Emerita Acquires Sierra Alta Gold Project in Asturias, Spain
TORONTO, ONTARIO--(Marketwired - Mar 21, 2014) - Emerita
Resources Corp. (TSX-VENTURE:EMO) (the "Company" or "Emerita") has
been awarded 90 mining claims comprising 2,500 hectares in the
Asturias region in northwestern Spain following a successful bid by
Emerita in a public tender (Figure 1). The licenses are valid for
an initial three year period with an option for the Company to
renew the licenses following the expiry of the initial period.
To view the accompanying Figure 1, visit the following link:
http://media3.marketwire.com/docs/Figure1Emerita.jpg
The Asturias region has been a significant producer of gold and
hosts two of the largest currently known deposits in the Iberian
Peninsula, the Salave deposit and the El Valle-Boinas Carles
deposit, both of which are in close proximity to the Sierra Alta
Project. Gold in Asturias is hosted in three belts (Oscos, Navelgas
and Rio Narcea) and occurs in high grade epithermal veins, skarns
and as intrusive related gold deposits. The Sierra Alta project is
located in the strongly mineralised Navelgas Gold Belt, which forms
the central belt in Asturias and consists of structurally
controlled Palaeozoic clastic sediments and carbonates intruded by
felsic intrusive rocks (Figure 1).
The Salave deposit, which is currently being evaluated by Astur
Gold Corp., is located 35 km from the Sierra Alta Project and has a
mineral resource of 17.97 million tonnes grading 2.92 grams per
tonne gold, comprising 1.7 million ounces of gold in the measured
and indicated categories.
The EL Valle-Boinas Carles (EVBC) deposit, which lies 30 km to
the east of Sierra Alta, produced over one million ounces of gold
and 20,000 tonnes of copper before closure of the mine in 2006. The
mine was re-commissioned in 2011 by Orvana Minerals Corp. and
produced 80,541 ounces gold, 17.3 million pounds of copper and over
one million ounces of silver during 2013 and is forecast to produce
similar quantities in 2014.
Limited exploration was carried out in the Sierra Alta project
area by Rio Narcea during the 1990s and in 2005-06 as part of an
option agreement. Geological mapping during this program identified
a large number of ancient Roman workings that align for over 10 km
length along a NNE - SSW striking structure. These range from large
pits, the largest of which is the Freita pit from which 29 million
tonnes of material is estimated to have been mined, to relatively
small trenches. Preliminary geological mapping by Emerita
geologists identified, in addition to the old workings, widespread
ferruginous breccias, jasperiod alteration and widespread
silicification (Figure 2).
Rio Narcea also conducted soil sampling identifying a series of
gold anomalies over a strike length of 8km. The largest is
described as being 3km long and 300m wide and with a peak
concentration of 1.2 parts per million gold.
Gold mineralisation at Sierra Alta has potential for very high
grades demonstrated by a 1m rock chip sample reported by Rio Narcea
that returned an astounding grade of 338 grams per tonne gold.
Recent rock sampling by Emerita returned grades of up to 10.65
grams per tonne gold.
Historical drilling on the property is limited to four holes
located in a cluster near the La Freita working. The best result
was LF-02, which intersected 14m grading 2.08 grams per ton
gold.
Sierra Alta is located in an area with excellent access, no
significant environmental restrictions and has no population
centres within 5km of the property.
Emerita has not yet verified the historical work done by Rio
Narcea and does not intend to use this information for purposes
other than planning and prioritizing exploration targets.
Commenting on the project, Joaquin Merino, Emerita's President and
CEO states: "We are excited about the potential to find zones with
exceptional grade along the untested strike length of the system at
Sierra Alta, which extends for more than four kilometers based on
the distribution of historical workings and soil anomalies. Initial
sampling in an area having extensive Roman workings has confirmed
that high grade gold values occur within the system."
Emerita has also submitted a bid in the public tender for the
Paymogo property in Huelva Province of the Andalusia Region in
Spain, which closed on February 6, 2014. The successful bidder for
this tender has not yet been announced.
To view the accompanying Figure 2, visit the following link:
http://media3.marketwire.com/docs/Figure2Emerita.jpg
Qualified Person
The scientific and technical information in this news release
has been reviewed and approved by Mr. Joaquin Merino, P.Geo,
President and CEO of the Company and a Qualified Person as defined
by National Instrument 43-101 of the Canadian Securities
Administrators. Field work at the Las Morras Property is being
conducted under the direct supervision of Mr. Merino.
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 the Las Morras and Sierra
Alta properties in Spain.
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,
statements regarding exploration prospects for the Sierra Alta
property 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 Corp.Helia Bento+1 416 309 4293
(Toronto)Emerita Resources Corp.Joaquin Merino+34 (628) 1754 66
(Spain)info@emeritagold.com
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