade boron mineralisation. SRK considers the Piskanja Project to be an exploration project of merit and that there is potential to increase the current Mineral Resources with further targeted exploration programmes.
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 Erin, who is a Qualified Person under National Instrument 43-101.
The geology, mineralisation and data quality was reviewed and approved by Dr Mikhail Tsypukov, PhD., FIMMM, Principal Exploration Geologist, SRK Exploration Services Ltd., as at 22 October 2013. Mr. Tsypukov is the Qualified Person as defined by National Instrument 43-101 for the geological models and data, and is independent of Erin Ventures Inc.
The Mineral Resource estimate for the Piskanja Project was reviewed and approved by Mr Mark Campodonic, MSc., FAusIMM, MAusIMM(CP), Principal Mineral Resource Geologist, SRK UK Ltd., as at 22 October 2013. Mr Campodonic is the Qualified Person as defined by National Instrument 43-101 for the Mineral Resource Estimate, and is independent of Erin Ventures Inc.
The Technical Report and Mineral Resource Estimate describing the details of the resource estimate will be available today under Erin's profile on SEDAR at www.sedar.com, and on the Company's website www.erinventures.com.
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's shares are traded on the TSX Venture Exchange under the symbol "EV". For detailed information please see Erin's website at www.erinventures.com or the Company's filed documents at www.sedar.com.
For further information, please contact:
Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
Erin's Public Quotations
TSX Venture: EV
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. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. These and other factors made in public disclosures and filings by the Company should be considered carefully and readers should not place undue reliance on the Company's forward-looking information. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
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.
PISKANJA BORON RESOURCE
To view the image for the Piskanja Boron Resource, please click on the following link:
To view the press release as a PDF file, please click on the following link:
Source: Erin Ventures Inc. (EV - TSX-V) www.erinventures.com
Maximum News Dissemination by FSCwire. www.fscwire.com