ERA Resources hopes an agreement with China Nonferrous Metal Industry’s Foreign Engineering and Construction Co Ltd (NFC) will enhance development plans for the Yandera Copper Project. The parties are negotiating final terms of NFC’s appointment to the team of project consultants that will assist Era with pre-feasibility and feasibility studies.
|Major copper-gold deposits in Papua New Guinea, including Era Resources’ Yandera project.|
The Heads of Agreement also outlines the opportunity for NFC, a leading international engineering and consultancy firm, 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’s president and CEO Peter Britz said, “We are very excited for NFC to join our team of world-class partners and consultants at the Yandera project.”
Meantime, Era’s 2016 drilling program has resulted in a substantial increase in measured, indicated and inferred resources over the 2015 estimate. Peter Britz says 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 for 2.397 million tonnes of copper, 72,000 tonnes of molybdenum and 1.593 million ounces of gold. Inferred resources total 230 million tonnes grading 0.29% copper and 0.04ppm gold for 671,000 tonnes of copper, 11,000 tonnes of molybdenum and 264,000 ounces of gold.
Era says the new estimate was 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.
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.”