Emerita Resources Corp. (TSX – V: EMO; OTCQB:
EMOTF; FSE: LLJA) (the “Company” or “Emerita”) is pleased to
announce the maiden independent NI 43-101 compliant resource
estimate based on drill results from the 2022-23 resource
delineation drilling program at La Romanera and La Infanta
deposits, part of Emerita’s wholly owned Iberian Belt West project
(“IBW” or the “Project”). Mineral Resource estimation was completed
by Wardell Armstrong International Limited (“WAI”) using drillhole
databases and geological models developed by the Emerita geology
team and subsequently verified and refined in collaboration with
WAI. WAI has considerable experience working with deposits in the
Iberian Belt and has completed similar studies for producing
operations in the region. IBW hosts three previously identified
massive sulphide deposits: La Infanta, La Romanera and El Cura.
Initial exploration work has recently commenced at El Cura and all
deposits are open for expansion along strike and at depth. Drilling
is expected to continue at IBW through 2023 and into 2024 targeting
continued expansion of the IBW resource. Metallurgical testing of
the deposits is commencing.
Resource Estimate Criteria
In calculating the resource estimate, WAI used a
cut off grade of 3% Zinc equivalent (“ZnEq”). In order to calculate
the ZnEq grade, the QP consulted with metallurgists within the WAI
team to establish appropriate recoveries to use for the estimate
based on prior experience in the Iberian Belt and similar deposits.
It is important to note that the recovery factors used in the
estimate are not based on metallurgical test data as this work is
not yet completed. The metal recoveries are based on representative
results from other deposits in the belt. La Romanera is a unique
deposit within the Iberian pyrite belt in that a significant
portion of the deposit has highly elevated gold values relative to
other deposits in the region. As such, there is not a good
metallurgical analogy for the recovery of gold from higher grade
gold mineralization in the region. The high gold grades are not
ubiquitous throughout the deposit such that the overall gold grade
reported represents a weighted average of higher grade and lower
grade mineralization. For the ZnEq calculation, the gold recovery
factor used was 20%. An important opportunity and challenge for the
Company will be to work with its metallurgical consultants to
improve the gold recoveries from the gold enriched portions of the
deposit. Such an improvement could positively add to the ZnEq grade
and tonnage at La Romanera.
Resource Highlights:
-
Iberia Belt West Initial Mineral Resource Estimate
(“MRE”)
-
Indicated 14.07 million tonnes (“MT”) grading
3.29% Zn, 1.66% Pb, 0.46% Cu, 75.2 g/t Ag and 1.39 g/t Au (7.63%
ZnEq)
-
Inferred 4.71 MT grading 4.70% Zn, 2.14 % Pb,
0.54% Cu, 72.4 g/t Ag and 0.90 g/t Au (9.29% ZnEq)
-
La Romanera
-
Indicated 13 MT grading 2.98% Zn, 1.45% Pb, 0.42%
Cu, 74.1 g/t Ag and 1.48 g/t Au (7.08% ZnEq)
-
Inferred 3.14 MT grading 4.85% Zn, 1.96 % Pb,
0.45% Cu, 71.3 g/t Ag and 1.16 g/t Au (9.16% ZnEq)
-
The La Romanera mineral resource estimate was calculated using data
from 144 holes comprising 52,750 meters of drilling.
-
La Infanta
-
Indicated 1.07 MT grading 7.10% Zn, 4.24% Pb,
1.03% Cu 88.5 g/t Ag and 0.32 g/t Au (14.32% ZnEq)
-
Inferred 1.56 MT grading 4.41% Zn, 2.49% Pb, 0.74%
Cu, 74.7 g/t Ag and 0.38 g/t Au (9.55% ZnEq)
-
The La Infanta mineral resource estimate was calculated using data
from 86 holes comprising 19,565 m of drilling.
-
Mineralization remains open at both deposits
-
The MRE confirms the resource starts at or near surface and remains
open for expansion at depth and along strike.
