Emerita Resources drills 2.9% copper over 11.7 metres at Iberian Belt West, Spain
Emerita Resources Corp. [EMO-TSXV; EMOTF-OTCQB; LLJA-FSE] reported additional assay results from the continuing drilling program at the La Romanera deposit, part of Emerita’s wholly owned Iberian Belt West project (IBW), Spain. IBW hosts three previously identified massive sulfide deposits: La Infanta, La Romanera and El Cura. Results contained in this release are from La Romanera. All deposits are open for expansion along strike and at depth.
Assays have been received for two additional drill holes that post-date the recently announced NI 43-101 compliant mineral resource estimate.
Drill holes LR152 and LR153 were drilled to test the down dip extension of La Romanera in an area showing a strong response from downhole TEM survey in the eastern part of the deposit. Both drill holes intercepted thick sulfide mineralization, primarily in the form of a banded and stockwork chalcopyrite-pyrite mineralization. In this part of the deposit, the Upper and Lower sulfide massive lenses become a continuous zone of copper-rich stockwork of about 35-40 meters true thickness.
According to Joaquin Merino, P.Geo., President of Emerita, “This type of mineralization marks a change in the deposit characteristics in this area. It has become copper dominant and is more of a stockwork zone characteristic of a typical VMS deposit feeder zone. It is potentially a very exciting development as a number of the deposits in the Iberian Pyrite Belt have significant copper zones such as at Neves Corvo, Aljustrel and Rio Tinto. It does not need to be said that copper is fundamental as a critical metal for the global energy transition.”
Drill Hole LR152: The Stockwork zone was intersected at 647.7 metres down the hole. It encountered 68.5 metres grading 1.0% Copper; 0.2% Zinc; 0.28 g/t Gold and 5.9 g/t Silver, including 11.7 metres grading 2.9% Copper; 0.28 g/t Gold and 7.9 g/t Silver, and in a separate zone 8.7 metres Grading 2.5% Copper; 0.3% Zinc; 0.36 g/t Gold and 14.0 g/t Silver. The hole intersected obliquely across the zone and as such true thickness is approximately 55% of the drill intercept thickness in this hole.
Drill Hole LR153: The Stockwork zone was intersected at 738.95 metres down the hole. It encountered 52.1 metres grading 0.4% Copper; 0.1% Zinc; 0.13 g/t Gold and 3.2 g/t Silver, including 2.9 metres grading 1.4% Copper; 0.25 g/t Gold and 4.2 g/t Silver, and including 5.9 metres grading 1.3% Copper; 0.5% Zinc; 0.27 g/t Gold and 9.1 g/t Silver. The true thickness is approximately 75% of the drill intercept thickness in this hole.
The deepest drill hole to date at La Romanera is LR153 which intersected the deposit at 750 metres below surface and is 180 metres below the deepest drill hole that was included in the NI 43-101 mineral resource estimate. Currently, hole LR157 is in progress and is expected to intercept the deposits at approximately 810 metres below surface.
Ian Parkinson, EVP Corporate Development, said, “This is a significant expansion of the footprint of the deposit since May when the MRE was released. It amounts to approximately a 30% increase in the vertical extent of mineralization. Bore hole EM surveys suggest the mineralization continues further.”
The current drilling program is focused on testing the extension of La Romanera deposit at depth. Drill holes LR155 and LR157 are in progress. Drill hole LR154 is completed with assays pending and has intersected a 30-metre thick lens of massive sulfide mineralization.
A down-the-hole transient electromagnetic (TEM) survey is planned as part of the exploration strategy for the LR152 and LR155 drill holes.
Emerita has granted 2,700,000 stock options to various directors and officers under its stock option plan. The options may be exercised at a price of $0.40 per option for five years from the date of grant. The grant of options remains subject to TSXV approval.