Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA)
(the “Company” or “Emerita”) announces planned diamond drilling
program (the “Drill Program”) at its wholly owned Nuevo Tintillo
project (“NT” or the “Project). The Drill Program is expected to
commence late in the third quarter or early in the fourth quarter
of this year. The precise start date for the Drill Program will
depend on the easing of regulations presently imposed in southern
Spain to reduce the risk of fires. Restrictions typically end
around the middle of September as the weather begins to moderate.
Presently, heavy equipment is not permitted to operate during the
daytime hours due to hotter temperatures.
The initial Drill Program at Nuevo Tintillo will
focus on targets that have been identified on the west side of the
Project, nearest to the Rio Tinto mine (see below for details). The
program will evaluate six priority targets and comprise
approximately 3,000 meters in the initial evaluation phase.
Subsequent drilling will be budgeted based on results.
According to Joaquin Merino, P.Geo., President
of Emerita, “We are excited to see the results of the initial Nuevo
Tintillo drill campaign. Our technical team has worked diligently
to identify high potential drill targets. Targeting is based on a
combination of airborne electromagnetic (AEM) surveying, detailed
and archived gravity data, detailed mapping and a compilation of
historical geology. The area has abundant evidence of base metal
mineralization in surface outcrops as well as small historical
mines and is situated on trend from large VMS deposits such as Rio
Tinto mine, Aznalcóllar mine and Cobre Las Cruces mine. This is the
first modern exploration evaluation that we are aware of for this
highly prospective property.”
Background
The Nuevo Tintillo project comprises 6,875
hectares with an additional 7,625 hectares of claims that are
pending final granting to the Company (see the Company’s February
16, 2023 press release for further details). As such, it is
Emerita’s largest landholding in the Iberian Pyrite Belt (IPB). It
is situated between several world-class Volcanogenic Massive
Sulfide (VMS) deposits, including Rio Tinto, Aznacóllar and Cobre
Las Cruces. Seven known mineralized occurrences and several
historic producing mines are located within the Project boundaries
(Figure 1).
Figure 1: Location of the Nuevo Tintillo
project with respect to Rio Tinto, Aznacóllar and Cobre Las Cruces
deposits. Pending claims shown in blue.
View Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/679d9b7a-8ac3-4066-8bdd-ff417d434204
Recent Work
In 2022, Emerita completed an 897 line-kilometer
Time Domain Electromagnetic (TDEM) geophysical survey over NT at
100m line-spacing (Figure 2). This program highlighted fifteen
areas of interest and the Project area was subdivided into three
zones for progressive follow-up: West, Central and East. Due to its
proximity to the world’s largest VMS occurrence at Rio Tinto, and
the presence of the historic mines of Santa Flora and Nazaret, work
will commence in the western sector first and will be the focus of
the initial drill campaign.
Figure 2: Conductive zones identified in
TDEM survey (hot colors) and historic producing mines in Nuevo
Tintillo (2km grid). The area outlined in blue around the Santa
flora Mine is the area detailed in Figure 4.
View Figure 2
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/825c475c-d888-46e9-b0f0-58419a44c704
The combination of TDEM and gravimetry has
proven to be highly successful in identifying VMS deposits in the
Iberian Pyrite Belt and globally. In early 2023, the Company
completed a detailed gravimetric survey over an aerial extent of
6km by 2.5km, comprising 418 stations on 200m centers (Figure
3).
Figure 3: Combined historical and newly
acquired gravimetry data collected by Emerita. Hot colors are
gravimetric highs. The west portion of the Nuevo Tintillo project
occurs in the black outline. The grid on the map is a 1km
grid.
View Figure 3
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/040e31f7-5255-424e-aeb1-3fd8c003846b
Following the acquisition of the TDEM data,
Emerita deployed a senior geologist with global exploration and
production experience on VMS deposits to ground truth the
anomalies, complete a detailed geological base, including local
lithogic and structural models, and mineralized zones. In the
western sector of Nuevo Tintillo, geologic mapping at various
scales from 1:250 in the underground workings to 1:2500 and 1:5000
on surface was carried out across a 5km x 2km area (Figure 4).
Mapping and prospecting revealed important
similarities between the nearby Rio Tinto district and western
sector of Nuevo Tintillo. In both areas, mineralization is located
near to the contact between dacitic volcanics and the overlying
transition series and within the dacite volcanic suite itself.
Halos of proximal intense sericitization and more distal
chloritization of host rocks are associated with the mineralizing
event and can be used to identify prospective areas.
Figure 4: Portion of 1:5000-scale
mapping and prospect sampling, Santa Flora area.
View Figure 4
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/9f015992-bbde-41c4-b2d6-4cea4a497d48
Structurally, much of the fold-thrust
deformation is accommodated by the weaker sedimentary rocks and the
boundaries between these and the dacitic volcanic rocks.
North-dipping thrusts are commonly localized in purple and black
(graphitic) shale units, which are clearly evident as
through-going, highly conductive planar features in the TDEM
sectional data. As such, shale-hosted thrust faults at or near to
the dacite-sedimentary contacts where correlated with geophysical
anomalies are interpreted to be highly prospective.
Integration of Geology, TDEM and
Gravimetry for Targeting
Within this geological framework, the
high-resolution gravimetry merged with the 2022 TDEM data yields a
combined target-level guide to search for coincident anomalies that
are both highly dense and highly conductive, which are key
characteristic rock properties of massive sulfide bodies. TDEM
anomalies that coincide with gravity highs constitute potential
targets for testing, as shown in Figure 5 below.
Figure 5: Plan view detail of gravity
data previously shown, merged with TDEM conductivity data that has
been filtered to show only very conductive zones (1km
grid).
View Figure 5
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/4385a741-96be-4b14-8833-bdf28a6b00bd
Figure 6: Oblique sectional view of
surface geology at 1:5000 and TDEM section 724250E.
View Figure 6
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/1c5a8e6b-c2e4-4d90-8b12-2864a5c590a1
Figure 7: TDEM section 724250E and
geological XS 724250E.
View Figure 7
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/2db2fc0f-aa7f-4f7e-88b1-bdcd865656f2
According to David Gower, P.Geo., CEO of
Emerita, “This combination of high-resolution geophysical coverage
and boots-on-the-ground mapping and prospecting has generated six
targets in the western Nuevo Tintillo sector, of which five have
been selected for first-pass drill testing. The western Nuevo
Tintillo area is under no special environmental restrictions with
regards to exploration activity and as such the permitting process
is simplified and managed solely by the Mining Department. It is
anticipated that drilling could commence as early as October 2023,
subject to the end of fire-related restrictions in the area and
timely approval of the drill plan by the Mining Department.”
An initial program of 3,000 meters has been
approved with a potential expansion to an already designed program
of 11,500 meters of diamond drilling depending on results. Core
will be logged in the Company’s processing facilities in Puebla de
Guzman with samples dispatched to ALS.
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 NI 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:
Vincent Chen
+1 778 990 9433 (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 mineralization of the Nuevo Tintillo Project; the
prospectivity of the Project; the Drill Program; the Company’s
ability to obtain the pending grants of claims for the Project 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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