TORONTO, June 07, 2018 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (“Emerita” or the “Company”) (TSX-V:EMO) announces that it has received assay results from three additional diamond drill holes from its ongoing drill project at the Salobro Project. Two of the drill holes (005 and 006A, see table below) tested for near surface mineralization in order to determine potential for a starter pit as part of its extensive development planning. The third drill hole (007, see table below) was notable in being a significant step out hole that resulted in extending the higher grade mineralization more than 100 meters in the up-dip direction. Hole 007 intersected 4.0 meters grading 8.82% zinc and 1.48% lead within an 8.0 meter mineralized zone that grades 5.70% zinc and 0.84% lead over the entire intercept.
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David Gower, P.Geo., Chair of Emerita said, “We are very excited to see these high grades and, even better, the continuity of the mineralization in the up-dip direction in drill hole 007. The importance of mineralization in this area is that it will appreciably increase the tonnes of mineralization per vertical meter of development and should have a positive impact on the project’s potential for development. The mineralization near surface in holes 005 and 006A suggests an interesting opportunity to develop a starter pit from which a ramp can be collared. We are still early in our program and we look forward to further assays.”
The ongoing drill program, which is progressing as planned, contemplates 23 drill holes which are designed to expand the existing resource. The program also includes four drillholes required for QA/QC to complete a National Instrument 43-101 (“NI 43-101”) compliant mineral resource calculation and six large diameter (PQ) drillholes for metallurgical testwork (400 Kg).
To date, 17 drill holes have been completed and assay results have been received for five drill holes (Figures 1 and 2 below). Further drill results will be reported as they are received. The key deliverable for the ongoing exploration program will be to complete a mineral resource estimate that meets NI 43-101 standards. Emerita is planning to announce the mineral resource estimate in early Q3 2018. Based on historical work, the Salobro zinc-lead deposit is estimated to contain 8.3 million tonnes grading 7.12% zinc and lead. A “qualified person”, as defined in NI 43-101, has not done sufficient work on behalf of Emerita to classify the historical estimate as a current mineral resource and Emerita is not treating the historical estimate as a current mineral resource or mineral reserve. Further work must be completed in order to demonstrate whether a reasonable expectation for commercial extraction exists. The mineral resource estimate is a historical estimate and should not be relied upon.
Recent Drilling results:
| SALOBRO DRILLING SUMMARY (2018 Program) | ||||||
| HOLE-ID | FROM (m) | TO (m) | LENGTH (m) | ZN (%) | PB (%) | ZN+PB (%) |
| EMO-SALO-DDH-005 | 65.82 | 67.32 | 1.50 | 4.59 | 0.08 | 4.67 |
| EMO-SALO-DDH-006A | 26.00 | 29.00 | 3.00 | 1.52 | 0.01 | 1.53 |
| EMO-SALO-DDH-007 | 239.50 | 247.50 | 8.00 | 5.70 | 0.84 | 6.54 |
| including | 240.00 | 244.00 | 4.00 | 8.82 | 1.48 | 10.30 |
Details:
| HOLE-ID | LOCATIONX | LOCATIONY | LOCATIONZ | LENGTH | DATUM | AZIMUTH | DIP |
| EMO-SALO-DDH-005 | 696611.00 | 8254337.00 | 809.00 | 93.85 | SIRGAS-2000 23S | 338.00 | -60.00 |
| EMO-SALO-DDH-006A | 696478.00 | 8254409.00 | 872.00 | 63.55 | SIRGAS-2000 23S | 0.00 | -90.00 |
| EMO-SALO-DDH-007 | 696275.00 | 8254035.00 | 845.00 | 293.15 | SIRGAS-2000 23S | 338.00 | -66.00 |
Drillhole EMO-SALO-DDH-007 (Figure 3) was planned to test the up-dip extent of mineral resources at Orebody 1. The hole successfully intercepted mineralization at 240 meters (225 meters vertical) extending the mineralized zone approximately 100 meters up dip from the historical PRM-SALO-FD013 which intercepted 10.43 meters grading 6.09 % Zn and 0.73 % Pb.
Drillholes EMO-SALO-DDH-005 (Figure 4) and 006A were planned to test the shallow zone at Orebody 1. They are targeting shallow mineralization where a possible open pit, could also be developed as part of a development plan. A trench completed by the previous operator in this section (1100 NE) assayed 22 meters grading 1.35 % Zn.
Sampling and Analytical Protocols
Emerita follows a systematic and rigorous QA/QC program overseen by Carlos H.C. Costa, P.Geo, Project Director of Emerita do Brazil, a subsidiary of the Company.
The sample from each core run is placed in a 100-centimetre long, wood core box that has four columns. Core recovery, rock quality designation, and geologic features are logged and sample intervals, which are generally <1.5 meters, are chosen. Prior to sampling, the drill core is marked by a line drawn along the core at high angles to the foliation, so that systematically the right side of the core is sampled. Each core box is photographed and then sampled with a spatula (soil and heavily-weathered rock) or cut with a core saw, 50% of which is placed in a sample bag to be sent to the laboratory. The other half core is retained for future reference. The Company independently inserts certified control standards, blanks, and duplicates, all of which comprise approximately 20.0 % of the sample batch, to monitor sample preparation and analytical quality. The samples are stored in a secure area until they are shipped to the ALS laboratory in Belo Horizonte (ISO 9001 Certified) for preparation and then sent for assay in the ALS laboratory in Peru. At the laboratory, samples are dried, crushed, pulverized and then a four-acid digestion is applied. This process is followed by the ICP-MS analytical technique for 48 elements, including lead. If zinc or lead exceeds 1.0 %, it is then analyzed using an ICP-AES analytical technique. The laboratory also inserts blanks and standards as well as including duplicate analyses. ALS is independent of the Company. Widths of the intersections are interpreted to be close to true width based the angle of intersection relative to the geological model.
Qualified Person
The technical content of this news release has been reviewed, verified and approved by Carlos H. C. Costa, P.Geo., Project Director of Emerita do Brazil, a qualified person as defined by NI 43-101.
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 teams are based in Sevilla, Spain and Belo Horizonte, Brazil with an administrative office in Toronto, Canada.
For further information, contact:
Helia Bento
+1 416 309 4293 (Toronto)
info@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, statements regarding the Salobro Project, the mineralization at the Salobro Project, the Company’s ability to publish a NI 43-101 mineral resource at the Salobro Project, the results of the drilling program at the Salobro Project, the QA/QC results from the Salobro Project, the prospectivity of the Salobro Project 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.
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Emerita Resources Corp.
36 Lombard Street, Floor 4
Toronto, Ontario, M5C 2X3
Canada
info@emeritaresources.com