Emerita Awarded Public Tender for Key Zinc Project in the Riocin Mining Camp, Cantabria, Northern Spain
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
Emerita Awarded Public Tender for Key Zinc Project in the Riocin Mining
Camp, Cantabria, Northern Spain
Toronto, Ontario, October 26, 2017 – Emerita Resources Corp. (the “Company” or “Emerita”)
(TSX-V: EMO) along with its Spanish joint venture partner Aldesa, has been awarded exploration
concessions comprising 3,600 hectares in the Santillana Syncline (the “ Plaza Norte Project”),
through the public tender organized by the Dirección General de Industria, Comercio y Consumo -
Consejería de Innovación, Industria, Turismo y Comercio - del Gobierno de Cantabria (the
Government of Cantabria, in northern Spain ). The Plaza Norte Project is located in the Reocin
Basin which host s the famous Reocin mine, formerly one of the premiere zinc producers in
Europe, having produced approximately 62 million tonnes grading 11% zinc and 1.4% lead.
Key Points
• The Plaza Norte Project is immediately adjacent and hosts the extensions of the R eocin
mine which produced approximately 62 million tonnes grading 11% zinc and 1.4% lead.
• Emerita has acquired the historical data base for the Plaza Norte Project which includes
more than 300 drill holes (approximately 73,000 meters of drilling) with numerous high
grade intercepts such as hole 532 – 18.96 meters grading 9.72% zinc , Hol e SS21 – 8.20
meters grading 7.05 zinc .
• The rights to the Plaza Norte Project have been granted for an initial three year term with
the option to renew.
• Emerita’s joint venture partner , the Aldesa Group (“Aldesa”), is a major Spanish
construction and infrastructure firm with international operations. Emerita will be the
operator of the Plaza Norte Project.
Emerita participated in the tender process through a joint venture company, Cantábrica del Zinc .
Emerita and Aldesa each own a 50% interest in Cantábrica del Zinc (the “JVCo”) . The Aldesa Group
of Companies ( http://www.aldesa.es) is a specialized infrastructure construction group with
over 40 years of experience in the construction industry in Spain and internationally. Emerita and
Aldesa formed JVCo with its registered office in Santander for the purpose of participating in the
exploration and development of the Plaza Norte Project. Under the terms of the joint venture
agreement, Emerita and Aldesa will be equally represented on the b oard of directors of JVCo and
Emerita will be the operator of Plaza Norte Project. The joint venture is focused on advancing a
significant zinc project along with the government and community in Cantabria.
The parliament of Cantabria passed amendments to the law that regulates various land uses in
April 2017 and created a solid legal framework intended to promote and attract mining activity in
the region. Immediately following the enactment of these laws, the Government of Cantabria
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
launched an explorati on tender with the aim of attracting investment to the area of the Reocin
mine and surrounding mining camp. The tender for the region encompassed a total of 460 claims
comprising 1 3,800 hectares which were previously controlled by Asturiana de Zinc until 2003,
when the Reocin mine ceased operation and the mining rights were returned to the G overnment
of Cantabria. JVCo, through its successful tender bid, acquire 120 of these claims which were
strategically selected based on its detailed review of the historical data.
Within the next four months Emerita and its partner will submit the planned exploration program
to the Provincial authorities in line with the Public Tender. The exploration licences are for a three
year period, and can be extended for an additional three years by the Ministry of Industry subject
to compliance by filing a report of results of the exploration program.
The Plaza Norte Project
The Plaza Norte Project is located in the Cantabria Region, Northern Spain, in the Reocin mining
district. The Cantabria region is characterized by first world infrastructure Including an industrial
port and excellent rail and road network. Glencore has its “San Juan de la Nieva” zinc smelter in
the adjacent region, Austurias, about 180 km to the west by road (Fig. 1).
The Reocin mine was a past producing zinc mine and was among the richest zinc mine s in the
world. The mine started as an open pit and proceeded to an underground operation and after
many decades was closed in 2003. Reocin is a typical Mississippi Valley type deposit, characterized
by high zinc grades in sphalerite-rich layers. Historical production was 62.0M tonnes grading 11.0%
Zn (fig. 2).
The Reocín mine is geologically located in the Santillana Syncline which h osts the limestone and
dolomitic rocks related to the zinc (lead) deposits. The Santillana Syncline has been explored to
some extent but most of the prospective part of the basin was controlled by Asturiana de Zinc
since the 1980’s. Emerita has identified interesting target areas within the data base including drill
intercepts
such as hole 532 – 18.96 meters grading 9.72% zinc and 0.09% lead, Hole SS21 – 8.20 meters
grading 7.05 zinc and 0.30 % lead.
Since mid-2016, Emerita has bee n compiling the historical data into a database with more than
300 drill holes and approximately 73,000 m of diamond drilling. For most of these holes, the core
is also preserved in government core shack facilities. After analyzing the data, Emerita selected an
area that encompasses 120 claims ( 3,600 hectares). This area encompasses most of the area of
where exploration drill holes are located, including those with high grade intercepts.
The thickness of the mineralized orebodies varies for m one meter to 20 meters . The Company
has identified three high priority target areas within th e selected tender land package, with
multiple mineralized intercepts.
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
According to Joaquin Merino , P.Geo. , Emerita’s President and CEO : “The granting of the Plaza
Norte Project through the public tender process is a great achievement for the Emerita and Aldesa
team, which initially identified the opportunity and promoted the tender. Based on a rigorous
review of the drilling data , we ar e confident that we have selected the claims with the highest
potential. We are also extremely pleased with the strong support received from the community
and government to date. "
Figure 1.- Cantabria Region Northern Spain
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
Figure 2. Plaza Norte Project map with historical drill holes.
Qualified Person
Joaquin Merino 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.
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 s are based in Sevilla, Spain and Belo Horizonte, Brazil with an
administrative office in Toronto, Canada.
For further information, contact:
Joaquin Merino
+34 (628) 1754 66 (Spain)
PLAZA NORTE PROJECT
OPEN PIT REOCIN MINE
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
Helia Bento
+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 Plazas Norte Project, the Company’s ability to co mplete a financing, the
mineralization of the Plaza Norte Project, the operation of JVCo, the support of the local
community and governmental authorities , and the Company’s future plans. Generally, forward -
looking information can be identified by the use o f 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 TER M IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
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