This news release replaces the news release published on June 7, 2022.
TORONTO, June 07, 2022 (GLOBE NEWSWIRE) – Emerita Resources Corp. (TSX-V: EMO; OTC: EMOTF) (the “Company” or “Emerita”) has announced that it has completed the first hole through Romanera deposits in its wholly-owned Iberia Belt West project (“ IBW ”or the“ Project ”). Three more holes will be completed in the coming days and two additional drill rigs will be set up on deposit to bring the total to six drills in Romanera (Figure 1).
Hole LR 002 intersected 14.3 meters of massive sulphides (pending assays) from 134.2 to 148.5 meters (Fig. 2). Visual inspection of the core identifies the mineralization as a truly massive sulphide (Fig. 3) consisting of sphalerite, galena and chalcopyrite in a pyrite gangue. Some intercepts from historical drilling are included in Figure 2 for reference. Shallow intercepts have not been evaluated by previous operators for gold.
Figure 1: Planned map showing the location of the first six drill holes in Romanera.
Figure 2: Cross section showing the location of drill hole LR002 along with results from the historical drill hole located near it. The previous drill holes of previous operators were not tested for gold. Holes LR 001, 003, 004 in this section should pass through the target zone in the coming days.
Figure 3: Image of a section of massive sulphide intercept in hole LR002. Visual inspection of the core identifies the zone as composed of more than 95% sulphide minerals sphalerite, galena, chalcopyrite with pyrite gangue.
The planned program is designed to upgrade existing historic resources to comply with National Instrument 43-101- Disclosure Standards for Mineral Projects (“NI 43-101”), and testing for east, west and depth extensions (Fig. 4). Several deeper drill holes are also planned below the drilling pictured
Figure 4 and will be laid out when additional data are available to target deep drilling effectively. The EM Conductor associated with the deposit extends more than 500 meters east of the historic drilling and this survey helped design the drill plan.
Figure 4: Planned drill program for the Romanera Deposit overlain on block model generated from the historical drill hole data base. Current drilling occurs all within the mineralized blocks and the deposit is open for expansion to the east west and to depth. The highest grade is not cut by drilling.
According to David Gower, P.Geo., CEO of Emerita, “The Romanera deposit is the foundation of the Iberia Belt West Project (IBW). The block model is highly conclusive that the highest grade of material indicated by historical drilling remains wide open in all directions. There will be a continuous flow of data from this drill campaign now that it enters full production mode. “
According to Joaquin Merino, P.Geo, President of Emerita, “Our team is excited to see the beginning of this most important phase of the Project. The drill rigs most recently arrived at the Project are highly mechanized, high-performance machines that will have a significant impact on drill productivity. ”
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 dedicated to the extraction, exploration and development of mineral assets in Europe, with a primary focus on exploration in Spain. The Company’s corporate office and technical team are based in Seville, Spain with an administrative office in Toronto, Canada.
For more information, contact:
+34 (628) 1754 66 (Spain)
+1 416 566 8179 (Toronto)
Note About Expected Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward information includes, without limitation, the mineralization of the IBW Project; the timing of assay results; the possibility of the Project; the timing and ability of the Company to make NI 43-101 resource estimates and the Company’s future plans. In general, future information can be determined by using future terminology such as “plans”, “expected” or “unexpected”, “expected”, “budget”, “scheduled”, “estimates”. “,” forecasts “,” aims “,” expects “or” does not expect “, or” believes “, or variations of such words and phrases or indicates that certain actions, events or results are” possible “, “can”, “feasible”, “may” or “obtainable”, “occur” or “attainable”. The information sought in the future 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 information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainty; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully incorporate purchased assets; risks of foreign operations; and other risks inherent in the mining industry. Although Emerita has tried to identify important factors that may cause actual results to differ materially from the contents of the forward -looking information, there may be other factors that cause results that are not as expected. , estimated or intended. There is no guarantee that such information will prove to be accurate, as actual results and future events may differ materially from those expected in such statements. Accordingly, readers should not place undue reliance on information seen in the future. Emerita does not undertake updating of any information in the future, except in accordance with applicable security laws.
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