Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF)
(the “Company” or “Emerita”) announces that it has received assays
for five additional drill holes from the Infanta drill program at
the Iberia Belt West Project (“IBW” or the “Project”). In addition
to the diamond drilling, the Company has received partial results
from its ongoing geophysical program that are highly encouraging.
The geophysical program has been suspended until after October 20,
2021 due to hunting season in the area.
- Drill
hole IN010 was the highlight of the current set of drill holes as
it intersected 4.5 meters grading 2.4% copper, 11.2% lead, 21.1%
zinc and 153.1 g/t silver and 0.54 g/t gold from 99.2
meters.
- Drill
Hole IN013 intersected 2.2 meters grading 2.6% copper, 4.6% lead,
7.1% zinc, 196.2 g/t silver and 0.28 g/t gold from 135.6 meters
which is the deepest intersection to date.
- Drill
Hole IN009 intersected 10.5 meters grading 0.9% copper, 1.9% lead,
3.4% zinc, 55.3 g/t silver and 0.36 g/t gold from 104.2
meters.
- The
geophysical survey is approximately 50% completed and identified
significant new targets as well as demonstrating conductors
associated with the known deposits persist to depths well below the
existing drilling to at least 400 meters. Please see below for
details.
-
Geological mapping and geophysical data indicate the
mineralized horizon occurs within large structural blocks, bound by
east-west oriented reverse faults. Importantly, this has resulted
in a repetition of the mineralized horizon, and greatly expands the
prospectivity for new deposits to the north of the Infanta horizon.
Anomalies identified in the northern horizon are newly identified
and have never been drilled.
- Intersection
widths are expected to be approximately 90%-95% of true width.
Assays were conducted at ALS Laboratories, a certified independent
assay lab.
Geophysical Survey – Progress
report
Emerita has engaged the consulting firm, IGT, a
specialized geophysical contractor based in Madrid, with broad
international experience and a great deal of experience in the
Iberian Belt in Spain and Portugal. The Geophysical survey carried
out by IGT in 2013 in the vicinity of Aguas Teñidas mine was
instrumental in the discovery of the Magdalena deposit, the most
recent economic VMS deposit discovery in the Iberian Belt. The
applied method was a combination of a gravimetry and Time Domain
Electromagnetic (TEM) surveys. Emerita is using the same
combination of surveys that led to the successful discovery of the
Magdalena deposit.
The initial part of Emerita’s geophysical
campaign consisted of the acquisition and interpretation of the
gravimetric raw data, from previous surveys carried out by the
Spanish Geological Service.
The gravimetric data shows two clear Bouguer
anomalies separated by 800m to 1.0Km that run in parallel for about
7.0 Km in an East-West direction. The anomaly in the south is
coincident with the mineralized horizon that hosts the Infanta
Deposit and El Cura. The anomaly in the north has never been
drilled. Both anomalies occur within the limits of the IBW
exploration permit.
Figure 1: Bouger Gravity anomaly map Iberia Belt
West Project. Note the northern anomaly trend that is believed to
be a structural repetition of the Infanta mineralized
horizon.https://www.globenewswire.com/NewsRoom/AttachmentNg/80e6b06f-14cf-4f89-90ac-0414900dbba0
Follow up of the gravimetric anomalies is
ongoing using TEM methods, using the TURAM mode (See Figure 2). The
TEM method uses a large transmitter loop (fixed loop) which can
allow detection up to 700 – 800 meters deep. The size of the loop
is 2000 meters by 1000 meters. Surveying using a mobile loop
configuration is also being employed where considered more
appropriated than the fix loop. The lines are setup perpendicularly
to the main mineralization trend. When completed, the survey is
expected to comprise 41,000 meters of fixed loop and 10,000 meters
of mobile loop data. To date, 40% and 60% of the measurement with
the fixed loop and the mobile loop, respectively, have been
completed. The program has been temporarily suspended to
accommodate the hunting season in the area.
Numerous TEM anomalies over 150 Hz have been
identified in the IBW project to date. From east to west, the first
anomaly (1 on figure 2 below) is an 800 m long EW oriented
conductor located near the eastern limit of the property and
remains open to both ends. In the central area (2 on figure 2) a
discrete anomaly is coincident with the mineralized lenses being
drilled in La Infanta. This conductor continues to the west for
more than 2.0Km and the conductive plate extends beyond 400 meters
depth. A third conductor is coincident with the Bouguer gravity
anomaly in the north (3 on figure 2) in an area that has never been
drilled. Particularly intense is the anomaly detected in the
western part of the IBW property, where the la Romanera deposit is
located (4 on figure 2). These anomalies remain open along the east
and west direction because the survey is not yet completed in this
area. The area between Infanta and Romanera and to the west of
Romanera are pending and will be completed after hunting season in
October.
