Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF)
(the “Company” or “Emerita”) announces that the Iberia Belt West
Project (the “ IBW Project”) has cleared the required 30 business
days socialization on the Department of Mining website as required
by the permitting process and is proceeding with the planned
diamond drill program at the high grade Infanta deposit, one of
three target deposits controlled by Emerita within the belt The
diamond drill contract has been awarded to Geonor Drilling, and
staff are on site preparing for the commencement of the drilling
campaign. This will be the Company’s first diamond drill campaign
at its flagship IBW Project in Andalucia Region, southern Spain.
The Company has established COVID 19 safety protocols for ensuring
a secure work environment for its employees and contractors.
Joaquin Merino, P.Geo., President of Emerita,
remarked, “We are excited to finally be commencing the diamond
drill program on the Infanta Deposit. It is a very high grade
mineralized zone that has only been drilled to approximately 110
meters depth and historical drilling only evaluated about 450
meters of strike length. The deposit was not cut off either down
dip or along strike because it crossed the historical property
boundary. Our recent field mapping suggests the mineralization
extends for at least 1.2 kilometers along strike at surface.”
The initial drill program at Infanta will be
designed to test the full 1.2 kilometer strike length of the
mineralization and test the depth extent to approximately 300
meters down dip. There are 49 historical holes drilled delineating
the deposit to date and the program will move from the known
mineralization and step out systematically along strike and down
dip to establish a NI 43-101 compliant resource estimate for the
deposit. The plan will be to initially complete approximately 30
drill holes for a total of approximately 5,000 meters of drilling.
The Company is fully financed to complete the program. Please refer
to the section below for a more detailed discussion of the Iberia
Belt West Project.
Andalucia Region Targeted for Strategic
Mining Investment by European Union
There have been two important developments with
respect to the mining industry in the Andalucia Region, Spain,
where the Company’s projects are located, during the past week.
- The Junta of
the Andalucia Region passed a law designating underground mining as
a strategically important industry in the region that will be
permitted in all areas of the region . Mining development will have
priority as an economic activity.
- The European
Union has passed an initiative as part of its plan to rebuild the
economy post the COVID 19 pandemic whereby the Iberian Belt which
is located primarily in Andalucia and extends westward to Portugal
will receive a strategic investment of €3.10
billion for mine development and related activities. The
Ministry of Economic Transformation, Industry, Knowledge and
Universities has promoted the project for the metal mining and
metallurgy sectors in Andalusia to apply for funds from the “Next
Generation of the European Union” (funds established for economic
rebuilding of the EU post the pandemic). The strong mining industry
and recognized geological potential hosted in the Iberian Pyrite
Belt, within the provinces of Seville and Huelva will be the focus
of the program.
David Gower, P.Geo., CEO of Emerita, stated,
“These initiatives are important and send a strong message with
respect to the importance of mining to the Andalucía region and the
contribution the region can make in terms of providing domestic
European supply of strategic minerals. Emerita has long recognized
the advantages of mining investments in this area. The geological
potential is well established by a mining history that dates back
to at least the Roman times and continues to have production from
modern, leading edge operations. The area has significant
advantages due to exceptional infrastructure, highly educated and
productive professionals, access to post secondary institutions and
well established mining and permitting regulations. These
competitive advantages will be further enhanced by these recent
announcements. Emerita is investigating how this just announced
program may apply to its projects.”
Diamond Drill Program, Infanta
Deposit
The IBW Project is hosted within the renowned
Iberian Pyrite Belt, one of the most productive VMS terranes in the
world. The IBW Project encompasses three polymetallic deposits.
