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News Releases

Emerita Mobilizing Three Additional Diamond Drills and Reports Intersections in Three Additional Step-Out Drill Holes at Iberia Belt West, Spain


November 12, 2021
 

TORONTO, Nov. 12, 2021 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (TSX–V: EMO; OTC: EMOTF) (the “Company” or “Emerita”) announces that it has tendered for three additional diamond drills to be mobilized to the Iberia Belt West project (“IBW” or the “Project”) bringing the total to five drills. The contracts are being finalized and it is expected rigs will arrive on the site within the next two weeks.   According to David Gower, P.Geo., CEO of Emerita, “We are moving forward with an accelerated drill program at IBW to coincide with the end of the local hunting season on November 15. We will reactivate the geophysical survey and the step out drilling along strike immediately following that date. The drills will initially set up on Infanta and targets in that area and we will move two of them to Romanera as soon as the permit is issued, which is in process and expected in the coming weeks.”
 

Results have been received for drill holes IN017, IN021 and IN023 (see Figures 1 and 2 – plan and long section for locations). These drill holes were step outs to the north (testing down dip). Mineralization was encountered at shallower depths than expected due to the presence of a reverse fault that has displaced the mineralization up dip and closer to surface (see drill sections, Figures 3-4). Holes were extended until they also intercepted the mineralization at depth on the other side of the fault (see sections below). Drill hole data is compiled in Table 1 below.

Highlights:

According to Joaquin Merino, P.Geo., President of the Company: “We are excited to be ramping up the Project with the addition of more diamond drills. We continue to work closely with government officials on the Romanera and El Cura drill permits and this is progressing, following the normal process for receiving the drill permits in areas with the land use designation in that area.”

TABLE 1: Drill hole assays, orientation, and coordinates

DDH Easting Northing Elevation azimuth dip depth
 (m)
FROM TO Width
(m)
Cu_% Pb_% Zn_% Au_g/t Ag_g/t BLOCK
IN017 654053 4171617 213 174 -49 153.45 92.55 103.85 11.3 0.5 2.5 4.9 0.29 53.9 NB
incl.             100.75 102.85 2.1 1.3 7.9 14.6 0.59 171.5  
IN017             136.75 137.75 1.0 0.2 1.3 2.4 0.18 22.0 SB
IN021 653955 4171598 205 173 -49 174.20 70.80 77.95 7.2 0.5 1.9 4.0 0.10 21.9 NB
IN021             79.95 83.30 3.3 0.4 1.5 2.4 0.34 75.7 NB
IN021             151.70 157.20 5.5 0.8 2.8 5.7 0.28 62.5 SB
IN023 653771 4171579 202 173 -53 138.40 72.40 77.55 5.1 1.4 4.4 8.6 0.52 124.1 NB
IN023             125.00 132.90 7.9 0.1 1.8 2.2 0.05 13.5 SB
 

 

FIGURE 1: Drill hole location map; boxes with the blue outline are North Block intercepts, plain boxes are South Block. Holes in red – hole completed assays received, holes in blue – hole completed assays pending, holes in white – in progress.

https://www.globenewswire.com/NewsRoom/AttachmentNg/8db4adc0-44e5-4937-a8df-24221b730daf

Figure 2: Longitudinal section of the North Block showing intercept locations.

https://www.globenewswire.com/NewsRoom/AttachmentNg/ad8c0c02-f8a4-49af-a831-a4c9bee8ad77

Figure 3: Cross section for Hole IN017 showing the position of the uplifted North Block mineralization.

https://www.globenewswire.com/NewsRoom/AttachmentNg/1904d867-510b-4cd2-b336-17b8df3b0dbb

Figure 4: Section for drill hole IN023 showing the reverse fault and uplift of the mineralized zone in the North Block.

https://www.globenewswire.com/NewsRoom/AttachmentNg/c02ca416-6823-4939-b614-9819a4edb5c7

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:

Joaquin Merino

+34 (628) 1754 66 (Spain)

Helia Bento

+1 416 566 8179 (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, statements the mineralization of the Project including the infanta deposit, the prospectivity of the Project, the timing and results of the drill program, the Company’s ability to obtain drill permits, the Company’s ability to complete a NI 43-101 compliant resource estimate, the impact of changes in the mining laws and regulations, the impact of COVID 19 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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