Erin Ventures got license extension for Piskanja Boron Project in Serbia
In accordance with the Serbian Law on Mining and Geological Exploration, Erin Ventures received a license extension for its Piskanja Boron Project, The license renewal grants Erin until September 25, 2023 to complete the necessary studies and gain approval for the ‘Certification of Reserves’ and the ‘Approval of the Exploitation Field’, as the first two (of three) steps in the mineral exploitation and mine licensing approval process, as per Erin’s request.
Piskanja Boron Project in Serbia is Erin Venture’s wholly owned boron deposit with 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), as disclosed in Erin’s report titled, ‘Mineral Resource Estimate Update On The Piskanja Borate Project, Serbia, October 2016 – Amended February 28 2019’ – prepared by SRK Consulting (UK) Ltd.
The ‘Certification of Reserves’ process consists primarily of the submission and approval of a Serbian compliant Mineral Resource Calculation and Technical Economic Assessment, which approximates to a CIM compliant Preliminary Economic Assessment (PEA) in scope and degree of confidence. The ‘Approval of the Exploitation Field’ consists primarily of the submission and approval of a Serbian compliant Feasibility Study and Environmental Impact Assessment, and approximates to a CIM compliant pre-feasibility study.
Source: bignewsnetwork.com
Erin Ventures and Temas Resources joined in developing of Piskanja Boron Project in Serbia
Piskanja is Erin Ventures’ wholly owned boron deposit in Serbia. Erin Ventures Inc. announced that, further to its news release dated December 17, 2020 in which Erin stated that it had entered into a Letter of Intent with Temas Resources Corp. for the joint development of Erin’s Piskanja Borate Project, the parties have recently concluded their due diligence process with a favourable outcome, and are now working to complete a definitive, binding agreement based on the terms in the LOI. It is anticipated that the definitive agreement will be completed imminently.
Piskanja is Erin’s wholly owned boron deposit with 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), as disclosed in Erin’s report titled, “Mineral Resource Estimate Update On The Piskanja Borate Project, Serbia, October 2016 – Amended February 28 2019” – prepared by SRK Consulting (UK) Ltd. The responsible persons for the Updated MRE are Dr Mike Armitage (C.Eng. C.Geol.) and Dr Mikhail Tsypukov who are both full time employees of SRK and Qualified Persons in accordance with the CIM Definition Standards on Mineral Resources and Reserves (CIM Standards), and independent of Erin Ventures.
Source: streetinsider.com
Raiden’s projects in Serbia got extensions
Raiden Resources has been granted licence extensions for two Serbian projects as well as a new project from the Serbian Ministry of Energy and Mining and the field programs across all three projects are expected to begin in January next year.
Majdanpek West project
The Serbian Ministry of Energy and Mining has approved the extension of the Majdanpek West project for another three years. The Majdanpek West licence sits adjacent to Zijin Mining’s majority-owned Majdanpek porphyry deposit and is along the northern strike of Dundee Precious Metals’ Timok gold project. The project was previously held in a joint venture with mining giant, Rio Tinto (RIO). Under an exploration program that was solely funded by Rio, alteration zones were intercepted at a single drill target. Rio eventually exited the joint venture, however, Raiden was able to retain the rights to all of the data generated. Now that the licence has been extended, Raiden is re-evaluating the data and believes there are multiple anomalies that need to be followed up.
Donje Nevlje project
In addition, the Serbian Ministry of Energy and Mining has extended the Donje Nevlje licence for a further three years. This prospective licence is situated on the border of Serbia and Bulgaria and forms the western extent of the Cretaceous complex of volcanics which extends into Bulgaria. Last year, Raiden conducted a drilling program which intersected anomalous mineralisation and multiple alteration zones. The company is now planning to conduct more geophysical work to refine future drilling targets.
“Both Majdanpek West and Donje Nevlje are important projects for the company. We have significant geochemical and geophysical data sets for both projects, with numerous targets defined and we are now in the process of refining the targets,” Managing Director Dusko Ljubojevic said.
