Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA)
(the “Company” or “Emerita”) is pleased to provide the following
summary of the Company’s progress in 2023 and lay out priorities
for 2024. 2023 was a watershed year in the advancement of Emerita’s
wholly-owned Iberia Belt West Project (“IBW” or the “Project”) and
momentum is expected to continue into 2024.
David Gower, P.Geo., CEO of Emerita remarks, “In
2023 our team delivered on several major milestones for the Company
and for IBW. Our team made excellent progress at IBW as we advance
towards a potential production decision. In May, the Company
released the maiden independent NI 43-101 compliant mineral
resource estimate. In September, the Company announced it had filed
an application for an exploitation (mining) licence for IBW to the
Delegación Territorial de Energía y Minas in Huelva province, Junta
de Andalucia. In December, the Company completed the submission of
the required application documentation for the exploitation
license. Looking forward, 2024 will see the Company continue
efforts to expand the IBW resource and the first drill campaign at
Nuevo Tintillo will be completed. In parallel with ongoing
exploration efforts, the Company will continue de-risking IBW with
metallurgical testing and engineering and economic studies targeted
for completion in H1 2024. The Company is in a solid financial
position to continue this work. In February, Ian Parkinson joined
the Company as EVP of Corporate Development and Capital Markets.
Ian brings technical as well as Capital Markets expertise after 15
years as a senior metals analyst as well as working in geological
and commercial functions with Falconbridge. Ian has been a great
addition to the team.”
Mineral Resource
In May, the Company released the first NI 43-101
compliant mineral resource estimate for the IBW project. The
resource estimate is comprised of 14.07 million tonnes in the
Indicated category grading 3.29% Zn, 1.66% Pb, 0.46% Cu, 75.2 g/t
Ag and 1.39 g/t Au (7.63% zinc equivalent*) and 4.71 million tonnes
in the Inferred category at 4.70% Zn, 2.14% Pb, 0.54% Cu, 72.4 g/t
Ag, 0.90 g/t Au (9.29% zinc equivalent*). The mineral resource
estimation was completed by Wardell Armstrong International Limited
and used a 3% zinc equivalent cut-off. Resource estimates were
completed for La Romanera and La Infanta deposits at the IBW
project. El Cura has not been adequately drilled and therefore was
not part of the resource calculation. The resource estimate is
summarized below (please see May 23, 2023 press release for full
details and the Company’s technical report on its website and under
its corporate profile on SEDAR).
Mineral Resource
Highlights:
- Iberia Belt
West Initial Mineral Resource Estimate (“MRE”)
-
Indicated 14.07 million tonnes (“MT”) grading
3.29% Zn, 1.66% Pb, 0.46% Cu, 75.2 g/t Ag and 1.39 g/t Au (7.63%
ZnEq)
- Inferred 4.71
MT grading 4.70% Zn, 2.14 % Pb, 0.54% Cu, 72.4 g/t Ag and 0.90 g/t
Au (9.29% ZnEq)
*Notes:
- Mineral Resources are classified
according to definitions outlined in CIM Standards on Mineral
Resources and Reserves, Definitions and Guidelines (CIM,
2014);
- The effective date of the Mineral
Resource Estimate for La Romanera is May 4, 2023 and the effective
date of the Mineral Resource Estimate for La Infanta is April 30,
2023;
- Mineral Resources are reported at a
cut-off grade of 3.0% zinc equivalent (ZnEq) where;
- ZnEq = [(Zn grade * Zn recovery *
Zn price) + (Pb grade * Pb recovery * Pb price) + (Cu grade * Cu
recovery * Cu price) + (Ag grade * Ag recovery * Ag price) + (Au
grade * Au recovery * Au price)] / (Zn recovery * Zn price);
- Long term price assumptions are
US$3000/t Zn, US$2300/t Pb, US$9500/t Cu, US$25/oz Ag and
US$1800/oz Au;
- Metallurgical recovery assumptions
are 100% Zn, 80% Pb, 80% Cu, 80% Ag and 20% Au. 100% Zn recovery
ensures ZnEq grade > Zn grade for all blocks;
- At La Infanta, blocks less than
3.0% ZnEq when diluted over a 3m minimum mining width were excluded
from the Mineral Resource. Thickness at La Romanera typically
exceeds 3m;
- Only primary sulphide
mineralisation is included in the Mineral Resources;
- Metal grade and content represents
contained metal in the ground and have not been adjusted for
metallurgical recovery or mining dilution;
- Mineral Resources are not Reserves
until they have demonstrated economic viability based on a
pre-feasibility study or feasibility study;
- Numbers may not add due to
rounding.
- The Qualified Person for the La
Romanera and La Infanta Mineral Resource Estimates is Dr. Phil
Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM of WAI, a Qualified
Person as defined by NI 43-101.
Diamond Drill Program
During 2023, the Company completed a total of
107 diamond drill holes comprising 41,726 m of drilling on the IBW
project bringing the total drilling at IBW to 92,748 meters in 272
drill holes and completed the first hole at Nuevo Tintillo. The
number of drills on the Project peaked at 16 and were sourced from
6 different drill contractors. Drilling during the first half of
2023 was focused on completing the Mineral Resource Estimate which
was released in May. Since the cut-off date for the resource, an
additional 17 holes have been completed at IBW. Drilling since the
resource release was predominantly outside of the resource area,
targeting continued resource expansion. The Romanera and Infanta
deposits at IBW remain open at depth. Exploration drilling will
continue at IBW during 2024 but at a reduced pace from that of 2023
while permitting, engineering and economic evaluation activities
ramp-up. The Romanera deposit has been extended approximately a
further 300 meters below the deepest hole that was included in the
NI 43-101 mineral resource estimate.
