Emerita has entered into a definitive agreement to acquire the Salobro Zinc Project located in the Municipality of Porteinha, Minas Gerais State, Brazil, from Vale and IMS Engenharia Mineral. Emerita will officially own 75% interest of the project with an exclusive right to acquire the remaining 25% interest at its sole option.
Salobro is comprised of two mining applications covering 1,209.75 hectares in an area well serviced with infrastructure including paved roads, cellular coverage, rail, water and power.
Highly Successful Exploration Team
The Salobro Zinc Project will be advanced by a highly successful exploration team in Brazil. The team’s accomplishments include the discovery of Brazil’s largest and highest-grade potash deposit, which they advanced through to the completion of a bankable feasibility study and the completion of key permitting (Brazil Potash Corp). The team also expanded Belo Sun Mining’s Volta Grande project from 2 million ounces to 6 million ounces of gold. Furthermore, the team discovered the Três Estradas phosphate deposit owned by Aguia Resources and is currently working on permitting and completing a bankable feasibility study expected for early 2018. The Salobro Zinc Project is poised to become the team’s next success story.
The mineralization is hosted in the Riacho dos Machados Group, which is described as a metasedimentary sequence of Archean or Paleoproterozoic age. The mineralization is strata bound with sphalerite and galena as the main ore minerals. The metasedimentary sequence comprises carbonates, banded iron formations and banded charts, suggesting either a Mississippi Valley Type or Sedex depositional environment for sulphide accumulations. The thickest intercept to date is 13.92 metres grading 10.39% zinc and 2.13% lead.
The known mineralization occurs in three (3) lenses all of which remain open for expansion by further drilling. According to a historical resource estimate report entitled “Mineralizações De Zinco E Chumbo Do Depósito Salobro, Porteirinha (Mg) (2006)”, the Salobro deposit is estimated to contain 8.3 million tonnes grading 7.12% zinc plus lead. The database used to establish the mineral resource estimate includes 40 diamond drill holes (13,884.94) metres of drilling. All the borehole collar and down hole surveys, as well as topographic survey with contour lines spaced at five metres, were provided to Emerita from the previous operators of the Salobro Project. Historical technical reports that included specific gravity and other technical commentary have also been provided to Emerita. All assays were completed at Vale’s laboratory and there is no reference to external and independent duplicate assay samples in the database.