Pirot project
Lastly, Raiden Resources has been awarded the Pirot project in Serbia. Pirot covers 17 square kilometres and is located around 25 kilometres north-northwest of the Donje Nevlje project. It also lies within the same metallogenic province as both the Donje Nevlje and Majdanpek West projects. Like the newly-licensed projects, the Pirot project hosts Cretaceous-aged volcanics which are associated with porphyry, skarn and epithermal mineralisation. In the first quarter of 2021, Raiden plans to begin a targeting program.
“The Pirot project, which was recently approved is also within the strategically important Cretaceous volcanic trend in Serbia and further consolidates our position within this important belt,” Dusko said.
“We look forward to providing the market with further information on all three projects in the early part of January following our review of the extensive data sets which we now have in our possession,” he concluded.
Source: themarketherald.com.au
Temas’ and Erin Ventures’ strategic partnership for Piskanja Boron Project in Serbia
In order to form a joint development of Erin Ventures’ Piskanja Borate Project located in Serbia, Temas Resources Corp. entered into a letter of intent with Erin Ventures Inc, the Temas company announced.
Piskanja is Erin’s wholly owned boron deposit with 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, as disclosed in Erin’s report titled, “Mineral Resource Estimate Update On The Piskanja Borate Project, Serbia, October 2016 – Amended February 28 2019” – prepared by SRK Consulting Ltd. The responsible persons for the Updated MRE are Dr Mike Armitage and Dr Mikhail Tsypukov who are both employees of SRK and Qualified Persons in accordance with the CIM Definition Standards on Mineral Resources and Reserves, and independent of Erin Ventures.
The salient terms in the letter of intent as are follows:
-Upon execution of a definitive option agreement, Temas will have the sole, exclusive, immediate, and irrevocable option to earn up to 50% equity interest in Balkan Gold (Erin’s wholly owned subsidiary which holds the license to the Piskanja Boron Project) by expending a total of €10.5 million towards the development of Piskanja, within a 36-month period (subject to acceleration at the election of Temas).
-Upon receiving necessary regulatory approvals, Temas will make a one-time payment of 250,000 Temas common shares and 250,000 share purchase warrants (at $1.00 for 4 years) to Erin.
-The terms of the LOI will form the basis of the Option Agreement, which the parties contemplate will be entered into no later than April 15, 2021.
-Temas has until February 28, 2021 to complete its due diligence regarding Piskanja.
-Each €210,000 advanced to the Project by Temas will earn Temas an additional 1% undivided equity interest in Balkan Gold, to a maximum of 50% interest for €10.5M.
-Upon acquisition of 50% interest in Balkan Gold by completing its expenditures, Temas will be entitled to representation on the board of Balkan Gold, voting rights, and dilution provisions, among other rights regarding the governance of Balkan Gold.
-The Option Agreement will include standard dilution provisions.
-Erin will remain operator on the project until such time as Temas has exercised the Option and earned its 50% interest in Balkan Gold, at which point Temas will become operator of Piskanja.
-During the three year option period, a joint technical committee made up of members from both Erin and Temas will have final say on matters pertaining to programs and budgets.
-This LOI is non-binding, with the terms subject to the parties entering into a binding Option Agreement.
-The Option Agreement will be subject to satisfactory completion of due diligence, applicable regulatory approvals, board approvals, shareholder approvals as may be required, amongst other factors.
“We are extremely excited by this development” said Tim Daniels, CEO of Erin. “Temas is an exceptionally good fit for this project. Not only are they willing to match their funding commitments for Piskanja, with the anticipated equity requirements for project development right through to production, but in addition, they have an experienced management team with like-minded thinking towards the development of Piskanja. Undoubtedly we are stronger with them as our partner.”
Michael Dehn, CEO of Temas stated “having the ability to work on a great project and high demand commodity, that would be the only European production of borates that should add significant shareholder value. When considering Piskanja, alongside our Ilmenite deposits in Canada, we believe that Temas is becoming a very compelling story. Having access to premier projects that could produce products that end up in consumer and industrial products is intended to allow Temas evolve from an explorer to producer.”
