Drilling of the Romanera deposit as part of the exploration of the Iberia Belt West Project in Spain is set to soon commence for Emerita Resources (TSXV: EMO). The firm this morning reported that the 15 day waiting period related to the issuance of the required drill permits has now lapsed.
With the waiting period expired, the company is now expected to imminently receive the required permits to proceed with drilling, given that no submissions were made in objection to the exploration program within the community. As a result, Emerita is now in the process of mobilizing a total of four drill rigs to the Romanera deposit.
The four rigs will bring the total drill rig count on the property to eight, with two rigs currently exploring the El Cura deposit and two focused on Infanta. Drilling of the Romanera deposit is viewed as the “most important phase of the project,” given the opportunity it presents the company.
“The Romanera deposit is the cornerstone of the Iberia Belt West Project (IBW). Based on the historical work, it is more than 10X the size of any of the deposits known on the Project to date and has the potential to support a feasibility as a stand-alone operation in the future,” said CEO David Gower on the opportunity the deposit presents.
The Romanera has seen mineralization confirmed historically over a strike of 450 metres, although magnetic surveys conducted by the company have shown the conductor extends for 1.2 kilometres of strike. The deposit remains open at depth below 350 metres, as well as along strike. A total of 51 drill holes were conducted on the property historically.
Also announced this morning is assay results from ten holes conducted at the Infanta deposit as part of the ongoing drill program. Highlights from those results include:
- IN035: 5.5 metres of 1.2% copper, 3.3% lead, 5.9% zinc, 0.41 g/t gold and 93.9 g/t silver
- IN038: 1.5 metres of 1.2% copper, 4.5% lead, 7.1% zinc, 0.44 g/t gold and 145.3 g/t silver
- IN040: 1.5 metres of 0.1% copper, 6.4% lead 9.4$ zinc, 25.0 g/t silver
- IN041: 3.0 metres of 0.7% copper, 2.7% lead, 5.6% zinc, 28.3 g/t silver
- IN043: 1.4 metres of 2.6% copper, 11.7% lead, 21.6% zinc, 0.16 g/t gold and 304.4 g/t silver
With the results from the these holes, the company has identified a potential 1.0 kilometre extension of strike to the west at the North Block of the Infanta deposit. Intersections however are narrower than that of the South Block, leading to a review of geophysical techniques and more potential surveying over the mineralized horizon to identify where mineralization might thicken at depth or along strike. Drilling priorities as a result will shift to the El Cura and Romanera deposits while this is being conducted.
A resource estimate for the Infanta deposit is expected to be determined later this year, in addition to estimates from the other deposits at the IBW project.
Emerita Resources last traded at $2.43 on the TSX Venture.
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