The 2016 infill drilling campaign and a scoping study are under way at Era Resources’ Yandera Copper-Gold Project in Papua New Guinea. The work program is aimed at delivering a robust base case for further optimization and potential development of the project.
Era has contracted Titeline Drilling (PNG) Ltd as its drilling contractor. The infill drilling program, which commenced last month, will test targets in the Omora, Gremi, Dimbi, Gamagu and Imbruminda areas, and then begin testing proximal targets.
Era, formerly known as Marengo Mining, is highly focused on the opportunity to enhance and expand the 2015 resource estimate with targeted drilling within the framework of an improved geologic model.
It is anticipated that drilling will be completed by the end of August 2016 in preparation for an updated resource targeted for the end of the calendar year.
Era has also appointed Advisian, which is part of the WorleyParsons Group, to undertake a scoping and optimization study, which is expected to be completed during the current quarter. The outcome of the study will form the base case for further refinement through prefeasibility and feasibility study phases.
The company has now closed its convertible debt financing and received proceeds for the issuance and sale of $US4 million principal amount of senior unsecured convertible debentures to Sentient Global Resources Fund IV, LP. This is the third and final tranche of the financing approved by shareholders on November 13, 2015.