Erin Ventures’ Boron Property Exploration Update
TSX VENTURE: EV
Victoria, British Columbia (FSCwire) - Erin Ventures Inc. [TSXV: EV] is pleased to announce that drilling is proceeding on schedule on its 100% owned Piskanja boron project in Serbia. The completion of this work program will continue to advance the fundamentals of the Piskanja project towards feasibility, as well as ensure that Erin is compliant with its obligations required to keep its exploration license in good standing and extend it into 2020.
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”.
To date, 5 vertical HQ-sized diamond drill holes have been completed with a 6th hole nearing the midway point of its targeted depth, for a combined total of 1,754.6 meters. The total planned work for this program is 10 drill holes, totaling approximately 3,050 metres with chemical analysis, and other ancillary works. The program is currently on pace to be completed by May 15th.
Visually, all five of the completed holes indicate the presence of massive borate mineralization in field tests, that confirm the continuity of several known mineral zones, and correlate well with results from previously drilled neighbouring holes (on a 100x100 m, or 50x50 m grid).
Hole 148 intersected 5 known mineral beds, and returned massive borates over an aggregate of 33.0m, including one bed of 13.3m and one of 9.5m.
Hole 149 intersected 4 known and 1 new mineral beds, and returned massive borates over an aggregate of 21.3m, including one bed of 13.3m.
Hole 150 intersected 5 known mineral beds, and returned massive borates over an aggregate of 28.8m, including one bed of 12.9m and one bed of 7.4m.
Hole 151 intersected 4 known mineral beds, and returned massive borates over an aggregate of 27.7m, including one bed of 12.8m and one of 6.4m.
Hole 152 intersected 5 known and 1 new mineral beds, and returned massive borates over an aggregate of 33.3m, including one bed of 9.8m and one bed of 8.9m.
Samples from all of these intersections will be sent out for chemical analysis shortly, with the results to be reported as received.
|176.4||185.3||8.9||Mineralization within laminites
(Body OB-6 or new)
|161.1||163.3||2.3||New Ore body|
This work program is 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.
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'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’s Public Quotations|
|Erin Ventures Inc.||Canada|
|645 Fort Street, Suite #203||TSXV: EV|
|Blake Fallis, General Manager||OTCBB: ERVFF|
|Phone: 1-250- 384-1999 or 1-888-289-3746||Europe|
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 contains or refers 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.