Emerita Resources Corp. (TSX – V: EMO; OTCQB:
EMOTF; FSE: LLJA) (the “Company” or “Emerita”) is pleased to
announce additional assay results from the ongoing delineation
drilling program at La Romanera Deposit, part of Emerita’s wholly
owned Iberian Belt West project (“IBW” or the “Project”). IBW hosts
three previously identified massive sulphide deposits: La Infanta,
La Romanera and El Cura. Results contained in this release are from
La Romanera. All deposits are open for expansion along strike and
at depth.
Assays have been received for two additional
drill holes that were not included in the recently announced NI
43-101 compliant mineral resource estimate (Please see Emerita’s
news release dated May 23, 2023). See Figures 1, 2 and 3 for
intercept locations and Table 1 for diamond drilling data. Drill
holes LR146 and LR147 demonstrate that the deposit remains open at
depth and is high grade and thick in this central area.
According to Ian Parkinson, EVP Corporate
Development and Capital Markets for Emerita, “It is exciting to see
such strong results as a follow up to the recently announced maiden
mineral resource estimate at IBW. La Romanera is the cornerstone
deposit on this Project and it appears to be sustaining excellent
thicknesses and higher than average grades as we continue to expand
the mineral resource at relatively shallow depth.”
Drill Hole LR146:
The Upper Lens was intersected at 580.9 m down
the hole. It encountered 13.0 meters grading 0.2% Copper;
3.6% Lead; 13.1% Zinc; 1.35 g/t Gold and 120.9 g/t Silver;
including 6.0 meters grading 0.3% Copper; 4.8% Lead; 15.9% Zinc;
2.32 g/t Gold and 181.5 g/t Silver. The Lower Lens was
intersected at 593.9 meters down the hole. It comprised
22.9 meters grading 0.6% Copper; 2.0% Lead; 4.8% Zinc; 0.58
g/t Gold and 79.2 g/t Silver; including 3.9 meters grading 0.3%
Copper; 6.1% Lead; 9.1% Zinc; 2.36 g/t Gold and 247.8 g/t
Silver.
Drill Hole LR147:
The Upper Lens was intersected at 649.3 m down
the hole. It encountered 16.5 meters
grading 0.4% Copper; 0.1% Lead; 0.2% Zinc; 0.17 g/t Gold and 22.1
g/t Silver, including 2.0 meters grading 0.4 % Copper; 0.1 % Lead;
0.4 % Zinc; 0.22 g/t Gold and 106.5 g/t Silver. The Lower
Lens was intersected at 665.75 m down the hole. It comprised
17.2 meters grading 0.4% Copper; 2.0% Lead; 9.8% Zinc; 0.64
g/t Gold and 89.3 g/t Silver; including 7.0 meters grading 0.5%
Copper; 2.9% Lead; 16.5% Zinc; 0.83 g/t Gold and 57.0 g/t
Silver.
The current drilling program is focused on
testing the extension of La Romanera deposit at depth. Drill holes
LR152 and LR153 are in progress. Drill holes
LR148, LR150 and LR151 are completed with assays
pending and have intersected significant massive sulphide intervals
including; 40.0 m (24.0 m for the Upper Lens; 16.0
m for the Lower Lens), 4.3 m and 40.9
m (27.8 m for the Upper Lens; 13.1m for the Lower Lens) of
massive sulphides, respectively; increasing the potential for
additional resources expansion.
A down-the-hole transient electromagnetic
(“TEM”) survey was completed in drillhole LR151, showing a
conductor anomaly which continues for another 100 m at depth. The
downhole TEM survey is being used by the exploration team to target
the depth extension of La Romanera deposit.