-
Next steps
-
La Romanera and La Infanta deposits occur approximately 6km from
each other. Near-term focus for the Emerita exploration team is to
continue to expand the mineralization at La Romanera and explore
the area between the two deposits with particular focus on the
historic El Cura target. Drilling of El Cura has commenced.
-
Metallurgical sampling program, La Romanera and La Infanta
commencing.
David Gower, P.Geo., CEO of Emerita stated, “The
last 12 months have been a busy and exciting time for the Spain
based Emerita exploration team. It is a credit of the team to be
able to release our first NI 43-101 compliant resource estimate for
the IBW project in a compressed time frame given drilling commenced
on La Romanera only last summer. This represents an interim mineral
resource estimate as work continues to expand the resources at IBW.
The recent exploration mapping, drilling and geophysical surveys
demonstrate both La Romanera and La Infanta remain open along
strike and at depth. This coupled with targets associated with the
recently expanded land position provides a lot of additional
targets for new discoveries. Metallurgical test work is commencing
which will inform a key component of a future economic study of IBW
while we continue to explore.”
Table 1: Resource Table
The following table summarizes the maiden
Mineral Resource Estimate for the Iberian Belt West (IBW)
Project:
|
|
|
Average Grade |
Metal Content |
Deposit |
Class |
Tonnes |
Zn |
Pb |
Cu |
Ag |
Au |
ZnEq |
Zn |
Pb |
Cu |
Ag |
Au |
ZnEq |
|
|
Mt |
% |
% |
% |
g/t |
g/t |
% |
kt |
kt |
kt |
koz |
koz |
kt |
La Romanera |
Indicated |
13.00 |
2.98 |
1.45 |
0.42 |
74.1 |
1.48 |
7.08 |
387 |
188 |
54 |
30,979 |
617 |
920 |
Inferred |
3.14 |
4.85 |
1.96 |
0.45 |
71.3 |
1.16 |
9.16 |
153 |
62 |
14 |
7,205 |
117 |
288 |
La Infanta |
Indicated |
1.07 |
7.10 |
4.24 |
1.03 |
88.5 |
0.32 |
14.32 |
76 |
45 |
11 |
3,051 |
11 |
154 |
Inferred |
1.56 |
4.41 |
2.49 |
0.74 |
74.7 |
0.38 |
9.55 |
69 |
39 |
12 |
3,758 |
19 |
149 |
IBW Project |
Indicated |
14.07 |
3.29 |
1.66 |
0.46 |
75.2 |
1.39 |
7.63 |
463 |
233 |
65 |
34,030 |
629 |
1,074 |
Inferred |
4.71 |
4.70 |
2.14 |
0.54 |
72.4 |
0.90 |
9.29 |
222 |
101 |
26 |
10,963 |
137 |
438 |
Notes:
-
Mineral Resources are classified according to definitions outlined
in CIM Standards on Mineral Resources and Reserves, Definitions and
Guidelines (CIM, 2014);
-
The effective date of the Mineral Resource Estimate for La Romanera
is May 4, 2023 and the effective date of the Mineral Resource
Estimate for La Infanta is April 30, 2023;
-
Mineral Resources are reported at a cut-off grade of 3.0% zinc
equivalent (ZnEq) where;
-
ZnEq = [(Zn grade * Zn recovery * Zn price) + (Pb grade * Pb
recovery * Pb price) + (Cu grade * Cu recovery * Cu price) + (Ag
grade * Ag recovery * Ag price) + (Au grade * Au recovery * Au
price)] / (Zn recovery * Zn price);
-
Long term price assumptions are US$3000/t Zn, US$2300/t Pb,
US$9500/t Cu, US$25/oz Ag and US$1800/oz Au;
-
Metallurgical recovery assumptions are 100% Zn, 80% Pb, 80% Cu, 80%
Ag and 20% Au. 100% Zn recovery ensures ZnEq grade > Zn grade
for all blocks;
-
At La Infanta, blocks less than 3.0% ZnEq when diluted over a 3m
minimum mining width were excluded from the Mineral Resource.
