Emerita Completes Acquisition of the Falcon Litio MG Project, Brazil
TORONTO, Sept. 12, 2018 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (“Emerita” or the “Company”) (TSX‑V: EMO) has exercised its option and acquired a 100% interest in the Falcon Litio MG Project (the “Litio Project”) pursuant to the terms of the binding letter agreement with Falcon Metais Ltda. (“Falcon”) entered into on June 13, 2016. As consideration, Emerita has issued 500,000 common shares to Falcon. The Emerita common shares issued to Falcon are subject to a statutory hold period which expires on January 13, 2019. Please see Emerita’s press release issued on June 13, 2016 for additional information on the Litio Project and the terms of the option.
David Gower, P.Geo., CEO of Emerita, commented: “The Litio Project is adjacent to Brazil’s only lithium producer and the property boundary is only approximately 500 meters from the producing deposit. The Company’s focus continues to be on base metal projects but this is an exceptional opportunity to add value at a low cost. There has been interest expressed by third parties in potentially getting involved in the Litio Project.”
The Litio Project
The Litio Project is located in Minas Gerais State, Brazil immediately adjacent to Companhia Brasileira de Litio’s (“CBL”) lithium mine (see map below). Pegmatite dykes similar to the mineralized dykes on the adjacent property have been identified on the Litio Project during the initial field reconnaissance of the area. According to Dr. Fernando Tallarico, P.Geo, an independent consultant for Emerita: “The proximity to the producing operation along with the geological evidence observed in the field, indicate further mapping, sampling and drilling are merited.”
Lithium mineralization in the area where the Litio Project is located is associated with Neoproterozoic granitic intrusions that have deposited lithium mineralization with minor contents of rare metals such as thallium, niobium and tin in the apical aureole of these intrusions. Mineralization is hosted by pegmatite dykes with widths varying from 5 to 30 meters and strike in excess of 1 kilometer. The mineralized pegmatite dyke system is structurally-controlled by a framework of NW and NE crosscutting faults and fractures, and locally is characterized by stockwork systems or sets of sub-paralleled sheeted-dykes. The main lithium mineral at the adjacent operation is spodumene with minor amounts of petalite.
A map accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b571aae9-1f1c-4866-a72e-8fe5e50090b9
Dr. Fernando Tallarico, P.Geo., is a “qualified person” as such term is defined in NI 43-101 and has reviewed and approved the scientific and technical information included in this press release and has approved its dissemination. Dr. Tallarico is considered independent of Emerita.
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 and Brazil. 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)
+1 416 309 4293 (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, statements regarding the Litio Project, the Company’s ability to develop the Litio Project, the Company’s ability to complete a transaction with a third party involving the Litio Project, the mineralization of the Litio Project, the ability of the Company to be granted any mining rights 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 purchased properties or mining rights awarded; 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.