Emerita Intersects 6.3 Meters Grading 0.8% Copper; 1.6% Lead; 3.9% Zinc; 2.8 g/t Gold and 52.0 g/t Silver within a 27.6 Meters Thick Massive Sulphide Zone, Extending La Romanera Deposit at Depth. Three Additional Thick Massive Sulphide Intervals, Assays Pe
October 10 2023 - 6:00AM
Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA)
(the “Company” or “Emerita”) announces additional drilling results
from the ongoing drilling program at La Romanera Deposit, part of
Emerita’s wholly owned Iberian Belt West project (“IBW” or the
“Project”). IBW hosts three previously identified massive sulphide
deposits: La Infanta, La Romanera and El Cura. Results contained in
this release are from La Romanera deposit where drilling is tracing
the extension of the deposit at depth.
Results herein are from drill holes LR154 and
LR155, which have intercepted polymetallic mineralization in the
form of a massive to semi-massive sulphide lens at approximately
-450m elevation (approximately 600m below surface). See Figure 1
and Table 1 below.
Table 1: Diamond drill hole
data
DDH |
Easting |
Northing |
Elevation |
azimuth |
dip |
depth (m) |
FROM |
TO |
Width(m) |
Cu_% |
Pb_% |
Zn_% |
Au_g/t |
Ag_g/t |
LENS |
LR154 |
646716 |
4172736 |
146 |
235 |
-68 |
680.9 |
640.0 |
667.5 |
27.6 |
0.5 |
0.6 |
1.5 |
1.49 |
25.5 |
LL |
incl. |
|
|
|
|
|
|
653.9 |
660.2 |
6.3 |
0.8 |
1.6 |
3.9 |
2.82 |
52.0 |
LL |
LR155 |
646751 |
4172871 |
154 |
231 |
-56 |
782.7 |
725.9 |
743.1 |
17.2 |
0.2 |
0.5 |
1.3 |
0.34 |
19.5 |
LL |
incl. |
|
|
|
|
|
|
739.1 |
743.1 |
4.0 |
0.2 |
1.5 |
4.7 |
0.60 |
57.0 |
LL |
The encountered mineralization is very similar
in both holes and is characterized by a high pyrite content at the
hanging wall side of the lens that changes to a more
chalcopyrite-sphalerite dominant zone towards the footwall. The two
intercepts are located towards the western edge of the deposit
(Figure 1). On the longitudinal section, the two intercepts are
approximately 100 m apart. The elevation of the intercepts is
shallower than expected because the dip angle of the sulphide zone
in this area is not as steep as seen in other areas of the deposit.
True thickness is close to 80% of the reported intercept
thickness.
In addition to these two holes, drill holes
LR156, LR157 and LR158 have all intercepted significant intervals
of massive sulphides (Figure 1). LR156 intercepted 37.6 meters of
massive sulphide, LR 157 intersected 51.6 meters of massive
sulphide and LR 158, which is the western-most drill hole at this
depth, intersected 5.5 meters of massive sulphides. Assays are
pending for these drill holes and a more detailed description will
be provided when assays are available.
Drill hole LR154 encountered
6.3 Meters grading 0.8% Copper; 3.9% Zinc, 1.6% Lead, 2.82 g/t Gold
and 52.0 g/t Silver within 27.6 Meters Grading 0.5% Copper; 1.5%
Zinc; 0.6% Lead; 1.5 g/t Gold and 25.5 g/t Silver.
Drill hole LR155 encountered
17.2 Meters Grading 0.2% Copper; 1.3% Zinc; 0.5% Lead; 0.3 g/t Gold
and 19.5 g/t Silver, including 4.0 Meters Grading 0.2% Copper; 4.7%
Zinc; 1.5% Lead; 0.6 g/t Gold and 57.0 g/t Silver.
Figure 1: La Romanera Vertical
Longitudinal Section showing location of the drill
intercepts
View Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/20ef7ff5-960a-4e7b-8dfc-d916798a6e37
The exploration team performed a down hole TEM
in LR155. Results indicate a strong geophysical anomaly (conductor)
continues at depth, to be tested by drilling.
Currently, the Company has four rigs operating
at La Romanera deposit, with the objective to test the continuity
of the mineralization in the area below the current NI 43-101
mineral resource estimate (MRE) and increase the drill density in
this area so it can be included in an updated mineral resource
estimate after the metallurgical program has been completed.
Drilling productivity continues to be hampered
due to restrictions related to the fire ban, such that heavy
equipment cannot be operated during the hottest part of the day
(approximately 12:00PM until 8:00 PM). Due to the unusually
extended and hot summer weather this year, reservoirs in the area
remain at very low levels and for this reason restrictions have
been extended until approximately mid-October. Once these
restrictions are lifted, the Company plans to initiate the drilling
program at the Nuevo Tintillo Project that was announced
previously. Permits and access agreements are in place and the
drill contractor is on stand-by to initiate that program.
The metallurgical samples are being processed at
the lab in the United Kingdom. Grinding test work is complete and
mineral separation work is commencing. The metallurgical program is
running 2-3 weeks behind schedule and initial results are now
expected in November.
Qualified Person
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 NI 43-101.
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:
Ian Parkinson+1 647 910-2500
(Toronto)info@emeritaresources.comwww.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 regarding the prospectivity of the IBW
project, the mineralization and the IBW project, the economic
viability of the IBW project, the Company’s future exploration
plans at the Project and Nuevo Tintillo, the results of
metallurgical tests and studies, the Company’s ability to update
the MRE 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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