Thickness at La Romanera typically exceeds 3m;
-
Only primary sulphide mineralisation is included in the Mineral
Resources;
-
Metal grade and content represents contained metal in the ground
and have not been adjusted for metallurgical recovery or mining
dilution;
-
Mineral Resources are not Reserves until they have demonstrated
economic viability based on a pre-feasibility study or feasibility
study;
-
Numbers may not add due to rounding.
-
The Qualified Person for the La Romanera and La Infanta Mineral
Resource Estimates is Dr. Phil Newall, BSc (ARSM), PhD (ACSM),
CEng, FIMMM of WAI, a Qualified Person as defined by NI
43-101.
Resource Estimation Details and
Methodology
Mineral Resource estimation was completed by
Wardell Armstrong International Limited using drillhole databases
and geological models developed by the Emerita geology team and
subsequently verified and refined in collaboration with WAI.
Software utilised included MX Deposit® (database & QAQC),
Leapfrog Geo® (geological model), Snowden Supervisor® (statistical
& geostatistical analysis) and Leapfrog Edge® (estimation).
The resource estimation methodology involved the
following process:
-
Database verification;
-
Construction of wireframe models for massive sulphide lenses and
weathering profile;
-
Definition of resource domains;
-
Data conditioning via compositing and top-cuts;
-
Variography;
-
Block modelling;
-
Grade and density interpolation;
-
Model validation and Resource classification; and
-
Assessment of reasonable prospects for eventual economic extraction
(RPEEE).
La Romanera and La Infanta are classified as
volcanic-hosted massive sulphide (VHMS”) deposits and occur as
tabular strata-bound lenses of polymetallic (Zn, Pb, Cu, Ag, Au)
massive sulphides. Drilling has so far defined five sulphide lenses
used as estimation domains in Resource modelling: The Upper and
Lower Lens at La Romanera and the North, South and South 1 Lenses
at La Infanta. Input drillhole data was restricted to surface
diamond drilling completed by Emerita from 2022 to 2023.
Drillhole samples were flagged by domain,
composited to regular lengths and top-cuts applied to isolated
outlier values. Variography was conducted on the composite data for
each variable within each estimation domain.
Grades were estimated into block models
sub-celled to the estimation domain boundaries. Grade and density
estimation were conducted using ordinary kriging (OK) for most
domains. Inverse Distance Squared (IDW2) was carried out in the La
Infanta South 1 domain, where the number of composites was
insufficient for effective variogram modelling. Hard boundaries
were applied to constrain the interpolation. The estimates were run
in a three-pass plan, using progressively larger search
neighbourhoods. Distance based top-cuts were applied in higher
estimation passes to limit grade extrapolation.
Estimated grades were validated globally,
locally, and visually prior to classification. No material issues
with the grade interpolation were identified. Classification has
been limited to contiguous regions where nominal drill spacing is
50m or less for Indicated Resources and 100m or less for Inferred
Resources.
Mining, processing and long-term price
assumptions were used to evaluate the proportion of the block
models that could reasonably be expected to be economically mined.
A 3.0% ZnEq cut-off was selected in line with extraction via
conventional underground mining methods. Thinner zones of
mineralisation are present at La Infanta and reporting was further
restricted to exclude blocks below 3.0% ZnEq when diluted over a 3m
minimum mining width. The ZnEq calculation includes metallurgical
recovery assumptions for each metal. Initial metallurgical test
work is commencing and WAI has used recoveries within the range of
other Iberian Pyrite Belt deposits and informed by review of
petrographic studies. WAI cautions that changes in metallurgical
recovery and/or payability assumptions could significantly impact
the MRE.
The Mineral Resource Estimate was supervised and
reported by Dr. Phil Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM,
in accordance with definitions outlined in CIM Standards on Mineral
Resources and Reserves, Definitions and Guidelines (CIM, 2014). Dr.
Newall is a Qualified Person as defined by NI 43-101 and undertook
site inspections in October 2022 and March 2023. The MRE will be
supported by a NI 43-101 independent technical report which will be
published and filed on the Company’s website and SEDAR profile
within 45 days. The NI 43-101 report will include detailed
information on the key assumptions, parameters and methods used to
estimate the Mineral Resources.