Piskanja is located in a historical mining region that has excellent infrastructure for mining including roads, rail, electric power, experienced miners, and is 250 km south of Belgrade, Serbia by paved roads. Erin Ventures reported on August 31, 2010, that it had been granted a license for the Piskanja boron deposit in Serbia by the Serbian Ministry of Mining and Energy. The license includes the entire known historical mineralized area along with a substantial amount of previously unexplored ground.
-Mineral Resources are not Mineral Reserves as they have no demonstrated economic viability. Temas is not aware of any factors (environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors) that have materially affected the Mineral Resource Estimate.
-Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.
-Contained metal figures and totals may differ due to rounding of figures.
Effective date of resource estimate February 28, 2019
Assumptions used to derive the cut-off grades in order to meet the NI43-101 requirement for mineral resource estimates to demonstrate “reasonable prospects for eventual economic extraction”.
The estimate assumes:
– An average production of 330,000tpa,
– Mean mining grade of 27.8% B2O3
– All Run of Mine (RoM) ore to report to a Colemanite Plant for Colemanite production.
– A mean mass yield of RoM ore to Colemanite product of 73.8%.
– An average recovery of B2O3 from RoM ore to Colemanite of 92.9%.
– ~ 50,000tpa of Colemanite product (at 35% B2O3) to be subsequently processed to produce 25,000tpa of Boric Acid product with an assumed grade of 56.3% B2O3. The remaining Colemanite product is sold.
– A mean mass yield of Colemanite to Boric Acid product of 49.7% and an assumption that 80% of the B2O3 is recovered to the product.
– A Colemanite (at 35% B2O3) price of USD400/t product.
– A Boric Acid (at 56.3% B2O3) price of USD800/t product.
– Royalty deduction of 5% on gross revenue.
– Other sales and marketing costs of USD1.5/t product sold.
– Total Construction Costs of US$85Million.
– Sustaining Capital Costs of US$19Million.
– Closure Costs of US$15Million
– Operating Costs of US$170/tonne product
Source: businesswire.com
Large scale lithium and borate mineralisation in Rekovac, Serbia identified by Jadar Resource
Jadar Resource Limited drilled 8 km widely spaced holes which intersect borate and lithium mineralisation, suggesting a potential for a large-scale mineralisation system. Serbian government welcomes battery metals, Rio Tinto to commence development of $1.4 billion lithium borate project.
Jadar Resources is a diversified mining explorer holding key Gold/Silver and Lithium/Borate assets in the mineral rich jurisdictions across Peru, Serbia and Austria. Backed by robust and experienced management, Jadar is focused on the exploration and development of the mining projects to maximise the value creation for its shareholders and investors.
Jadar in the Prolific Mining Centres Globally
The most recent addition to the Jadar’s arsenal is the Yanamina epithermal gold Project in the Ancash province of Peru in early 2020. The Yanamina project holds a JORC 2012 compliant maiden mineral resource of 6,742,260 tonnes containing over 265,987 ounces of Gold and 934,528 ounces of Silver. The Yanamina gold projects hold a strong prospectivity for large scale mining operation with good operational economics. An exploration program in 2020 has been planned to further upgrade the mineral resources for the gold-silver project.
Jadar owns 80% stake in the Weinebene and Eastern Alps Lithium Projects in Austria. The project is located in the neighbourhood of significant Lithium discoveries including European Lithium Limited’s Wolfsberg lithium deposit which holds over 11 Mt of mineral resources with 1.0% Li2O.
In addition, Jadar wholly owns the Lithium & Borate projects of Rekovac, Vranje South and Cer. The explorer has prioritised the Rekovac project among its Serbian assets. The Rekovac Lithium-Borate project stretches across a 75.4 square kilometres area with Sedimentary lithium borate deposits.
