TORONTO, May 28, 2021 (GLOBE NEWSWIRE) – Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF) (the “Company” or “Emerita”) announces that it has received a resolution from the Department of Mines of Huelva approving the proposed work program for the entire Iberia Belt West project (“IBW” or the “Project”), subject to the Company receiving final approval from the Environment Department for the El Cura and La Romanera targets. Emerita got engaged FRASA Ingenieros Consultores (“FRASA”), a highly reputable engineering company with offices in Spain and internationally, to prepare the environmental documentation for the west side of the IBW project, including the El Cur and La Romanera targets, in order to obtain the “Autorizacion Ambiental Unificada (AAU)”. FRASA are the environmental consultants used by large companies in the region to issue permits and are familiar with the conditions for obtaining work permits. The required documentation for the AAU was submitted on April 8, 2021. The Company received excellent support and guidance from professionals in the Mines and Environment departments throughout this process.
According to Emerita President, Joaquin Merino, P.Geo., “The approval of the Department of Mines for the entire property is a very important step and we anticipate that it will keep us on track to expand the drilling program to other targets. in the next weeks. The Ministry of Mines has been very helpful in obtaining project authorization for the drilling phase and we will continue to work closely with them. The permitting process is very comprehensive, but allowing the entire property will allow work to proceed without further disruption to planned and future drilling programs. We expect to deliver assays for the first La Infanta drill holes in about a month due to the high volumes currently being experienced by assay labs. “
Drilling is on site at La Infanta where the initial drilling program is taking place. The initial drilling program at Infanta is designed to test the full 1.2 kilometer strike length of mineralization and test the extent of depth to approximately 300 meters dip. There are 49 historic holes drilled delineating the deposit to date and the program will move away from known mineralization and systematically move away along the longitudinal dip to establish an NI 43-101 compliant mineral resource estimate for the deposit. The plan will initially be to complete approximately 30 drill holes for a total of approximately 5,000 meters of drilling. The company is fully funded to carry out the program. Please see the press releases of May 10, 2021 and April 12, 2021 for more details.
The company had approximately 47 million warrants outstanding after its last financing. Due to the strong market appreciation, the company has seen a constant flow of shareholder warrant exercises that has continuously replenished the cash flow so that the company now has over $ 8 million in cash to run. and speed up technical programs. The company intends to subcontract a second borehole for the program to IBW. In addition, the Company will begin geophysical programs (magnetic, gravity and electromagnetic (EM) surveys) on the entire project in order to assess the potential of the project for additional mineralization. Emerita Resources retained the services of International Geophysical Technology SL (https://www.igt-geofisica.com/en/default.html), an international consulting company active since 1989 with extensive experience internationally and in the Iberian belt with several mineral discoveries. Investigations will start immediately, in the three main target areas, “El Cura”, “Romanera” and “La Infanta” and extend to the rest of the property. The objective of geophysical surveys is to detect anomalies which can be interpreted as possible masses of metal sulphides.
Additional information regarding the IBW project can be found in the company’s technical report prepared by Santiago Gonzalez-Nistal, P. Geo. entitled “Technical Report on the Exploration Concession for the Iberian Belt West Project” with an effective date of May 14, 2021, which has been filed under the Company’s profile on SEDAR (www.sedar.com).
Emerita increased its land position in the Iberian belt and acquired the very promising Nuevo Tintillo property through a public tender, which is located approximately 10 km from the Aznalcollar property in the province of Seville. The Company has submitted documentation to the Seville Mining Department for Nuevo Tintillo to be subject to a 30 working day “public display” within the next two weeks. This is the same process recently completed for IBW and all exploration projects in the region prior to approval of work programs. Due to the land status classification at the Tintillo Project, an EIA is not required to initiate exploration programs at this site. Emerita’s work on the property is in its early stages and a more detailed summary of the potential will be presented once the compilation of historical data is complete. The Company owns a 100% interest in the Nuevo Tintillo project which has numerous occurrences of base metals (see Figure 1), including several small historic surface mines, some of which are said to have high Cu grades (Pinedo Vara et al. al.). The project has not been subject to modern mining exploration techniques. The Project extends approximately 23 kilometers in an east-west direction along a well-defined mineralized horizon and extends up to 5 kilometers in a north-south direction. It totals 8,960 hectares out of 289 claims. There are at least 8 known mineralized zones in the Project based on historical mining and prospecting.
Figure 1: Nuevo Tintillo d’Emerita property
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Joaquin Merino, P.Geo, President of the Company and a qualified person within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.
About Emerita Resources Corp.
Emerita is a natural resources company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploration in Spain. The company’s head 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)
Caution 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 about the mineralization of the Project, the prospectivity of the Project and the Nuevo Tintillo Project, the timing and results of the diamond drilling program and / or exploration programs, l impact of COVID-19 and the Company’s Future Plans. In general, forward-looking information can be identified by the use of forward-looking terms such as “plans”, “plans” or “does not plan”, “is planned”, “budget”, “planned”, “estimates”, “Anticipates”, “intends”, “anticipates” or “does not foresee”, or “believes”, or variations of these words and expressions or indicate that certain actions, events or results “could”, “could” , “would”, “Might” or “will be taken”, “will occur” or “will be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Emerita’s actual results, level of activity, performance or achievements, as the case may be, to be materially. different from those expressed or implied by this information. forward-looking information, including, but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of ongoing exploration activities; risks associated with operating in foreign jurisdictions; ability to successfully integrate purchased properties; risks associated with foreign operations; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors which could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results to be not as expected, estimated or planned. 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 THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.