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Emerita Resources (TSXV: EMO) has secured additional claims near to their Iberian Belt West project. The company has seen the Ministry of Industrial Policy and Energy of Huelva, Andalusia, grant permits for both the San Antonio and Terranova claims.
Collectively, these new claims represent 181 hectares worth of additional area to the IBW project, bringing total landholdings to 8,144 hectares. San Antonio is found to the southwest of the Ontario license, and is along trend to the La Romanera deposit. Terranova is also found along this mineralized trend, and along strike, extending the overall footprint of IBW close to the border with Portugal. Moving forward, the Ontario, San Antonio, and Terranova claims are to be referred to collectively as the San Antonio Project.
Emerita is permitted to commence exploration immediately on the new project, with plans currently in the process of being developed.
The San Antonio project is strategically located near to where mining infrastructure is expected to be installed at IBW. The project is also home to historical mining, with the property containing the historic small scale Gibraltar Mine, which was said to be “very rich in copper”. The deposit for the mine is found 1.5 kilometres to the west of the Los Silos project area.
The Terranova portion of the claims also contain historic mines, including the Vuelta Faisa Mine and Trimpancho mine, which are both noted to host massive sulphides. The historic Sao Domingos copper mine, which operated for over 100 years, is found just 5 kilometres to the southwest and is said to have produced 20 million tonnes of copper ore over its production life, and at one time was the largest copper mine on the continent.
“As the Company’s strategic land position continues to grow around the main IBW property that hosts La Romanera, La Infanta and El Cura deposits, the Company is presented with substantial new exploration opportunities. The exploration effort that will be conducted on these surrounding lands, which is now referred to as the San Antonio Project will be a focus of systematic exploration on areas with numerous mineral occurrences and historical mines in the coming months,” commented Joaquin Merino, President of Emerita Resources.
At the same time, Emerita Resources has entered into a letter of intent to acquire the Nueva Celti copper project from Western Metallica Resources. The project, comprised of 1,237 hectares and found 75 kilometres to the northeast of Seville, is contained with Ossa Morena geological massif.
The Nueva Celti project includes the historic Penaflor Mine, which was exploited from 1865 to 1891, and again from 1902 through to 1918. The historic mine has existing underground development across several levels of workings, and contains two shafts that are 120 and 131 metres deep. The mine is said to have encountered historic grades of up to 5% copper.
Recent exploration conducted in 2023 encountered 26.1 metres of 1.5% copper, 1.8% zinc, 27.6 g/t silver and 0.7 g/t gold from a depth of 219.75 metres. The deposit is open for expansion along both strike and depth, with the potential existing for significant scale up and delineation of a resource with further drilling.
The LOI outlines that Emerita is to pay $150,000 in cash and $250,000 in common shares in exchange for the project. As per discussions with management, there is also a €90,000 diamond drill credit included with the acquisition that offsets the first payment.
“The continued strategic acquisition of high potential projects in the Andalusia Region further demonstrates the Company’s commitment to becoming the dominant mine developer in the region. Emerita is well financed and will be accelerating its investments in developing high quality mineral deposits in the region. Our team, based in Seville and Huelva are highly motivated and we are excited by the prospects before us.” commented David Gower, CEO of Emerita Resources.
Emerita Resources last traded at $1.42 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.
