Emerita Resources Provides Update on Drill Permitting and Drill Hole Data Base Progress at Paymogo Project, Spain
TORONTO, Aug. 10, 2020 - Emerita Resources Corp. (TSX-V: EMO) (the “Company” or “Emerita”) announces it has engaged DSV Ingenieria Ambiental, a highly reputable engineering firm with offices in the Andalusia Region, to prepare the environmental documentation for the Company’s wholly-owned Paymogo Project (the “Project”) in order to obtain the “Autorizacion Ambiental Unificada (AAU)”. The AAU is the environmental license required for exploration activities. The Paymogo Project is within the renowned Iberian Pyrite Belt, an area with numerous past producing and active mining operations currently operating under the same well established environmental statutes.
The Company is also advancing the development of a comprehensive digital database from the historical work which is well preserved in hard copy. For the Romanera and Infanta deposits at the Paymogo Project there are 51 and 48 historical drill holes available, respectively, including survey data and assays. With the digital database, three-dimensional models of the mineralized zones will be developed and used for target generation in the upcoming diamond drill program.
Joaquin Merino P.Geo., President of Emerita, notes, “as we compile the data it is becoming evident that both the Infanta and Romanera deposits are precious metals enriched. The mineralized intercepts at the Infanta deposit have historical assay values for silver ranging between 100 and 290 grams per tonne (“g/t”) (see Table 1). We are also finding highly enriched gold zones within the Romanera deposit which will need to be put into context as we build the geological model of the deposit. Historical assay sheets, such as that shown in Figure 1, present elevated gold grades (samples 15-19). Sample 16, for example, has an interval grading 4.7 g/t gold over 2 meters and Sample 17 has 5.3 g/t gold over 2 meters. Both samples are continuous within a zone that grades 3.3 g/t gold over 8 meters. At the time Romanera was being explored by the previous operators, there was very little interest in the precious metals potential and some earlier drill holes were not assayed for gold. Based on the historical data available and our knowledge of the deposits, we are very encouraged by what we are seeing.”
About the Paymogo Project
The wholly-owned Paymogo project occurs within the Iberian Pyrite Belt, one of the most highly mineralized volcanogenic massive sulfide (VMS) terranes in the world. The Project is located in the western part of the belt, adjacent to the border with Portugal, approximately 70 km west of Seville and 50 km from the port city of Huelva (Figure 2). The Project extends along a strike length of approximately 18 km. Access is excellent via paved and all-weather gravel roads. Within the Project area, several base metal occurrences have been identified by previous exploration, the most significant of which are the Romanera and the La Infanta base metal deposits.
The Romanera deposit was drilled primarily by Minera Rio Tinto in the 1990s and is reported to contain 34 million tonnes grading 0.42% copper, 2.20% lead, 2.3% zinc 44.4g/t silver and 0.8 g/t gold within which there is a higher grade resource of 11.21 million tonnes grading 0.40% copper, 2.47% lead, 5.50% zinc, 64.0 g/t silver and 1.0 g/t gold (The Volcanic Hosted Massive Sulphide Deposits of the Iberian Pyrite Belt, Garcia-Cortes ed., 2011).
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. The deposit extends from surface to approximately 350 meters depth based on historical drilling. The mineralization remains open for further expansion down dip beyond the limits of the existing drilling.
The La Infanta mineralized zone has been drilled from surface where it outcrops to a depth of approximately 100 meters. Numerous high-grade intercepts occur within the zone and it remains open for expansion at shallow depths. Drilling was completed by Phelps Dodge in the mid 1980s. La Infanta is located approximately 8 km to the east of the La Romanera deposit.
Table 1: Historical drill results for the Infanta deposit, with high silver values associated with the mineralized intervals. https://www.globenewswire.com/NewsRoom/AttachmentNg/6c321d80-6796-4914-93ae-93bec19cc457
Figure 1: Assay sheet showing high grade gold values at the Romanera deposit. Note the gold enrichment in samples 15-19 (source – Rio Tinto drill logs from 1990 drill campaign). https://www.globenewswire.com/NewsRoom/AttachmentNg/98a4e240-5070-4b1a-9256-183c3ae0d907
Figure 2: Paymogo Project location map. https://www.globenewswire.com/NewsRoom/AttachmentNg/4302342f-5cb1-48a2-a7e0-31001d8e356f
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:
Helia Bento
+1 (416) 566-8179 (Toronto)
Joaquin Merino
+34 (628) 1754 66 (Spain)
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, statements regarding the mineralization of the Project, the Company’s ability to develop the Project, the prospectivity of the Project, the Company’s ability to complete a NI 43-101 resource estimate at 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.
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