Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF;
Frankfurt LLJA) (the “Company” or “Emerita”) is providing an update
of its ongoing exploration programs in Spain. The exploration
program has resumed at its wholly-owned IBW project (“IBW” or the
“Project”) with four diamond drills operating presently. Progress
is being hindered both in the field and at the assay labs presently
due to the Covid-19 pandemic. Presently, there are seven Emerita
employees in quarantine. Thankfully, they are mildly symptomatic to
asymptomatic and are expected to return in approximately one week.
The assay laboratory has also informed the Company that due to
multiple staff in quarantine the assay production will be slowed
for a time.
The following updates are provided below:
- Recent Infanta drill results and drill plan for South Block and
North Block
- Infanta area new target drilling – Infanta East, Infanta North
Gravity/EM Anomaly
- Romanera and El Cura Drilling
- Nuevo Tintillo Update
- Plaza Norte
- Herrerias
Infanta Drilling, Latest
ResultsAssay results for 11 DDH at the La Infanta deposit
have been received. Mineralization at the Infanta Deposit occurs in
two panels that partially overlap, as the mineralized horizon is
repeated by a reverse fault (see Figures 1 and 2). The South Block
outcrops at surface and terminates at approximately 120m depth
against the fault. In the North Block, the mineralization is
uplifted but does not come to surface and it is open at depth. To
date, the deepest hole drilled by Emerita is hole 32 (Figure 5)
which intersected mineralization in the North Block at 210 meters
vertical depth (assays are pending for this hole). The
mineralization in the South Block tends to be lower grade close to
the reverse fault. Similarly in the North Block, the intercepts are
wider and appear to be higher grade at depth moving away from the
fault. Please see Figure 3 below which is a plan map showing
diamond drill hole locations. The intercepts are also plotted on
two separate longitudinal sections one for each block (Figures 4
and 5).
Figure. 1: Cross section, Hole IN024.
Hole IN024 intercepts the mineralized horizon in the eastern part
of the North Block 3.8m@ 0.2% Cu, 3.9% Pb, 5.5% Zn, 0.16 g/t Au and
14.0 g/t Ag, including 1.2m@ 0.4% Cu, 8.5% Pb, 7.5% Zn, 0.19 g/t Au
and 28.0 g/t Ag; and in the South Block 3.5m@ 1.0% Cu, 2.2% Pb,
3.8% Zn, 0.22 g/t Au and 76.4 g/t Ag. Note the area of overlap
between North and South
Blocks.https://www.globenewswire.com/NewsRoom/AttachmentNg/b65d1480-0802-4461-95dd-68474590b77e
Figure. 2: Cross section, Hole IN027.
Hole IN027 intercepts the mineralized horizon in the central part
of the North Block 4.4m@ 1.6% Cu, 3.5% Pb, 7.0% Zn, 0.26 g/t Au and
181.8 g/t Ag, including 1.7m@ 3.6% Cu, 8.0% Pb, 16.2% Zn, 0.12 g/t
Au and 433.4 g/t Ag. Note structural complexity near the fault
which locally disrupts continuity and reduces the grade in that
area.https://www.globenewswire.com/NewsRoom/AttachmentNg/846743ae-b1ec-4059-949e-084540d340d3
All holes intersected mineralization. Close to
the reverse fault there may be some structural mixing with host
rocks resulting in lower grades. The focus of the ongoing Infanta
drilling for the coming months is to continue to extend the deposit
by drilling to the west on both blocks and at depth on the North
Block to generate a NI 43-101 mineral resource estimate.
Significant intercepts are in Table 1 below and the complete set of
assays are included in a table at the end of this release.