IBW Geology and
Mineralization
The 20km2 Iberian Belt West (IBW) property is
located in the south of Spain, approximately 10km from the national
border with Portugal. It is part of the Iberian Pyrite Belt (IPB),
a globally significant mineralized trend constituting the world’s
highest concentration of volcanic-hosted massive sulphide deposits
(VHMS) spanning east-west from Sevilla to Lisboa. Within the
Project area there are several polymetallic (Cu-Zn-Pb-Au-Ag)
deposits, including Romanera, Infanta and El Cura, that have been
exploited intermittently over the last 2,000 years.
The geology of the IBW claim block comprises a
mixed sequence of extrusive and intrusive volcanic rocks,
volcaniclastic and marine sedimentary rocks that were folded and
thrusted during the Variscan orogeny. The massive sulphide lenses
at Romanera and Infanta are localized within the volcaniclastics
and sediments, near to the contact with massive, felsic volcanics.
The mineralized horizon is structurally repeated along the ~10km
length of IBW, defining several prospective corridors that are the
focus of current exploration within the project areas.
At La Romanera, two steeply dipping massive
sulphide lenses ranging between 2.0m and 32.0m in thickness strike
west-northwest over at least 700m as currently defined.
Stratigraphy is tightly folded, overturned to the south, and
plunges gently to the west. Deep drilling is in progress to define
the lower limits of these lenses, following down-dip extensions and
indications from down-hole geophyics.
At Infanta, over a kilometer of shallow ancient
workings along the contact between felsic volcaniclastics and
tuffaceous shales define the mineralized horizon. These workings
were confined to the hangingwall of a thrust fault, within 20m of
surface, whereas the reported resource is to the footwall of the
thrust and extends as two lenses to a depth of at least 350m below
surface.
Romanera Mineralization
The 2023 Resource Estimate includes two lenses,
showing a style of mineralization typical of VHMS deposits:
- Upper Lens. Massive to semi-massive
sulphide mineralization.
- Lower Lens. Underlies the Upper
Lens and consists of massive to semi-massive sulphide
mineralization.
No stockwork-style mineralization is recognized
in the deposit.
The Upper Lens massive sulphide is a continuous
mineralized horizon which varies approximately from 2.0 to 32.0m in
true thickness and averages 10.0m overall, with a strike length of
700m approximately.
The Lower Lens massive sulphide is a continuous
mineralized horizon which varies approximately from 2.0 to 30.0m in
true thickness and averages 13.0m overall, with a strike length of
720m.
The Upper Lens massive sulphide and the
underlying Lower Lens are locally both separated and in contact
with one another throughout the Deposit. The Deposit dips at
approximately 70 degrees from surface for a down-dip length of
approximately 675m (Upper Lens) and 720m (Lower Lens).
The Upper Lens occurs approximately 2.0 to 30.0
m in the hanging wall above the Lower Lens.
Infanta Mineralization
The 2023 Resource Estimate includes three
blocks, showing a style of mineralization mainly typical of VHMS
deposits:
- North Block. Disseminated to
massive sulphide mineralization.
- South Block. Underlies the North
Block and consists of disseminated to massive sulphide
mineralization.
- South Block 1. Underlies the South
Block and consists of disseminated to massive sulphide
mineralization.
No stockwork-style mineralization is recognized
in the deposit.
The North Block massive sulphide is a continuous
mineralized horizon which varies approximately from 1.0 to 10.0m in
true thickness and averages 3.0 m overall, with a strike length of
1900m.
The South Block massive sulphide is a continuous
mineralized horizon which varies approximately from 1.0 to 9.0 m in
true thickness and averages 3.0 m overall, with a strike length of
1090 m approximately.
The South Block1 massive sulphide is a
continuous mineralized horizon which varies approximately from 1.0
m to 7.0 m in true thickness and averages 2.6m overall, with a
strike length of 325 m approximately.
The North Block massive sulphide and the
underlying South Block are generally separated throughout the
Deposit by about 30.0 m.
