Emerita targets polymetallic resource in Spain
Emerita Resources Corp. [EMO-TSXV, EMOTF-OTC] on Friday released drilling results from the La Infanta polymetallic deposit on its Iberia West project in Spain.
The company recently said it had mobilized a second drill to expedite drilling on the La Infanta deposit. Results released on Friday are from the first two holes of the program, and additional assay results are expected to be released in the coming weeks.
Highlights from Friday’s release include Drill hole IN004, which intersected 7.45 metres grading 1.67% copper, 6.01% lead, 11.49% zinc and 90.1 g/t silver and 0.49 g/t gold from 62.55 metres, including 3.76% copper, 15.29% lead, 28.81% zinc, and 206.3 g/t silver and 1.08 g/t gold over 2.65 metres from a depth of 64.55 metres.
Hole IN001 intersected 4.0 metres, grading 0.07% copper, 1.68% lead, 3.40% zinc and 11.50 g/t silver from 24.3 metres.
“These are the first two holes for which we have complete assays; however, all drill holes to date have well-mineralized intervals that are now in the pipeline for assays,” said Emerita President Joaquin Merino.
“We are systematically stepping out through the deposit to build the geological model that will meet the requirements for establishing a National Instrument 43-101-compliant mineral resource estimate,” he said.
Emerita acquired a 100% interest in the Iberia West project via public tender process. The project is hosted within the Iberian Pyrite Belt, one of the world’s most productive volcanogenic massive sulphide (VMS) tarranes.
La Infanta is one of two high-grade polymetallic deposits located on the property. The other is the Romanera. Historical drill programs were conducted by Rio Tinto (Romanera Deposit) and Phelps Dodge (La Infanta Deposit).
Emerita has data from 51 drill holes that targeted the Romanera deposit.
The initial drill program at Infanta is designed to test the full 1.2-kilometre strike length of the mineralization and test the depth extend to approximately 300 metres down dip. In a July 20, 2021 press release, the company said there are 49 historical holes drilled to delineate the deposit so far. Emerita said it would move from the known mineralization and step out systematically along strike and down dip to establish a NI 43-101-compliant resource estimate for the deposit.
The plan will be to initially complete approximately 30 drill holes for a total of approximately 5,000 metres of drilling.
Emerita said it is in a very strong financial position after recently completing a $20 million bought deal financing. “This financing topped up the company’s treasury which had approximately $8 million prior to the financing and there are a significant number of warrants in the money that are being exercised regularly,” the company said in a press release.
On Friday, Emerita shares eased 5.8% or 12 cents to $1.96 on volume of 697,460. The shares are currently trading in a 52-week range of $2.16 and 13 cents.