Figure 1: Diamond drilling plan
mapView Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/062d6db0-4a8f-4138-b20b-8e366248a59b
Figure 2: Longitudinal section of the
Lower Lens, La Romanera showing grade contours. Note the thick,
high-grade trend of the deposit at depth where the extension
drilling is focused. These areas are thicker and higher grade than
the average resource grade which will provide an important
contribution to a future resource estimate update.View
Figure 2
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/0008b42a-49c7-4a7f-98bc-728d39015784
Figure 3: Longitudinal section of the
Upper Lens, La Romanera showing grade contours. Note the thick,
high grade trend at depth along the east side of the lens where the
extension drilling is focused.View Figure 3
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/d625b583-948d-4d69-9169-c9ac68d8b6f4
*ZnEq % formula used for Figure 2 and 3: ZnEq %
= [(Zn grade * Zn recovery * Zn price) + (Pb grade * Pb recovery *
Pb price) + (Cu grade * Cu recovery * Cu price) + (Ag grade * Ag
recovery * Ag price) + (Au grade * Au recovery * Au price)] / (Zn
recovery * Zn price)
Table 1: Diamond Drilling
Data
DDH |
Easting |
Northing |
Elevation |
azimuth |
dip |
depth(m) |
FROM |
TO |
Width(m) |
Cu_% |
Pb_% |
Zn_% |
Au_g/t |
Ag_g/t |
LENS |
LR146 |
646802 |
4172735 |
150 |
212 |
-62 |
645.5 |
580.9 |
593.9 |
13.0 |
0.2 |
3.6 |
13.1 |
1.35 |
120.9 |
UL |
incl. |
|
|
|
|
|
|
585.9 |
591.9 |
6.0 |
0.3 |
4.8 |
15.9 |
2.32 |
181.5 |
UL |
LR146 |
|
|
|
|
|
|
593.9 |
616.8 |
22.9 |
0.6 |
2.0 |
4.8 |
0.58 |
79.2 |
LL |
incl. |
|
|
|
|
|
|
611.9 |
615.8 |
3.9 |
0.3 |
6.1 |
9.1 |
2.36 |
247.8 |
LL |
LR147 |
646751 |
4172871 |
154 |
198 |
-56 |
701.3 |
649.3 |
665.8 |
16.5 |
0.4 |
0.1 |
0.2 |
0.17 |
22.1 |
UL |
incl. |
|
|
|
|
|
|
659.0 |
661.0 |
2.0 |
0.4 |
0.1 |
0.4 |
0.22 |
106.5 |
UL |
LR147 |
|
|
|
|
|
|
665.8 |
682.9 |
17.2 |
0.4 |
2.0 |
9.8 |
0.64 |
89.3 |
LL |
incl. |
|
|
|
|
|
|
674.0 |
681.0 |
7.0 |
0.5 |
2.9 |
16.5 |
0.83 |
57.0 |
LL |
Next Steps
The Company has recently strengthened its
treasury with successful financings generating gross proceeds of
$11 million which, coupled with the existing treasury, provides the
runway to efficiently advance the Project towards permitting and a
production decision. The key activities planned for the remainder
of 2023 will be as follows:
-
Continue to expand La Romanera Deposit at IBW. The Company
presently has six (6) diamond drills operating on the Project.
-
Complete the initial drilling on the historical El Cura deposit
which is situated approximately midway between La Infanta and La
Romanera of the IBW property. This program has commenced.
-
Complete metallurgical studies on La Romanera and La Infanta. This
program has commenced, and the Company has contracted metallurgical
support from SRK to work as part of the owners team and selected
Wardell Armstrong LLP of the UK, who are highly experienced with
Iberian Pyrite Belt deposits, to do the actual laboratory testing
for the metallurgy.
-
Complete initial conceptual mine planning to a level appropriate to
support site selection for future infrastructure as well as
conversion of Exploration Licenses to Exploitation Licenses at IBW.
Grupo IPH, a Spanish mining engineering firm based in Huelva that
contracts for mines in the region is being contracted to complete
this work.
-
Complete the initial exploration drilling campaign at the Nuevo
Tintillo project. Drilling will commence after the summer season
when heat related operating restrictions have been lifted.
Baseline Studies Completed
Emerita Resources has completed the Baseline
Studies at the IBW project. The objectives of the studies are to
gain an understanding of the current natural environment of the
site, support further mine development decisions and management
plans. The Company engaged the services of specialist Spanish
companies with broad experience in Baseline Studies:
-
BIOGEOS, Estudios Ambientales SL
-
Diseño de Soluciones Medioambientales (DSM)
-
Laboratorios MICROAL SL
The Baseline Studies were initiated in June
2022, due to the need to integrate the environmental variability in
both the current operational phase of the authorized exploration
license and in the design stage of the future mining project within
the regulatory framework of the Exploitation Concession associated
with “IP. LA ROMANERA No. 15,029”, which includes the La Romanera,
El Cura and La Infanta deposits.
