Emerita Resources Provides Update ON Drill Permitting and Drill Hole Data Base Progress at Paymogo Project, Spain
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
EMERITA RESOURCES PROVIDES UPDATE ON DRILL PERMITTING AND DRILL
HOLE DATA BASE PROGRESS AT PAYMOGO PROJECT, SPAIN
Toronto, Ontario, August 10, 2020 – Emerita Resources Corp. (TSX-V: EMO) (the “Company” or
“Emerita”) announces it has engaged DSV Ingenieria Ambiental, a highly reputable engineering firm
with offices in the Andalusia Region, to prepare the environmental documentation for the Company’s
wholly-owned Paymogo Project (the “Project”) in order to obtain the “Autorizacion Ambiental
Unificada (AAU)”. The AAU is the environmental license required for exploration activities . The
Paymogo Project is within the renowned Iberian Pyrite Belt, an area with numerous past producing and
active mining operations currently operating under the same well established environmental statutes.
The Company is also advancing the development of a comprehensive digital database from the
historical work which is well preserved in hard copy. For the Romanera and Infanta deposits at the
Paymogo Project there are 51 and 48 historical drill holes available, respectively, including survey data
and assays. With the di gital database, three-dimensional models of the mineralized zones will be
developed and used for target generation in the upcoming diamond drill program.
Joaquin Merino P.Geo., President of Emerita, notes, “as we compile the data it is becoming evident that
both the Infanta and Romanera deposits are precious metals enriched. The mineralized intercepts at
the Infanta deposit have historical assay values for silver ranging between 100 and 290 grams per tonne
(“g/t”) (see Table 1). We are also finding highly enriched gold zones within the Romanera deposit
which will need to be put into context as we build the geological model of the deposit. Historical assay
sheets, such as that shown in Figure 1, present elevated gold grades ( samples 15-19). Sample 16, for
example, has an interval grading 4.7 g/t gold over 2 meters and Sample 17 has 5.3 g/t gold over 2
meters. Both samples are continuous within a zone that grades 3.3 g/t gold over 8 meters. 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. Based on the historical data
available and our knowledge of the deposits, we are very encouraged by what we are seeing.”
About the Paymogo Project
The wholly-owned Paymogo project occurs within the Iberian Pyrite Belt, one of the most highly
mineralized volcanogenic massive sulfide (VMS) terranes in the world. The Project is located in the
western part of the belt, adjacent to the border with Portugal, approximately 70 km west of Seville and
50 km from the port city of Huelva (Figure 2). The Project extends along a strike length of
approximately 18 km. Access is excellent via paved and all-weather gravel roads. Within the Project
area, several base metal occurrences have been identified by previous exploration, the most significant
of which are the Romanera and the La Infanta base metal deposits.
The Romanera deposit was drilled primarily by Minera Rio Tinto in the 1990s and is reported to contain
34 million tonnes grading 0.42% copper, 2.20% lead, 2.3% zinc 44.4g/t silver and 0.8 g/t gold within
which there is a higher grade resource of 11.21 million tonnes grading 0.40% copper, 2.47% lead,
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
5.50% zinc, 64.0 g/t silver and 1.0 g/t gold (The Volcanic Hosted Massive S ulphide Deposits of the
Iberian Pyrite Belt, Garcia-Cortes ed., 2011).
A qualified person, as defined in National Instrument 43- 101, has not done sufficient work on behalf
of Emerita to classify the historical estimate reported above as current mineral r esources or mineral
reserves and Emerita is not treating the historical estimate as current mineral resources or mineral
reserves. The historical estimate should not be relied upon. The deposit extends from surface to
approximately 350 meters depth based on historical drilling. The mineralization remains open for
further expansion down dip beyond the limits of the existing drilling.
The La Infanta mineralized zone has been drilled from surface where it outcrops to a depth of
approximately 100 meters. Numerous high-grade intercepts occur within the zone and it remains open
for expansion at shallow depths. Drilling was completed by Phelps Dodge in the mid 1980s. La Infanta
is located approximately 8 km to the east of the La Romanera deposit.
Table 1: Historical drill results for the Infanta deposit , with high silver values associated with
the mineralized intervals.
Depth
from (M)
Depth
to (M)
Intercept
(M) Cu (%) Pb (%) Zn (%) Ag (g/t)
78.0 84.1 6.1 4.00 11.18 17.71 115.0
21.5 25.2 3.8 0.73 2.00 3.93 30.0
98.5 101.5 3.0 0.41 4.72 11.97 12.0
88.2 91.3 3.1 1.37 7.42 14.47 133.0
33.6 35.6 2.0 1.44 6.30 12.54 159.0
105.9 109.1 3.2 3.60 12.50 24.03 149.0
36.4 41.4 5.1 0.52 8.67 16.60 –
26.9 33.9 7.0 0.28 2.48 5.20 –
70.3 74.0 3.8 2.74 7.92 16.74 157.0
27.8 31.4 3.7 1.16 3.07 8.30 106.0
47.6 50.8 3.2 3.05 11.40 20.42 292.0
57.6 64.3 6.7 1.73 7.20 11.70 110.0
81.2 86.5 5.3 3.96 12.24 24.50 280.0
72.4 76.0 3.6 3.81 18.13 31.20 214.0
76.3 79.8 3.5 1.39 5.30 10.60 179.0
35.0 40.6 5.6 1.31 5.87 11.97 181.0
80.2 83.6 3.4 2.72 8.42 16.15 260.0
50.9 53.0 2.1 1.90 8.91 12.97 158.0
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
Figure 1: Assay sheet showing high grade gold values at the Romanera deposit. Note the gold
enrichment in samples 15-19 (source – Rio Tinto drill logs from 1990 drill campaign).
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
Figure 2: Paymogo Project location map
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr.
Joaquin Merino, P.Geo, President of the Company and a Qualified Person as defined by National
Instrument 43-101 of the Canadian Securities Administrators.
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. The Company’s corporate
office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Helia Bento
+1 (416) 566-8179 (Toronto)
Joaquin Merino
+34 (628) 1754 66 (Spain)
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
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 mineralization of the Project, the Company’s ability to develop the Project, the prospectivity of the
Project, the Company’s ability to complete a NI 43- 101 resource estimate at the Project and the
Company’s future plans. Generally, forward- looking information can be identified by the use of
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 the purchased properties; forei gn 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.
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