Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF)
(the “Company” or “Emerita”) announces that results for the
high-resolution, airborne geophysical survey on its 100% owned
Nuevo Tintillo (“NT” or the “Project”) property have been received
and analysed.
According to Joaquin Merino. P.Geo., President
of Emerita, "Based on the data interpretation at least 15 targets
associated with coincident magnetic anomalies and EM conductors
favourable for polymetallic minerals exploration were identified
within the Nuevo Tintillo property. Among these targets, there are
three highly prospective targets coincident with historical
workings on the western side of the property that are prioritized
for immediate follow up. An experienced Senior Geologist and team
have been tasked to do the field verification of the anomalies in
advance of designing a drill program."
The Nuevo Tintillo property, located in Seville
province, covers approximately 25 km of important stratigraphy in
the western part of the Iberian Pyrite Belt (IPB) (Figure 1)
surrounded by some of the most productive deposits in the history
of this mining camp. The giant Rio Tinto mine occurs along strike
to the northwest as does the Aguas Tenidas mine and the Aznalcollar
Project and the Cobre Las Cruces Mine of First Quantum occur to the
southeast of the Nuevo Tintillo property. There are seven known
mineral occurrences and small past producers within the NT Project
area, and the area has not been explored systematically in
decades. The airborne geophysical surveys constitute the first
mineral exploration activity in the area since the late 1980s.
Figure 1. Geology map, Nuevo
Tintillo
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The known mineralization on the NT property is
hosted by a volcanic-sedimentary formation which in the area is
about 300 m thick and spatially related to a WNW-ESE oriented
regional thrust fault. The deposit type is interpreted as a
classical IPB volcanogenic massive sulphide (VMS) ( Figure 1 shows
the local geology and the limits of the Nuevo Tintillo
property). The mineralization in the Iberian Pyrite
Belt, is composed of variable quantities of sphalerite, galena and
chalcopyrite, commonly with associated silver and gold, in a
pyritic gangue.
SURVEY DESCRIPTIONThe
helicopter-borne Time Domain Electromagnetic System (HTDEM) and
Aeromagnetic Geophysical Survey was carried out by New Resolution
Geophysics Ltd. (NRG), a specialized, independent geophysical
contractor based in Madrid (Spain). The airborne survey was flown
over the 227-claim unit block of Nuevo Tintillo project in March
2022, using an AS350B Turbine helicopter (Figure 2. AS350B Turbine
helicopter flying over the property). The helicopter survey flying
height was approximately 60-70 m above the ground, so that the
receiver and transmitter were 30-40 m above the ground. The
penetration capability of the survey is about 500m depth. The
electromagnetic system employed was a Xcite TM with a sensor
configuration coincident Tx-Rx with a Fully Inflatable frame
structure. The magnetic survey was completed using a NRG RDAC II
Magnetometer with a recording rate of 20Hz (See Table 1 below for
details).
Figure 2. AS350B Turbine
helicopter
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Table 1. Equipment and data sampling
specifications
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A total of 897-line kilometers of HTEM data were
collected during the survey over the Nuevo Tintillo property, on
transverse 100m-spaced lines along the NS orientation. (Figure 3.
HTDEM Survey on the Nuevo Tintillo property). Initially the Company
had planned to fly the western side of the Project at 100 m line
spacing and the eastern side at 200 m line spacing. The original
program was modified and the entire Project was flown at 100 meter
spacing giving high resolution coverage to the entire Project area.
In addition, on the advice of the geophysical contractor the
airborne gravity component of the survey was deferred because there
is regional gravity data available from the Spanish Government
which can be used and augmented by targeted detailed ground based,
higher resolution surveys, in the priority target areas. Data
processing was performed by New Resolution Geophysics Ltd.
(NRG).
Figure 3. HTDEM Survey on the Nuevo
Tintillo property, 100-spacing lines. Digital Terrane
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PROCESSING SUMMARY QUALITY CONTROL (QC) FLOW
SHEETThe following chart presents the Magnetic data processing flow
diagram and the Time Domain electromagnetic data processing flow
diagram respectively.
