Emerita Resources Corp. (TSX–V: EMO; OTCQB: EMOTF; FSE: LLJA) (the
“Company” or “Emerita”) announces it is commencing with the
previously announced diamond drill program (see news release August
30, 2023) (the “Drill Program”) at its wholly owned Nuevo Tintillo
project (“Nuevo Tintillo” or the “Project”) (Figure 1). Due to an
unusually hot and dry summer, the restrictions related to fire
prevention in the area were extended to mid-October.
During the hottest weather in this region of Spain, heavy equipment
is not permitted to operate during the daytime hours. According to
Joaquin Merino, P.Geo., President of Emerita, “This is the most
extended dry period seen in the region in many years. Some rainy
weather has started however much more is needed as reservoirs,
ponds, smaller streams and rivers are still dry in many cases. The
Company will truck water for the drill program.”
Construction of drill access roads and platforms
at the Project are completed. The drill campaign will start with
one rig that will be mobilized next week. Permits for the program
and agreements with local landowners are in place.
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 news release August 30,
2023). The Drill Program will evaluate six priority targets and
comprise approximately 3,000 meters in the initial target testing
phase (Figures 2 and 3). Subsequent drilling will be budgeted based
on results. 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 Volcanogenic Massive
Sulfide (VMS) deposits such as Rio Tinto mine, Aznalcóllar mine and
Cobre Las Cruces mine.
In addition to the drilling at Nuevo Tintillo,
the Company has continued to evaluate the potential along strike to
the east, towards the center of the property. The exploration team
has been mapping and characterizing the lithologies and alteration
types in this area. The geological interpretation indicates the
stratigraphy correlates well with the western area in the Project
and by extension the stratigraphy hosting the Rio Tinto mine
further to the west.
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 August 30,
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, Aznalcóllar 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, Aznalcóllar and Cobre Las Cruces
deposits. Pending claims shown in blue. The outline of Figure 2 is
represented by the blue rectangle on the west side of the Nuevo
Tintillo Property.
View Figure 1
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/dec48fa0-686d-49be-8889-694207ca0c62
Figure 2: 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 2
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/c983469b-911c-497f-aefc-7e1b7944f1bd
Figure 3: Oblique sectional view of
surface geology at 1:5000 and TDEM section 724250E illustrating two
of the drill targets.
View Figure 3
here: https://www.globenewswire.com/NewsRoom/AttachmentNg/3eabfb97-0bce-4645-a5cb-186f3fd0c9fa
El Cura Target – Iberian Belt West
Project
The Company plans to temporarily suspend the drilling at the El
Cura target to focus on the Nuevo Tintillo program and maintain a
strong focus on the expansion drilling at La Romanera. Drilling has
been very slow at El Cura through the fire restriction season, and
results will be reported when assays are completed. Additional
drill platforms are in the process of being permitted at El Cura,
for when drilling resumes there.
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
highly prospective targets in the western Nuevo Tintillo sector, of
which five have been selected for first-pass drill testing.”
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
Guzmán 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 and El
Cura; the prospectivity of the Project and El Cura; 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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