Wednesday 30th September 2020

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Emerita Resources releases historic assays prior to drilling Spanish base and precious metals project

by Greg Klein | September 9, 2020

Past and future drilling suggest additional potential for southern Spain’s Iberian Pyrite Belt. A batch of newly released historic intercepts supports Emerita Resources’ (TSXV:EMO) plans for its Paymogo project.

The assays come from the Infanta area, about eight kilometres east of the property’s Romanera deposit, which hosts an historic, non-43-101 resource. The Infanta grades result from 41 holes dating to the late 1970s and early ’80s. Drilling started near surface, reaching depths of only about 130 metres and extended along strike for approximately 600 metres. Remaining open along strike and down dip, mineralization potentially extended beyond the earlier project’s border, Emerita stated. Expansion since then places potential extensions within Paymogo’s turf.

Some highlights from the historic, non-43-101 results show:

Emerita Resources releases historic assays prior to drilling Spanish base and precious metals project

  • 0.5 g/t gold, 176.4 g/t silver, 3.1% copper, 11.1% lead, 20.7% zinc over 6.3 metres, starting at 49.5 metres in downhole depth

  • 1 g/t gold, 202.3 g/t silver, 1.1% copper, 6.1% lead, 12.3% zinc over 13.5 metres, starting at 117.4 metres

  • 85.6 g/t silver, 3% copper, 8.7% lead, 14.5% zinc over 8.14 metres, starting at 78 metres

  • 186.2 g/t silver, 3.2% copper, 11.5% lead, 21.5% zinc over 4.23 metres, starting at 104.92 metres

  • 0.9 g/t gold, 240 g/t silver, 3.8% copper, 13.1% lead, 25.3% zinc over 5.3 metres, starting at 81.2 metres

  • 0.4 g/t gold, 214 g/t silver, 3.8% copper, 18.2% lead, 31.2% zinc over 3.63 metres, starting at 72.37 metres

True widths were unavailable.

Along with other project data, the complete set of assays will be used to create 3D modelling to help guide an upcoming drill campaign to compile a 43-101 resource estimate. Permitting is currently underway.

“We are very excited to be planning the upcoming drill program for Infanta,” said president Joaquin Merino. “It is rare to find mineralization with excellent grades this close to surface that has not been closed off by drilling.”

Emerita is also compiling data for Paymogo’s more highly advanced Romanera deposit. Based on 1990s drilling, an historic, non-43-101 estimate credits Romanera with 34 million tonnes averaging 0.42% copper, 2.2% lead, 2.3% zinc, 44.4 g/t silver and 0.8 g/t gold.

A higher-grade zone within that deposit 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 extends from surface to about 350 metres in depth, remaining open down dip, according to historic records.

Paymogo sits adjacent to the Portuguese border, on the western part of the Iberian Pyrite Belt, described by Emerita as one of the world’s most highly mineralized volcanogenic massive sulphide terranes. The Atlantic port of Huelva is about 50 kilometres away.

The company has now received formal mineral title to Paymogo following a lengthy legal dispute that settled in June.

Meanwhile Emerita awaits a court decision regarding its disputed tender for Aznalcollar, a former zinc-lead mine on the same Iberian belt. In May the company signed 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.

Closer to Spain’s northern coast, the company holds a 50% interest in the Cantabrica do Zinco joint venture and its Plaza Norte base metals project, now subject to renewal of claims. In August 2019 the company reported a drill interval reaching 4.57% zinc over 9.5 metres from an area that has undergone historic drilling.

Last month Emerita closed a fully subscribed private placement of $1 million that followed a $1.35-million placement in July.

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