Joaquin Merino, P.Geo., President of Emerita,
remarks, “2023 was a successful year for our Spain based technical
team. Delivery of the NI 43-101 compliant mineral resource estimate
was a major milestone after an intensive drill campaign during 2022
and 2023. In 2024, our team will continue exploration at IBW and at
the highly prospective Nuevo Tintillo project. It is important to
note that our 2023 drill campaign was completed without any lost
time injuries and in full environmental compliance. We continue to
enjoy strong support from the local communities.”
Nuevo Tintillo Project
In October, the Company announced the
commencement of drilling at the Nuevo Tintillo project. The drill
program start up was delayed due to an unusually long hot and dry
summer which resulted in an extension of fire prevention
restrictions in the area. The initial drill program at Nuevo
Tintillo will evaluate six priority targets and is budgeted for
approximately 3,000 meters. Subsequent drilling will be budgeted
based on results. Targeting is based on a combination of
airborne electromagnetic (AEM) surveying, detailed and archived
gravity data, detailed mapping and a compilation of historical
geology. Nuevo Tintillo is a large property located
approximately 75 kilometers to the east of IBW. It covers
approximately 23 kilometers of stratigraphy between the Aznalcollar
deposits and the famous Rio Tinto mine. In 2022, the Company
completed an Airborne Electromagnetic (AEM) survey over this large
property. Airborne follow up to date has focused on the west side
of the property in the area surrounding the historical Santa Flora
and Nazaret Mines (Nazaret produced 6% copper according to archival
reports). Detailed mapping of the geology indicates similar
stratigraphy to the Rio Tinto mine approximately 7 kilometers west.
Numerous high priority conductors were identified by the AEM
survey, and these are being covered by detailed gravity surveys to
further prioritize targets in advance of drilling in 2024. In
April, the Company applied for additional exploration ground at
Nuevo Tintillo which when granted, will increase exploration
holdings to approximately 14,500 hectares in this highly
prospective region.
Permitting
Emerita advanced the permitting of IBW during
2023. In September, the Company announced it submitted an
application to the "Delegación Territorial de Energía y Minas in
Huelva province, Junta de Andalucia" for an exploitation licence
for Emerita’s wholly-owned IBW project. The Company submitted
required technical reports and documentation for this major
permitting milestone in December. The exploitation licence, when
granted, has a 30-year term, and can be extended for two subsequent
30-year periods. Exploration and development programs are
permitted during the time that the exploitation licence is being
reviewed by the Junta, allowing Emerita to continue with its
ongoing exploration program at La Romanera, La Infanta and El Cura
deposits at IBW.
Corporate Social
Responsibility
Emerita strives to meet the highest standards
for Corporate Social Responsibility (“CSR”) in its operations.
During the peak of the drill campaign in 2023 the Company had 45
employees in Spain, including 12 professionals balanced between
technicians and local employees, many of whom were trained by
Emerita for their positions. The Company also employed an
additional 160 contractors, primarily diamond drillers. The Company
adheres to strict employment standards and hires locally where
possible. Two of the drill rigs were operated by female crews which
is unusual in the industry. Dedicated safety and environmental
training is completed by all staff. The staff complement is reduced
presently with the transition from a drill intensive resource
delineation campaign to an engineering and resource expansion focus
for the program.
The Company has a progressive reclamation policy
such that drill sites are reclaimed and restored as work is
completed. In addition, the team installed a large centrifugal unit
to reduce water consumption and to reduce the volume of drill muds
for disposal. To date, the Company has had zero environmental
incidents.
The Company operates transparently within the
communities and has ongoing dialogue with the mayors of Paymogo and
Puebla de Guzman as well as senior government and regulatory
officials. Within the communities, Emerita supports various social
engagement initiatives including sponsoring two football teams, the
local cycling team and the female volleyball team. Regarding
Culture and Heritage, the Company supports the studies of the
Puebla de Guzman castle fortifications. The Company is also
proceeding with tree planting and initiating a Natural Resources
classroom program for the community. Emerita has hosted
undergraduate geological students from several universities to
provide training in geology, geological modeling, drilling
techniques and QA/QC procedures.
Capital Markets and Investor
Engagement
In 2023, the Company expanded its marketing and
investor engagement activities. The Company was present at 11
different conferences, many of which for the first time. The
Company is focused on expanding investor’s knowledge and
understanding of the Emerita investment opportunity. In 2024, the
Company plans to continue expanding marketing efforts, continuing
to introduce Emerita to new investors. Ian Parkinson Executive VP
Corporate Development and Capital Markets, comments “Despite the
headwinds created by weak equity markets for early-stage mining
companies, we expanded our marketing and investor outreach efforts
in 2023. We have identified additional opportunities for 2024 to
continually expand Emerita’s exposure to Global mining
investors.”
Aznalcollar Legal Cases
Emerita looks forward to the completion of the
criminal trial scheduled during the first half of 2025 (see
November 25, 2022, press release) and is prepared to move forward
with the development of the Aznalcollar project.
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 NI 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:
Ian Parkinson+1 647 910-2500
(Toronto)info@emeritaresources.comwww.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, the mineralization of the IBW Project and Nuevo
Tintillo, the Company’s mineral exploration activities; the
Aznalcollar legal proceedings and the timing and results thereof;
the timing of assay results and metallurgical studies; the
prospectivity of the Project and Nuevo Tintillo; the Company’s
ability to obtain all requisite permits and governmental approvals;
the economic viability of the Project; the impact of the Company’s
CSR activities; investor outreach by the Company, the price of the
Company’s common shares 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.
Emerita Resources (TSXV:EMO)
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