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Emerita Resources raises $2.35 million, prepares drill permitting for southern Spain polymetallic project

by Greg Klein | August 14, 2020

Backed by two recently closed private placements, a Spanish exploration company readies its historic property for a new round of drilling. Emerita Resources TSXV:EMO now has environmental documentation underway for an exploration permit, and has begun a digital database for its Paymogo polymetallic project.

Emerita Resources raises $2.35 million, prepares drill permitting for southern Spain polymetallic project

Emerita was formally granted the Paymogo claims in late June, following a lengthy legal process. Located in southern Spain’s Iberian Pyrite Belt adjacent to the Portuguese border, the property has highway access to the Atlantic port of Huelva, about 50 kilometres away.

Encouraging to both the environmental process and mineralization potential, the Iberian belt hosts many past-producers along with active operations.

According to an historic, non-43-101 estimate, Paymogo’s Romanera deposit hosts 34 million tonnes averaging 0.42% copper, 2.2% lead, 2.3% zinc, 44.4 g/t silver and 0.8 g/t gold. Within that deposit a higher-grade zone shows an historic, non-43-101 estimate of 11.21 million tonnes averaging 0.4% copper, 2.47% lead, 5.5% zinc, 64 g/t silver and 1 g/t gold.

The deposit starts at surface, reaches 350 metres in depth and remains open down dip, according to historic records.

About eight kilometres from the Romanera deposit, the Paymogo property also includes the Infanta area, with historic, non-43-101 results showing high-grade copper-lead-zinc-silver intervals.

But previous operators might have neglected Paymogo’s gold and silver, Emerita believes. “At the time Romanera was being explored by the previous operators, there was very little interest in the precious metals potential and some earlier drill holes were not assayed for gold,” said president Joaquin Merino. “Based on the historic data available and our knowledge of the deposits, we are very encouraged by what we are seeing.”

Along with survey results, there are 51 previous holes from Romanera and 48 from Infanta to compile in the digital database and 3D model that will help guide the next drill campaign.

Looking at another Iberian Pyrite Belt project, Emerita awaits a court decision regarding a disputed tender for the Aznalcollar zinc-lead past-producer.

Last May the company announced a binding letter agreement to earn a 55% interest in the Sierra Alta gold project in northern Spain. The acquisition would cost Emerita $50,000, 500,000 shares and $500,000 in two years of spending.

The company’s portfolio also includes a 50% interest in the Cantabrica do Zinco joint venture and its Plaza Norte project near Spain’s northern coast. Emerita has filed a technical report to renew these claims with the regional ministry of mines. In August 2019 the company reported a drill intercept grading 4.57% zinc over 9.5 metres from an area that has also seen historic drilling.

Earlier this week Emerita closed a fully subscribed private placement of $1 million that was offered following overwhelming response to a previous placement that closed on $1.35 million in July.

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