The South Block massive sulphide and the
underlying South Block 1 are generally separated throughout the
Deposit by about 15.0m. The Deposit dips at approximately 70
degrees from surface for a down-dip length of approximately 425 m
(North Block), 190m (South Block) and 150m (South Block 1).
The South Block sits approximately 15.0m in the
hanging wall above the South Block 1 in a structurally controlled
system. The North Block sits approximately 30.0m in the hanging
wall above the South Block in a structural controlled system.
IBW Project Mineral Resources are reported at a
cut-off grade of 3.0% ZnEq in Table 1. The table below shows the
sensitivity of estimated grade and tonnage to the selection of
cut-off grade. Sensitivity analysis across a range of cut-off
grades is only intended to provide additional context and should
not be considered as Mineral Resources.
Table 2: Resource Sensitivity to Cut-off
Table
Cut-off Grade |
Indicated |
Inferred |
ZnEq |
Tonnes |
ZnEq |
ZnEqMetal |
Tonnes |
ZnEq |
ZnEqMetal |
% |
Mt |
% |
kt |
Mt |
% |
kt |
0.5 |
15.88 |
7.03 |
1116 |
4.84 |
9.11 |
441 |
1.0 |
15.82 |
7.05 |
1116 |
4.84 |
9.11 |
441 |
1.5 |
15.70 |
7.10 |
1114 |
4.84 |
9.11 |
441 |
2.0 |
15.43 |
7.19 |
1109 |
4.83 |
9.12 |
441 |
2.5 |
15.01 |
7.33 |
1100 |
4.81 |
9.16 |
440 |
3.0 |
14.07 |
7.63 |
1074 |
4.71 |
9.29 |
438 |
3.5 |
13.19 |
7.92 |
1045 |
4.57 |
9.47 |
433 |
4.0 |
12.04 |
8.32 |
1002 |
4.36 |
9.75 |
425 |
4.5 |
10.74 |
8.81 |
947 |
4.17 |
10.00 |
417 |
5.0 |
9.79 |
9.21 |
902 |
4.03 |
10.18 |
410 |
5.5 |
8.71 |
9.70 |
845 |
3.86 |
10.41 |
401 |
6.0 |
7.85 |
10.13 |
795 |
3.68 |
10.63 |
391 |
Figure 1: Plan View La RomaneraView
Figure 1 here
: https://www.globenewswire.com/NewsRoom/AttachmentNg/b0e4838f-45b3-4796-ac2f-2b7fd72798db
Figure 2: Long section Upper Lens La
RomaneraView Figure 2 here
: https://www.globenewswire.com/NewsRoom/AttachmentNg/8b02d0a0-b863-47a7-90bc-c24bca6bd316
Figure 3: Long section Lower Lens La
RomaneraView Figure 3 here
: https://www.globenewswire.com/NewsRoom/AttachmentNg/776404b8-482e-4752-a075-d55c784127cb
Figure 4: Plan View La InfantaView Figure
4 here
: https://www.globenewswire.com/NewsRoom/AttachmentNg/b5878bfe-ab56-4a9f-bca0-219eb9f74f63
Figure 5: Long Section La InfantaView
Figure 5 here
: https://www.globenewswire.com/NewsRoom/AttachmentNg/5c475128-54d2-4d49-908b-d59df53f1b50
Figure 6: Recently expanded Property with
addition of Infanta Sur (848.5 hectares). It is anticipated that
the gap between the Properties will also be awarded to Emerita in
due course.View Figure 6 here
: https://www.globenewswire.com/NewsRoom/AttachmentNg/0f4fb539-74d4-428a-9879-717996c87d04
Qualified Person
Dr. Phil Newall, BSc (ARSM), PhD (ACSM), CEng,
FIMMM is a Qualified Person as defined by NI 43-101 And has
reviewed and approved the technical information and data regarding
the MRE included in this news release. Mr. Newall is independent of
Emerita. All other 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.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
prospectivity of the Project; the Company’s ongoing exploration of
the Project; the Company’s ability to increase and/or update the
MRE; the Company’s ability to increase the size of the Project, the
Company’s expectations for the Project; the results from
metallurgical analysis 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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