Emerita Resources Corp. [TSXV-EMO, EMOTF-OTC] has launched drilling at its 100%-owned Nuevo Tintillo project in Spain.
Nuevo Tintillo is located in an area with abundant evidence of base metal mineralization in surface outcrops as well as small historical mines and is situated on trend from large volcanogenic massive sulfide (VMS) deposits in the Iberian Pyrite Belt, including Rio Tinto, Aznalcollar and Cobre Las Cruces.
The project is hosted in the eastern part of the Iberian Pyrite Belt in Seville Province and covers 14,500 hectares, making its Emerita’s largest landholding in the Iberian Pyrite Belt.
Due to the unusually hot and dry summer, the restrictions related to fire prevention in the area were extended to mid-October. During the hottest weather in this region of Spain, heaving equipment is not permitted to operate during the daytime hours. “This is the most extended dry period seen the region in many years,’’ said Emerita President Joaquin Merino. “Some rainy weather has started, however much more is needed as reservoirs, ponds, smaller streams and rivers are still dry in many cases,’’ he said. “The company will truck water for the drill program.’’
Initial drilling will focus on targets that have been identified on the west side of the project, nearest to the Rio Tinto mine. The program will evaluate six priority targets and consist of approximately 3,000 metres in the initial target testing phase. Subsequent drilling will be budgeted based on results.
The project is road accessible and was previously held by several major companies during the 1980s and 1990s, most recently by Boliden Apirsa.
Emerita shares were unchanged at 34 cents on Friday and currently trade in a 52-week range of $1.24 and 31.5 cents.
Emerita was in the news recently when it raised $8 million via a private placement offering after announcing a maiden resource estimate for its 20 square kilometre Iberian Belt West property, which is located in the south of Spain, approximately 10 kilometres from the national border with Portugal.
Emerita acquired a 100% interest in the Iberia West project via public tender process. The project is hosted within the Iberian Pyrite Belt, one of the world’s most productive volcanogenic massive sulphide (VMS) tarranes.
The IBW property is estimated to host an indicated resource of 14.07 million tonnes of grade 3.29% zinc, 1.66% lead, 0.46% copper, 75.2 g/t silver and 1.39 g/t gold (7.63% zinc equivalent ZnEq). On top of that is an inferred resource of 4.71 million tonnes of grade 4.70% zinc, 2.14% lead, 0.54% copper, 72.4 g/t silver and 0.90 g/t gold (9.29% ZnEq).
The estimates include an indicated resource of 13 million tonnes of 7.08% ZnEq in La Romanera plus 1.07 million tonnes of 14.32% ZnEq indicated at La Infanta.