Jadar’s Serbian Presence, Reconnaissance Drilling Program Completed
The Rekovac Lithium-Borate project is situated in the World class Vardar geological zone of Central Serbia and showcases similar geological setting to the Jadar Basin which hosts one of the largest lithium deposit globally, Rio Tinto’s Jadarite which holds mineral resources of 135.7 Mt @ 1.86% Li2O and 15.4% B2O3. Earlier in May, Jadar announced the assay results for the maiden reconnaissance diamond drilling program at the Rekovac project. The company intersected preserved Borate and Lithium mineralisation in both holes, suggesting the site could hold a large mineral system.
The drilling program which commenced in February discovered new Lithium and Borate mineralisation intersections at 2 holes namely, REK_001 and REK_002 totalling over 1,238.1 metres. The diamond drill hole REK_001 was drilled to a vertical depth of 600.1 metres while REK_002 was drilled to 638 metres, collecting over 339 core samples which were geochemically assayed with 16 samples further being analysed for x-ray diffraction for further analysis on the mineral rock composition and identification.
The drilling program targeted the gravity anomalies, which indicated Neogene basin, which during the previous sampling and assaying results indicated the potential for lithium-boron rich discoveries. The drilling intercepts included multiple segments of boron sequences. Boron is interpreted to be present in the sodium borosilicate (Searlesite with up to 60,858 ppm B2O3) and Lithium clay mineral with Li2O grades (up to 969 ppm Li2O). The drill hole REK_001 intersected 2 sequences of the encapsulated mineralisation represented by searlesite in irregular veinlets and wafered parallel sheets of mm-sized crystals from 515.9 metres and 195 metres of borate rich mineralisation from 405 metres downhole.
The 2.5 metre intercepts with over 10,000 ppm of B2O3 and up to 484 ppm Li2O from 515.9 metres are follows:
– 0.6 metres with 16,454 ppm B2O3 and 474 ppm Li2O from 515.9 metres
-1.9 metres with 12,349 ppm B2O3 and 484 ppm Li2O from 578.5 metres
The drill hole REK_002 is located almost 1.8 metres south of the first drill hole, with the drilling intersecting 5 mineralised sequences with dominating mineral as searlesite in the form of irregular veinlets and layer from 35 metres and very thin distributed nodules from 98.8 metres downhole. REK-002 hole included 171 metres of intercept holding B2O3 with grades exceeding 10,000 ppm and up to 969 ppm Li2O from 35 metres downhole with 49.6 metres holding over 20,000 ppm of B2O3 and up to 624 ppm Li2O from 51.5m.
Further intervals and coring samples with greater than 10,000 ppm of B2O3 will be analysed further by sodium hydroxide fusion and ICP high grade analysis for boron and lithium contents. With the drilling program striking significant boron and lithium mineralisation in both the drilling holes indicating the presence of a much larger mineralisation system. The gravity survey further indicated that the Rekovac basin remains open to the north and south with a potential to host extensive mineralisation system within the project area.
The completion of the drilling program marks a milestone which enables Jadar to complete all mandatory procedures to extend the Rekovac project license for the next 3 years. The extension notice from the Serbian Ministry of Mines and Energy is anticipated in the near term.
Jadar is advancing aggressively on the Yanamina and Serbian Lithium-Borate projects with further exploration plans in 2020 and is committed to the exploration and development of the projects to maximise the value creation for its shareholders and investors.
Source: kalkinemedia.com
Highly promising boron and lithium deposits detected near Jagodina in Serbia
The Jadar Resources company drilled two maiden holes for a total of 1238.1 metres at the Rekovac lithium and borate project in Serbia and had made some promising results. This Australian company has discovered lithium and boron deposits on the territory of the Rekovac municipality, not far from Jagodina, which resemble those that the mining conglomerate Rio Tinto recently discovered near Loznica.
In two exploratory borings at the distance of around 1.8 kilometres, the mining company detected indicators that show a considerable concentration of boron and lithium – elements indispensable in the production of batteries and electric vehicles.
