Emerita reports Spanish multi-metal assays, shares up
Emerita Resources Corp. [EMO-TSXV; EMOTF-OTC] reported complete assays for the first step-out drill hole at the 100%-owned Infanta prospect in the Iberian Belt West Project, Spain as well as the final infill drill holes.
The infill program has verified the historical drill results and will allow proper 3-D modelling of the deposit along with providing fresh material that can be used for future metallurgical testing. Both drills are now stepping out to expand the deposit.
Drill hole IN018 intersected 8.2 metres grading 2.5%, 8.7% lead, 17.3% zinc, 223.5 g/t silver and 0.5 g/t gold from 59.4 metres. This is a 40-metre step-out to the west of the historical limits of the deposit. In addition, hole IN023 which is located approximately 50 metres west hole IN018 of the deposit, has intersected two zones of massive sulphide (assays pending). The only other hole where the deeper second zone is intersected is in hole IN017 which is 300 metres east and this area is open for extension of the mineralization to depth.
There is a strong TEM conductor extending at least 300 metres to the west from hole IN018 (to the edge of the current survey coverage) as well as some shallow historical workings that provide strong evidence the deposit will extend in that direction.
Drill holes IN014 to 016 were the final infill drill holes and all intersected high-grade mineralization, with the highlight being hole IN014 which intersected 5.7 metres grading 2.4% copper, 7.3% lead, 13.4% zinc, 225.0 g/t silver and 0.6 g/t gold over 84.7 metres. True widths are expected to be 90 to 95 per cent of intersection width.See company press release for complete assays.
The geophysical survey is expected to resume by month end when hunting season in the region concludes.
The company plans to mobilize additional drills to expedite the drilling of the Romanera deposit and other regional targets including El Cura and the new geophysical targets. It is expected five drills will be operating by year-end.
According to Joaquin Merino, PGeo, president, “We are excited by the progress to date and particularly to be moving the program into the expansion drilling phase. Based on the latest drilling we have identified what appears to be a structural repetition of the zone at depth to the north, seen in holes IN017 and IN023 which are 300 metres apart. The deposit is interpreted to continue to depth in the north zone. Assays are pending for hole 23 and a structural model incorporating the new information is being developed to guide future drilling. We are systematically stepping out through the deposit to build the geological model that will meet the requirements for establishing a NI 43-101 compliant mineral resource estimate.”
The drill program at Infanta is designed to test the 1.5-kilometre strike length and test the depth extent to at least 300 metres down dip. The company’s continuing geological mapping and geophysical surveys confirm there is solid evidence, including some historical excavations, that mineralization should persist over that strike length. In addition, the geophysical data suggest the conductors associated with the mineralization extend beyond 400 metres below surface.
In early trading on October 22, Emerita shares gained $0.31 to $2.97 on a volume of 1,998,500 shares traded.