Emerita Resources Corp. (TSX-V: EMO; OTCQB: EMOTF;
FSE: LLJA) (the “Company” or “Emerita”) is pleased to announce
additional assay results from the 2022 delineation drilling at the
La Romanera Deposit at its wholly owned Iberian Belt West project
(“IBW” or the “Project”). IBW hosts three previously identified
massive sulphide deposits: La Infanta, La Romanera and El Cura. All
deposits are open for expansion along strike and at depth. The
Company also announces that it continues to accelerate drilling at
IBW where it has increased the number of drill rigs from 10 to 13.
Presently, there are 12 drills on La Romanera deposit delineation
and 1 rig continues to drill at La Infanta. Six drilling companies
are engaged in the program.
Assay results have been received from 2 drill
holes (LR019 and LR023) at the La Romanera deposit reported
below.
Drill Hole LR019:
Drill hole LR019 intercepted massive sulphide
mineralization along section 6525E. The drill hole encountered the
two lenses that comprise La Romanera deposit.
The Upper Lens was intersected at 302.0 m down
the hole and comprises 31.0 m grading 0.2 % Cu; 0.5 % Pb; 0.6 % Zn;
1.7 g/t Au and 37.4 g/t Ag, including 9.7 m grading 0.3 %
Cu; 0.5 % Pb; 0.7 % Zn; 3.4 g/t Au and 32.1 g/t Ag. The
Lower Lens was intercepted at 345.7 m, 18.9 m below the Upper Lens
and encountered 26.8 m grading 2.6 % Cu; 0.5 % Pb; 1.1 %
Zn; 0.3 g/t Au and 28.6 g/t Ag, including 14.0 m grading 4.3 % Cu;
0.8 % Pb; 1.7 % Zn; 0.3 g/t Au and 41.7 g/t
Ag). Historical drills in this area, on the
west side of the deposit, stopped short of the Lower Lens and only
intersected the Upper Lens (Figure 3) which places this intercept
outside of the historical resource area.
Both lenses are thick in this area of the
deposit. The Lower Lens occurs west of and outside the historical
drilling area (Figures 2 and 3). The massive sulphides comprise
chalcopyrite, sphalerite and galena and pyrite. The Upper Lens has
high gold values, which has been observed in other drill holes
drilled in this area and was not included as part of the historical
assessment of the mineral resource deposit. The Lower Lens has very
high copper values. This is the first intercept above 4% copper
drilled in La Romanera either by Emerita or within the historical
drill hole data base. The nearest historic drill hole that
penetrated the Lower Lens is about 100 m to the west. The
longitudinal section of the Lower Lens (Figure 3) shows the
historical drill hole intercepts footprint.
According to Joaquin Merino, P.Geo., President
of Emerita, “We continue to extend the mineralized envelope at La
Romanera. The historical drilling was done over a number of
campaigns by more than one operator and the approach appears to
have been inconsistent between campaigns and as the understanding
of the geology evolved over time. In certain holes massive
sulphides were identified but not assayed. Emerita is seeing high
gold values in areas of the Upper Lens, for example, that were not
sampled in the historic holes because visually they had lower base
metal content. In other areas of the deposit, Emerita is
intersecting two Lenses where the historical data base only has
data indicating a single lens. We continue to accelerate the drill
program and look forward to delivering a NI 43-101 compliant
mineral resource estimate.”
Drill Hole LR023:
Drill hole LR023 intercepted massive sulphide
mineralization about 250 m below surface along section 6550E. It is
approximately 50 m above drill hole LR019. It also intercepts the
two lenses. The Upper Lens occurs from 281.7 m with 12.6 m grading
0.4 % Cu; 0.3 % Pb; 0.2 % Zn; 1.0 g/t Au and 22.3 g/t Ag. The Lower
Lens was intersected 23.4 m below the Upper Lens comprising 5.3 m
grading 0.9 % Cu; 1.2 % Pb; 1.9 % Zn; 1.0 g/t Au and 65.7 g/t Ag.
In this hole, the Lower Lens has higher base metal grades than the
Upper Lens and similar gold grades.
To date, 33 drill holes have been completed on
the La Romanera deposit which is the main focus of the IBW program.
Presently, there are 12 additional drill holes in the lab and 12
additional drill holes in progress at La Romanera. The Company
keeps one rig in La Infanta doing infill drilling. Temperatures are
dropping rapidly, which will facilitate improved drilling
efficiency by eliminating fire hazard restrictions. The Company has
also incorporated a third coreshack in the same industrial area to
store core boxes.
Figure 1: Location map for drill holes
LR019 and
LR023.https://www.globenewswire.com/NewsRoom/AttachmentNg/46437dba-e764-4376-be95-4609654d624b
Figure 2: Vertical Longitudinal section
of the Upper Lens La Romanera Deposit. The dotted outline
shows the approximate area included within the historical 34
million tonnes mineral resource estimate. Drill intercepts shown
are from Emerita’s drill campaign and not the historical drill
holes.https://www.globenewswire.com/NewsRoom/AttachmentNg/75a7c949-3f63-4009-8021-6d700bf362f8
Figure 3: Vertical Longitudinal section
of the Lower Lens at La Romanera Deposit. The dotted
outline shows the approximate area included within the historical
34 million tonnes mineral resource estimate. Drill intercepts shown
are from Emerita’s drill campaign and not the historical drill
holes. Historical drill holes that intersected the Upper Lens in
the area of LR019 were stopped before intersecting the Lower
Lens.https://www.globenewswire.com/NewsRoom/AttachmentNg/2934efe7-a5c2-4330-9fb0-568871b21039
Table 1. Diamond drillhole data: La
Romanera.
DDH |
Easting |
Northing |
Elevation |
azimuth |
dip |
depth (m) |
FROM |
TO |
Width (m) |
Cu_% |
Pb_% |
Zn_% |
Au_g/t |
Ag_g/t |
LENS |
LR019 |
646593 |
4172590 |
148 |
203 |
-47 |
384.6 |
302.0 |
333.0 |
31.0 |
0.2 |
0.5 |
0.6 |
1.70 |
37.4 |
UL |
incl. |
|
|
|
|
|
|
317.2 |
326.8 |
9.7 |
0.3 |
0.5 |
0.7 |
3.37 |
32.1 |
UL |
LR019 |
|
|
|
|
|
|
345.7 |
372.5 |
26.8 |
2.6 |
0.5 |
1.1 |
0.28 |
28.6 |
LL |
incl. |
|
|
|
|
|
|
357.0 |
371.0 |
14.0 |
4.3 |
0.8 |
1.7 |
0.33 |
41.7 |
LL |
LR023 |
646593 |
4172590 |
148 |
190 |
-54 |
348.5 |
281.7 |
294.3 |
12.6 |
0.4 |
0.3 |
0.2 |
1.07 |
22.3 |
UL |
LR023 |
|
|
|
|
|
|
317.7 |
322.9 |
5.3 |
0.9 |
1.2 |
1.9 |
0.98 |
65.7 |
LL |
LL= Lower Lens La Romanera, UL= Upper Lens La
Romanera
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 NI 43-101 of the Canadian Securities Administrators.
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.
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 IBW Project; the timing of
assay results; the prospectivity of the Project; the timing and
ability of the Company to produce an NI 43-101 compliant mineral
resource estimate 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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