Emerita Resources Announces Completion of the Acquisition of the Salabro Zinc Project and Filing of Ni 43-101 Technical Report
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
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EMERITA RESOURCES ANNOUNCES COMPLETION OF THE ACQUISITION OF THE SALABRO
ZINC PROJECT AND FILING OF NI 43-101 TECHNICAL REPORT
Toronto, Ontario, March 15, 2018 – Emerita Resources Corp. (“Emerita” or the “Company”)
announces that it has completed the acquisition of the Salobro zinc project (the “Salobro
Project”) located in Minas Gerais State, Brazil (the “Transaction”). The rights to the Salobro
Project have now been transferred to the Company’s Brazilian subsidiary, Zinco das Gerais, and
the transfer has been published in the Brazilian Official Gazette.
Pursuant to the closing of the Transaction, Emerita has paid USD$350,000 to Vale S.A. and
issued 1,000,000 Emerita shares to IMS Engenharia Mineral Ltda. (“IMS”). Please see Emerita’s
press releases dated July 14, 2017 and January 22, 2018 for further details regarding the
Transaction.
The Company has a 75% ownership interest in Zinco das Gerai s and the remainder is held by
IMS. Emerita has the right to acquire IMS' 25% interest in Zinco Das Gerais on or before July
14, 2021 by paying CAD$2,000,000 in cash to IMS or its nominee and issuing an additional
1,000,000 Emerita shares to IMS or its nominee.
A NI 43- 101 technical report in respect of the Salobro Project entitled “Technical Report on
Salobro Zinc Project” dated March 23, 2017 was prepared by Carlos H.C. Costa , P.Geo., and is
available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s
website (the “Technical Report”).
Michael Timmins, CEO of Emerita, commented, “Completing the acquisition and title transfer
of Salobro was an important step for Emerita. We are now able to submit applications for
drilling permits and stay on track to accelerate the program at the project. Late last year the
Company completed an internal scoping study that set out an aggressive development time
horizon for Salobro. The next deliverable will be the upgraded NI 43- 101 resource followed
shortly thereafter by a project preliminary economic assessment.”
Work has commenced to upgrade the historical resource to NI 43 -101 standards. Geologists
are logging and sampling and re -assaying the historical drill co re, which is well preserved, to
provide the QA/QC data necessary to satisfy NI 43-101 standards. Now that the Company has
completed the acquisition of the Salobro Project and the title has been officially transferred,
the Company expects its applications for diamond drilling permits to be quickly processed.
About the Salobro Project
The Salobro Project is located in Minas Gerais State, Brazil in an area well serviced with
infrastructure including a zinc smelter, paved roads, rail, water and power. The mineralization
is hosted in the Archean to Paleoproterozoic Riacho dos Machados group, of metasedimentary
rocks. The mineralization is stratabound with sphalerite and galena as the ore minerals. The
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
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metasedimentary sequence comprises carbonates, banded iron formations and banded cherts,
suggesting either a Mississippi Valley Type or Sedex depositional environment for the sulphide
accumulations. The thickest intercept to date is 13.92 meters grading 10.39% zinc and 2.13%
lead. Please refer to the Company’s Technical Report for additional information.
A summary of the historical resource estimate can be found on the Company’s website in a
report entitled “ Mineralizações De Zinco E Chumbo Do Depósito Salobro, Porteirinha (Mg)
(2006)”. According to this report, the Salobro Project deposit is estimated to contain 8.3
million tonnes grading 7 .12% zinc and lead . A “qualified person”, as defined in National
Instrument 43 -101 (“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.
The Salobro Project deposit remains open for further expansion. The initial work program will
focus on a combination of completing QA/QC work on the existing d rill core to produce an NI
43-101 compliant resource as well as step out drilling to expand the resource. The results of
the initial work program are expected to provide the necessary data for completing the initial
economic evaluation of the Salobro Project deposit.
Qualified Person
Dr. Fernando Tallarico, P.Geo., and Carlos H.C. Costa, P.Geo., are each a “qualified person” as
such term is defined in NI 43 -101 and have reviewed and approved the technical information
related to the Salobro Project included in this press release and have approved its
dissemination. Each of Dr. Tallarico and Mr. Costa are considered independent of Emerita.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and
development of mineral properties in Europe and South America , 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:
Joaquin Merino
+34 (628) 1754 66 (Spain)
Helia Bento
+1 416 309 4293 (Toronto)
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
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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 Company’s ability to develop the Salobro
Project, the mineralization of the Salobro Project, the prospectivity of the Salobro Project, the
Company’s ability to obtain the applicable permits and approvals, the Company’s ability to
convert the historical resource to a NI 43 -101 resource, the Company’s ability to complete a
financing, and the Company’s future plans. Generally, forward -looking information can be
identified by the use of fo rward-looking terminology such as “plans”, “expects” or “do es 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 th at certain actions, events or results “may”, “could”, “woul d”, “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 th e 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 explo ration 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 a ssurance 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 do es not undertake to update any
forward-looking information, except in accordance with applicable securities laws.
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TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEP TS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.