VICTORIA, BC / ACCESSWIRE / February 14, 2020 / Erin Ventures Inc. [TSXV:EV] is pleased to announce that it has entered into an agreement to re-acquire an interest in the Jarandol Basin Exploration License ("Jarandol") in Serbia, which was previously held by Erin from 2013 to 2018. The Jarandol License covers 20.97 square kilometers and is directly adjacent to, and in between, both Erin's 100% owned Piskanja boron project on the eastern edge of the Jarandol Basin, and the Serbian government's Pobrdje Boron Mine, some 2.5 km away from Piskanja on the opposite edge of the basin. Previous exploration has shown that Jarandol has the potential to host extensions to both the Piskanja and Pobrdje boron deposits, and/or the potential to host separate, similar boron deposits. The Jarandol license includes the right to explore for borates, lithium and other non-metallic minerals, is valid until February 2022, and is extendible thereafter for up to 8 years in total.
Erin's wholly-owned, high-grade Piskanja boron deposit's Mineral Resource Estimate includes an indicated mineral resource of 7.8 million tonnes (averaging 31.0 per cent B2O3), and an inferred resource of 3.4 million tonnes (averaging 28.6 per cent B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards).
Jarandol agreement terms
- "Kop Project" - a Serbian mineral exploration company owned, in part, by Dusan Podunavac, a Director of Erin, has been granted the exploration license for Jarandol, as Erin itself was not eligible to reapply for the Jarandol License once relinquished.
- The Jarandol license covers 20.97 square kilometers, is valid until February 2022, and is extendible thereafter for up to 8 years in total, subject to certain conditions.
- No consideration will be paid to Kop Project by Erin for the rights contained within this agreement.
- It is the intention of the parties (Kop and Erin) to conduct future exploration on Jarandol by way of a strategic partnership with a third-party investor.
- Erin has the right to earn an interest in any future strategic partnership with a third-party investor by contributing its previous exploration data from 2013 to 2018 (but is not obligated to do so), with the terms of such a partnership to be negotiated.
- Erin has the right of first refusal to match any third-party investor's offer to finance future exploration at Jarandol (but is not obligated to do so), on the same terms and conditions as those offered by the third-party.
- Notwithstanding any agreement with a third-party investor regarding future exploration at Jarandol, Erin is granted, free of any charge, the exclusive right to full access/usage of any land without restriction within the Jarandol Licence area, which may be required by Erin for future geological research and/or mine development/operation of Erin's Piskanja project.
- The agreement remains in full force and effect for the period equaling that of a valid exploration license at Jarandol, including all permitted extensions.
Erin's previous exploration at Jarandol
On December 22, 2015, Erin reported results from its exploration program on Jarandol. This phase included the drilling of 8 exploratory vertical diamond drill holes (totaling 2,723.8 meters). Highlights of the program included: all 8 holes returned occurrences of borates; holes EVJ-04 and EVJ-05 confirmed 1 borate bed (including 1.88 meters of 41.31% B2O3); hole EVJ-06 confirmed 2 borate beds including the same bed seen in holes EVJ-04 and EVJ-5, (including 1.3 meters of 41.88% B2O3); holes EVJ-01, EVJ-02, EVJ-03, EVJ-07 and EVJ-08 returned non-economic borate values (assuming cut-offs of 12% B2O3 and 1.0 meter minimum intervals), and; collectively, twenty-seven intervals of borate mineralization were detected in holes EVJ-02, EVJ-04, EVJ-05, EVJ-06, EVJ-07 and EVJ-08 grading from 4.00% to 9.76% B2O3.
As reported by Erin on June 29, 2018, management elected to complete the work required to keep its flagship Piskanja Project license in good standing rather than Jarandol, as there were not the resources available to complete the required work on both. It was in the best interest of Erin's shareholders for Erin to, first and foremost, focus on advancing its Piskanja Project towards becoming a "going concern" operation, and then secondarily look to advance Jarandol, if, and as additional resources became available.
About the Jarandol Basin
The Jarandol Basin is a well-known historical mining district in southern Serbia which hosts two known boron deposits, an operating coal mine, and a (now depleted) magnesite mine. The Basin hosts excellent infrastructure for mining including local paved roads, rail, power, experienced miners, and sufficient support industries, located 250 km south of Belgrade by good paved roads.
The Jarandol Basin is a Miocene age tertiary deposit located within the Vardar Belt of Neogene lacustrine deposits of evaporates. The Vardar Belt contains the world's richest borate deposits, including those found in Turkey, which are of similar genesis to the Serbia borate deposits.
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 the OTCQB Venture Market under the symbol "ERVFF". 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 | USA |
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, 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.
SOURCE: Erin Ventures Inc.
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