Table 1
DDH |
Easting |
Northing |
Elevation |
azimuth |
dip |
depth (m) |
FROM |
TO |
Width (m) |
Cu_% |
Pb_% |
Zn_% |
Au_g/t |
Ag_g/t |
BLOCK |
IN019 |
653909 |
4171550 |
207 |
172 |
-50 |
104.10 |
79.10 |
80.50 |
1.4 |
1.5 |
24.0 |
7.2 |
0.56 |
123.0 |
SB |
IN024 |
654101 |
4171637 |
209 |
172 |
-49 |
209 |
96.90 |
100.70 |
3.8 |
0.2 |
3.9 |
5.5 |
0.16 |
14.0 |
NB |
incl. |
|
|
|
|
|
|
96.90 |
98.10 |
1.2 |
0.4 |
8.5 |
7.5 |
0.19 |
28.0 |
NB |
IN024 |
|
|
|
|
|
|
175.80 |
179.30 |
3.5 |
1.0 |
2.2 |
3.8 |
0.22 |
76.4 |
SB |
IN025 |
654423 |
4171685 |
207 |
174 |
-52 |
159.3 |
79.80 |
81.30 |
1.5 |
0.9 |
4.5 |
8.0 |
0.57 |
95.0 |
NB |
IN025 |
654423 |
4171685 |
207 |
174 |
-52 |
159.3 |
141.30 |
142.10 |
0.8 |
1.1 |
2.3 |
4.9 |
0.66 |
192.0 |
SB |
IN027 |
653940 |
4171655 |
206 |
175 |
-47 |
245.7 |
141.50 |
145.90 |
4.4 |
1.6 |
3.5 |
7.0 |
0.26 |
181.8 |
NB |
incl. |
|
|
|
|
|
|
144.20 |
145.90 |
1.7 |
3.6 |
8.0 |
16.2 |
0.12 |
433.4 |
NB |
IN031 |
654295 |
4171660 |
205 |
171 |
-50 |
177 |
81.8 |
83.3 |
1.5 |
1.2 |
3.6 |
6.6 |
0.20 |
78.3 |
NB |
NB = North Block, SB = South Block
South Block: 6 holes (IN019,
IN020, IN022, IN024, IN026, IN028) intercepted mineralization in
the central part of the South Block. The mineralization is
characterized by a massive polymetallic sulfide zone (0.3 to 1.4 m
approx.) which transitions downwards to a zone of banded
mineralization at lower grades (3.0 to 6.0 m approx.) in proximity
to the fault. The grades are higher when the massive sulfide zone
is predominant. In the eastern part of the South Block, hole IN025
intercepted 5.8 m of mineralized zone, which includes 0.8 m of
massive sulfide (Figure 2). Although grade is moderate in this hole
it demonstrates the mineralized horizon is continuous to the East,
where the geophysical survey identified several TDEM anomalies
(Figure 6). Hole IN030, the westernmost hole so far at Infanta,
intercepted 1.00m of sulphide mineralization characterized by high
pyrite-gold and low base metals content. The area between IN022 and
IN030 holes, about 350m, remains to be drilled (Figure 4).
North Block: A reverse
fault repeats the lithological sequence generating a northern block
that was intercepted for the first time by Emerita with the IN017
hole. So far, current drilling has tested 700 m along strike and
210 m deep. The latest 5 holes (IN020, IN024, IN025, IN027 and
IN028) in the North Block present moderate grades over 4-5 m
widths, including high grade over 1-2 m widths. The North
Block remains open in all directions and at depth. The North Block
has been intersected at deeper depth (IN032to more than 200 m
vertical depth (Figure 5).
Figure. 3: Plan view of the drilled
area, La Infanta. The collar of completed holes are in red, those
with pending results are in blue. It displays the results obtained
in these 11 holes only. Current drilling covers a 1.1 km long area,
from hole IN030 in the west to Hole IN025 in the east. Hole IN030
was a very large step out of more than 300 meters and may have
stepped into the hanging wall of the deposit. Shorter step outs
from the known mineralization will be completed to better delineate
the mineralized zone on the west side of the
deposit.https://www.globenewswire.com/NewsRoom/AttachmentNg/ad105746-65cb-450c-9769-7c22d02ed3ff
Figure. 4: Vertical Long Projection,
South Block, La Infanta t. The location of the intercepts in the
South Block are represented by red dots, displaying results for the
last 11 DDH only. The horizontal distance between hole IN030 in the
west side and hole IN025 in the east side is 1.1 km. The vertical
distance covered by current drilling in the South Block is 125 m
approximately.https://www.globenewswire.com/NewsRoom/AttachmentNg/b4a201c8-7811-4696-a370-551ce7a7c4de
Figure. 5: Vertical Long Projection,
North Block, La Infanta. The location of the intercepts in the
North Block are represented by red dots, displaying results for the
last 11 DDH only. The horizontal distance between hole IN023 in the
west side and hole IN025 in the east side is 650 m. Currently Hole
IN032, IN033 and IN034 are in progress (blue dots). IN032 is the
deepest intercept of mineralization to date, and assays are pending
for that drill
hole.https://www.globenewswire.com/NewsRoom/AttachmentNg/7a9a41e4-bc8f-4454-968b-fd60bb843036
Infanta Area New Target Drilling
The Company has completed a Time Domain EM
(TDEM) survey over the entire Project area and a number of very
compelling targets have been identified that are unexplored. An
extensive zone of strong conductivity, the Infanta East Anomaly,
occurs approximately 1.5 kilometers to the east of the Infanta
deposit along the same stratigraphic horizon. The conductivity at
Infanta East is the strongest observed in the TDEM survey. The
Infanta North Anomaly occurs approximately 800 meters north of the
Infanta deposit along a parallel gravity anomaly (see Figure 6).
