Background
First worked during Roman times, the El Cura mine has seen several periods of activity in the modern era during the late 19th Century and mid to later 20th Century. The most extensive workings on the polymetallic volcanogenic massive sulfide (VMS) mineralization consisted of a 100m shaft and three investigatory sublevels made at some time during the World War 2 era. No production records have been mentioned in the historic literature. More recently, assessments were made by
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.
Emerita Exploration Work
Figure 1. IBW geology and locations of La Romanera,
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/deb2052e-5a5c-4d3f-a5d2-7a700c9b1b46
Results
The Phase 1 program identified massive sulfides locally sheared at or near to the contact between volcaniclastic rocks and shales. This host environment is very similar to La Romanera deposit located to the west of
Table 1: Significant intercepts in Phase 1 drilling program,
DDH | Easting | Northing | Elevation | Azimuth | Dip | Depth (m) | FROM | TO | Width (m) | Cu % | Pb % | Zn % | Au g/t | Ag g/t | Lens |
EC002 | 650268 | 4171630 | 135 | 121 | -55 | 411.8 | 291.7 | 294.4 | 2.7 | 0.2 | 0.1 | 0.1 | 0.59 | 87.0 | TL |
EC003B | 650110 | 4171554 | 140 | 165 | -48 | 296.5 | 199.6 | 207.8 | 8.2 | 0.9 | 0.9 | 0.3 | 0.75 | 26.3 | TL |
EC004 | 650031 | 4171058 | 224 | 340 | -35 | 417.1 | 400.5 | 403.5 | 3.0 | 0.6 | 1.2 | 2.0 | 1.12 | 38.1 | TL |
EC005 | 650110 | 4171554 | 140 | 205 | -65 | 428.0 | 321.4 | 322.2 | 0.8 | 0.4 | 0.4 | 1.1 | 1.70 | 36.0 | TL |
EC006 | 650110 | 4171554 | 140 | 197 | -53 | 327.0 | 246.0 | 248.8 | 2.8 | 0.9 | 0.5 | 0.7 | 0.52 | 65.7 | TL |
EC006 | 314.5 | 317.3 | 2.8 | 0.1 | 0.9 | 1.9 | 0.46 | 37.9 | BL | ||||||
EC007 | 649685 | 4171500 | 127 | 159 | -22 | 238.4 | 225.6 | 227.8 | 2.2 | 2.9 | 2.3 | 4.6 | 2.81 | 82.5 | TL |
*TL: Top Lens; BL: Bottom Lens
Figure 2: Locations and traces of
View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/df3733b4-6b49-4777-ad2b-9d2a803ebaaf
Hole EC007 intersected 2.2 m of a high-grade base and precious metal massive/semi-massive sulfide lens, hosted in a greyish tuff, comprising zoned mineral folded bands with two main compositions. One is seen as mainly polymetallic Sph/Ga massive bands with some Py and the other is formed of pyritic/copper rich massive sulfide with polymetallic veinlets. This hole intercepted the mineralization at 225.6m with a 75º sharp contact with the tuffaceous unit (Figure 3; Figure 4).
Figure 3: Mineralization intercept in EC007, 75º contact with the tuffaceous unit
View Figure 3 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/2833f304-b1e7-4e43-8900-816889fa70c9
Figure 4: Mineralized bands of different composition in drillhole EC007
View Figure 4 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/6df0c747-8195-404b-bcfb-93467e68ac41
Historical Information
Recently uncovered archival data from previous holders of
Figure 5: Map-view location relative to
View Figure 5 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/d9fe7309-2004-407a-be62-d54dc489c843
Figure 6: Vertical longitudinal section
View Figure 6 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/9d3abe86-6abb-4a5a-8b9f-0f7e16cb47d2
Next Steps
Surface mapping has shown that the target horizon continues westward from EC007, and reconnaissance has located additional ancient workings on-trend for 1.4km. Interpretation of Phase 1 results will continue in coming weeks to plan further step-out.
Phase 2 is expected to commence in the first half of 2024. Emerita’s
Quality Assurance/Quality Control
Drilling at El Cura is HQ size and core is placed into core trays at the drill site and transported directly from the site to Emerita’s coreshack (15Km) from
10% of the analyzed samples correspond to control samples (fine blanks, coarse blanks, high, medium and low grade standards). In addition, 10% of pulps are reanalyzed at a second independent certified laboratory (AGQ Lab Sevilla). When the analysis is completed, the certificates are received from the laboratory and the QA/QC protocol identifies any deviation or anomaly in the results and the entire batch is reassayed in such case. Once the data is approved by the QA/QC protocol assays are entered digitally directly into the database.
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by Mr.
About
Emerita is a natural resource company engaged in the acquisition, exploration, and development of mineral properties in
For further information, contact:
+1 647 910-2500 (
info@emeritaresources.com
www.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 prospectivity of the IBW project, the mineralization and the IBW project, the economic viability of the IBW project, the Company’s future exploration plans 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
Figure 1
IBW geology and locations of La Romanera, El Cura and La Infanta deposits
Figure 2
Locations and traces of EMO El Cura drilling
Figure 3
Mineralization intercept in EC007, 75º contact with the tuffaceous unit
Figure 4
Mineralized bands of different composition in drillhole EC007
Figure 5
Map-view location relative to EMO Phase 1 drilling and the Rio Tinto Minera DDH
Figure 6
Vertical longitudinal section
2024 GlobeNewswire, Inc., source