Emerita Resources Corp. (TSX – V: EMO; OTCQB:
EMOTF; FSE: LLJA) (the “Company” or “Emerita”) is pleased to
announce additional assay results from 21 holes from the ongoing
delineation drilling program at La Romanera Deposit, part of
Emerita’s wholly owned Iberian Belt West Project (“IBW” or the
“Project”). These results will be included in the upcoming
maiden NI 43-101 compliant mineral resource estimate (“MRE”).
Results from an additional 14 holes are expected to be received
within the next week and these will be the final assays required to
complete the mineral resource estimate. Wardell Armstrong
International has been engaged to complete the mineral resource
estimation of the IBW project and is progressing for completion
expected middle of May. 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.
A recent downhole TEM geophysical survey indicated continuity of
the mineralization at depth below the deepest drillhole
intersections in the lower-central portion of the deposit.
The extension of the deposit in this area has been confirmed by
drill hole LR146 which intersected 34.9 meters of massive sulphide
from (580.85-615.75) – assays pending. This extends the
mineralization 40 meters deeper and almost 100 meters to the
east. This portion of the deposit will be outside of the
initial mineral resource estimate but will serve to increase the
deposit size in a future resource estimate update (Figure 4).
Additional drill holes are being planned to continue exploration at
depth.
IBW Project Update
Resource delineation drilling for the MRE has
drawn to a close at the IBW project. As previously stated, final
remaining assays for inclusion in the MRE are estimated to be
received within a week. Wardell Armstrong International has been
engaged to complete the MRE for the IBW project. Results from the
MRE remain on track to be released to the market by the middle of
May with the full NI 43-101 technical report to follow.
As focus switches from resource delineation to
resource expansion and to regional exploration, the Spain based
Emerita exploration team will be focused on several initiatives at
IBW, which include additional drilling, targeting extensions of La
Romanera at depth, strike extensions to La Romanera (including the
eastern anomaly) and initial drilling at El Cura prospect.
As stated in a March 20, 2023 press release, the
Company engaged the services of International Geophysical
Technology (“IGT”), a specialized and independent geophysical
contractor based in Madrid, Spain. IGT carried out a downhole TEM
and Mise-à-la-Masse survey of the deepest holes drilled to date at
IBW. Results have been received and are being incorporated into the
next phase of drilling at La Romanera. Using the borehole
geophysical survey results Emerita intends to focus on down dip
extensions to the thickest and highest grade intercepts from the
recent drilling program. The Emerita exploration team intends to
utilize downhole geophysics on an ongoing basis to maximize
efficiency of future drill targeting as the drilling continues to
depth.
An area of higher conductivity has been
identified on strike and east of La Romanera. The Emerita team
intends to drill this anomaly targeting a possible eastward
extension of the known mineralized horizon.
Located approximately midway between La Romanera
and La Infanta is the historical El Cura deposit. Initial drilling
at IBW prioritized areas with known historic resources. At El Cura,
multiple historic small-scale mining operations have been
identified but the target has seen little modern exploration and
the Company does not have the historical drill hole data for this
deposit. A comprehensive mapping program has recently been
completed and a drill is being mobilized to El Cura presently.
La Romanera Drill Results:
Assay results have been received from 21 drill
holes (LR092, LR095, LR117, LR118, LR119, LR121, LR122, LR123,
LR124, LR125, LR126, LR127, LR128, LR130, LR131, LR133, LR134,
LR136, LR138, LR139 and LR141) at La Romanera deposit and are
reported below in Table 1.
These holes are distributed broadly across the
deposit, between +100 and -500 m elevation. As a representative
drill hole of the upper-central part, LR118
presents high polymetallic grades and thicknesses (29.3 m). Drill
hole intersections on the western-central part of the deposit and
outside of the historical drilling footprint (LR134) present
moderate grades, although copper is higher in this area of the
deposit. Drill hole intersections on the western-central portion of
the deposit, along the 6450 easting coordinates reported
significant results for hole LR138, located 500 m
below surface, which returned high grade values in all metals over
a good thickness intersection. See Table 1 for a full list
of assay results.
