Emerita Resources Corp. (" Emerita " or the " Company ") (TSX-V: EMO; OTCQB: EMOTF; FSE: LLJA) announces that through its wholly-owned Spanish subsidiary, Emerita Resources España S.L.U., it has submitted all the required documentation (the " Supporting Documentation ") to support its application to the "Delegación Territorial de Energía y Minas in Huelva province, Junta de Andalucia" for an exploitation licence (the " Exploitation Licence ") for Emerita's wholly-owned Iberian Belt West project (" IBW " or the " Project "). Please see the Company's September 12, 2023 press release for further details regarding the Company's application for the Exploitation Licence.
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Emerita Reports the Environment Department in Huelva Province Has Published a Resolution Approving Drilling the West Side of the IBW Project Including Romanera Deposit
Emerita Resources Corp. (TSX V: EMO; OTC: EMOTF) (the "Company" or "Emerita") announces that the Andalucian Environment Department in Huelva Province has issued its resolution and published it in the official gazette approving the Company's diamond drill plan for the west side of the Iberia Belt West ("IBW" or the "IBW Project") project on January 7, 2022 such that the entire Project is now permitted for drilling. This portion of the IBW Project hosts the large Romanera deposit and the El Cura deposit and as such this is an important step for the ongoing evaluation of the IBW Project. The publication in the gazette marks the commencement of a 30 business day period during which the reclamation plan for the drill sites are published on the government web site and available for comment. The application process in Spain requires a comprehensive exploration plan as well as a reclamation plan for the drill pads and the reclamation plan is published on the government web site for public viewing for a period of 30 days prior to issuing the permits. Permitting the west side of the project required a more involved process than the Infanta area where the Company has been drilling. The Company completed all studies required by the process including archaeological, flora and fauna studies and has written support from the two municipalities, Pueblo de Guzman and Paymogo, that encompass the project included in the filing documents. Once issued, the permits are valid for the duration of the license.
The Company already has agreements arranged with local landowners for access to the drill sites in order that work can commence immediately upon receiving the permits. Emerita presently has a contract for five drills on the IBW Project and will add three more drills bringing the total to eight, to coincide with the issuing of this permit in order to complete the drilling required for a NI 43-101 compliant mineral resource estimate as quickly as practical.
According to David Gower, P.Geo., CEO of Emerita, "This is a very exciting development for the Company. It provides access to two additional deposits for diamond drilling and given there are already 50 drill holes in Romanera, the geological model for the deposit is well understood. Our team along with our environmental consultants and government officials have worked diligently and carefully to produce an excellent environmental plan for the responsible exploration of the area. We greatly appreciate the support of the municipalities and are already setting up facilities in Paymogo and Pueblo de Guzman to support the program."
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 in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Joaquin Merino
+34 (628) 1754 66 (Spain)
Helia Bento
+1 416 566 8179 (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 legal processes in Spain, the timing of permits for the IBW Project, the exploration of the IBW Project, the prospectivity of the IBW Project, the Company's access to drill rigs, the timing of a NI 43-101 compliant mineral resource estimate 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 the purchased properties; 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.
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Emerita Resources Files Supporting Documentation For Exploitation Licence For The IBW Project
The Supporting Documentation includes all (i) technical aspects for mining and processing at the IBW Project, as well as associated infrastructure, equipment and tailings storage facilities in order to build and operate a mine; and (ii) a restoration plan. Although the Exploitation Licence application and Supporting Documentation is thorough with all technical aspects of the Project necessary to receive the appropriate approvals from the Spanish authorities, it has not been prepared in compliance with National Instrument 43-101 (" NI 43-101 ") and, consequently, economics for the Project cannot be disclosed at this time. The Supporting Documentation, including the environmental parameters, basic engineering, along with a revised mineral resource estimate incorporating new drill results, will comprise the basis for a NI 43-101 compliant economic study in the first half of 2024.
The Exploitation Licence in Spain, when granted, has a 30-year term and can be extended for two subsequent 30-year periods.
According to Joaquin Merino, P.Geo., President of Emerita, "The submission of this detailed documentation in support of the Exploitation Licence application marks an important milestone for Emerita. We are moving from a purely exploration focused endeavor to a development company with an asset that merits proceeding with detailed engineering studies and demonstrates our intention to commit to a very long term investment in Huelva Province. We are very excited to take the IBW Project to the next phase in its development. We have had several very productive meetings with senior Government officials in Huelva Province, and are highly encouraged by the support and advice they have imparted."
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo., President of the Company and a Qualified Person as defined by NI 43-101.