The North conductivity is stronger than the conductivity associated
with the Infanta Deposit. The first drill holes in each of these
targets are now in progress (Figure 7).
Figure. 6: Geophysical anomalies
(gravimetry and TEM). Areas selected for detailed exploration, IBW.
The dotted lines on the map show two pronounced anomalies. Infanta
North target is located on the north gravity trend and Infanta
Deposit is on the south gravity
trend.https://www.globenewswire.com/NewsRoom/AttachmentNg/ac8a096a-7f3f-453d-860a-542db8cd9122
Figure. 7: location of the TEM
anomalies. The current drilling area is coincident with the LI-7
TEM conductor. The white dots are proposed holes to test the other
conductors, of which some of them are already in progress (blue
dots). The total strike length of the corridor is 4.5 Km, and there
is another conductor, LI-6 of 1.0Km long north of La Infanta. The
conductors are interpreted to continue to 400 m deep and continue
beyond survey test limits in certain
cases.https://www.globenewswire.com/NewsRoom/AttachmentNg/51f1ff65-14ea-49b9-a4ad-a415654cf923
Romanera and El CuraDrilling on
the Romanera and El Cura deposits (Figure 6) which occur on the
west side of the Project is expected to commence before the end of
the first quarter. The Department of Environment in Huelva Province
has issued a resolution supporting the drill plan subject to
completing the 30 business day public viewing process (see news
release January 10, 2022). The viewing period concludes February
18, 2022 and permits should be issued soon after that, allowing
time to respond to any comments from the public.
The Romanera Target is highly compelling. The
historical resource calculated by Rio Tinto in an internal report
(1984) estimated the deposit to contain 34 million tonnes grading
0.42% copper, 2.30% zinc, 1.10% lead, 44 g/t silver and 0.8 g/t
gold which includes a higher grade section of 11.2 million tonnes
grading 0.40% copper, 5.50% zinc, 2.47% lead, 64 g/t silver and
1.00 g/t gold. A qualified person as defined in NI 43-101 has
not done sufficient work on behalf of Emerita to classify the
historical estimate as a current mineral resource estimate and
Emerita is not treating the historical estimate as a current
mineral resource or mineral reserve. This is a historical estimate
and should not be relied upon. Significant additional drilling and
related work would be required to make the estimate a current
mineral resource under NI 43-101. A summary of the historical
estimate is available on the government of Andalusia’s web site in
a report prepared by a previous operator. The deposit was drilled
for approximately 450 meters along strike and to a depth of 350
meters and is open. In Figure 8 below note that the TDEM conductor
associated with the Romanera Deposit extends for approximately 1.2
km a multiple of the historically drilled strike length. The
upcoming campaign contemplates up to 80 drill holes at Romanera and
30 at El Cura. The TDEM conductivity also extends at depth below
the historical drilling for at least 100 meters and beyond the
survey limit (Figure 9).
