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Era Resources Inc.
Summary
| Project: | Yandera | |
|---|---|---|
| Deposit: | Yandera | |
| Location: | Papua New Guinea | |
| Commodities: | Copper-Gold-Molybdenum | |
| Date: | 10/31/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 31-10-2016: Era Resources Inc. announces an Exploration/Drilling Update report for its Yandera deposit at the Yandera project. Drilling results incl. 33m @ 0.232% Cu, 0.668g/t Au, 0.010% Mo from 84m at Gamagu. Toronto, Ontario – October 31, 2016 – Era Res | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Dr. Nathan Chutas (Internal) | |
| ABSTRACT: | Toronto, Ontario – October 31, 2016 – Era Resources Inc. ("Era" or the "Company") (TSXV: ERX) is pleased to announce the final batch of assay results from the highly successful 2016 Infill and Proximal Drill Campaign at the Yandera Project. The program’s goal was to advance a large porphyry copper system in the highlands of Papua New Guinea, and the results have been very positive for identifying additional copper mineralization that is likely to convert new material to resource. The 2016 resource drilling program encountered good additional copper mineralization in gaps within the footprint of the 2015 resource model and intercepted good mineralization outside of the boundaries of the 2015 resources. Drilling results within the 2015 resource, such as the 196.7 metres averaging 0.278% Cu from YD578 in the Dengru area (see release dated September 7, 2016), the 78.0 metres averaging 0.374% Cu from YD593 in the South Dimbi area and the 144.9 metres averaging 0.296% Cu from YD596 in the Dimbi area, should convert significant volumes of waste to good grade resource. Drilling results at the periphery of the 2015 resource, such as the 218.7 metres averaging 0.201% Cu (including 33.0 metres averaging 0.526% Cu) from YD569 in the South Dimbi area (see release dated July 27, 2016), the 78.0 metres averaging 0.432% Cu from YD 582 in the Benbenubu area and the 69.0 metres averaging 0.284% Cu from YD583 in the East Gremi area (see release dated September 7, 2016), are likely to add resource and suggest excellent potential for resource growth to the southeast with future exploration. Collectively, the 2016 drilling results are expected to expand the resource estimate and improve the internal waste to resource ration in portions of the modelled open pit shells. Era Resources CEO Pieter Britz added that, “We are very pleased to see results of this caliber. The work in 2016 has produced valuable data for refining and expanding the resource. We remain very excited about the potential at Yandera.” An updated resource estimate for the Yandera Project incorporating all the results from the drill campaign is planned to be completed by the end of 2016. Prefeasibility work on the project is planned to begin in 2017. | |
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