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 in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Ian Parkinson
+1 647 910-2500 (Toronto)
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 Exploitation Licence, the Supporting Documentation, the Company's ability to obtain the Exploitation Licence, the mineralization and prospectivity of the Project, the Company's exploration and exploitation plans, permitting for the Project, the commercial viability of the 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 the purchased properties; 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.
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Emerita Announces Commencement of Drilling Program at Nuevo Tintillo Project, Spain
Emerita Resources Corp. (TSX–V: EMO; OTCQB: EMOTF; FSE: LLJA) (the "Company" or "Emerita") announces it is commencing with the previously announced diamond drill program (see news release August 30, 2023) (the "Drill Program") at its wholly owned Nuevo Tintillo project ("Nuevo Tintillo" or the "Project") (Figure 1). Due to an unusually hot and dry summer, the restrictions related to fire prevention in the area were extended to mid-October. During the hottest weather in this region of Spain, heavy equipment is not permitted to operate during the daytime hours. According to Joaquin Merino, P.Geo., President of Emerita, "This is the most extended dry period seen in the region in many years. Some rainy weather has started however much more is needed as reservoirs, ponds, smaller streams and rivers are still dry in many cases. The Company will truck water for the drill program."
Construction of drill access roads and platforms at the Project are completed. The drill campaign will start with one rig that will be mobilized next week. Permits for the program and agreements with local landowners are in place.
The initial Drill Program at Nuevo Tintillo will focus on targets that have been identified on the west side of the Project, nearest to the Rio Tinto mine (see news release August 30, 2023). The Drill Program will evaluate six priority targets and comprise approximately 3,000 meters in the initial target testing phase (Figures 2 and 3). Subsequent drilling will be budgeted based on results. Targeting is based on a combination of airborne electromagnetic (AEM) surveying, detailed and archived gravity data, detailed mapping and a compilation of historical geology. The area has abundant evidence of base metal mineralization in surface outcrops as well as small historical mines and is situated on trend from large Volcanogenic Massive Sulfide (VMS) deposits such as Rio Tinto mine, Aznalcóllar mine and Cobre Las Cruces mine.
In addition to the drilling at Nuevo Tintillo, the Company has continued to evaluate the potential along strike to the east, towards the center of the property. The exploration team has been mapping and characterizing the lithologies and alteration types in this area. The geological interpretation indicates the stratigraphy correlates well with the western area in the Project and by extension the stratigraphy hosting the Rio Tinto mine further to the west.
Background
The Nuevo Tintillo project comprises 6,875 hectares with an additional 7,625 hectares of claims that are pending final granting to the Company (see the Company's August 30, 2023 press release for further details). As such, it is Emerita's largest landholding in the Iberian Pyrite Belt (IPB). It is situated between several world-class Volcanogenic Massive Sulfide (VMS) deposits, including Rio Tinto, Aznalcóllar and Cobre Las Cruces. Seven known mineralized occurrences and several historic producing mines are located within the Project boundaries (Figure 1).
Figure 1: Location of the Nuevo Tintillo project with respect to Rio Tinto, Aznalcóllar and Cobre Las Cruces deposits. Pending claims shown in blue. The outline of Figure 2 is represented by the blue rectangle on the west side of the Nuevo Tintillo Property.
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/dec48fa0-686d-49be-8889-694207ca0c62
Figure 2: Plan view detail of gravity data previously shown, merged with TDEM conductivity data that has been filtered to show only very conductive zones (1km grid).
View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/c983469b-911c-497f-aefc-7e1b7944f1bd
Figure 3: Oblique sectional view of surface geology at 1:5000 and TDEM section 724250E illustrating two of the drill targets.
View Figure 3 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/3eabfb97-0bce-4645-a5cb-186f3fd0c9fa
El Cura Target – Iberian Belt West Project
The Company plans to temporarily suspend the drilling at the El Cura target to focus on the Nuevo Tintillo program and maintain a strong focus on the expansion drilling at La Romanera. Drilling has been very slow at El Cura through the fire restriction season, and results will be reported when assays are completed. Additional drill platforms are in the process of being permitted at El Cura, for when drilling resumes there.
According to David Gower, P.Geo., CEO of Emerita, "This combination of high-resolution geophysical coverage and boots-on-the-ground mapping and prospecting has generated six highly prospective targets in the western Nuevo Tintillo sector, of which five have been selected for first-pass drill testing."
An initial program of 3,000 meters has been approved with a potential expansion to an already designed program of 11,500 meters of diamond drilling depending on results. Core will be logged in the Company's processing facilities in Puebla de Guzmán with samples dispatched to ALS.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo., President of the Company and a Qualified Person as defined by NI 43-101 of the Canadian Securities Administrators.