From east to west: Infanta, El Cura and Romanera. The area has a
long history of mining activity that dates back as far as Roman
times (Figure 1). Previous exploration of the deposits was
conducted by major companies including Asturiana, RTZ and Phelps
Dodge in the 1970’s and 1980’s. Emerita has compiled the available
technical data consisting of drill core logs and assays from drill
holes, geophysical data and internal exploration reports (Figure
3). The initial diamond drill program at IBW contemplates 5,000
meters of diamond drilling focused on the Infanta target area. The
drill program has the objective of testing the depth extension to
approximately 300 meters, which is approximately 3X the depth of
historical drilling and evaluating the strike length along 1.2
kilometres (Figure 2). In preparation for the diamond drilling
program at the Infanta deposit, Emerita’s exploration team has
completed mapping and sampling, obtained surface access permission
from local land owners and other essential activities required to
accomplish the program efficiently.
Figure 1: Location for IBW Project within
the Iberian Pyrite Belt and the three mineral
deposits.https://www.globenewswire.com/NewsRoom/AttachmentNg/2014c3ab-0bd5-4506-ba9c-0b7dc3553e23
Figure 2: Drill program, La Infanta
area, IBW
Project.https://www.globenewswire.com/NewsRoom/AttachmentNg/15190d21-5287-4645-8a88-e559ba874e81
Figure 3: Section across the mineralization
in La Infanta. Historical drill results and planned
holes.https://www.globenewswire.com/NewsRoom/AttachmentNg/e6626d96-7b13-4028-bc40-7caba44b9e54
About the Infanta Deposit
The Infanta deposit features numerous high grade
copper, lead and zinc intercepts, with strong enrichment in silver
and locally in gold (see below).
Highlights - Infanta Deposit historical
drilling |
Hole # |
from |
to |
width |
Au_ppm |
Ag_ppm |
Cu_% |
Pb_% |
Zn_% |
IN2P |
49.5 |
55.8 |
6.3 |
0.5 |
176.4 |
3.1 |
11.1 |
20.7 |
IN5P |
117.4 |
130.9 |
13.5 |
1.0 |
202.3 |
1.1 |
6.1 |
12.3 |
A3 |
47.64 |
53.46 |
5.82 |
0.3 |
140.4 |
1.7 |
6.5 |
12.2 |
|
54.46 |
66.16 |
11.7 |
0.3 |
62.1 |
1.0 |
4.3 |
7.6 |
A11 |
55.9 |
62.6 |
6.7 |
0.0 |
327.3 |
2.1 |
7.5 |
17.3 |
A12 |
78 |
86.14 |
8.14 |
0.0 |
85.6 |
3.0 |
8.7 |
14.5 |
A22 |
104.92 |
109.15 |
4.23 |
0.0 |
186.2 |
3.2 |
11.5 |
21.5 |
A31 |
81.2 |
86.5 |
5.3 |
0.9 |
240.0 |
3.8 |
13.1 |
25.3 |
A32 |
72.37 |
76 |
3.63 |
0.4 |
214.0 |
3.8 |
18.2 |
31.2 |
A39 |
34.97 |
40.6 |
5.63 |
0.8 |
102.6 |
1.4 |
5.0 |
12.5 |
For complete details of the historical drill
results from the Infanta Deposit please refer to Emerita news
release dated September 9, 2020 which includes data for 41 diamond
drill holes. The holes were drilled primarily in the late 1970’s
and early 1980’s by Asturiana de Zinc and Phelps Dodge. Drilling
extended from near surface, where the deposit outcrops, to a depth
of only approximately 130 meters and along strike for approximately
450 meters. The deposit remains open at depth and along strike. At
the time of historical drilling, the strike and down dip extent of
the deposit were not adequately tested. Mineralization extended
beyond the property boundary onto ground controlled by a
competitor. The Project area has expanded such that the potential
extensions of the deposit occur well within Emerita’s property
boundaries.
Figure 4: Diamond drill hole collar
locations for historical drill holes at the Infanta
deposit.https://www.globenewswire.com/NewsRoom/AttachmentNg/ec3e2875-1454-41df-9a3e-719cf1536128
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 National Instrument 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:
Joaquin Merino+34 (628) 1754 66 (Spain)
Helia Bento+1 416 566 8179
(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, statements the mineralization of the Project, the
prospectivity of the Project, the timing and results of the diamond
drill program, the impact of changes in the mining laws and
regulations, the impact of COVID 19 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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