Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA)
(the “Company” or “Emerita”) is pleased to provide an update from
exploration drilling at the El Cura deposit which is part of
Emerita’s wholly owned Iberian Belt West project (“IBW” or the
“Project”). IBW hosts three previously identified massive sulfide
deposits: La Infanta, La Romanera and El Cura. Results contained in
this release are from El Cura. All three IBW deposits are open for
expansion along strike and at depth. Ian Parkinson, EVP Corporate
Development notes, “The El Cura Deposit is the one that we have the
least historical data for and as such requires more of an
exploration approach to locate the mineralized zone referred to by
historical archived documents, primarily from RTZ exploration in
the 1980’s.”
Background
First worked during Roman times, the El Cura
mine has seen several periods of activity in the modern era during
the late 19th Century and mid to later 20th Century. The most
extensive workings on the polymetallic volcanogenic massive sulfide
(VMS) mineralization consisted of a 100m shaft and three
investigatory sublevels made at some time during the World War 2
era. No production records have been mentioned in the historic
literature. More recently, assessments were made by Phelps Dodge
and Rio Tinto from the 1970’s through the early 1990’s, with work
including geophysical surveys and drill testing. Internal company
reports by Rio Tinto calculated resource estimates ranging from 1Mt
to 3Mt and a 1982 geological synthesis of the southwest Iberian
Pyrite Belt by the Spanish Ministry of Industry and Energy (IGME)
stated a mineral resource estimate of 1.0 Mt @ 1.85% Cu, 2.0% Pb,
4.0% Zn (Au and Ag were not estimated).
A qualified person, as defined in National
Instrument 43-101, has not done sufficient work on behalf of
Emerita to classify the historical estimate reported above as
current mineral resources or mineral reserves and Emerita is not
treating the historical estimate as current mineral resources or
mineral reserves. The historical estimate should not be relied
upon.
Emerita Exploration Work
El Cura is centrally located within the
Company’s wholly owned IBW concession, approximately 3km southeast
from La Romanera and along the same mineralized trend as La Infanta
(Figure 1). First work by Emerita included detailed surface and
underground (where accessible) geological mapping, followed by soil
sampling and ground EM and gravimetry. Emerita’s first Diamond
drilling campaign at El Cura consisted of six holes. Phase 1
drilling finished in October, stepping from East to West to scout
the continuity of the mineralized zone. The intention of phase one
was reconnaissance drilling designed to better understand the El
Cura geology and orientation within the local stratigraphy. In
total, 2,230m in widely spaced drill holes was completed, testing a
strike length of 600m to 385m below surface in the deepest hole.
Drilling at El Cura was impacted by an extended period of extremely
high temperature and low precipitation, as a result productivity
was low during the summer months while fire prevention restrictions
were in effect.
Figure 1. IBW geology and locations of La Romanera, El
Cura and La Infanta deposits.
View Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/deb2052e-5a5c-4d3f-a5d2-7a700c9b1b46
Results
The Phase 1 program identified massive sulfides
locally sheared at or near to the contact between volcaniclastic
rocks and shales. This host environment is very similar to La
Romanera deposit located to the west of El Cura. Intercepts spacing
ranged between 175m and 250m. Although coarsely spaced, five holes
of six cut significant mineralization over approximately 400m of
strike. The westernmost hole of the campaign, EC007, was the
highest grade in copper. Assays of significant intercepts are
detailed in Table 1; Figure 2.
Joaquin Merino, P.Geo., President of Emerita,
remarks, “We are encouraged by our first drilling campaign at El
Cura. Despite broadly spaced and limited drilling, our exploration
team confirmed the presence of an extensive mineralizing system at
El Cura capable of producing high grade results evidenced by hole
EC007 which returned high grade copper and zinc mineralization.
With anomalous base metals mineralization identified over a strike
length of almost 600m our team is excited to commence Phase 2. As
work continues at El Cura we expect to eventually narrow our focus
as the mineralizing system becomes better understood. With this
drilling we can now target more effectively areas where higher
grade mineralization may occur such as in the vicinity of
EC007.”
Table 1: Significant intercepts in Phase 1 drilling
program, El Cura deposit
DDH |
Easting |
Northing |
Elevation |
Azimuth |
Dip |
Depth (m) |
FROM |
TO |
Width(m) |
Cu % |
Pb % |
Zn % |
Au g/t |
Ag g/t |
Lens |
EC002 |
650268 |
4171630 |
135 |
121 |
-55 |
411.8 |
291.7 |
294.4 |
2.7 |
0.2 |
0.1 |
0.1 |
0.59 |
87.0 |
TL |
EC003B |
650110 |
4171554 |
140 |
165 |
-48 |
296.5 |
199.6 |
207.8 |
8.2 |
0.9 |
0.9 |
0.3 |
0.75 |
26.3 |
TL |
EC004 |
650031 |
4171058 |
224 |
340 |
-35 |
417.1 |
400.5 |
403.5 |
3.0 |
0.6 |
1.2 |
2.0 |
1.12 |
38.1 |
TL |
EC005 |
650110 |
4171554 |
140 |
205 |
-65 |
428.0 |
321.4 |
322.2 |
0.8 |
0.4 |
0.4 |
1.1 |
1.70 |
36.0 |
TL |
EC006 |
650110 |
4171554 |
140 |
197 |
-53 |
327.0 |
246.0 |
248.8 |
2.8 |
0.9 |
0.5 |
0.7 |
0.52 |
65.7 |
TL |
EC006 |
|
|
|
|
|
|
314.5 |
317.3 |
2.8 |
0.1 |
0.9 |
1.9 |
0.46 |
37.9 |
BL |
EC007 |
649685 |
4171500 |
127 |
159 |
-22 |
238.4 |
225.6 |
227.8 |
2.2 |
2.9 |
2.3 |
4.6 |
2.81 |
82.5 |
TL |
*TL: Top Lens; BL: Bottom Lens
Figure 2: Locations and traces of EMO El Cura
drilling
View Figure 2
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/df3733b4-6b49-4777-ad2b-9d2a803ebaaf
Hole EC007 intersected 2.2 m of a high-grade
base and precious metal massive/semi-massive sulfide lens, hosted
in a greyish tuff, comprising zoned mineral folded bands with two
main compositions. One is seen as mainly polymetallic Sph/Ga
massive bands with some Py and the other is formed of
pyritic/copper rich massive sulfide with polymetallic veinlets.
