Shares in Emerita Resources (TSXV: EMO; OTCQB: EMOTF) rose 7% on Tuesday after it reported drill results at its Iberian Belt West base metals project in Spain and said it will publish an initial mineral resource estimate by May.
Drill hole LR057 at the La Romanera deposit cut 25.1 metres from 328.8 metres depth grading 0.3% copper, 1.5% lead, 6% zinc, 0.74 gram per tonne gold and 82 grams silver, the Toronto-based explorer said in a release on Tuesday.
Drill hole LR016 returned 40.2 metres from 288 metres depth grading 0.3% copper, 1.5% lead, 4.3% zinc, 1.36 grams per tonne gold and 75.5 grams silver. The interval included 7 metres grading 0.3% copper, 2.6% lead, 5.9% zinc, 2.78 grams gold and 110.5 grams silver.
The two holes are among seven intercepts reported on Tuesday. They are located on the east and west edges of the historical boreholes’ footprint drilled mostly by Rio Tinto (LSE: RIO; ASX: RIO) in the 1990s. The site itself dates from Roman times.
The La Romanera deposit may contain 34 million tonnes grading 0.42% copper, 2.20% lead, 2.3% zinc, 44.4 grams silver per tonne and 0.8 grams gold, Emerita says, but the old Rio Tinto figures don’t comply with Canadian NI-43-101 reporting standards for listed companies.
The Iberian Belt West project 144 km west of Seville near the Portugal border and 50km from the port city of Huelva also hosts the La Infanta and El Cura massive sulphide deposits. It extends along a strike length of about 12 km.
Emerita chief executive officer David Gower said his company’s mineral resource estimate for the project is to be completed by the end of March or early in the second quarter.
“We expect to lock in the databases for both La Romanera and La Infanta deposits for this estimate between Jan. 31 and Feb. 15, 2023, so the resource modeling can proceed,” Gower said.
“We plan to complete approximately 35 more holes by that time, most of these are short holes targeting the upper part of the deposit or specific areas where drill spacing should be improved.”
Emerita has completed 100 drill holes on La Romanera and 77 on La Infantra. The company has 15 drill rigs on the property operated by six companies and has retained United Kingdom-based Wardell Armstrong International to complete the resource estimate.
Shares of Emerita Resources gained 4¢ in Toronto on Tuesday to 62¢, within a 52-week trading range of 56¢ and $3.84, valuing the company at $126.5 million.
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