Drill hole grades and thicknesses are reported
below.
Drill Hole LR092:
The Lower Lens was intersected at 514.0 m down
the hole and comprises 4.9 m grading 0.2 % Cu; 2.0 % Pb;
4.6 % Zn; 1.40 g/t Au and 97.0 g/t
Ag.
Drill Hole LR117:
The Lower Lens was intersected at 560.3 m down
the hole and comprises 5.4 m grading 0.6 % Cu; 1.5 % Pb;
7.0 % Zn; 0.30 g/t Au and 43.0 g/t Ag.
Drill Hole LR118:
Both lenses were intersected. The Upper Lens was
intersected at 153.1 m and encountered 6.9 m grading 0.5 % Cu; 1.1
% Pb; 1.9 % Zn; 0.97 g/t Au and 28.8 g/t Ag. The Lower Lens was
intersected at 165.9 m and comprises 29.3 m grading 0.3 %
Cu; 1.0 % Pb; 3.4 % Zn; 3.83 g/t Au and 39.4 g/t Ag,
including 5.0 m grading 0.5 % Cu; 2.6 % Pb; 8.3 % Zn; 6.25
g/t Au and 78.2 g/t Ag.
Drill Hole LR124:
The Upper Lens was intersected at 332.6 m down
the hole and comprises 16.0 m of pyritic mineralization grading 0.3
% Cu; 1.1 % Pb; 1.0 % Zn; 1.64 g/t Au and 138.2 g/t Ag, including
4.4 m grading 0.4 % Cu; 1.1 % Pb; 1.1 % Zn; 2.55 g/t Au and 203.6
g/t Ag. The Lower Lens was intersected at 350.85 m down the hole
and comprises 30.6 m grading 0.4 % Cu; 0.6 % Pb; 3.0 % Zn;
0.35 g/t Au and 35.2 g/t Ag, including 5.0 m grading 0.2 %
Cu; 1.5 % Pb; 6.6 % Zn; 0.62 g/t Au and 66.2 g/t Ag.
Drill Hole LR125:
The Lower Lens was intersected at 124 m down the
hole and comprises 9.6 m grading 0.2 % Cu; 2.9 % Pb; 5.6 %
Zn; 1.88 g/t Au and 98.8 g/t Ag, including 5.9 m grading
0.2 % Cu; 3.9 % Pb; 7.8 % Zn; 2.14 g/t Au and 114.2 g/t Ag.
Drill Hole LR127:
The Lower Lens was intersected at 624.5 m down
the hole and comprises 7.7 m grading 0.3 % Cu; 2.0 % Pb;
2.3 % Zn; 0.88 g/t Au and 118.0 g/t Ag.
Drill Hole LR128:
The Upper Lens was intersected at 497.55 m down
the hole and comprises 11.5 m grading 0.4 % Cu; 2.7 % Pb;
4.7 % Zn; 1.33 g/t Au and 74.7 g/t Ag, including 4.4 m grading 0.9
% Cu; 5.7 % Pb; 10.4 % Zn; 2.76 g/t Au and 135.4 g/t Ag.
The Lower Lens was intersected at 516.5 m down the hole and
comprises 6.5 m of pyritic mineralization grading 0.3 % Cu; 0.5 %
Pb; 1.1 % Zn; 0.60 g/t Au and 23.1 g/t Ag.
Drill Hole LR131:
The Lower Lens was intersected at 518.9 m down
the hole and comprises 12.4 m grading 0.2 % Cu; 3.9 % Pb;
8.9 % Zn; 1.62 g/t Au and 110.3 g/t Ag including
3.9 m grading 0.3 % Cu; 7.2 % Pb; 14.6 % Zn; 2.60 g/t Au
and 144.8 g/t Ag.