This hole intercepted the mineralization at 225.6m with a 75º sharp
contact with the tuffaceous unit (Figure 3; Figure 4).
Figure 3: Mineralization intercept in
EC007, 75º contact with the tuffaceous unit
View Figure 3
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/2833f304-b1e7-4e43-8900-816889fa70c9
Figure 4: Mineralized bands of different
composition in drillhole EC007
View Figure 4
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/6df0c747-8195-404b-bcfb-93467e68ac41
Historical Information
Recently uncovered archival data from previous
holders of El Cura indicates the presence of additional massive
sulfide mineralization well below and to the north of what has been
defined thus far. In the early 1980’s two holes oriented due-south
and spaced 100m apart were drilled by Rio Tinto, presumably to test
the deep potential of the El Cura mineralization. Geological
cross-sections of each hole were found that document this program
and reveal 7.3m to 8.5m thick intercepts of massive sulfide about
450m below surface and about 350m down-dip from the nearest drill
holes (Figure 5; Figure 6). Although azimuth, dip and cross-section
scale were recorded, thus permitting accurate georeferencing, no
associated assay records have yet been located. This data is very
significant as it suggests potential for extensive and relatively
thicker sulphide mineralization in the area below hole EC007,
extending to depth in the westernmost part of the area that was
recently drilled.
Figure 5: Map-view location relative to EMO Phase 1
drilling and the Rio Tinto Minera DDH
View Figure 5
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/d9fe7309-2004-407a-be62-d54dc489c843
Figure 6: Vertical longitudinal section
View Figure 6
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/9d3abe86-6abb-4a5a-8b9f-0f7e16cb47d2
Next Steps
Surface mapping has shown that the target
horizon continues westward from EC007, and reconnaissance has
located additional ancient workings on-trend for 1.4km.
Interpretation of Phase 1 results will continue in coming weeks to
plan further step-out.
David Gower, P.Geo., CEO of Emerita remarks,
“December of 2023 marked a major milestone for Emerita when we
submitted documentation required for Emerita’s exploitation license
application to the Delegación Territorial de Energía y Minas in
Huelva province, Junta de Andalucia (See December 4, 2023 press
release). The operation envisioned in that application contemplates
one central facility processing material from both La Romenara and
La Infanta resources. El Cura is centrally located between both
resources meaning any resources defined at El Cura in the future
will have the potential to positively impact the mining plan of any
future operation at IBW.”
Phase 2 is expected to commence in the first
half of 2024. Emerita’s Spain based technical team is working to
establish new drill pads to open more targets for testing. Emerita
plans to continue this modest sized drill campaign approach going
forward at El Cura. This approach allows for efficient allocation
of exploration spending and provides time for complete compilation
of data before progressing with the next phase of drilling. In
addition, the Company is assessing a number of untested exploration
targets on the remainder of the IBW Property in the context of
siting infrastructure. These targets will need to be tested as a
priority to ensure any potential new discoveries are not sterilized
by permitting infrastructure at those locations.
Quality Assurance/Quality
Control
Drilling at El Cura is HQ size and core is
placed into core trays at the drill site and transported directly
from the site to Emerita’s coreshack (15Km) from El Cura. Once the
cores are received at Emerita's coreshack they are photographed and
geotechnical logging is performed. Geological, mineralogical and
structural logging follows and mineralized zones are identified.
The samples are marked every 1m or less, and respecting
lithological contacts, with most of the samples 1.0m long. The zone
immediately above and below the mineralized zones are also sampled.
Core samples are sawed in half and half of the core is returned to
the core tray for future reference. Once the core samples are cut,
bagged and tagged, they are shipped to the ALS laboratory in
Seville by Emerita personnel where sample preparation is done. In
Seville, ALS performs the mechanical preparation of the samples and
then the pulps are sent to ALS Ireland (ICP) and ALS Romania (fire
assay). The analysis at ALS Lab corresponds to the ME-ICPore (19
elements) package, together with the Au-AA23 fire assay (Gold).
10% of the analyzed samples correspond to
control samples (fine blanks, coarse blanks, high, medium and low
grade standards). In addition, 10% of pulps are reanalyzed at a
second independent certified laboratory (AGQ Lab Sevilla). When the
analysis is completed, the certificates are received from the
laboratory and the QA/QC protocol identifies any deviation or
anomaly in the results and the entire batch is reassayed in such
case. Once the data is approved by the QA/QC protocol assays are
entered digitally directly into the database.
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 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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