Emerita Mobilizing Three Additional Diamond Drills and Reports Intersections in Three Additional Step-Out Drill Holes at Iberia Belt West, Spain
November 12 2021 - 06:00AM
Emerita Resources Corp. (TSX–V: EMO; OTC: EMOTF)
(the “Company” or “Emerita”) announces that it has tendered for
three additional diamond drills to be mobilized to the Iberia Belt
West project (“IBW” or the “Project”) bringing the total to five
drills. The contracts are being finalized and it is expected rigs
will arrive on the site within the next two weeks.
According to David Gower, P.Geo., CEO of Emerita, “We are moving
forward with an accelerated drill program at IBW to coincide with
the end of the local hunting season on November 15. We will
reactivate the geophysical survey and the step out drilling along
strike immediately following that date. The drills will initially
set up on Infanta and targets in that area and we will move two of
them to Romanera as soon as the permit is issued, which is in
process and expected in the coming weeks.”
Results have been received for drill holes
IN017, IN021 and IN023 (see Figures 1 and 2 – plan and long section
for locations). These drill holes were step outs to the north
(testing down dip). Mineralization was encountered at shallower
depths than expected due to the presence of a reverse fault that
has displaced the mineralization up dip and closer to surface (see
drill sections, Figures 3-4). Holes were extended until they also
intercepted the mineralization at depth on the other side of the
fault (see sections below). Drill hole data is compiled in Table 1
below.
Highlights:
- Drilling has demonstrated the mineralization continues to depth
and has been displaced nearer surface along a reverse fault to the
north. Mineralization in the “North Block” has been intersected by
three holes, IN017, IN21 and IN23, which represents a continuous
strike length of 300 m. Those intercepts are between 70 and 100 m
deep.
- These three holes show 2 intercepts: a first intercept
corresponding to the North Block and a second deeper intercept,
which corresponds to the extension of the lens in the South
Block.
- At depth, the three holes have also intercepted the South
Block. The deepest extent of the South Block mineralization is
approximately 150 m in this area of the deposit in hole IN021 which
intersected 5.5m from 151.70 m deep, grading 0.8% Cu, 2.8% Pb, 5.7%
Zn, 0.28 g/t Au, 62.5 g/t Ag).
- Hole IN023 is the westernmost hole (from 72.4, 5.1m @ 1.4% Cu,
4.4% Pb, 8.6% Zn, 0.52 g/t Au, 124.1 g/t Ag. This is the North
Block). Grades are somewhat lower close to the fault as
there is less massive sulphide mineralization and more stringer and
semi massive mineralization due to structural effects in the high
strain zone close to the structure.
- The mineralization continues to the west in both the south and
north blocks, where a strong geophysical conductor has been
identified by the TEM survey. This area also contains historical
mine workings with two underground levels indicating the presence
of mineralization.
- The mineralization also continues to the east in the North and
South Blocks for approximately 400 m where a small historical
mining excavation is located. These mining excavations are thought
to be at least a century old.
- The depth extent and lateral continuity of the North Block
mineralization block is currently being evaluated by holes IN024
(at depth), IN025 and IN027 (to the east). Due to restrictions
related to hunting season holes to the west will commence after
November 15.
- True widths are
expected to be 90-95% of intersection width. Assays
were conducted at ALS Laboratories, a certified independent assay
lab.
According to Joaquin Merino, P.Geo., President
of the Company: “We are excited to be ramping up the Project with
the addition of more diamond drills. We continue to work closely
with government officials on the Romanera and El Cura drill permits
and this is progressing, following the normal process for receiving
the drill permits in areas with the land use designation in that
area.”
TABLE 1: Drill hole assays, orientation, and
coordinates
DDH |
Easting |
Northing |
Elevation |
azimuth |
dip |
depth (m) |
FROM |
TO |
Width(m) |
Cu_% |
|
Pb_% |
Zn_% |
Au_g/t |
Ag_g/t |
Zn_Equiv % |
BLOCK |
IN017 |
654053 |
4171617 |
213 |
174 |
-49 |
153.45 |
92.55 |
103.85 |
11.3 |
0.5 |
|
2.5 |
4.9 |
0.29 |
53.9 |
10.2 |
% |
NB |
incl. |
|
|
|
|
|
|
100.75 |
102.85 |
2.1 |
1.3 |
|
7.9 |
14.6 |
0.59 |
171.5 |
30.2 |
% |
|
IN017 |
|
|
|
|
|
|
136.75 |
137.75 |
1.0 |
0.2 |
|
1.3 |
2.4 |
0.18 |
22.0 |
5.1 |
% |
SB |
IN021 |
653955 |
4171598 |
205 |
173 |
-49 |
174.20 |
70.80 |
77.95 |
7.2 |
0.5 |
|
1.9 |
4.0 |
0.10 |
21.9 |
7.9 |
% |
NB |
IN021 |
|
|
|
|
|
|
79.95 |
83.30 |
3.3 |
0.4 |
|
1.5 |
2.4 |
0.34 |
75.7 |
7.5 |
% |
NB |
IN021 |
|
|
|
|
|
|
151.70 |
157.20 |
5.5 |
0.8 |
|
2.8 |
5.7 |
0.28 |
62.5 |
12.4 |
% |
SB |
IN023 |
653771 |
4171579 |
202 |
173 |
-53 |
138.40 |
72.40 |
77.55 |
5.1 |
1.4 |
|
4.4 |
8.6 |
0.52 |
124.1 |
20.7 |
% |
NB |
IN023 |
|
|
|
|
|
|
125.00 |
132.90 |
7.9 |
0.1 |
|
1.8 |
2.2 |
0.05 |
13.5 |
4.4 |
% |
SB |
FIGURE 1: Drill hole location map; boxes
with the blue outline are North Block intercepts, plain boxes are
South Block. Holes in red – hole completed assays received, holes
in blue – hole completed assays pending, holes in white – in
progress.https://www.globenewswire.com/NewsRoom/AttachmentNg/8db4adc0-44e5-4937-a8df-24221b730daf
Figure 2: Longitudinal section of the
North Block showing intercept
locations.https://www.globenewswire.com/NewsRoom/AttachmentNg/ad8c0c02-f8a4-49af-a831-a4c9bee8ad77
Figure 3: Cross section for Hole IN017
showing the position of the uplifted North Block
mineralization.https://www.globenewswire.com/NewsRoom/AttachmentNg/1904d867-510b-4cd2-b336-17b8df3b0dbb
Figure 4: Section for drill hole IN023
showing the reverse fault and uplift of the mineralized zone in the
North
Block.https://www.globenewswire.com/NewsRoom/AttachmentNg/c02ca416-6823-4939-b614-9819a4edb5c7
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 obtain
drill permits, 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.
Emerita Resources (TSXV:EMO)
Historical Stock Chart
From Feb 2024 to Mar 2024
Emerita Resources (TSXV:EMO)
Historical Stock Chart
From Mar 2023 to Mar 2024