Canadian-listed Emerita Resources [TSXV: EMO] currently has five diamond drills operating on its Spanish projects which are turning in some very interesting assay results from the high grade polymetallic projects it is currently exploring.
Focus is on its Iberian Belt West project where it has an NI 43-101 Resource Estimate of 14.07 MT of indicated resource, including 7.63% ZnEq plus 75.2 g/t Ag and 1.39 g/t Au from recent drilling at the La Romanera project.
The IBW project is known to contain three high grade deposits, namely La Infanta, El Cura and La Romanera. The latter two are deposits which remain open to drilling. El Cura has yet to be drilled by Emerita Resources.
This is the first time we’ve looked at a Spanish mining project, but the country has been mined for precious metals since the 8th century BC. Spain represented arguably the richest source of gold and silver for the Roman Empire.
The province of Andalusia has declared underground mining a preferred strategic economic development activity, while the European Union has declared the area of strategic importance for the supply of critical metals to the bloc over the next five years.
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Emerita Resources expanding its resource footprint
Emerita Resources says it is continuing to expand the resource footprint at IBW with further delineation of the El Cura site and drilling at Nueva Tintillo.
Currently the main focus is on La Romanera and La Infanta, where the deposits occur approximately 6km from each other. Drilling is continuing at La Romanera as the deposit continues to be open along strike and depth.
“We continue to see a very thick massive sulphide zone at La Romanera where drilling is expanding the deposit beyond the recently announced mineral resource estimate at IBW,” explained Joaquin Merino, President of Emerita. “Given these are some of the thickest massive sulphides we have seen to date at La Romanera, in addition to the downhole electromagnetic surveying indicating continuity to depth, we are optimistic there continues to be significant room to expand this deposit.”
David Gower, CEO and Director at Emerita Resources will be speaking at the upcoming Armchair Trader: Beyond the Channel professional investor event in London on 30 November. Sophisticated investors can register for a ticket to attend here.
The Iberian Pyrite Belt
The Iberian Pyrite Belt sits across the Spanish-Portuguese frontier and is regarded as one of the most important volcanogenic massive sulphide districts in the world. It has been mined for 2000 years. It hosts over 90 deposits including some real heavy weights like Neves-Corvo and Las Cruces.
Being in Europe, the region already has first class infrastructure in place.
Emerita Resources has filed an application for an Exploitation License which would grant the company a 30 year term, renewable up to 90 years. This marks the transition of the project from an exploration play to more serious development activity. The company is in the process of prepping a preliminary mine plan with an EIA which will support the application.
Worth also mentioning is the company’s Aznalcollar project in Andalucia, which is reckoned to be one of the world’s best undeveloped zinc deposits. It includes the Los Frailles mine which originally contained 20 MT grading 10.8% Zn+Pb+Cu (Ag 84 g/t). This is open at depth according to historical mine estimates and is open for expansion at shallow depth.
At Aznalcollar, the high grade portion of the historical resource is entirely within the Los Frailles deposit. Emerita says it expects to mine the higher grade portion of the deposit with underground methods.
