A high-grade historic zinc estimate from Vale brought Emerita Resources to Brazil.
The near-term goal is a 43-101 resource to replace an historic estimate as drilling continues at Emerita Resources’ (TSXV:EMO) Salobro zinc project in eastern Brazil’s Minas Gerais state. Out of a planned 23-hole, 3,500-metre campaign, the crew has so far sunk 15 holes totalling 2,133.9 metres, with the first two assays released May 23.
Infill hole DDH-001 was collared within 24 metres of an exceptional historic Vale NYSE:VALE interval of 10.39% zinc and 2.13% lead over 13.92 metres. The new hole revealed:
- - 4.05% zinc and 1.24% lead for 5.29% zinc plus lead over 9.62 metres, starting at 257.9 metres in downhole depth
- - (including 9.74% zinc and 3.66% lead for 13.4% zinc plus lead over 2.72 metres)
DDH-002 extended an historic mineralized zone approximately 30 metres up-dip, with an assay grading:
- - 5.15% zinc and 0.51% lead for 5.66% zinc plus lead over 3.32 metres, starting at 108.38 metres
True widths weren’t provided.
Vale’s historic, non-43-101 estimate came to 8.3 million tonnes averaging 7.12% zinc-equivalent using a 3.5% zinc-lead cutoff. Emerita hopes to increase those numbers in a 43-101 resource scheduled for July. The company filed a 43-101 technical report on the 1,210-hectare property in March.
The current program includes six large-diameter holes to collect 400 kilograms of material for metallurgical tests.
Emerita closed its 75% acquisition of Salobro in March, with the right to take on the remaining 25% from IMS Engenharia Mineral Ltda. The region’s infrastructure includes paved roads, cell phone reception, rail, power and water.
Emerita also partners in a 50/50 joint venture on Plaza Norte, a northern Spain zinc-lead project with considerable historic work and regional infrastructure that sits adjacent to the former Reocin mine that produced about 62 million tonnes averaging 11% zinc and 1.4% lead up to 2003. With drill permitting underway, Emerita could produce a maiden resource for Plaza Norte in early 2019.
Last December the company closed an oversubscribed private placement of $4.24 million.