Erin Ventures (TSX-V:EV, StockForum), a Victoria, BC-based joint venture partner with Electroprivreda, Yugoslavian national power corporation, released their first NI 43-101 for their 100%-owned Piskanja boron project located in Serbia.
The report showed an indicated mineral resource of 5.6 million tonnes with an average B2O3 content of 30.8% plus an additional inferred mineral resource of 6.2 million tonnes with an average B2O3 content of 28.8%.
The report was prepared by SRK Exploration Services in accordance with NI 43-101 “Standards of Disclosure for Mineral Projects”.
According to the news release, “This Mineral Resource estimate presents a maiden estimate which has been prepared by SRK on behalf of Erin.
It detailed further, “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.”
Then concluded, “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.”
Erin Ventures made headlines recently when the company proposed a $0.7 million private placement offering.
Shares climbed 16.67% on the news to $0.07 per share.
Presently there are 216,966,581 outstanding shares with a market cap of $15.19 million.