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Emerita Resources JVs on Spanish zinc project next to high-grade former mine

by Greg Klein | October 26, 2017

A successful public tender brings Emerita Resources TSXV:EMO an acquisition hosting extensions of an adjacent past-producer characterized as “among the richest zinc mines in the world.” Through a newly formed JV, the company gets a 50% stake in the Plaza Norte project in northern Spain’s Reocin Basin. The neighbouring Reocin mine produced about 62 million tonnes averaging 11% zinc and 1.4% lead up to 2003.

Emerita Resources JVs on Spanish zinc project next to high-grade former mine

The regional government of Cantabria tendered 13,800 hectares of claims that lapsed when Reocin shut down. “Based on a rigorous review of [historic] drilling data, we are confident that we have selected the claims with the highest potential,” said Emerita president/CEO Joaquin Merino. “We are also extremely pleased with the strong support received from the community and government to date.”

Emerita will act as project operator on behalf of JV partner the Aldesa Group, a specialized construction and infrastructure firm with international operations. The tender granted rights to Plaza Norte for three years with an option to renew.

Emerita has been studying historic data from the property since mid-2016, building a database of over 300 holes totalling approximately 73,000 metres. The Plaza Norte claims cover most of the drilling area, including those with high-grade intervals, the company stated. Some examples include 9.72% zinc over 18.96 metres and 7.05% over 8.2 metres. The core was placed under government storage.

The JV will submit exploration plans to the government within four months.

Cantabria infrastructure includes an industrial port and an excellent rail and road network, Emerita added. Glencore operates a zinc smelter about 180 kilometres by road from Plaza Norte.

Regarding its bid on another Spanish project, last month Emerita reported encouraging news about the Paymogo property in Andalusia. After a competing bid was selected, a court ruled the process invalid, ordering bids to be re-assessed. The company expressed confidence that its bid would prevail if the process “eliminates the illegal criteria and leaves the legal criteria as originally scored.”

Paymogo hosts an historic, non-43-101 estimate of 34 million tonnes averaging 0.42% copper, 1.1% lead, 2.3% zinc, 44 g/t silver and 0.8 g/t gold.

In March the company announced progress on another disputed Andalusian tender, this one for the Aznalcollar zinc project.

Earlier this month the company announced conditional TSXV approval for its acquisition of the Salobro zinc project in Brazil. Salobro comes with an historic, non-43-101 estimate of 8.3 million tonnes averaging 7.12% zinc.

In June Emerita announced an option to acquire the Falcon Litio MG project, adjacent to Brazil’s only lithium mine.

Emerita also holds the Sierra Alta gold property in northwestern Spain.

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