Chart 1: Magnetic data processing flow
diagram
https://www.globenewswire.com/NewsRoom/AttachmentNg/08d11601-cf70-4a85-95c8-c7c30ededd9f
Chart 2: Time Domain electromagnetic data
processing flow diagram
https://www.globenewswire.com/NewsRoom/AttachmentNg/334c7522-96e0-4124-a6f9-2b3dbbb04ecf
NUEVO TINTILLO – GEOPHYSICAL SURVEY
OBJECTIVESThe primary objectives of the helicopter-borne
geophysical survey was to:
- Identify magnetic
and electromagnetic anomalies that bear resemblance to known
mineralization in the IPB for field and diamond drill follow
up.
- Determine the main
lithological and structural features of the Nuevo Tintillo project
area to optimize targeting of new favourable areas for detailed
exploration of VMS polymetallic deposits.
TARGET
SELECTION Conductivity anomalies associated with
known mine working areas were used as the basis to identify and
prioritize other EM conductors with similar characteristics and
geological context that could be related to potential, previously
unknown sulphide mineralization for further detailed investigation.
Strong EM conductors appear to be the main parameter that best
correlates with known mineralised lenses.
In total 15 target areas characterized by strong
conductors have been prioritized within the Nuevo Tintillo property
(Figure 4 and 5). On the west side of the Project, the strongest
conductors are coincident with the location of the past producing
Santa Flora and Nazaret mines areas. Figure 5 shows two vertical
resistivity profiles in the area of the Nazaret deposit, an old
mine located in the western side of the property. The
mineralization is characterised by strong conductors, in the order
of 50-80 ohm-m, and a dip to the North, very similar to what has
been observed in the Tintillo deposit on the east side of the
survey area.
Figure 4. 3D Voxet
interpretation. On the east side, the extensive, strong
conductors occur in the area of the small, past producing Santa
Flora and Nazaret mines. These mines date to the early part of the
last century before any modern exploration technology existed, yet
this underexplored area is within sight of the giant Rio Tinto
deposit further west.
https://www.globenewswire.com/NewsRoom/AttachmentNg/44ee57fd-f072-4ecd-8076-2970cb08e75b
Figure 5. Two geophysical profiles,
showing EM Conductors in the Nazaret historical mine
area.
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In order to evaluate the anomalies prior to
drilling, the Company plans to map the geology in detail and will
complete detailed ground gravity surveys where appropriate to
augment the regional gravimetry to search for anomalies of denser
bodies in order to help prioritize the conductors. Massive sulphide
masses are conductive and dense, and these two properties together
with a favourable geology will determine the priority areas for
further exploration. The objective is to commence drill testing the
best targets in Q4 2022.
Joaquin Merino, P.Geo., points out, “A good
example of the results this type of EM survey can deliver, was the
discovery of Magdalena volcanogenic massive sulphide deposit found
in the Iberian Belt by Minas de Aguas Teñidas S.A.U. (MATSA) in
2013. During a first phase of exploration, the deposit was
discovered by drill testing a conductivity anomaly that was first
detected during an airborne (helicopter) transient electromagnetic
survey (VTEM) in 2011. This was followed by drilling which
intercepted an orebody at a depth between 225m and 248m. Today,
this discovery is in production.”
According to David Gower, P.Geo., CEO of
Emerita, “This is a unique opportunity to explore such an extensive
belt of productive stratigraphy, located between very large
deposits. The airborne survey has delivered very good targets that
are located within the proper geological context. We are moving
forward with the boot and hammer work to evaluate each target and
expect to commence trenching and drilling later in the year.”
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 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
Nuevo Tintillo Project; the results of exploration work on the
Nuevo Tintillo Project; the prospectivity of the Project; the
timing and ability of the Company to explore the Nuevo Tintillo
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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