Temas Resources and Erin Ventures order updated PEA and advance licensing process on Piskanja Boron project
VANCOUVER, British Columbia, October 07, 2021– (BUSINESS WIRE) – Temas Resources Corp. (“Temas”) [CSE: TMAS] is pleased to announce that it and its strategic partner, Erin Ventures Inc. (“Erin”) [TSXV: EV], jointly commissioned an updated Preliminary Economic Assessment (PEA) for the Piskanja Boron project. The updated PEA is expected to be completed within the next 90 days.
In parallel with the production of an updated PEA, Erin’s subsidiary, Balkan Gold, which owns Erin’s rights to Piskanja, is continuing the activities and studies necessary to complete a geological Elaboration (“Elaboration”) to be submitted. at the Serbian Ministry of Mines. The approval of the Elaborate results in the issuance of a “Certificate of Reserves” by the Ministry of Mines, the first of two stages of the approval process for obtaining a mining permit. A Serbia Compliant Geologic Document has a scope, content and level of confidence similar to an ICD Compliant PEA. The Elaborate is expected to be submitted for approval in the first quarter of 2022.
“This is an exciting project as the supply of borate becomes increasingly tight,” Michael Dehn, CEO of Temas Resources. “As the global economies continue to grow, their need for various boron products such as insulating glass fiber, borosilicate glass, thin film transistors (used to produce LCD panels), fertilizers, tiles And much more.
The budgeted expenses for the completion of the PEA and the Elaborate will be financed by Temas as an initial contribution towards the acquisition of an interest in Piskanja. Pursuant to an agreement, Erin granted Temas the irrevocable right and option to acquire up to a 50% undivided interest in his Piskanja Borate project. In total consideration for the option, Temas will incur up to € 10,500,000 in works expenses for the development of Piskanja.
About the Piskanja Boron property
The Piskanja boron deposit, located in Serbia, has an indicated mineral resource of 7.8 million tonnes (average 31.0% B2O3) and an inferred resource of 3.4 million tonnes (average 28.6% of 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 entitled “Mineral Resource Estimate Update On The Piskanja Borate Project, Serbia, October 2016 – Amended February 28 2019 “- prepared by SRK Consulting (UK) Ltd. The persons responsible for the updated ERM 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 Or of the Balkans.
About Temas Resources Corp.
The Company is focused on advancing mineral independence and the processes by which minerals are extracted in an environmentally friendly manner. The Company invests and strives to apply green technology across its mining portfolio to reduce the environmental impact and carbon footprint of metal mining through advanced processing and leaching technologies patented. The Company is advancing Fe-Ti-V projects in Quebec and soon expects to be active on boron projects in Serbia.
Rory Kutluoglu, B.Sc, P.Geo, is the Qualified Person as defined by NI 43-101 who has reviewed and approved the technical information contained in this press release.
On behalf of the Board of Directors of Temas Resources Corp.,
This press release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under applicable Canadian securities laws. When used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “foresee”, “could”, “would be “,” could “,” schedule “and similar words or phrases identify forward-looking statements or information.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, improved value and capital market profile of Temas Resources, the potential for future growth of Temas Resources and its businesses, and plans for ‘future exploration are based on management’s assumptions, reasonable estimates, expectations, analyzes and opinions, which are based on experience and perception of trends, current conditions and developments expected by management, and other factors that management considers relevant and reasonable in the circumstances, but which may prove to be inaccurate. Assumptions have been made regarding, inter alia, the price of iron, titanium, vanadium and other metals; no escalation in severity of the COVID-19 pandemic; exploration and development costs; the estimated costs of developing exploration projects; The ability of Temas Resources to operate in a safe and efficient manner and its ability to obtain financing on reasonable terms.
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