The company, which has three licenses for explorations in the Rekovac area, although satisfied with the initial results, points out that this is only the beginning, but also that the initial results are promising and indicative of enormous mineral deposits of boron and lithium ores. The company also has five concessions for gold explorations in Peru, where they have discovered substantial reserves of precious metals, but also in Austria, where they’ve discovered a site with 11 million tonnes of the lithium ore.
The Australian company notes that the results from Rekovac are very similar to Rio Tinto’s near Loznica. Rio Tinto should begin the exploitation in 2024, and the Loznica site contains 10% of the global reserves of lithium.
To remind, the Canadian company Erin Ventures has initiated the preparation of a study of ore reserves, which is the first step toward getting an exploitation permit.
In the Piskanja region, near the abandoned coal mines close to Baljevac on the Ibar River, they have detected reserves of boron and lithium, a site worth around USD 2 billion, with an exploitation period of two decades.
Source: serbianmonitor.com
Erin Ventures resuming boron project field operations in Serbia
Following the government’s decision to cancel the nationwide lockdown introduced in an attempt to mitigate the coronavirus outbreak, Canada’s Erin Ventures has said it is preparing to re-deploy its technical staff to the Piskanja boron property in Serbia. The staff will complete the balance of the fieldwork required as part of the “Elaborate of Reserves” documentation, the first step in the exploitation license process, Erin Ventures said in a news release.
The company does not anticipate any material delay from its original timelines regarding the completion of the field work and the requisite documentation, it said.
Erin Ventures suspended fieldwork on Piskanja on March 31 due to the nationwide state of emergency in Serbia caused by the coronavirus outbreak.
Piskanja is Erin Ventures’ wholly-owned high-grade boron deposit with an indicated mineral resource of 7.8 million tonnes, and an inferred resource of 3.4 million tonnes, calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves.
Source: seenews.com
Erin Ventures suspends Piskanja boron project in Serbia due to state of emergency
Due to the nationwide state of emergency caused by the coronavirus outbreak, Erin Ventures, Canada-based mineral exploration and development company has suspended fieldwork on its wholly-owned Piskanja boron project in Serbia. Piskanja is Erin Ventures’ wholly-owned high-grade boron deposit with an indicated mineral resource of 7.8 million tonnes, and an inferred resource of 3.4 million tonnes, calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves.
“Serbia is currently under a nationwide state of emergency that has been introduced in an effort to attempt to mitigate the coronavirus outbreak. Towards this end, Serbia has implemented measures that include voluntary isolation for all citizens, except when seeking essential services. As a result, Erin’s staff is currently unable to conduct any field work until such time as the emergency measures have been lifted by the government,” Erin Ventures said in a statement.
However, Serbian-based technical staff continue their efforts towards the generation of documentation required within the Elaborate of Reserves and the filing of its annual government progress report, which is due for submission on September 20, Erin Ventures said.
While a small number of days’ worth of additional field work is required for the completion of the license documentation, Erin does not anticipate any material delay from its original timelines regarding the completion of the work and the requisite documentation, it added.
Source: seenews.com
Erin moves from exploration to development at Serbian boron project
Erin Ventures announced that it has started the exploitation licensing process for its Piskanja boron project in Serbia with the commissioning of an “Elaborate of Reserves,” a significant step towards production. The document is expected to be ready in about three months.
In a press release, Erin said that it is possible to move forward with the elaborate because the company completed sufficient fieldwork and related studies.
According to the Canadian miner, the primary components of an Elaborate are a Mineral Resource Calculation and a Technical Economic Assessment, which must be generated in compliance with standards set by the Serbian Ministry of Mining.
“This is an important milestone for us, as we are officially advancing from exploration to the development stage,” Tim Daniels, Erin Ventures CEO, said in the media brief. “I anticipate that this current development will enhance our value while creating a greater sense of urgency with potential partners, by bringing our timelines into sharper focus and mitigating major project risk.”
The Piskanja project is located 250 kilometres south of Belgrade. The project has an indicated mineral resource of 7.8 million tonnes averaging 31% B2O3, and an inferred resource of 3.4 million tonnes averaging 28.6% B2O3.
Source: mining.com