Emerita Resources’ drill program expanded Salobro’s mineralization without exceeding the previous depth.
With its initial drill program wrapped up on time and on budget, Emerita Resources TSXV:EMO expects to release a resource estimate for its Salobro zinc project in eastern Brazil within two weeks. The campaign totalled 22 holes for 3,676 metres. Thirteen holes were intended to expand the historic resource and four others twinned historic holes, while five large-diameter holes collected material for metallurgical tests.
Some standout assays from the batch released July 26 include:
- - 11.19% zinc and 1.26% lead over 2.8 metres, starting at 111.65 metres in downhole depth
- - 11.62% zinc and 0.4% lead over 1.71 metres, starting at 102.97 metres
- - 3.65% zinc and 0.2% lead over 8.46 metres, starting at 119 metres
- - 7.71% zinc and 0.99% lead over 3.43 metres, starting at 141.1 metres
The company interprets widths to be close to true widths.
The overall program succeeded in expanding mineralization up dip and along strike, with the historic deposit remaining open at depth, Emerita stated. The results also improve continuity, while geophysical analysis shows potential mineralization plunging to the west.
An historic, non-43-101 estimate compiled by Vale NYSE:VALE calculated 8.3 million tonnes averaging 7.12% zinc-equivalent at a cutoff of 3.5% zinc-lead.
“Adding mineralization that does not require increasing depth should have a positive impact on the PEA results.”
chairperson and incoming CEO
of Emerita Resources
“We have increased the limits of the near-surface mineralization, which was a key objective of the program,” pointed out chairperson David Gower. “The NI 43-101 mineral resource estimate that is being prepared will be the basis for the planned preliminary economic assessment and adding mineralization that does not require increasing depth should have a positive impact on the PEA results.”
Effective August 1, Gower and current CEO Michael Timmins swap positions, with Gower becoming CEO and Timmins chairing the board.
Also emphasizing the shallow mineralization, project manager Carlos Cravo added: “The relogging of the historical drilling combined with the new data has resulted in an improved understanding of the deposit morphology that will improve drill targeting and should benefit any future mine plan should the deposit be put into production.”
Emerita holds a 75% share of the 1,210-hectare property, with the remainder held by IMS Engenharia Mineral Ltda. Regional infrastructure includes paved roads, rail, power and water.
In northern Spain’s Reocin mining district, Emerita takes part in a 50/50 joint venture on the Plaza Norte zinc-lead project. The JV has drill permitting underway to update historic work.
Emerita also announced a private placement offered up to $3 million, with proceeds intended for Salobro. The company closed an oversubscribed private placement of $4.24 million last December.