Emerita Accelerates Diamond Drill Program at Romanera Deposit and Increases Program to 70,000 meters
May 17 2022 - 7:00AM
Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF)
(the “Company” or “Emerita”) announces that with the permitting for
the Romanera and El Cura deposits now completed at its wholly owned
Iberia Belt West Project (“IBW” or the “Project”) the focus of the
program has shifted to the Romanera Deposit. In order to delineate
this deposit and accelerate the Project towards a production
decision, the Company intends to complete 70 km of diamond drilling
this year.
According to Joaquin Merino, P.Geo, President of
Emerita, “Our team is fully prepared and excited to execute on this
drill campaign. The core shacks and sampling facilities are in
place. Our QA/QC protocols are well established and we have
environmental and safety professionals dedicated to the Project to
ensure we operate to the highest standards of environmental and
safety performance.”
The Romanera deposit is by far the largest
massive sulfide deposit found to date on the IBW property and as
such is most important in terms of the potential economic viability
of the Project. The Company is accelerating the delineation of the
deposit, including potential expansions at depth and along strike,
by increasing the number of drills to six dedicated to the Romanera
deposit drilling, in order to complete 70,000 meters of drilling
before year-end. If required, additional drills will be contracted.
There are a total of eight drills on the IBW property and two rigs
will continue to drill the Infanta and El Cura deposit areas.
Following the completion of the drill program,
the Company expects to publish its inaugural NI 43-101 mineral
resource estimate at the IBW Project. The existing historical
resource area is outlined by 51 drill holes which when augmented by
the new drill campaign are expected to meet the criteria for
establishing a NI 43-101 measured mineral resource estimate. The
new drill core will also provide sample material for completing
metallurgical studies. The areas along strike and at depth will see
50 meter drill spacing on section with 100 meter step outs between
sections. Infill drilling between sections will be completed where
required to increase the confidence in the new resource area.
The Romanera deposit was drilled by Asturiana de
Zinc (“Asturiana”) in the 1960’s and by Minera Rio Tinto (“Rio”) in
the 1990’s and is reported to contain 34 million tonnes grading
0.42% copper, 2.20% lead, 2.3% zinc 44.4g/t silver and 0.8 g/t gold
within which there is a higher grade resource of 11.21 million
tonnes grading 0.40% copper, 2.47% lead, 5.50% zinc, 64.0 g/t
silver and 1.0 g/t gold (The Volcanic Hosted Massive Sulphide
Deposits of the Iberian Pyrite Belt, Garcia-Cortes ed., 2011). A
qualified person, as defined in National Instrument 43-101, has not
done sufficient work on behalf of Emerita to classify the
historical estimate reported above as current mineral resources or
mineral reserves and Emerita is not treating the historical
estimate as current mineral resources or mineral reserves. The
historical estimate should not be relied upon. The deposit extends
from surface to approximately 350 meters depth based on historical
drilling.
According to David Gower, P.Geo., CEO of
Emerita, “The Romanera deposit is the cornerstone of the Iberia
Belt West Project. Historical drilling by Rio Tinto and Asturiana
de Zinc has delineated mineralization over approximately 450 meters
of strike, however Emerita’s electromagnetic (EM) survey maps the
conductor associated with this deposit for 1.2 kilometers of strike
(see news release dated April 22, 2022). There is excellent
potential to achieve a significant expansion of the deposit to the
east and at depth. The historical drill hole data base comprising
51 drill holes provide a high level of confidence in the upcoming
drill program. Further, the deposit remains open along strike and
down dip.” See news release dated April 5, 2022 for further
details.
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 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 Information
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, the Company’s ability to prepare an NI 43-101 mineral
resource estimate for the Project; the Company’s exploration plan
and the results thereof; the mineralization of the IBW Project; the
potential viability of the IBW Project 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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