This Drill hole along with LR127 fills the gap
between LR053 (January 20, 2023 press release) and LR087 (February
23, 2023 press release) and confirms the continuity of
mineralization in the deepest central area of the deposit.
Drill Hole LR133:
The Upper Lens was intersected at 122.35 m down
the hole and comprises 2.4 m of mineralization grading 0.2 % Cu;
5.9 % Pb; 6.5 % Zn; 1.16 g/t Au and 207.6 g/t Ag. The Lower Lens
was intersected at 144.25 m down the hole and comprises 7.1 m of
mineralization grading 0.2 % Cu; 1.5 % Pb; 2.8 % Zn; 2.13 g/t Au
and 74.0 g/t Ag.
Drill Hole LR134:
The Upper Lens was intersected at 307.8 m down
the hole and comprises 17.2 m grading 0.4 % Cu; 1.1 % Pb; 3.2 % Zn;
0.88 g/t Au and 53.1 g/t Ag. The Lower Lens was intersected at
329.6 m down the hole and comprises 8.0 m grading 0.5 % Cu; 0.7 %
Pb; 2.3 % Zn; 3.00 g/t Au and 46.8 g/t Ag.
Drill Hole LR138:
The Lower Lens was intersected at 517.75 m down
the hole and comprises 16.3 m grading 0.4 % Cu; 2.7 % Pb;
3.6 % Zn; 1.29 g/t Au and 69.6 g/t Ag.
Drill Hole LR139:
The Upper Lens was intersected at 115.5 m down
the hole and comprises 2.5 m grading 0.2 % Cu; 3.3 % Pb;
6.0 % Zn; 2.92 g/t Au and 177.6 g/t Ag. The Lower Lens was
intersected at 123.6 m down the hole and comprises 6.6 m grading
0.1 % Cu; 3.1 % Pb; 7.9 % Zn; 1.19 g/t Au and 47.0 g/t
Ag.
Table 1: Diamond Drill Hole Data, La
Romanera Deposit
DDH |
Easting |
Northing |
Elevation |
azimuth |
dip |
depth (m) |
FROM |
TO |
Width (m) |
Cu_% |
Pb_% |
Zn_% |
Au_g/t |
Ag_g/t |
LENS |
LR092 |
646802 |
4172735 |
150 |
189 |
-51 |
534.5 |
514.0 |
518.9 |
4.9 |
0.2 |
2.0 |
4.6 |
1.40 |
97.0 |
LL |
LR095 |
646967 |
4172385 |
170 |
202 |
-67 |
290.7 |
NO SIGNIFICANT INTERSECTS |
|
LR117 |
646888 |
4172759 |
154 |
196 |
-57 |
208.6 |
560.3 |
565.6 |
5.4 |
0.6 |
1.5 |
7.0 |
0.30 |
43.0 |
LL |
LR118 |
646618 |
4172447 |
146 |
163 |
-56 |
236.3 |
153.1 |
160.0 |
6.9 |
0.5 |
1.1 |
1.9 |
0.97 |
28.8 |
UL |
LR118 |
|
|
|
|
|
|
165.9 |
195.2 |
29.3 |
0.3 |
1.0 |
3.4 |
3.83 |
39.4 |
LL |
incl. |
|
|
|
|
|
|
185.5 |
190.5 |
5.0 |
0.5 |
2.6 |
8.3 |
6.25 |
78.2 |
LL |
LR119 |
646817 |
4172418 |
150 |
196 |
-40 |
162.9 |
NO SIGNIFICANT INTERSECTS |
|
LR121 |
646716 |
4172736 |
146 |
212 |
-59 |
556.9 |
497.8 |
533.7 |
35.9 |
0.3 |
0.9 |
0.7 |
1.12 |
88.4 |
UL |
incl. |
|
|
|
|
|
|
515.6 |
524.4 |
8.8 |
0.4 |
1.3 |
1.1 |
2.14 |
114.3 |
UL |
LR122 |
646567 |
4172435 |
146 |
199 |
-26 |
130.2 |
96.4 |
101.0 |
4.6 |
0.9 |
1.0 |
0.6 |
0.67 |
113.7 |
LL |
LR123 |
646414 |
4172539 |
142 |
179 |
-41 |
195.5 |
153.2 |
156.0 |
2.8 |
0.5 |
1.4 |
0.5 |
4.16 |
215.2 |
UL |
LR124 |
646780 |
4172582 |
154 |
187 |
-56 |
400.0 |
