Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA)
(the “Company” or “Emerita”) announces additional assay results
from the ongoing drilling program at La Romanera deposit, part of
Emerita’s 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. Results contained in
this release are from La Romanera. All deposits are open for
expansion.
Drilling at La Romanera continues to test the
depth extent of the deposit, down-plunge to the west-northwest.
Assay results reported here are for the recently completed drill
holes LR158 and LR159 (Table 1, Figure 1). The drill holes used for
the Company’s maiden NI 43-101 mineral resource estimate (please
see the Company’s July 6, 2023 press release and technical report
under the Company’s profile on www.sedarplus.ca) delineated the
deposit to a vertical depth of about 450m. Since then, the Company
has completed 20 additional drill holes (three more in progress),
which have extended the deposit approximately an additional 300 m
in depth below the resource estimate.
Table 1. Significant intercepts of holes
LR158 and LR159, 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 |
LR158 |
646226 |
4172839 |
144 |
149 |
-69 |
724.3 |
No significant intercept |
|
LR159 |
646751 |
4172871 |
154 |
225 |
-62 |
749.6 |
748.1 |
792.2 |
44.1 |
0.6 |
0.9 |
0.7 |
0.96 |
17.7 |
LL |
incl. |
|
|
|
|
|
|
752.6 |
762.6 |
10.0 |
1.2 |
1.6 |
0.0 |
0.12 |
14.0 |
LL |
incl. |
|
|
|
|
|
|
765.6 |
775.9 |
10.4 |
0.7 |
0.8 |
1.5 |
1.87 |
23.0 |
LL |
Drill hole LR158 return no significant results.
Hole LR158 was a 100m step-out to the west from the LR155 impact at
-430 RL, designed to probe for the western extents of the deposit
at mid-levels. However, the hole passed through a 1.6m shear zone
indicating the possible offset of the Lower Lens along the western
extremity of the deposit at this elevation.
Hole LR159 was designed to probe the down-plunge
continuity of the deposit to the west-northwest. Stepping down and
to the west of the previously reported LR157 intercept.
LR159 cut a 44.1m mineralized interval from 748.05m to
792.15m, grading 0.6% Cu, 0.9% Pb, 0.7% Zn, 0.96 g/t Au and 17.7
g/t Ag in massive sulfide and minor mineralized accessory
volcanics. This intercept includes 10.0 meters grading 1.2%
Cu; 1.6% Pb; 0.12 g/t Au and 14.0 g/t and a second
including of 10.4 meters grading 0.7% Cu; 0.8% Pb; 1.5% Zn,
1.87 g/t Au and 23.0 g/t. Of the 44.1m interval, 2.9m
(6.6%) of the core was unrecovered in a faulted zone and a grade of
0 value has been applied to this interval. True thickness is
approximately 80-75% of core width.
Drillholes LR163 and LR165 are in progress, and
LR161 awaiting assay results, are located below LR159, at a
separation of 100 - 150 m. The vertical depth reached in the
current campaign is 750m approximately. The drill campaign is
winding down in advance of the Christmas break until mid-late
January.
According to Joaquin Merino, P.Geo., President
of Emerita, “This has been a watershed year for the Company and the
development of the IBW project. The team has executed very well and
processed a high volume of drill core from as many as 16 diamond
drills to produce the initial NI 43-101 compliant mineral resource
estimate for the Project. The Environmental Base Line studies were
completed in April and in September an application was filed to
convert the Project to an Exploitation (Mining) License from an
Exploration License. The Romanera Deposit continues to expand at
depth. A focus for the 2024 program will be to drill for extensions
of the copper zone identified in hole LR 152 (see news release
dated August 9, 2023).”
Metallurgy Update
The metallurgical test program for La Romanera
and La Infanta Deposits is running behind schedule and is now
expected to conclude in January 2024. An update with the
metallurgist this week indicated that for the stage of the testing
completed to date, the results are in line with expectations for
other similar deposits being mined in the region. Final stages of
testing related to base metals recovery along with optimizing
precious metals recoveries have yet to be completed.
Figure 1. Location and trace of holes LR158
and LR159.
View Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/dbf03747-db20-499e-a29a-28c84edf86ec
Figure 2. La Romanera Longitudinal Section
shows the location of drill hole intercept and holes in progress.
View to the North, deep grade trend in ZnEq values shown in hot
colors.
View Figure 2
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/b72645af-43de-43ad-9058-365d0754899c
Quality Assurance/Quality
Control
Drilling at La Romanera 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. 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
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.
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:
Ian Parkinson+1 647 910-2500
(Toronto)info@emeritaresources.comwww.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 prospectivity of the IBW
project, the mineralization and the IBW project, the economic
viability of the IBW project, the timing and results of
metallurgical studies, the Company’s future exploration plans 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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