Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF)
(the “Company” or “Emerita”) announces that it has received a
resolution from the Mining Department in Huelva approving the
proposed work program for the entire Iberia Belt West project
(“IBW” or the “Project”), subject to the Company receiving final
approval from the Environmental Department for the El Cura and La
Romanera targets. Emerita has engaged
FRASA Ingenieros
Consultores (“FRASA”), a highly reputable engineering firm
with offices in Spain and internationally, to prepare the
environmental documentation for the west side of the IBW project,
including the El Cur and La Romanera targets, in order to obtain
the
“Autorizacion Ambiental Unificada (AAU)”.
FRASA are the environmental consultants used by major
companies in the area for permitting and are well versed in the
requirements to obtain work permits. The required documentation for
the AAU was submitted on April 8, 2021. The Company has received
excellent support and advice from the professionals within both the
Mines and the Environmental Departments throughout this process.
According to Emerita’s President, Joaquin
Merino, P.Geo., “The approval of the Department of Mines for the
entire property is a very important step and we expect it will
allow us to stay on track to expand the drill program to the other
targets in the coming weeks. The Department of Mines has been very
helpful in getting the Project permitted for the drilling stage and
we will continue to work closely with them. The permitting process
is very comprehensive, but having the entire property permitted
will allow the work to proceed without further interruption to the
planned and future drill programs. We expect to be delivering
assays from the first La Infanta drill holes in approximately one
month due to the high volumes assay labs are presently
experiencing.”
The drill is on site at La Infanta where the
initial drill program is taking place. The initial drill program at
Infanta is 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 mineral 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 news releases dated May 10, 2021 and
April 12, 2021 for further details.
Corporate Update
The Company had approximately 47 million
warrants outstanding following its last financing. As a result of
the strong market appreciation, the Company has seen a steady flow
of warrant exercises from shareholders which has continuously
replenished the treasury such that the Company now has more than $8
million in cash with which to execute and accelerate the technical
programs. It is the Company’s intention to contract a second drill
for the program at IBW. In addition, the Company will be commencing
geophysical programs (magnetic, gravity and electromagnetic (EM)
surveys) over the entire Project to evaluate the Project’s
potential for additional mineralization. Emerita Resources has
engaged the services of International Geophysical Technology S.L.
(https://www.igt-geofisica.com/en/default.html) an international
consulting firm active since 1989 with broad experience
internationally and in the Iberian Belt with several mineral
discoveries. The surveys will start immediately, on the three
primary target areas, “El Cura”, “Romanera”, and “La Infanta” and
expand to the remainder of the Property. The objective of the
geophysical surveys is to detect anomalies that can be interpreted
as possible masses of metallic sulphides.
Additional information in respect of the IBW
Project can be found in the Company's technical report prepared by
Santiago Gonzalez-Nistal, P. Geo. titled "Technical Report on the
Iberian Belt West Project Exploration Concession" with an effective
date of May 14, 2021, which has been filed under the Company’s
profile on SEDAR (www.sedar.com).
Emerita has increased its land position in the
Iberia Belt and has acquired the highly prospective Nuevo Tintillo
Property through a public tender, which is located approximately 10
km from the Aznalcollar property in Sevilla Province. The Company
has submitted documentation to the Mines Department in Sevilla for
Nuevo Tintillo such that it will be subject to the requisite 30
business day “public exhibition” within the next two weeks. This is
the same process recently completed for IBW and all exploration
projects in the area in advance of approving the work programs. Due
to the land status classification at the Tintillo project, an EIS
is not required to initiate exploration programs at this site.
Emerita’s work on the Property is in the early stages and a more
detailed summary of the potential will be presented once
compilation of historical data is completed. The Company has a 100%
interest in the Nuevo Tintillo project which has numerous base
metal occurrences (see figure 1) including several small historical
open pits, some of which reportedly host high Cu grades (Pinedo
Vara et al.). The project has not been subject to modern mineral
exploration techniques. The project extends approximately 23
kilometers in an east-west direction along a well defined
mineralized horizon and extends up to 5 kilometers in the
north-south direction. It totals 8,960 hectares in 289 claims.
There are at least 8 known mineralized zones within the project
based on historical mining and prospecting.
Figure 1: Emerita’s Nuevo Tintillo
Propertyhttps://www.globenewswire.com/NewsRoom/AttachmentNg/ab060780-d5f7-4e7f-89ec-eae626e3d213
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 and the Nuevo Tintillo project, the
timing and results of the diamond drill program and/or exploration
programs, 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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