THE exciting Yandera Project appears to have moved a sizeable step towards development with operator Era Resources Inc. reporting a significantly expanded and updated resource estimate for the Madang Province based project.
Boosted by a very successful 2016 drilling programme, Era says the new Yandera Resource Estimate features:
- Measured and Indicated Resources total 728 million tonnes grading 0.33% copper, 0.01% molybdenum and 0.10 ppm gold; or 0.39% copper equivalent; and
- Inferred Resources total 230 million tonnes grading 0.29% copper, 0.00% molybdenum and 0.04 ppm gold; or 0.32% copper equivalent
Era Resources president and CEO, Pieter Britz, said the new resource estimate is the culmination of the company’s 2016 strategy 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.
“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. The 2016 resource estimate now provides a strong platform for a pre-feasibility study, which is scheduled to commence early in 2017,” Mr Britz said.
Positive results from the 43-diamond-drill-hole campaign significantly strengthened the resource with a substantial increase in size, expansion of the 2015 footprint, including critical linkages between previously separate pits and potential to further optimize pit design and reduce stripping ratios.
Mr Britz said the expansion of the Measured and Indicated resource in the 2016 estimate is an important improvement over the 2015 resource estimate. Enhancements include:
- Delineation of mineralisation between Gremi and Omora, Gremi and Imbruminda, and Dimbi and Gamagu, which increases resource size and reduces expected stripping ratios;
- Extension of mineralization in the South Dimbi, East Gremi, Omora and Benbenubu areas;
- Meaningful refinement of the constraining geologic framework, including detailed models of specific mineralization-related units and later units that cut mineralisation;
- Refinement of grade shells to match geology and identified trends in the mineralisation.
The exploration work completed since the resource update in 2015, includes surface mapping, sampling and drilling, which has expanded the resource significantly to the southeast in both the South Dimbi and Omora areas, both of which remain open further to the southeast. This exploration work also connected mineralisation between the Gremi and Omora, Imbruminda and Gremi, and South Dimbi, Dimbi and Gamagu areas. The global average grade of the resource is remarkably similar to the 2015 resource estimate.
Project consultancy HoA
In another sign that Era Resources is steadily moving towards making a positive FID for a development at Yandera, the company recently announced it had entered into a Heads of Agreement (HoA) with China Nonferrous Metal. (NFC)
Under the HoA, the parties have agreed to negotiate final terms of NFC’s appointment to the team of project consultants to assistEra with the pre-feasibility and feasibility studies for the Yandera Project.
The HoA also outlines the opportunity for NFC to become an equity holder in the Yandera Project, 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.
Mr Britz said the company was “very excited for NFC to join our team of world class partners and consultants at the Yandera Project.”