Emerita Resources Announces Initial Diamond Drilli

TORONTO, May 23, 2018 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (“Emerita” or the “Company”) (TSXV:EMO) announces that it has received the initial diamond drilling results from its drill program at its Salobro zinc project located in Minas Gerais State, Brazil (Figure 1) (the “Salobro Project”). 

The phase 1 drill program contemplates 3,500 meters (23 drillholes) of diamond drilling intended to expand the existing resource. The drill program also includes four drillholes required for QA/QC to complete a NI 43-101 compliant resource calculation and six large diameter (PQ) drillholes for metallurgical testwork (400 Kg).

The drill program is progressing as planned. To date, 2,133.90 meters have been drilled (15 drillholes) and assay results for two drill holes have been received by Emerita (Figures 2 and 3). 

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/Attachm...122d11ea1f

Drillhole EMO-SALO-DDH-001 is an in-fill hole that intersected two mineralized zones which together extend over a core interval of 9.62 meters, with higher grade mineralization at the upper and lower parts of the zone separated by a 3.6 meter wide weakly mineralized section in the center of the intercept.  Vale’s historical drill hole PRM-SALO-FD-009, which was drilled within 24 meters of this intercept, returned 13.92 meters grading 10.39 % Zn and 2.13 % Pb. Vale's drillhole was not surveyed for deviation.

Drillhole EMO-SALO-DDH-002 was planned to test the up-dip extent of mineral resources at Orebody 1.  The hole successfully intercepted mineralization at 108 meters (100 meters vertical) extending the mineralized zone approximately 30 meters up dip.

The key deliverable for the ongoing exploration program will be to complete a mineral resource estimate that meets NI 43-101 standards.  Emerita is planning to release its inaugural mineral resource estimate at the Salobro Project in July 2018.  A NI 43-101 technical report in respect of the Salobro Project entitled “Technical Report on Salobro Zinc Project” dated March 23, 2017 was prepared by Carlos H.C. Costa, P.Geo., and is available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website.

Based on a historical mineral resource estimate, the Salobro zinc-lead deposit is estimated to contain 8.3 million tonnes grading 7.12% zinc and lead.  A “qualified person”, as defined in NI 43-101, has not done sufficient work on behalf of Emerita to classify the historical estimate as a current mineral resource and Emerita is not treating the historical estimate as a current mineral resource or mineral reserve. Further work must be completed in order to demonstrate whether a reasonable expectation for commercial extraction exists. The mineral resource estimate is a historical estimate and should not be relied upon.    A summary of the historical resource estimate can be found on the Company’s website in a report entitled “Mineralizações De Zinco E Chumbo Do Depósito Salobro, Porteirinha (Mg) (2006)”.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/Attachm...5cb1f345ec

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/Attachm...5dfb1cc3d6

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/Attachm...8e14044ef5

Qualified Person

Carlos Cravo Costa, P.Geo., is a “qualified person” as such term is defined in NI 43 -101 and has reviewed and approved the technical information included in this press release and has approved its dissemination.

About Emerita Resources Corp.

Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring its properties in Spain and Brazil. The Company’s corporate office and technical teams are based in Sevilla, Spain and Belo Horizonte, Brazil with an administrative office in Toronto, Canada.  

For further information, contact:

Helia Bento +1 416 309 4293 (Toronto) info@emeritaresources.com

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Salobro project, the mineralization of the Salobro Project, the prospectivity of the Salobro Project, the Company’s ability to publish a NI 43-101 mineral resource at the Salobro Project, the results of the drilling program at the Salobro Project and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate purchased properties or mining rights awarded; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.