Erin Ventures and Temas Resources Report Progress on the Piskanja Project PEA

Rhea-AI Summary

Erin Ventures, in collaboration with Temas Resources, reports advancements on the Piskanja Boron Project, detailing an updated Preliminary Economic Assessment (PEA) and Geological Elaborate. The new assessment, which surpasses the 2019 mineral resource estimate, enhances the complexity of the mineral deposit model, crucial for the certification of reserves necessary for the mining license process. The Piskanja deposit in Serbia holds an indicated mineral resource of 7.8 million tonnes at 31.0% B2O3, and an inferred resource of 3.4 million tonnes at 28.6% B2O3.

Positive

• Updated PEA enhances mineral deposit modeling, offering greater accuracy.
• Improved mine design modeling aligns with market demands and extraction strategies.
• Piskanja project holds significant indicated and inferred resources.

Negative

• Increased complexity in model may lead to delays in updates.
• Additional time required for deposit model development may postpone project timelines.

VICTORIA, BC / ACCESSWIRE / March 8, 2022 / Erin Ventures Inc. ("Erin") (TSXV:EV) and its strategic partner, Temas Resources Corp. ("Temas") [TMAS], provide a progress report regarding the completion of an updated Preliminary Economic Assessment (PEA) and Geological Elaborate for the Piskanja Boron Project. The updated PEA is projected to include an interpretation of the mineral deposit model and resource calculation more complex than that presented in Erin's previously published Updated Mineral Resource Estimate (MRE) in 2019. The updated PEA delineates the locations, qualities, and quantities of the various types of borates within the overall Piskanja deposit, in contrast to the 2019 MRE which assumed a homogenous mineral deposit comprised solely of calcium borates. This refinement in the deposit modelling also results in improved mine design modeling that accommodates the potential for the strategic extraction of the different borate minerals from within the deposit based upon market conditions and real-world customer demands, as well as planning surface beneficiation circuits that better match parameters of the deposit.

The improved modeling in the updated PEA will be of commercial importance in the development of Piskanja, with this data being repurposed in the Geological Elaborate (a Serbian compliant technical study, similar in scope and accuracy to a North American PEA, and the requisite document as the first step in the mining license process) and a future Feasibility Study. It has however, increased the model's complexity resulting in additional time required to develop the deposit model within the anticipated updated PEA.

The detailed interpretation of the deposit (as will be presented in the updated PEA) is a requirement within the Geological Elaborate for the approval process of registration of a "Certification of Reserves", as the first step in the mine licensing process.

About Piskanja Boron Property

The Piskanja boron deposit, located in Serbia, has 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, Qualified Persons in accordance with CIM Standards, and independent of Erin and Balkan Gold.

On behalf of the Board of Directors
Tim Daniels

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". 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 Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250-384-1999 or 1-888-289-3746
info@erinventures.com
www.erinventures.com

Erin's Public Quotations

Canada
TSX Venture: EV

Europe
Berlin: EKV

The technical information in this release was prepared and approved by James E Wallis, M.Sc. (Eng), P. Eng., a director of Erin, 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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FAQ

What is the latest update on the Piskanja Boron Project by Erin Ventures?

Erin Ventures and Temas Resources announced progress on the Piskanja Boron Project, focusing on an updated Preliminary Economic Assessment and Geological Elaborate, which enhances the mineral deposit model.

What resources does the Piskanja Boron Project hold?

The Piskanja Boron Project has an indicated resource of 7.8 million tonnes averaging 31.0% B2O3 and an inferred resource of 3.4 million tonnes averaging 28.6% B2O3.

What challenges are faced in the Piskanja Boron Project?

The updated PEA has increased the model's complexity, leading to potential delays in development and updates required for the mining licensing process.

What is the significance of the updated Preliminary Economic Assessment for Erin Ventures?

The updated PEA is crucial for commercial importance and serves as a foundational step for the Geological Elaborate necessary for mining license approval.

How does the Piskanja Boron Project's deposit model differ from previous estimates?

The updated deposit model delineates various types of borates instead of assuming a homogeneous deposit, improving extraction planning based on market conditions.