InvestmentPitch Media Video Discusses Erin Ventures Agreement to Re-Acquire an Interest in the Jarandol Basin in Serbia - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - February 19, 2020) - Erin Ventures Inc. (TSXV: EV) (OTCQB: ERVFF) (FSE: EKV1) has entered into an agreement to re-acquire an interest in the Jarandol Basin Exploration License 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 kilometers on the opposite edge of the 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.
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.
As Erin itself was not eligible to reapply for the Jarandol License once relinquished, a Serbian mineral exploration company owned, in part, by Dusan Podunavac, a Director of Erin, has been granted the exploration license for Jarandol, with the intention of Erin and the Serbian company to both conduct future exploration on Jarandol by way of a strategic partnership with a third-party investor. No consideration will be paid by Erin who has the right to earn an interest in any future strategic partnership by contributing its previous exploration data from 2013 to 2018.
In December 2015, Erin reported results from its exploration program on Jarandol which included the drilling of 8 exploratory vertical diamond drill holes, totaling 2,724 meters, with all 8 holes returning occurrences of borates. In June 2018, management elected to 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.
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 boron trioxide (B2O3), and an inferred resource of 3.4 million tonnes averaging 28.6 per cent boron trioxide (B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves.
For those unfamiliar with boron, it is difficult to comprehend its variety of uses in construction, manufacturing, medicine, science, microelectronics, pharmaceuticals, telecommunications, space travel, communication satellites, specialty metals, battery technology and more. As there are very few substitutes for borates especially in high-end applications and agriculture, these markets are expected to grow as global population grows and becomes more affluent. With commercial deposits of boron extremely rare - only 2 regions containing 80% of the world supply - this lack of competition in supply helps keep prices very stable.
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Barry Morgan, CFO
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