Figure 8: Romanera Area. Drill pad locations. Drilling
platforms have been planned on existing trails and roads, in order
to minimize the environmental footprint of the drill program. Note
the surface projection of the Romanera
deposit in red has only been drilled along 450 meters of the 1200
meter long TDEM
conductor.https://www.globenewswire.com/NewsRoom/AttachmentNg/c4a5fff6-e76c-4588-81f6-1afcf3414064
Figure 9: Schematic section, Romanera deposit. The
mineralized zone delineated by historical drilling is coincident
with the TEM anomaly. This anomaly extends deeper that the deepest
historical drill hole and continues along strike for more than
1.Km.https://www.globenewswire.com/NewsRoom/AttachmentNg/935b53f6-570e-4208-b76c-6ec892788efb
Table 2: Diamond drill assay and location data for
Infanta deposit drill holes.
DDH |
Easting |
Northing |
Elevation |
azimuth |
dip |
depth (m) |
FROM |
TO |
Width (m) |
Cu_% |
Pb_% |
Zn_% |
Au_g/t |
Ag_g/t |
Zn_Equiv % |
BLOCK |
IN019 |
653909 |
4171550 |
207 |
172 |
-50 |
104.10 |
72.90 |
74.50 |
1.6 |
0.6 |
3.4 |
2.0 |
0.16 |
48.0 |
8.1 |
% |
SB |
IN019 |
|
|
|
|
|
|
79.10 |
80.50 |
1.4 |
1.5 |
24.0 |
7.2 |
0.56 |
123.0 |
34.7 |
% |
SB |
IN020 |
653962 |
4171563 |
206 |
174 |
-50 |
126.70 |
29.75 |
31.80 |
2.1 |
0.5 |
2.4 |
4.5 |
0.13 |
29.9 |
9.1 |
% |
NB |
IN020 |
|
|
|
|
|
|
100.90 |
103.90 |
3.0 |
0.2 |
1.1 |
1.9 |
0.34 |
40.3 |
5.1 |
% |
SB |
IN022 |
653775 |
4171544 |
200 |
172 |
-54 |
117.40 |
81.00 |
84.50 |
3.5 |
0.3 |
1.1 |
2.0 |
0.65 |
42.4 |
6.2 |
% |
SB |
IN024 |
654101 |
4171637 |
209 |
172 |
-49 |
209 |
96.90 |
100.70 |
3.8 |
0.2 |
3.9 |
5.5 |
0.16 |
14.0 |
9.7 |
% |
NB |
incl. |
|
|
|
|
|
|
96.90 |
98.10 |
1.2 |
0.4 |
8.5 |
7.5 |
0.19 |
28.0 |
16.5 |
% |
|
IN024 |
|
|
|
|
|
|
175.80 |
179.30 |
3.5 |
1.0 |
2.2 |
3.8 |
0.22 |
76.4 |
11.0 |
% |
SB |
IN025 |
654423 |
4171685 |
207 |
174 |
-52 |
159.3 |
79.80 |
85.00 |
5.2 |
0.3 |
1.8 |
3.5 |
0.56 |
85.9 |
9.2 |
% |
NB |
incl. |
|
|
|
|
|
|
79.80 |
81.30 |
1.5 |
0.9 |
4.5 |
8.0 |
0.57 |
95.0 |
17.8 |
% |
NB |
IN025 |
|
|
|
|
|
|
140.30 |
146.10 |
5.8 |
0.3 |
0.9 |
1.7 |
0.21 |
38.6 |
4.6 |
% |
SB |
incl. |
|
|
|
|
|
|
141.30 |
142.10 |
0.8 |
1.1 |
2.3 |
4.9 |
0.66 |
192.0 |
16.2 |
% |
SB |
IN026 |
653876 |
4171576 |
203 |
176 |
-41 |
156.8 |
139.80 |
142.00 |
2.2 |
0.2 |
0.8 |
1.2 |
0.24 |
22.7 |
3.5 |
% |
SB |
IN027 |
653940 |
4171655 |
206 |
175 |
-47 |
245.7 |
141.50 |
145.90 |
4.4 |
1.6 |
3.5 |
7.0 |
0.26 |
181.8 |
19.8 |
% |
NB |
incl. |
|
|
|
|
|
|
144.20 |
145.90 |
1.7 |
3.6 |
8.0 |
16.2 |
0.12 |
433.4 |
45.0 |
% |
|
IN028 |
654195 |
4171650 |
200 |
172 |
-52 |
203.2 |
109.70 |
111.50 |
1.8 |
0.3 |
1.3 |
2.0 |
0.23 |
26.5 |
5.0 |
% |
NB |
IN028 |
|
|
|
|
|
|
165.00 |
168.60 |
3.6 |
0.5 |
3.0 |
3.7 |
0.17 |
22.3 |
8.5 |
% |
SB |
incl. |
|
|
|
|
|
|
165.00 |
167.60 |
2.6 |
0.6 |
3.9 |
4.6 |
0.18 |
29.3 |
10.5 |
% |
|
IN029 |
654040 |
4171675 |
211 |
175 |
-52 |
343.1 |
146.85 |
149.35 |
2.5 |
0.3 |
1.2 |
2.2 |
0.39 |
16.0 |
5.2 |
% |
NB |
IN030 |
653490 |
4171559 |
216 |
180 |
-47 |
302.10 |
40.4 |
41.4 |
1.0 |
0.0 |
0.0 |
0.1 |
1.62 |
9.0 |
3.6 |
% |
SB |
IN031 |
654295 |
4171660 |
