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Emerita Resources (TSXV: EMO) has expanded an ongoing drill program following the release of the latest results from the El Cura Deposit. The expansion is said to be directly a result of the success the program has seen to date.
“The ongoing success of the drill program at El Cura has led us to approve an additional 10,000 meters of drilling as the deposit remains open for expansion and continues to deliver intercepts of excellent thickness and grade,” commented Emerita Resources President Joaquin Merino.
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The ongoing program is focused on the expansion and in-fill of the El Cura deposit, which is part of the larger Iberian Belt West project in Spain. Results from the program have continued to demonstrate that the deposit remains open for expansion at depth. with the expanded program to focus on converting inferred resources to indicated in support of economic studies, while also extending the lower and western regions of the resource.
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Highlights from the latest results include:
- EC057: 2.3% copper, 1.8% lead, 4.7% zinc, 2.21 g/t gold and 78.71 g/t silver over 3.1 metres, from a depth of 277.0 metres
- Including 3.3% copper, 2.5% lead, 6.2% zinc, 3.13 g/t gold and 110.58 g/t silver over 1.9 metres
- EC062: 1.0% copper, 1.4% lead, 1.9% zinc, 1.31 g/t gold and 60.10 g/t silver over 7.2 metres from a depth of 309.85 metres
- EC067: 1.4% copper, 1.0% lead, 2.1% zinc, 0.93 g/t gold and 42.66 g/t silver over 16.9 metres from a depth of 284.3 metres
- Including 1.1% copper, 1.5% lead, 3.5% zinc, 1.46 g/t gold and 59.69 g/t silver over 3.1 metres
- EC068: 1.3% copper, 1.0% lead, 3.2% zinc, 1.58 g/t gold and 46.59 g/t silver over 2.7 metres from a depth of 235.8 metres
“We are particularly interested in the improved understanding of the structural controls of the mineralization which suggest that previous investigators walked away without fully exploring the down plunge potential at El Cura,” continued Merino.
The expansion of the drill program follows a financing announced last week for gross proceeds of $15 million, which was upsized later that day to $25 million and followed by a subsequent follow-on financing, bringing total gross proceeds to $26 million. Funds raised from those financing rounds are to be used for further exploration at Emerita’s properties.
Emerita Resources last traded at $1.04 on the TSX Venture.
FULL DISCLOSURE: Emerita Resources Corp. is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Emerita Resources Corp. The author has been compensated to cover Emerita Resources Corp. on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
