Erin Ventures Completes Current Boron Property Exploration Program
TSX VENTURE: EV
Victoria, British Columbia (FSCwire) - Erin Ventures Inc. [TSXV: EV] is pleased to confirm that it has completed its previously announced exploration program on its 100% owned Piskanja boron project in Serbia. The completion of this work program ensures that Erin is compliant with its obligations required to keep its exploration license in good standing and extend it into 2020, as well as being integral to Erin’s goal of advancing the Piskanja project towards feasibility. The work program, consisting of 10 vertical HQ-sized diamond drill holes (for a combined total of 3,084 meters), was completed on time and on budget.
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”.
Visually in field tests, each of the final five (previously unreported) drill cores (holes #153 to 157) indicate the existence of massive borate mineralization, that confirms the continuity of several known mineral beds and correlates very well with results from previously drilled adjacent holes (on a 100x100 m, or a 50x50 m grid). This was also evident in the first five drill holes (#148 to 152) from this program, as reported by Erin in a news release dated May 3, 2018. Additionally, several previously unknown mineralized zones have been noted in this drill program.
Hole 153 intersected 5 known mineral beds, and returned massive borates over an aggregate of 21.6m, including one bed of 9.6m and one of 5.4m.
Hole 154 intersected 3 known mineral beds and 1 new mineralized zone, and returned massive borates over an aggregate of 15.9m, including one bed of 7.5m and one of 5.9m.
Hole 155 intersected 5 known mineral beds and one new mineralized zone, and returned massive borates over an aggregate of 30.1m, including one bed of 13.1m and one of 9.4m.
Hole 156 intersected 4 known mineral beds, and returned massive borates over an aggregate of 11.3m, including one bed of 4.6m.
Hole 157 intersected 4 known mineral beds, and returned massive borates over an aggregate of 24.5m, including one bed of 9.6m and one bed of 6.8m.
The first 230 samples have sent for chemical analysis with more to follow. Results will be reported as received.
|EVP-153||141.6||143.3||1.7||Ore body OB-4|
|170.1||179.8||9.6||Ore body OB-3|
|186.4||187.3||0.9||Ore body OB-6|
|218.3||218.9||0.6||Mineralized hang wall of OB-2|
|218.9||223.0||4.0||Ore body OB-2|
|294.5||299.9||5.4||Ore body OB-1|
|EVP-154||109.95||117.40||7.5||Ore body OB-3|
|134.70||137.60||2.9||New mineralized zone (below OB-6) possible new ore body|
|160.08||162.60||2.5||Ore body OB-2|
|230.46||236.40||5.9||Ore body OB-1|
|EVP-155||103.90||113.26||9.4||Sheard/crushed zone with part of zone equivalent to OB-4|
|122.11||135.20||13.1||Ore body OB-3|
|135.20||142.66||7.5||Continuous mineralized zone|
|142.66||143.31||0.7||Ore body OB-6|
|150.12||152.90||2.8||New mineralized zone|
|175.18||176.50||1.3||Ore Body OB-02|
|231.48||237.25||5.6||Ore body OB-1|
|237.25||238.64||1.4||Mineralized foot wall of ore body OB-1|
|EVP-156||130.10||131.25||1.2||Ore body OB-3|
|146.30||148.40||2.1||Equivalent of OB-6 - nodules of howlite (5 mm - 5 cm)|
|164.91||168.34||3.4||Ore Body OB-02|
|249.78||254.40||4.6||Ore body OB-1|
|EVP-157||106.80||112.50||5.7||Sheared/crushed zone equivalent to OB-4|
|122.81||132.40||9.6||Ore body OB-3|
|132.40||136.29||3.9||Mineralized zone in laminates|
|175.80||178.20||2.4||Ore body OB-2|
|235.00||241.75||6.8||Ore body OB-1|
|241.75||242.75||1.0||Mineralized foot wall of OB-1|
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.
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.