Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF)
(the “Company” or “Emerita”) announces that it has mobilized a
second diamond drill to expedite the drilling of the La Infanta
deposit on the Iberia Belt West Project (the “IBW Project”), Spain.
According to Joaquin Merino, P.Geo., President
of Emerita, “After a slow start due to various protocols, the
drilling program is now into full production mode. The second drill
on Infanta allows us to accelerate the program and it is expected
we should receive assays for initial drill holes next week.”
The initial drill program at Infanta is designed
to test the full 1.2 kilometer strike length of the mineralization
and test the depth extent to approximately 300 meters down dip.
There are 49 historical holes drilled delineating the deposit to
date and the program will move from the known mineralization and
step out systematically along strike and down dip to establish a NI
43-101 compliant mineral resource estimate for the deposit. The
plan will be to initially complete approximately 30 drill holes for
a total of approximately 5,000 meters of drilling. The Company is
fully financed to complete the program. Please refer to the news
releases dated May 10, 2021 and April 12, 2021 for further
details.
Corporate DevelopmentThe
Company is in a very strong position financially, having recently
completed a $20 million bought deal financing (see news release
dated July 15, 2021). This financing topped up the Company’s
treasury which had approximately $8 million prior to the financing
and there are a significant number of warrants in the money that
are being exercised regularly.
David Gower, P.Geo., CEO of Emerita comments,
“We are very grateful for the enthusiastic support from the
investment community. The demand for the financing resulted in it
being doubled within hours after announcing it and the interest in
the issuance was still such that we had to cut many investors back
relative to their requested allocation. This puts the Company is a
very solid position to execute on its projects in southern
Spain.”
Geophysical ProgramEmerita has
engaged International Geophysical Technology, S.L. (“IGT”) services
to carry out a geophysical campaign on the IBW Project. The
geophysical survey will cover the entire area with the objective to
determine the possible extensions of the known deposits (Infanta,
El Cura and Romanera) and identify new mineral deposits.
IGT is a Spanish geophysical consulting company
based in Madrid and has worked with the private sector and public
institutions in more than 30 countries. In the Iberian Pyrite Belt,
IGT identified the geophysical anomaly related to the Magdalena VMS
deposit, which is the most recent commercial discovery in this
terrain. They have broad expertise in a variety geophysical methods
including Mise-à-la-Masse, Microgravimetry, Tomography and
Electromagnetic Time Domain methods (TEM).
IGT will prepare a project specific
interpretation of the existing gravimetric data and complete a TEM
survey at the IBW Project on behalf of Emerita.
Gravity SurveyIGT has acquired
historical gravity data that cover the areas of "El Cura" and "La
Infanta ", obtained from several campaigns carried out by different
companies and public services, compiled by the National Geological
Service (IGME). The Romanera area is not covered by this data. The
data Bouguer Anomaly values resulting from these surveys show
continuous anomalies throughout the permit area, as can be seen in
the following Figure 1. The Bouger Anomalies are coincident with
both known deposits and show two parallel trends within the
exploration permit. Numerous targets will need to be evaluated as
potential to host mineralization. The map below is from a regional
compilation and the targets will be refined by site specific
processing of the data and integrating geology along with the new
TEM data.
Figure 1: Gravity data compilation
compiled by the National Geological Service
(IGME)https://www.globenewswire.com/NewsRoom/AttachmentNg/d534871d-a82b-4624-b26b-10bb0d18afd1
TEM SurveyA TEM survey, with a
HTS SQUID Sensor will be used to survey the IBW Project. The TURAM
survey method consists of a low frequency transmitter loop of 2,000
m x 1,000m laid out parallel to the main axis of the gravity
anomalies (east-west). The signal can penetrate as deep as 700 m.
See Figure 2 below for survey layout.
Figure 2: TEM Survey layout for the IBW
Project. The dotted outlines within the survey area represent the
gravity anomaly
trends.https://www.globenewswire.com/NewsRoom/AttachmentNg/40adba2f-b435-423a-9265-93e0e507279e
Qualified PersonThe 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 National Instrument 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)
Helia Bento+1 416 566 8179
(Toronto)info@emeritaresources.com
Cautionary Note Regarding
Forward-looking InformationThis press release contains
“forward-looking information” within the meaning of applicable
Canadian securities legislation. Forward-looking information
includes, without limitation, statements the mineralization of the
IBW Project, the prospectivity of the IBW Project, the timing and
results of the diamond drill program, the timing of assays, the
impact of COVID 19 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