332.6 |
348.6 |
16.0 |
0.3 |
1.1 |
1.0 |
1.64 |
138.2 |
UL |
incl. |
|
|
|
|
|
|
338.6 |
343.0 |
4.4 |
0.4 |
1.1 |
1.1 |
2.55 |
203.6 |
UL |
LR124 |
|
|
|
|
|
|
350.9 |
381.5 |
30.6 |
0.4 |
0.6 |
3.0 |
0.35 |
35.2 |
LL |
incl. |
|
|
|
|
|
|
351.9 |
356.9 |
5.0 |
0.2 |
1.5 |
6.6 |
0.62 |
66.2 |
LL |
LR125 |
646618 |
4172447 |
146 |
188 |
-36 |
150.3 |
124.0 |
133.6 |
9.6 |
0.2 |
2.9 |
5.6 |
1.88 |
98.8 |
LL |
incl. |
|
|
|
|
|
|
126.3 |
132.2 |
5.9 |
0.2 |
3.9 |
7.8 |
2.14 |
114.2 |
LL |
LR126 |
646414 |
4172539 |
142 |
162 |
-36 |
209.4 |
164.2 |
167.5 |
3.3 |
0.2 |
1.1 |
1.2 |
0.87 |
48.0 |
UL |
LR127 |
646751 |
4172871 |
154 |
201 |
-53 |
671.4 |
624.5 |
632.2 |
7.7 |
0.3 |
2.0 |
2.3 |
0.88 |
118.0 |
LL |
LR128 |
646597 |
4172725 |
144 |
213 |
-65 |
543.5 |
497.6 |
509.0 |
11.5 |
0.4 |
2.7 |
4.7 |
1.33 |
74.7 |
UL |
incl. |
|
|
|
|
|
|
501.3 |
505.6 |
4.4 |
0.9 |
5.7 |
10.4 |
2.76 |
135.4 |
UL |
LR128 |
|
|
|
|
|
|
516.5 |
523.0 |
6.5 |
0.3 |
0.5 |
1.1 |
0.60 |
23.1 |
LL |
LR130 |
646414 |
4172539 |
142 |
163 |
-22 |
189.1 |
NO SIGNIFICANT INTERSECTS |
|
LR131 |
646716 |
4172736 |
146 |
202 |
-60 |
562.0 |
518.9 |
531.3 |
12.4 |
0.2 |
3.9 |
8.9 |
1.62 |
110.3 |
LL |
incl. |
|
|
|
|
|
|
521.9 |
525.7 |
3.9 |
0.3 |
7.2 |
14.6 |
2.60 |
144.8 |
LL |
LR133 |
646618 |
4172447 |
146 |
164 |
-33 |
178.1 |
122.4 |
124.7 |
2.4 |
0.2 |
5.9 |
6.5 |
1.16 |
207.6 |
UL |
LR133 |
|
|
|
|
|
|
144.3 |
151.3 |
7.1 |
0.2 |
1.5 |
2.8 |
2.13 |
74.0 |
LL |
LR134 |
646593 |
4172590 |
148 |
218 |
-55 |
360.6 |
307.8 |
325.0 |
17.2 |
0.4 |
1.1 |
3.2 |
0.88 |
53.1 |
UL |
LR134 |
|
|
|
|
|
|
329.6 |
337.6 |
8.0 |
0.5 |
0.7 |
2.3 |
3.00 |
46.8 |
LL |
LR136 |
646817 |
4172418 |
150 |
181 |
-29 |
141.0 |
NO SIGNIFICANT INTERSECTS |
|
LR138 |
646597 |
4172725 |
144 |
217 |
-68 |
558.5 |
517.8 |
534.0 |
16.3 |
0.4 |
2.7 |
3.6 |
1.29 |
69.6 |
LL |
LR139 |
646618 |
4172447 |
146 |
176 |
-25 |
133.7 |
115.5 |
118.0 |
2.5 |
0.2 |
3.3 |
6.0 |
2.92 |
177.6 |
UL |
LR139 |
|
|
|
|
|
|
123.6 |
130.2 |
6.6 |
0.1 |
3.1 |
7.9 |
1.19 |
47.0 |
LL |
LR141 |
646712 |
4172405 |
150 |
193 |
-47 |
163.9 |
92.0 |
93.8 |
1.8 |
0.3 |
0.8 |
1.7 |
0.68 |
24.3 |
UL |
LR141 |
|
|
|
|
|
|
104.9 |
117.2 |
12.4 |
0.3 |
1.0 |
0.9 |
2.04 |
47.7 |
LL |
Figure 1: Vertical longitudinal section
showing Upper Lens intercepts, La Romanera Deposit
View Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/80dd48a7-e638-4d9e-8a7b-664e7b5e3513
Figure 2: Vertical longitudinal section showing Lower
Lens intercepts, La Romanera Deposit
View Figure 2
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/bfb97137-adc0-450d-97a0-c0c96a9b008e
Figure 3: Plan map showing drill hole trace surface
