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Serbia
Piskanja Boron Project

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 Location:
157 km S from Belgrade, Serbia

  Project Contacts:
Bulevar Zorana Djindjica 83,
Belgrade
Serbia
11070
Phone  ...  Subscription required
Fax+381-11-21-21-961
WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
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  • Filings & News

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Overview

StagePreliminary Economic Assessment
Mine TypeUnderground
Commodities
  • Boron
Mining Method
  • Cut & Fill
  • Backfill
Mine Life16 years (as of Jan 1, 2022)
Latest NewsRETRANSMISSION: Erin Ventures Announces Letter of Intent with Strategic Funding Partner     January 31, 2023


Owners

Source: p. 12
CompanyInterestOwnership
Erin Ventures Inc. 100 % Indirect
The Project occurs within a 306-hectare exploration licence located in southern Serbia, some 160 km south of the Serbian capital Belgrade. Balkan Gold d.o.o, which holds the Exploration Licence, is a wholly owned subsidiary of Erin.

Contractors

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Deposit Type

  • Vein / narrow vein
  • Evaporite
  • Hydrothermal


Summary:

The Piskanja deposit is of continental lacustrine type, typical of many global boron deposits, and is considered to have formed within a closed basin with abnormally high salinity. The boron mineralization is most likely to have been sourced from local volcanic rocks, from which it was leached by hydrothermal fluids. Boron minerals were then deposited in sedimentary successions in lacustrine conditions through the processes of evaporation and chemical precipitation. The presence of laminated dolomitic rocks and claystone in association with borate mineralization indicates sedimentation in the deeper parts of a lake.

Most borate minerals are highly soluble in water which restricts the areas in which they form, and more importantly, are preserved. The majority of known global borate deposits have formed in lacustrine or playa lake environments in closed basins that opened up in active extensional setting near subductive plate boundaries. Rock types associated with the deposits generally include calc-alkaline extrusive rocks, tuff, limestone, marl, claystone, gypsum, continental silts and sands. The source of boron is not always the same and can be derived variously from leached marine sediments, magmatic fluids from subducted crust or from volcanic material (tuff).

The boron deposits in the USA and Turkey (which together account for around 80% of world production), are associated with continental sediments and show a continuum between hydrothermal spring ........


Mining Methods

  • Cut & Fill
  • Backfill


Summary:

The geometry and depth of the mineralization identified at Piskanja lends itself to an underground mining method. This section of the report presents the results of work completed to date to determine how the mineralization will be most appropriately worked and extracted. While more detailed analysis is required and will be undertaken in due course it is the assumptions presented here that form the basis of the PEA presented later in this report.

It is envisaged that mining will be by cut and fill method and that the key underground infrastructure will comprise:

• Twin access declines from surface to the deposit: i) main haulage decline (further addressed as MHD) from surface to the floor of KZONE1 and ii) main ventilation decline (further addressed
as MVD) from surface to the roof of KZONE3;
• An underground spiral ramp connecting MHD and MVD and enabling access to all levels;
• A shaft connecting MHD and MVD to serve as an ore pass and temporary (if needed) ore stock;
• Footwall drives located below seam horizons of KZONE1, KZONE2 and KZONE3; and
• Level drives and ventilation connections between three footwall drives.

Ventilation
For the purposes of this PEA, it is envisioned that the mining operation will not utilize blasting, that all equipment will be electric (powerline or battery) and that maximum number of workers per shift in the underground facilities will not exceed 50. Having this in mind required ai ........


Crushing and Grinding
Source: Subscription required


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
B2O3 Concentrate kt 2503,649
Boric acid Acid t  ......  Subscription required  ......  Subscription required

Operational Metrics:

Metrics
Ore tonnes mined  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual ore mining rate  ......  Subscription required
* According to 2022 study.
Subscription required - Subscription is required.

Reserves at June 24, 2022:

CategoryTonnage CommodityGradeContained Metal
Measured 1,391,574 t B2O3 35.59 % 495,251 t
Indicated 5,478,986 t B2O3 34.05 % 1,865,677 t
Measured & Indicated 6,870,560 t B2O3 34.36 % 2,360,928 t
Inferred 284,771 t B2O3 39.59 % 112,732 t

Commodity Production Costs:

CommodityUnitsAverage
C1 cash costs Boric acid USD  ......  Subscription required&nbs
Assumed price Boric acid USD  ......  Subscription required&nbs
* According to 2022 study / presentation.
Subscription required - Subscription is required.

Operating Costs:

Units2022
UG mining costs ($/t mined) USD 40.7 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
* According to 2022 study.
Subscription required - Subscription is required.

2022 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 77.5
G&A costs $M USD 95.3
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
Operating margin, %  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
Pre-tax NPV @ 10% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
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Proposed Heavy Mobile Equipment as of June 24, 2022:
HME TypeQuantity
Continuous Miner ....................... Subscription required
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Aug 30, 2022
....................... Subscription required ....................... Subscription required Subscription required Jun 24, 2022
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
Preliminary Economic Assessment 2022
Press Release 2022
Press Release 2022
Quarterly Report 2022
Preliminary Economic Assessment 2014
Subscription required - Subscription is required.

News:

NewsDate
RETRANSMISSION: Erin Ventures Announces Letter of Intent with Strategic Funding Partner January 31, 2023
Erin Ventures Announces Feasibility Study Underway for its 100% Owned Piskanja Boron Project January 18, 2023
Erin Ventures Announces Cancellation of Option and Joint Venture Agreement December 27, 2022

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