Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF)
(the “Company” or “Emerita”) announces that the permitting for the
Romanera and El Cura deposit diamond drill program at its wholly
owned Iberia Belt West Project (“IBW” or the “Project”) is nearing
the conclusion and the Company expects to be able to commence the
drill program on those targets in the coming weeks. According to
David Gower, P.Geo., CEO of Emerita, “Our entire team is excited to
get the drills turning to delineate these two deposits and
particularly Romanera. As noted in the Company’s news release dated
January 28, 2022, recent work by the Company appears to have
greatly expanded the potential footprint of the deposit. Whereas
historical drilling delineated mineralization along a strike length
of 450 meters, our geophysical survey indicates a strong EM
conductor that extends for a total strike length of 1,200 meters
(Figure 1).”
On February 18, 2022, the 30 business day period
for public comment with respect to the proposed drill program
concluded. On the last day of the public comment period, as has
been the case previously, there was a submission from Ecologists in
Action (Ecologistas en Acción), a Spanish environmental group. The
comments received from the ecologist group are similar to those
that were submitted by them to the Provincial Mining Authorities
when Emerita received the Iberia Belt West exploration permits. The
concerns were addressed at that time and the Project was approved
by the authorities and it is the expectation of the Company that
the Provincial Environmental Authorities will respond in the same
way at this time.
From this point, the permitting process requires
that the Environmental Authorities consider the comments and
provide a response (the Environmental Statement). The Environmental
Department is currently drafting the Environmental Statement, which
is the basis for the future Unified Environmental Authorization
(AUU). Once complete, the Environmental Statement is provided to
all interested parties for 15 working days for informational
purposes and will be followed by the final approval of the
Resolution which allows drilling to commence at the Romanera and El
Cura deposits.
The Romanera and El Cura deposits are part of
the IBW Project area that require a comprehensive permitting
process due to sensitivity related to the presence of cork oak
trees in the area. The Company along with its consultants and in
consultation with officials from the Environmental Authorities
completed detailed studies, including flora and fauna and
archeological studies as part of the process. The drill program has
been designed carefully to minimize the footprint and utilize
existing roads and farm tracks for the positioning of the drill
pads. The file contains all the institutional reports and comments
of interested parties, town planning reports from the councils of
Puebla de Guzman and Paymogo municipalities, Water, Heritage and
Mine/Geology reports, as well as the comments of interested
parties, including Ecologists in Action.
Joaquin Merino, P.Geo., President of Emerita,
stated; “We have been informed by the Environmental Authorities
that they have received all the documentation in good order that
they require. They are completing the Environmental Statement which
will result in the approval of the AUU, which is expected very
soon. Emerita has fulfilled all the required steps along the
process which has positioned the Company to obtain the
environmental permits to proceed with the drill programs. The
Company is very excited to embark on this phase of the Project and
has drills ready to commence immediately upon receiving the
permit.”
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/74298c01-5cb0-46e2-b9d0-53fbcc585f30
Figure 1: Romanera Area initial planned drill pad locations.
Drilling platforms have been planned on existing trails and roads,
to minimize the environmental footprint of the drill program. Note
the surface projection of the Romanera deposit in red. The deposit
has only been drilled along 450 meters of the 1,200 meter long TDEM
conductor that is associated with the mineralization at the
Romanera Deposit.
Operational Update
Drilling continues in the Infanta area of the
Project with five diamond drills. Staffing levels continue to
be affected by Covid Protocols, which has resulted in staff
shortages presently due to the requirement to isolate.
The Company is awaiting assays, however massive
and semi massive to stringer sulphide mineralization has been
intersected at the Infanta North target. Infanta North is a
new discovery in that two drill holes have intersected sulphide
mineralization over a strike length of at least 300 meters and at a
depth of more than 300 meters (assays pending) in an area that has
never been drilled previously. A third hole is in progress on
this target. Infanta North appears to be in the same stratigraphic
and structural position as the El Cura deposit and is interpreted
to be a folded repetition of the Infanta stratigraphy to the
south. Drilling also continues to extend the sulphide
mineralization down dip at the Infanta deposit (assays
pending). The Company will provide a more detailed
description of the drill results as soon as assays are
received.
At Nuevo Tintillo, the helicopter airborne
gravity and electromagnetic (EM) surveying is about to
commence. The company has engaged Geognosia, a
geophysical consulting company based in Spain, to carry out the
Gravimetric survey, using a Helicopter-borne HTDEM System.
The penetration is estimated to be approximately 500m. The company
expects this program will results in geophysical anomalies that
will be follow up with detailed exploration. The entire
property which extends approximately 23 km in an east-west
direction by 3 to 5 km north-south will be covered. The line
spacing on the western part of the property where the historical
mines (Santa Flora and Nazaret) and the central area where known
mineralization occurs will be covered by 100 m spaced lines and the
remainder at 200 m line spacing.
Figure 2 is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/3e5bf6c1-b5f8-4cea-b799-ba5e16c717f3
Figure 2: Nuevo Tintillo Property, Note the historical mining
areas that have not seen any exploration in decades. On the inset
map not the stratigraphy occurs on a geological trend hoting the
renowned Rio Tinto Mine to the northwest and Aznalcollar and Cobre
Las Cruces to the southeast.
The Company continues to await the next step of the Aznalcollar
legal proceedings for both the Criminal court and the
Administrative Court. Due to the numerous disruptions
over the past two years related to the pandemic, there is a large
backlog of court cases in the system. The Government has
indicated it intends to appoint as many as 40 new judges to assist
in alleviating this. The Company has received many inquiries
from stakeholders regarding the status of Aznalcollar proceedings
and counsel in Spain has advised us that these are Superior court
proceedings that under the circumstances will be dealt with in time
along with the many other cases before the courts. The
evidence and the rulings to date all point to a positive outcome
for Emerita and that has not changed.
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, the Company’s ability to obtain the requisite approvals
for its exploration plans and the timing of any such approvals; the
mineralization of the IBW Project and Nuevo Tintillo; the Company’s
ability to acquire the Aznalcollar project and the timing
thereof; 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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