Era Resources Inc.
TSX VENTURE : ERX

Era Resources Inc.

May 30, 2016 07:50 ET

Era Resources Inc. Announces Yandera Project Drilling Update and Results From Pomiea Prospect

TORONTO, ONTARIO--(Marketwired - May 30, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES.

Era Resources Inc. ("Era" or the "Company") (TSX VENTURE:ERX) is pleased to provide an update on the 2016 Infill and Proximal Drill Campaign at the Yandera Project in Papua New Guinea and to announce results of surface exploration at the Pomiea Prospect.

Yandera Project Drilling Update

The 2016 drilling program at the Yandera Project is well underway with two drill rigs. One of the drill rigs is focusing on testing infill targets in the Dimbi and South Dimbi areas; the other is focusing on testing targets in the Gremi, Omora and Dengru areas (Figure 1). This portion of the drilling program is focused on infill targets that may have potential to convert waste material to resource and locally test the boundaries of the 2015 resource pit.

At the time of preparation of this release, over 2,000 metres of diamond drilling in 10 drill holes have been completed. Results for drill holes to date are pending.

Figure 1. Yandera area prospects and deposits. The green shaded domains represent the general areas where the drilling campaign is currently working.

Pomiea Prospect

Exploration work over the last few years has highlighted some important northwesterly striking mineral trends that seem to extend outside the known resource at Yandera. During the latter portion of 2015, geologists mapped and sampled at the Pomiea Prospect, along this trend, approximately 6 kilometres to the southeast of the Yandera resource (Figure 2). Although previous work identified potential copper mineralization there, the late-2015 work represents the first substantial sampling efforts at Pomiea, which includes the collection of 230 rock samples with assay results that show elevated copper, as well as locally anomalous silver and molybdenum (Table 1).

Reconnaissance mapping suggests northwesterly-striking tabular bodies of diorite, intrusive breccia, quartz-diorite porphyry and andesite intrude granodiorite of the Bismarck batholith. Copper mineralization observed at Pomiea is structurally controlled, vein and breccia fill, high-grade copper sulfides most commonly located near northeasterly striking structures hosted in diorite and intrusive breccia (Figure 3). Chalcopyrite and bornite are the dominant sulfide minerals with minor pyrite. The host granodiorite displays weak propylitic alteration, while rocks adjacent to high-grade mineralization show weak potassic alteration with secondary biotite and locally disseminated copper sulfides.

Results from this work suggest the presence of strong copper mineralization at Pomiea and the prospectivity of the broader mineral trend that contains the Yandera resource. Future exploration work has potential to identify additional high-grade mineralized zones to the northwest and southeast, well beyond the currently known resources.

Table 1. Assay results for rock samples with greater than 1% copper. Coordinates are in UTM Zone 55 with a datum of AGD 1966.

Sample ID Easting (m) Northing (m) Au ppm Ag ppm Cu % Mo ppm
YE05946 299557 9360153 0.041 29.8 1.45 22
YE05948 299534 9360159 1.99 104 3.74 14
YE05960 2996054 93603364 0.045 163 2.63 4
YE05961 299604 93603294 0.074 24.7 1.02 6
YE05976 299452 9360691 0.829 25.5 4.43 85
YE05977 299453 9360693 0.636 22.6 3.60 195
YE05993 299471 9360733 0.064 6.3 1.50 11
YE06000 299459 9360703 0.215 696 8.43 121
YE06003 299464 9360711 0.182 38.3 2.85 3
YE06004 299465 9360714 0.192 47.2 2.77 2
YE06010 299473 9360727 0.166 4.8 1.47 4
YE06050 299371 9360765 0.014 5.8 1.52 1622
YE06055 299363 9360784 0.092 15.3 3.20 108
YE06056 299373 9360786 0.02 10.8 2.00 74
YE06060 299364 9360816 0.049 2.4 1.05 412
YE06062 299377 9360818 0.04 3.9 1.24 17
YE06065 299393 9360822 0.041 17.1 1.65 140
YE06066 299390 9360828 0.042 15.8 2.97 1971
YE06067 299372 9360828 0.055 6.1 1.19 1069
YE06075 299357 9360806 0.055 5.4 1.10 322
YE06134 299377 9360835 0.586 2.7 1.29 <1
YE06177 299175 9360749 0.022 15.4 1.56 436
YE06178 299174 9360756 0.018 16.1 1.08 326
YE06203 299219 9360845 0.038 13.5 1.47 452
YE06223 299328 9360757 1.77 326 9.99 6386
YE06224 299484 9360679 0.441 104 5.72 972
YE06225 299495 9360692 1.61 463 20.66 1802
YE06227 299481 9360660 0.64 239 16.37 519

Quality Control

Analyses were completed by ITS (PNG) Limited, a laboratory independent of the Company located at Lae, PNG, utilizing fire assay and multi-element ICP-AES methods with internal checks, blanks, duplicates and standards at various intervals in the sequence of samples. Era also inserted standards within the sequence of samples.

Figure 2. Samples from Pomiea area. Note that 20,000 ppm copper is equivalent to 2% copper. Unit BX is breccia, PAN is porphyritic andesite, POM is microdiorite, POD is quartz porphyry diorite and HGR is granodiorite.

Figure 3. Detailed map of higher grade Pomiea samples and Geology. Note that copper results for samples with over 2% copper are labeled. Rock types are the same as in Figure 2.

Qualified Person

Scientific and technical information herein was prepared and approved by Dr. Nathan Chutas, Exploration Manager of the Company, a certified professional geologist and a "qualified person" (as defined by National Instrument 43-101 ("NI 43-101")).

www.eraresources.com

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward looking information, including but not limited to statements with respect to ongoing exploration at Yandera and Pomiea. Such forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or to be achieved and any other similar expressions.

In providing the forward-looking information in this news release, the Company has made numerous assumptions regarding: (i) the accuracy of exploration results received to date; (ii) anticipated costs and expenses; (iii) the accuracy of the Company's mineral resource estimate; (iv) the future price of copper and molybdenum; and (v) that the supply and demand for copper, molybdenum, and other metals develop as expected. Although management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information, including actual results of exploration activities, changes in market conditions, risks relating to international operations, fluctuating metal prices and currency exchange rates, and other risks of the mining industry. Some of these risks, uncertainties and other factors are described under the heading "Risks Factors" in the Company's annual information form available on the Company's profile on SEDAR at www.sedar.com. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by applicable securities laws, Era does not undertake any obligation to update forward-looking information even if circumstances or management's estimates or opinions should change. Readers should not place undue reliance on forward-looking information.

For further information on the Yandera Project and the resources contained therein, please refer to the Company's Canadian NI 43-101 technical report "NI 43-101 Technical Report: Updated Resource Estimate Yandera Copper Project, Papua New Guinea" dated June 19, 2015, and with an effective date of May 1, 2015, which is available on the Company's website and at the SEDAR website at www.sedar.com.

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Three (3) maps are available at the following address: http://media3.marketwire.com/docs/era_resources_graphics.pdf

Contact Information

  • Era Resources Inc.
    Pieter Britz
    President & Chief Executive Officer
    +61 400 666980
    pb@eraresources.com

    Era Resources Inc.
    Alex Dann
    Chief Financial Officer & Corp. Secretary
    +1 416 464 4067
    ad@eraresources.com