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 sulfide deposits: La Infanta, La Romanera and El Cura.
Results contained in this release are from La Romanera. All
deposits are open for expansion along strike and at depth.
Assays have been received for two additional
drill holes that post-date the recently announced NI 43-101
compliant mineral resource estimate (see Emerita’s news release
dated May 23, 2023). See Figures 1 and 2 for intercept locations
and Table 1 for diamond drilling data.
Drill holes LR152 and LR153 were drilled to test
the down dip extension of La Romanera in an area showing a strong
response from downhole TEM survey in the eastern part of the
deposit (see Figure 2, longitudinal section). Both drill holes
intercepted thick sulfide mineralization, primarily in the form of
a banded and stockwork chalcopyrite-pyrite mineralization. In this
part of the deposit, the Upper and Lower sulfide massive lenses
become a continuous zone of copper-rich stockwork of about 35-40
meters true thickness (see Figure 3, photo drill core).
According to Joaquin Merino, P.Geo., President
of Emerita, “This type of mineralization marks a change in the
deposit characteristics in this area. It has become copper dominant
and is more of a stockwork zone characteristic of a typical VMS
deposit feeder zone. It is potentially a very exciting development
as a number of the deposits in the Iberian Pyrite Belt have
significant copper zones such as at Neves Corvo, Aljustrel and Rio
Tinto. It does not need to be said that copper is fundamental as a
critical metal for the global energy transition.”
Drill Hole LR152: The Stockwork
zone was intersected at 647.7 m down the hole. It encountered
68.5 Meters Grading 1.0% Copper; 0.2% Zinc; 0.28 g/t Gold
and 5.9 g/t Silver, including 11.7 Meters Grading 2.9% Copper; 0.28
g/t Gold and 7.9 g/t Silver, and in a separate zone 8.7 Meters
Grading 2.5% Copper; 0.3% Zinc; 0.36 g/t Gold and 14.0 g/t
Silver. The hole intersected obliquely across the zone and
as such true thickness is approximately 55% of the drill intercept
thickness in this hole.
Drill Hole LR153: The Stockwork
zone was intersected at 738.95 m down the hole. It encountered
52.1 Meters Grading 0.4% Copper; 0.1% Zinc; 0.13 g/t Gold
and 3.2 g/t Silver, including 2.9 Meters Grading 1.4% Copper; 0.25
g/t Gold and 4.2 g/t Silver, and including 5.9 Meters Grading 1.3%
Copper; 0.5% Zinc; 0.27 g/t Gold and 9.1 g/t Silver. The
true thickness is approximately 75% of the drill intercept
thickness in this hole.
The deepest drill hole to date at La Romanera is
LR153 which intersected the deposit at 750 meters below surface and
is 180 meters below the deepest drill hole that was included in the
NI 43-101 mineral resource estimate. Currently, hole LR157 is in
progress and is expected to intercept the deposits at approximately
810 meters below surface.
According to Ian Parkinson, EVP Corporate
Development for Emerita, “This is a significant expansion of the
footprint of the deposit since May when the MRE was released. It
amounts to approximately a 30% increase in the vertical extent of
mineralization. Bore hole EM surveys suggest the mineralization
continues further.”
Table 1: Diamond drill hole data
DDH |
Easting |
Northing |
Elevation |
azimuth |
dip |
depth (m) |
FROM |
TO |
Width (m) |
Cu_% |
Pb_% |
Zn_% |
Au_g/t |
Ag_g/t |
LENS |
LR152 |
646811 |
4172660 |
152 |
239 |
-75 |
731.1 |
647.7 |
716.2 |
68.5 |
1.0 |
0.0 |
0.2 |
0.28 |
5.9 |
LL |
incl. |
|
|
|
|
|
|
661.9 |
673.6 |
11.7 |
2.9 |
0.0 |
0.0 |
0.28 |
7.9 |
LL |
incl. |
|
|
|
|
|
|
707.5 |
716.2 |
8.7 |
2.5 |
0.0 |
0.3 |
0.36 |
14.0 |
LL |
LR153 |
646751 |
4172871 |
154 |
208 |
-66 |
800.6 |
739.0 |
791.0 |
52.1 |
0.4 |
0.0 |
0.1 |
0.13 |
3.2 |
LL |
incl. |
|
|
|
|
|
|
742.8 |
745.7 |
2.9 |
1.4 |
0.0 |
0.0 |
0.25 |
4.2 |
LL |
incl. |
|
|
|
|
|
|
782.2 |
788.0 |
5.9 |
1.3 |
0.1 |
0.5 |
0.27 |
9.1 |
LL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Figure 1: Plan map showing drill hole
locations
View Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/19cf1f4e-79c1-4eed-877f-63b62918c627
Figure 2: Longitudinal section showing
location of drill hole intercept and holes in progress
View Figure 2
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/7fec10a0-fcb4-4876-820e-d1bca7f92d05
Figure 3: Stockwork zone
View Figure 3
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/136dca5a-2e0b-4b81-80bf-116b5692efd0
The current drilling program is focused on
testing the extension of La Romanera deposit at depth. Drill holes
LR155 and LR157 are in progress. Drill hole LR154 is completed with
assays pending and has intersected a 30 meter thick lens of massive
sulfide mineralization.
A down-the-hole transient electromagnetic
(“TEM”) survey is planned as part of the exploration strategy for
the LR152 and LR155 drill holes.
Stock Options
Emerita has granted 2,700,000 stock options to
various directors and officers of the Company pursuant to its stock
option plan. The options may be exercised at a price of $0.40 per
option for a period of five years from the date of grant. The grant
of options remains subject to the 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 grant of stock
options 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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