205 |
171 |
-50 |
177 |
81.8 |
90.0 |
8.2 |
0.4 |
1.0 |
1.7 |
0.18 |
17.8 |
4.1 |
% |
NB |
incl. |
|
|
|
|
|
|
81.8 |
83.3 |
1.5 |
1.2 |
3.6 |
6.6 |
0.20 |
78.3 |
15.4 |
% |
|
IN031 |
|
|
|
|
|
|
140.1 |
141.1 |
1.0 |
0.5 |
1.0 |
0.8 |
0.21 |
66.0 |
5.1 |
% |
SB |
Nuevo TintilloThe Company will
initiate the exploration work on the Nuevo Tintillo project
(“Tintillo” or the “Tintillo Project’) in the Province of Seville
this month. Detailed geological mapping will be completed in the
western area of the exploration permit, where the old mines are
located. Geological mapping and geophysical surveys (gravimetry and
EM) will comprise the initial program in order to develop diamond
drill targets. The Large Property covers approximately 25 km of
important stratigrapy. The giant Rio Tinto mine occurs along strike
to the northwest and the Aznalcollar and Cobre Las Cruces Mines
occur to the southeast (Figure 10). There are seven known mineral
occurrences / small past producers on the Tintillo Project area and
they have not been explored systematically. The program is
beginning now, focused on the west side of the Tintillo Project in
the area of two historical mines (Mina Santa Flora and Mina
Nazaret) (Figure 10).
Figure 10: Nuevo Tintillo exploration concession. The
prioritised area for initial detailed mapping and geophysical
survey is the area between Mina Santa Flora and Mina Nazaret in the
left corner of the
map.https://www.globenewswire.com/NewsRoom/AttachmentNg/3672f763-f157-49b7-a220-725d04fa2fb3
Plaza Norte The Plaza Norte
Project, in Cantabria, northern Spain is a joint venture between
Aldesa (a Spanish Construction Conglomerate) and Emerita. Aldesa
has restructured its business and ownership and this project is no
longer a strategic fit for their business. Emerita has reviewed the
data from the drilling conducted by the joint venture and evaluated
the remaining potential. The targets are deep, between 550-750
meters and the intercepts from the drilling to date are
sub-economic at those depths. Nuevo Tintillo is 100% owned by
Emerita and, in Emerita management’s view, it has stronger
technical merit with near surface potential and is located in an
area with numerous active mining operations. The joint venture
partners have agreed to dissolve the joint venture and discontinue
the Plaza Norte joint venture company.
HerreriasCongratulations to the
Herrerias Soccer team, from Pueblo de Guzman for placing third in
their division and being eligible to graduate to the National
Level.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5c55304f-c465-44e8-a6ad-814413871b03
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 Information
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the legal processes in Spain, the
prospectivity of the IBW Project and Nuevo Tintillo Project; the
Company’s exploration program and timing thereof; the impact of
COVID-19; the Company’s ability to obtain the required permits and
approvals; the decision to discontinue the Plaza Norte joint
venture 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.
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