TORONTO, April 05, 2022 — Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF) (the “Company” or “Emerita”) announces that the permitting for the Romanera and El Cura deposit diamond drill program at its wholly owned Iberia Belt West Project (“IBW” or the “Project”) has entered the final stage of the permitting process and the Company will be able to commence the drill program on those deposits on completion. The Department of Environment in Huelva has completed the Environmental Statement (ES) and it has been approved by the legal department for public posting. The resolution compiles all of the documentation and studies produced during the environmental assessment process along with comments and responses to community stakeholders. This includes supportive submissions from the municipalities of Paymogo and Pueblo de Guzman where the Project is located.
The resolution was issued Friday, April 1 and was delivered to the identified stakeholders, who have up to 15 calendar days to review the documents at the end of which it will receive final endorsement from the Head of the Environment Department and drilling will commence by the Company. Emerita has already completed its review of the documents and is completely satisfied with the conclusions. Agreements are already in place with the landowners in the area to facilitate access to the drill sites.
According to Joaquin Merino, P.Geo., President of Emerita, “We are ready to commence the drill program as soon as the permit is received. We have increased the number of drills on the Project to 7 in anticipation of the expanded drill program and one more will arrive when the program gets started. We aim to have the delineation program on the three deposits done by year-end. We have also established a second core shack in the town of Paymogo for the Romanera Deposit drilling. El Cura and Infanta drill holes will continue to be processed in the existing facility in Pueblo de Guzman.”
The Company has permitted more than 50 diamond drill sites for this phase of the drilling (see Figure 1 and 2 below for Romanera and El Cura drill site plan). In keeping with Company’s normal practice, drill pads will be progressively reclaimed as drilling is completed to minimize the footprint of the program.
According to David Gower, P.Geo, CEO of Emerita, “The Romanera deposit is expected to be the cornerstone of the Project and it is already a significant deposit based on the 51 historical drill holes completed by Rio Tinto and Asturiana de Zinc in the past (see Emerita’s website for details). Of particular note, the deposit is open at depth below 350 meters. It also remains open along strike. Drilling has delineated mineralization over approximately 450 meters of strike, however Emerita’s electromagnetic (EM) survey maps the conductor associated with this deposit for 1.2 kilometers of strike (see Figure 1).”
Figure 1: Romanera deposit initial planned drill pad locations. Drilling platforms have been planned on existing trails and roads, to minimize the environmental footprint of the drill program. Note the surface projection of the Romanera deposit in red. The deposit has only been drilled along 450 meters of the 1,200 meter long TDEM conductor that is associated with the mineralization at the Romanera Deposit.
Figure 2: El Cura deposit and regional targets, initial planned drill pad locations.
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.
A Qualified Person has not done sufficient work on behalf of Emerita to classify the historical deposits referred to above as current mineral resources or mineral reserves and Emerita is not treating the historical estimates as current mineral resources or mineral reserves. The historical estimates should not be relied upon.
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:
+34 (628) 1754 66 (Spain)
+1 416 566 8179 (Toronto)
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, the Company’s ability to obtain the requisite approvals for its exploration plans and the timing of any such approvals; the mineralization of the IBW Project 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.
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