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ANALYSIS OF HISTORICAL DATA ENCOURAGES
FURTHER DRILLING AT CEIBO CHICO PROJECT, BELIZE
September 10, 2008:
Erin Ventures Inc. (TSX-Venture: EV) reports that it has obtained historical exploration data (conducted by BHP and Castle Exploration) on the Ceibo Chico Property in Belize (as reported previously by Erin on March 18, 2008). Erin has field checked, compiled and converted this data to a digital format, for better assessment using current exploration software. Analysis of this data is now complete. Management of Erin considers the results of this analysis to be positive, and further exploration justified in order to define a gold resource. Most promising are results compiled from channel sampling and diamond core drilling.
Historical soil sampling has been confirmed by additional soil sampling by Erin along the access road and ridge-and-spur sampling. A well defined target of over one kilometre of strike and between 100 to 400 metres in width merits drilling after further mapping is completed.
The historical data generated by BHP and Castle Exploration has been an effective method to further develop the Ceibo Chico project at much lower cost to Erin. The historical exploration was well managed, and ended during a period of low gold prices and not due to exploration results.
Channel Sampling Results
Continuous channel sampling of a road that was prepared for drilling and property access has the following results:
CHANNEL ID |
FROM
(metres) |
TO
(metres) |
LENGTH (metres) |
COMP5M Au (gm/ton) |
METAL FACTOR |
CTR-8 |
765 |
855 |
90 |
1.088 |
97.9 |
CTR-8 |
30 |
120 |
90 |
0.649 |
58.4 |
CTR-8 |
651 |
710 |
59 |
0.376 |
22.16 |
CTR-8 |
715 |
720 |
5 |
3.670 |
18.35 |
CTR-8 |
1450 |
1470 |
20 |
0.670 |
13.4 |
CTR-8 |
385 |
400 |
15 |
0.843 |
12.65 |
CTR-8 |
430 |
440 |
10 |
1.030 |
10.3 |
CTR-8 |
610 |
620 |
10 |
0.880 |
8.8 |
CTR-8 |
1400 |
1415 |
15 |
0.560 |
8.4 |
CTR-8 |
1295 |
1310 |
15 |
0.560 |
8.4 |
[Channel intervals are composited to 5 metre intervals with a cutoff gold value of 0.300 grams/ton.
The metal factor is the composite grade multiplied by the length of the interval]
The metal factor, grades, continuity and length are all considered encouraging for further exploration. Recent sampling by Erin Ventures has confirmed that the assay values are reproducible within sampling variability.
The mineralized intervals represent apparent lengths. The true length and width of the mineralized zone are not yet known. Erin is scheduling structural and geologic mapping to gain a better understanding of ore controls and orientation.
Diamond Drilling Results
In 1999, nine diamond core holes totaling 809 metres were drilled by Castle Exploration. The results, especially in hole CDD-01 are promising for further drilling, once a better understanding of structural controls is developed. Significant efforts were made to locate the original core to no avail.
HOLE ID |
FROM
(metres) |
TO (metres) |
LENGTH (metres) |
COMP5M Au
(gm/ton) |
METAL FACTOR |
CD99-001 |
55.28 |
68.27 |
12.99 |
1.03 |
13.34 |
CD99-001 |
102.00 |
114.00 |
12.00 |
0.77 |
9.18 |
CD99-008 |
33.00 |
39.00 |
6.00 |
1.49 |
8.94 |
CD99-008 |
2.75 |
9.00 |
6.25 |
1.22 |
7.61 |
CD99-001 |
116.64 |
123.58 |
6.94 |
0.90 |
6.27 |
CD99-007 |
10.50 |
22.50 |
12.00 |
0.46 |
5.49 |
CD99-002 |
107.31 |
114.00 |
6.69 |
0.75 |
5.02 |
CD99-002 |
116.50 |
126.88 |
10.38 |
0.39 |
4.01 |
CD99-004 |
71.50 |
76.70 |
5.20 |
0.76 |
3.93 |
CD99-003 |
110.90 |
118.87 |
7.97 |
0.45 |
3.60 |
CD99-002 |
54.93 |
60.00 |
5.07 |
0.56 |
2.84 |
CD99-003 |
0.00 |
6.00 |
6.00 |
0.41 |
2.43 |
CD99-003 |
63.00 |
69.70 |
6.70 |
0.36 |
2.43 |
CD99-001 |
19.22 |
24.71 |
5.49 |
0.35 |
1.93 |
CD99-003 |
101.37 |
105.90 |
4.53 |
0.37 |
1.66 |
Hole CD99-001 tested the interval from 30 to 120 metres in the channel CTR8. The longer channel intervals such as 765 to 865 were not well tested due to the limited number of holes, as funding was restricted. Erin relocated all drill holes and certain channel intervals, where flagging still remained. Coordinates were obtained with a GPS unit and this information was used to re-plot the paper copies of channel, soil and drill data. The geologist who drilled the original holes was retained to assist in the compilation and to confirm hole and channel sampling locations.
Preparation for Drilling
The selection of drill site placement and orientation of drilling will be finalized once structural mapping and related field work has been completed in the coming months. Based on the strong recommendation of the geologist who supervised the past drilling, and Erin’s own experience in Belize, drilling should be initiated early in the year due to weather conditions. This scheduling also provides the time needed to establish camp and road upgrades required for drilling, and to locate a competent and cost effective drilling group who is willing to mobilize a drill rig and crew to Belize. All drill sites must then be properly located in field in relation to the terrain and then drill pads can be constructed using Erin’s existing equipment. Current plans are to prepare for a drill program early next year. Drilling contractors will also be requested for bids to mobilize a drill rig to Belize and complete drilling. The amount of drilling requested will be based on the field assessment of drilling required for a first phase of testing.
On behalf of the Board of Directors,
Blake Fallis, General Manager
The technical information in this release was prepared and approved by Dennis LaPoint, Registered Geologist in the State of North Carolina, a director of the Corporation, who is a Qualified Person under National Instrument 43-101.
About the Ceibo Chico Gold Prospect
- The property consists of 3 contiguous Exclusive Prospecting Licenses covering approximately 34 square kilometres (13 square miles), and a 160.25 hectare (396 acre) Mining License, in west/central Belize.
- Erin has an option agreement to acquire up to 90% equity in the Prospect.
- Erin has established production of the placer gold found on the Fan, using the resulting cash flow to help off set exploration costs. The Fan is comprised of alluvial gravels formed where the drainage opens up at the contact with limestones. Erin’s most recent production update was reported on August 19, 2008.
Erin Ventutures Inc.
Phone: 1-250- 384-1999 or 1-888-289-3746
www.erinventures.com
For further information, please contact:
Erin Ventures Inc.
Phone: 1-250- 384-1999 or 1-888-289-3746
www.erinventures.com
Erin’s Public Quotations:
Canada
TSX Venture: EV
USA
SEC 12G3-2(B) #82-4432
OTCBB: ERVFF
Europe
Berlin Stock Exchange: EKV
Forward Looking Statements
This release contains forward looking statements. The words "believe," "expect," “feel,” "plan," "anticipate," “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary for the continued operations of the Company, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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