Plaza Nueva, 8-B, 1º B 41001 Seville, Spain EMERITA RESOURCES PROVIDES CORPORATE UPDATE Positioning our shareholders to benefit from the strength in zinc
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
Plaza Nueva, 8-B, 1º B 41001 Seville, Spain
EMERITA RESOURCES PROVIDES CORPORATE UPDATE
Positioning our shareholders to benefit from the strength in zinc
Toronto, Ontario, February 2 , 201 8 – Emerita Resources Corp. (the “Company” or “Emerita”)
(TSX-V: EMO) provides the following corporate update to its shareholders with respect to its
portfolio of advanced zinc projects. Emerita has made excellent progress in advancing its business
plan during the final months of 2017 and beginning of 2018.
The Company is closing the acquisition of the Salobro zinc deposit in Minas Gerais State,
Brazil following TSXV approval and expects to complete the acquisition in February 2018.
Along with its joint venture partner , The Aldesa Group of Companies (“Aldesa”), Emerita
was awarded the Plaza Norte zinc project in Cantabria , northern Spain adjacent to the
famous Reocin Mine.
Mr. Michael Timmins, formerly Vice President, Corporate Development for Agnico Eagle,
was appointed as CEO of the Company, an important step in strengthening the Company’s
shareholder outreach and capital markets performance.
The Company completed an over -subscribed private placement of $4.2 million in
December 2017.
David Gower, P.Geo., Chairman of Emerita stated: “Th is is an exciting point in the Company’s
development. We have two exceptional zinc projects that we are commencing exploration and
development work on, we have strengthened our executive team and with the recently completed
financing can quickly and efficiently advance our projects.”
Salobro Zinc Project
On January 22, 2018, the Company received confirmation from the TSX Venture Exchange (“TSXV”)
that Emerita had satisfied the conditions in the TSXV’s conditional approval letter in respect of the
Company’s acquisition of the Salobro Zinc project (please see the Company’s January 22, 2018
news release). Emerita has commenced the closing process and expects to complete the
acquisition of the Salobro project on or before February 22, 2018.
Emerita has cre ated a Brazilian subsidiary, Zinco das Gerais, to formally hold and operate its
Brazilian projects. The Company has got a strong technical team in place in Brazil that has
compiled the historical drill hole data and has completed a deposit model and is de veloping a
preliminary mining plan that will be used to maximize the effectiveness of the upcoming diamond
drill program. Permitting for the initial 3,500 meter drill program is in progress and is expected to
commence in March 2018. The deposit remains o pen for further expansion. The initial work
program will focus on a combination of completing QA/QC work on the existing drill core to
produce an NI 43-101 compliant resource as well as step out drilling to expand the resource on the
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
Plaza Nueva, 8-B, 1º B 41001 Seville, Spain
shallow parts of the deposit in preparation for commencing an economic evaluation of the deposit
later this year.
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 metasedimentary rocks. The mineralization is
stratabound with sphalerite and galena as the ore minerals. The 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 . 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 miner al 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.
Plaza Norte Project
Emerita, along with its Spanish joint venture partner, Aldesa, has been awarded exploration
concessions comprising 3,600 hectares (the “Plaza Norte Project”), through a public tender
organized by the Government of Cantabria, in northern Spain (please see the Company’s October
27, 2017 news release). The Cantabria region is characterized by first world infrastructure
including an industrial port and excellent rail, road n etwork and a University with Mining
Department. Glencore has its “San Juan de la Nieva” zinc smelter in the neighbor ing region,
Asturias, about 180 km to the west by road . The Plaza Norte Project is located adjacent to the
famous Reocin mine, formerly on e of the premiere zinc producers in Europe, having produced
approximately 62 million tonnes grading 11% zinc and 1.4% lead. Emerita’s Spanish technical
team has commenced the permitting process to commence a 5,000meter diamond drill program
on priority ta rgets that already have high grade intercepts with the objective of establishing a NI
43-101 resource. Drilling is anticipated to commence in May 2018.
In support of the drill program, 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 including Hole 532 – 18.96 meters grading 9.72% zinc and 0.09%
lead and Hole SS21 – 8.20 meters grading 7.05% zinc and 0.30% lead . Initial drilling will be
designed to establish a resource within target areas where mineralization is already indicated by
wide spaced drilling.
Emerita’s joint venture partner, Aldesa, is a major Spanish construction and infrastructure firm
with international operations. Emerita will be the operator of the Plaza Norte Project.
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
Plaza Nueva, 8-B, 1º B 41001 Seville, Spain
Joaquin Merino, P.Geo., President of Emerita commented: “We are greatly encouraged by the very
strong support that the Plaza Norte Project has received from the local governme nt and
community. This support coupled with the extensive data base of diamond drill, geological and
geophysical data we have acquired will provide a clear path to efficiently advancing the project
towards development. At the same time, we will be advanc ing the Salobro zinc deposit in Brazil
towards a NI 43-101 compliant resource and subsequent economic evaluation of its potential.”
“2018 will be quite an exciting year for Emerita shareholders as we focus on converting
mineralized zones at Salobro and P laza Norte into new 43 -101 resources. These are both exciting
projects with high zinc grades and mineralization at shallow to moderate depths ,” commented
Michael Timmins, CEO of Emerita.
Qualified Person
Carlos Cravo Costa, P.Geo. is a “qualified person” as such term is defined in NI 43 -101 and has
reviewed and approved the scientific and technical information in this press release regarding the
Salobro Project and has approved its dissemination.
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 in this press release regarding the Plaza Norte
Project 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 with a primary focus on exploring in Spain and Brazil. The Company’s corporate
office and technical team are based in Sevilla , Spain 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
Plaza Nueva, 8-B, 1º B 41001 Seville, Spain
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 completion of the acquisition of the Salobro project, the mineralization
at each of the Salobro project and Plaza Norte Project, the Company’s ability to complete a NI 43 -
101 compliant resource at the Salobro Project and Plaza Norte project, the Comp any’s exploration
programs 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 jur isdictions; 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 res ults 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 actu al 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, excep t in accordance with applicable
securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.