The successful 2016 drilling program at Era Resources’ Yandera Copper Project in Papua New Guinea has resulted in a substantial increase in measured, indicated and inferred resources over the 2015 estimate. The 2016 resource estimate provides a strong platform for a pre-feasibility study, which is set to commence early in 2017.
There are now 728 million tonnes of measured and indicated resources grading 0.33% copper, 0.01% molybdenum and 0.10ppm gold, or 0.39% copper equivalent. There are now 2.397 million tonnes of copper, 72,000 tonnes of molybdenum and 1.593 million ounces of gold in these categories.
Inferred resources total 230 million tonnes grading 0.29% copper and 0.04ppm gold, or 0.32% copper equivalent. There are now 671,000 tonnes of copper, 11,000 tonnes of molybdenum and 264,000 ounces of gold in this category.
Era says the new estimate is the culmination of the 2016 strategy for Yandera, the aim of which was to demonstrate significant further resource growth that would underpin a feasibility study, improve understanding of the mineral potential at and along strike from the resource, and to maximise project value through rigorous evaluation of development options.
Positive results from the 43 diamond drill hole campaign in 2016 significantly strengthened the resource with a substantial increase in size, expansion of the 2015 footprint, linkages between previously separate pits and potential to further optimise pit design and reduce stripping ratios.
Era Resources president and CEO Pieter Britz said: “The 2016 drill campaign was a remarkable success, achieving in all respects our overall targets of understanding the areas between the 2015 pit shells, and then stepping out beyond the 2015 perimeters of pits to expand the footprint of the resource.”
Meantime, Era has entered in to a Heads of Agreement with China Nonferrous Metal Industry’s Foreign Engineering and Construction Co Ltd (NFC), a leading international engineering and consultancy firm.
The parties have agreed to negotiate final terms of NFC’s appointment to the team of project consultants that will be assisting Era with the pre-feasibility and feasibility studies for Yandera.
The HoA also outlines the opportunity for NFC to become an equity holder in Yandera, to play a role in construction financing and to provide services to Era regarding the organisation and arrangement of the funding of certain regional infrastructure development costs.
Era Resources