The Environmental Baseline Study lasted one year
and consisted of the following technical analyses:
-
Diagnosis of the natural environment and landscape.
-
Analytical investigation of soils and water (surface and
subsurface).
-
Hydrological and hydrogeological study (water balance).
The purpose of the work carried out has served
to:
-
Establish a Mining-Environmental management process necessary to
establish a zoning of areas, delimiting exclusion zones and
admission zones for future activities and facilities linked to the
future mining exploitation.
-
To update the official environmental information offered by the
Environmental Administration.
Quality Assurance/Quality
Control
Drilling at La Romanera is HQ size and core is
placed into core trays at the drill site and transported directly
from the site to Emerita’s coreshack (15Km) from La Romanera and
(8Km) from La Infanta. Once the cores are received at Emerita's
coreshack they are photographed and geotechnical logging is
performed. Geological, mineralogical and structural logging follows
and mineralized zones are identified. The samples are marked every
1m or less, and respecting lithological contacts, with most of the
samples 1.0m long. The zone immediately above and below the
mineralized zones are also sampled. Core samples are sawed in half
and half of the core is returned to the core tray for future
reference. Once the core samples are cut, bagged and tagged, they
are shipped to the ALS laboratory in Seville by Emerita personnel
where sample preparation is done. In Seville, ALS performs the
mechanical preparation of the samples and then the pulps are sent
to ALS Ireland (ICP) and ALS Romania (fire assay). The analysis at
ALS Lab corresponds to the ME-ICPore (19 elements) package,
together with the Au-AA23 fire assay (Gold).
10% of the analyzed samples correspond to
control samples (fine blanks, coarse blanks, high, medium and low
grade standards). In addition, 10% of pulps are reanalyzed at a
second independent certified laboratory (AGQ Lab Sevilla). When the
analysis is completed, the certificates are received from the
laboratory and the QA/QC protocol identifies any deviation or
anomaly in the results and the entire batch is reassayed in such
case. Once the data is approved by the QA/QC protocol assays are
entered digitally directly into the database.
Qualified Person
The scientific and technical information in this
news release has been reviewed and approved by Mr. Joaquin Merino,
P.Geo, President of the Company and a Qualified Person as defined
by NI 43-101 of the Canadian Securities Administrators.
About Emerita Resources
Corp.
Emerita is a natural resource company engaged in
the acquisition, exploration and development of mineral properties
in Europe, with a primary focus on exploring in Spain. The
Company’s corporate office and technical team are based in Sevilla,
Spain with an administrative office in Toronto, Canada.
For further information,
contact:
Joaquin Merino+34 (628) 1754 66 (Spain)
Vincent Chen+1 778 990 9433
(Toronto)info@emeritaresources.com
Cautionary Note Regarding
Forward-looking Information
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, the mineralization of the IBW Project; the timing of
assay results; the prospectivity of the Project and Nuevo Tintillo;
the economic viability of the Project; the results of metallurgical
studies; the Company’s ability to obtain an exploitation licence
and other permits and approvals for the Project; site selection for
infrastructure; the results of baseline studies and other studies
and the Company’s future plans. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such words and phrases or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “occur” or “be achieved”. Forward- looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Emerita, as the case may
be, to be materially different from those expressed or implied by
such forward-looking information, including but not limited to:
general business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration
activities; risks associated with operation in foreign
jurisdictions; ability to successfully integrate the purchased
properties; foreign operations risks; and other risks inherent in
the mining industry. Although Emerita has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. Emerita does not undertake
to update any forward-looking information, except in accordance
with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Emerita Resources (TSXV:EMO)
Historical Stock Chart
From Apr 2024 to May 2024
Emerita Resources (TSXV:EMO)
Historical Stock Chart
From May 2023 to May 2024