projections, La Romanera Deposit
View Figure 3
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/601e6d9a-67f2-41ee-906a-d444041f663b
Figure 4 : La Romanera depth
extension drill hole
View Figure 4
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/a18b4209-2891-4989-8b32-a6c9d951a1ff
Extension of Warrants
The Company also announces that it has applied
to the TSX Venture Exchange to extend the term of 7,847,150 common
share purchase warrants (the “Warrants”) previously set to expire
on July 15, 2023 to January 15, 2024. Each Warrant is exercisable
for one common share in the capital of the Company for an exercise
price of $1.50. The extension of the Warrants remains subject to
approval of the TSX Venture Exchange.
Quality Assurance/Quality
Control
Drilling at La Romanera and La Infanta is HQ
size and core is placed into core trays at the drill site and
transported directly from the site to Emerita’s coreshack (15Km)
from La Romanera and (8Km) from La Infanta. Once the cores are
received at Emerita's coreshack they are photographed and
geotechnical logging is performed. Geological, mineralogical and
structural logging follows and mineralized zones are identified.
The samples are marked every 1m or less, and respecting
lithological contacts, with most of the samples 1.0m long. The zone
immediately above and below the mineralized zones are also sampled.
Core samples are sawed in half and half of the core is returned to
the core tray for future reference. Once the core samples are cut,
bagged and tagged, they are shipped to the ALS laboratory in
Seville by Emerita personnel where sample preparation is done. In
Seville, ALS performs the mechanical preparation of the samples and
then the pulps are sent to ALS Ireland (ICP) and ALS Romania (fire
assay). The analysis at ALS Lab corresponds to the ME-ICPore (19
elements) package, together with the Au-AA23 fire assay (Gold).
10% of the analyzed samples correspond to
control samples (fine blanks, coarse blanks, high, medium and low
grade standards). In addition, 10% of pulps are reanalyzed at a
second independent certified laboratory (AGQ Lab Sevilla). When the
analysis is completed, the certificates are received from the
laboratory and the QA/QC protocol identifies any deviation or
anomaly in the results and the entire batch is reassayed in such
case. Once the data is approved by the QA/QC protocol assays are
entered digitally directly into the database.
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.
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: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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