Figure 2: Geological map of the IBW project
showing location of TEM conductors and completed survey (green) and
planned survey lines
(orange).https://www.globenewswire.com/NewsRoom/AttachmentNg/03904e1d-bba6-4790-a4c0-bbe4ef87a28f
The work to date is greatly improving the
Company’s geological understanding of the Project. A very important
development is the recognition that the rocks are contained within
structural blocks and that the mineralized horizon appears to have
been repeated to the north of the Infanta deposit which essentially
doubles the prospective stratigraphy in that area. This
interpretation is supported by structural mapping and geophysical
data as noted above. The orange coloured lines on Figure 2 in the
center of the Project and at Romanera are planned but not yet
surveyed, and will be completed following the hunting season. West
of Infanta on the last line surveyed there is a one line strong
conductor that appears to be the edge of the mineralized zone
associate with El Cura. The small red polygon near Infanta
illustrates the area where the Company is drill testing and shows
that Emerita has only begun testing a very small portion of this
Project.
Diamond Drilling Data
The Company has completed Phase 1 of the Infanta
Drill program which was to verify the historical drilling for NI
43-101 purposes, provide fresh sample material that can be used for
metallurgical testing and to verify the geological model. This
phase comprised of 17 drill holes (assays pending for holes 14-17)
and evaluated approximately 425 meters along strike and to a depth
of 125 meters. Surface mapping of the deposit to date has been a
very reliable indicator of mineralization at depth and surface
mapping combined with geophysics suggests the strike length could
be as much as 1.5 km for this deposit. Hole IN009 filled a 180 m
gap between holes IN008 and 003 and demonstrates the mineralization
is continuous along strike between these high grade intercepts.
Hole IN010 is the deepest hole in the central part of the deposit
demonstrating mineralization is open at depth in this area and hole
IN013 is the furthest east and deepest hole in the explored area to
date and intersected two lenses (see table below) and demonstrates
continuity in that direction.
Phase 2 has commenced, whereby drilling is
stepping out beyond the limits of the historical drilling,
commenced with hole 18 and assays will be reported in the coming
weeks. Hole 18 of Phase 2 intersected 8 meters of massive sulphides
(assays pending).
Following is the complete data and drill hole
locations for the diamond drill holes discussed above.
DDH |
Easting |
Northing |
Elevation |
azimuth |
dip |
depth(m) |
FROM |
TO |
Width(m) |
Cu_% |
Pb_% |
Zn_% |
Au_g/t |
Ag_g/t |
IN009 |
653938.637 |
4171528.859 |
210.262 |
172.000 |
-50.000 |
170.3 |
104.2 |
114.7 |
10.5 |
0.9 |
1.9 |
3.4 |
0.36 |
55.3 |
incl. |
|
|
|
|
|
|
104.2 |
108.4 |
4.1 |
0.8 |
3.1 |
5.5 |
0.56 |
104.0 |
incl. |
|
|
|
|
|
|
110.3 |
111.2 |
0.9 |
4.4 |
0.3 |
0.7 |
0.76 |
72.0 |
IN010 |
654061.009 |
4171576.496 |
213.262 |
172.000 |
-50.000 |
128.7 |
99.2 |
103.7 |
4.5 |
2.4 |
11.2 |
21.1 |
0.54 |
153.2 |
IN011 |
654028.674 |
4171462.716 |
201.072 |
172.000 |
-50.000 |
57.2 |
25.8 |
32.8 |
7.1 |
0.3 |
1.6 |
3.2 |
0.23 |
32.8 |
incl. |
|
|
|
|
|
|
26.8 |
27.6 |
0.8 |
1.2 |
3.8 |
7.3 |
0.70 |
90.0 |
incl. |
|
|
|
|
|
|
30.2 |
30.8 |
0.6 |
1.9 |
9.4 |
17.4 |
0.46 |
188.0 |
IN012 |
653857.394 |
4171575.773 |
201.053 |
172.000 |
-50.000 |
155.1 |
93.8 |
94.6 |
0.8 |
0.9 |
3.6 |
6.5 |
0.46 |
110.0 |
|
|
|
|
|
|
|
127.6 |
128.4 |
0.8 |
0.2 |
6.2 |
6.6 |
0.11 |
48.0 |
IN013 |
654218.018 |
4171562.938 |
198.103 |
172.000 |
-50.000 |
189.3 |
135.6 |
137.8 |
2.2 |
2.6 |
4.6 |
7.1 |
0.28 |
196.2 |
|
|
|
|
|
|
|
139.5 |
141.2 |
1.7 |
1.0 |
4.3 |
7.4 |
0.31 |
95.0 |
Table 1: Diamond drill hole assays, locations and
orientions.
Figure 3: Location map for drill holes
IN009-13.
https://www.globenewswire.com/NewsRoom/AttachmentNg/177ef3f4-04de-4abf-b21d-67ef5cefa1e1
Figure 4: Longitudinal section for drill holes
IN009-13.https://www.globenewswire.com/NewsRoom/AttachmentNg/d41d7aaf-a298-48b1-b31c-bc4e99b22e68
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 including
the infanta deposit, the prospectivity of the Project, the timing
and results of the drill program, the Company’s ability to complete
a NI 43-101 compliant resource estimate, 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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