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 in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Vincent Chen
+1 778 990 9433 (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, the mineralization of the Nuevo Tintillo Project and El Cura; the prospectivity of the Project and El Cura; the Drill Program; the Company's ability to obtain the pending grants of claims for the 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 the purchased properties; 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.
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Emerita Intersects 6.3 Meters Grading 0.8% Copper; 1.6% Lead; 3.9% Zinc; 2.8 g/t Gold and 52.0 g/t Silver within a 27.6 Meters Thick Massive Sulphide Zone, Extending La Romanera Deposit at Depth. Three Additional Thick Massive Sulphide Intervals, Assays Pending
Emerita Resources Corp. (TSX V: EMO; OTCQB: EMOTF; FSE: LLJA) (the "Company" or "Emerita") announces additional drilling results from the ongoing drilling program at La Romanera Deposit, part of Emerita's wholly owned Iberian Belt West project ("IBW" or the "Project"). IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. Results contained in this release are from La Romanera deposit where drilling is tracing the extension of the deposit at depth.
Results herein are from drill holes LR154 and LR155, which have intercepted polymetallic mineralization in the form of a massive to semi-massive sulphide lens at approximately -450m elevation (approximately 600m below surface). See Figure 1 and Table 1 below.
Table 1: Diamond drill hole data
DDH | Easting | Northing | Elevation | azimuth | dip | depth (m) | FROM | TO | Width (m) | Cu_% | Pb_% | Zn_% | Au_g/t | Ag_g/t | LENS |
LR154 | 646716 | 4172736 | 146 | 235 | -68 | 680.9 | 640.0 | 667.5 | 27.6 | 0.5 | 0.6 | 1.5 | 1.49 | 25.5 | LL |
incl. | 653.9 | 660.2 | 6.3 | 0.8 | 1.6 | 3.9 | 2.82 | 52.0 | LL | ||||||
LR155 | 646751 | 4172871 | 154 | 231 | -56 | 782.7 | 725.9 | 743.1 | 17.2 | 0.2 | 0.5 | 1.3 | 0.34 | 19.5 | LL |
incl. | 739.1 | 743.1 | 4.0 | 0.2 | 1.5 | 4.7 | 0.60 | 57.0 | LL |
The encountered mineralization is very similar in both holes and is characterized by a high pyrite content at the hanging wall side of the lens that changes to a more chalcopyrite-sphalerite dominant zone towards the footwall. The two intercepts are located towards the western edge of the deposit (Figure 1). On the longitudinal section, the two intercepts are approximately 100 m apart. The elevation of the intercepts is shallower than expected because the dip angle of the sulphide zone in this area is not as steep as seen in other areas of the deposit. True thickness is close to 80% of the reported intercept thickness.
In addition to these two holes, drill holes LR156, LR157 and LR158 have all intercepted significant intervals of massive sulphides (Figure 1). LR156 intercepted 37.6 meters of massive sulphide, LR 157 intersected 51.6 meters of massive sulphide and LR 158, which is the western-most drill hole at this depth, intersected 5.5 meters of massive sulphides. Assays are pending for these drill holes and a more detailed description will be provided when assays are available.
Drill hole LR154 encountered 6.3 Meters grading 0.8% Copper; 3.9% Zinc, 1.6% Lead, 2.82 g/t Gold and 52.0 g/t Silver within 27.6 Meters Grading 0.5% Copper; 1.5% Zinc; 0.6% Lead; 1.5 g/t Gold and 25.5 g/t Silver.
Drill hole LR155 encountered 17.2 Meters Grading 0.2% Copper; 1.3% Zinc; 0.5% Lead; 0.3 g/t Gold and 19.5 g/t Silver, including 4.0 Meters Grading 0.2% Copper; 4.7% Zinc; 1.5% Lead; 0.6 g/t Gold and 57.0 g/t Silver.
Figure 1: La Romanera Vertical Longitudinal Section showing location of the drill intercepts
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/20ef7ff5-960a-4e7b-8dfc-d916798a6e37
The exploration team performed a down hole TEM in LR155. Results indicate a strong geophysical anomaly (conductor) continues at depth, to be tested by drilling.
Currently, the Company has four rigs operating at La Romanera deposit, with the objective to test the continuity of the mineralization in the area below the current NI 43-101 mineral resource estimate (MRE) and increase the drill density in this area so it can be included in an updated mineral resource estimate after the metallurgical program has been completed.
Drilling productivity continues to be hampered due to restrictions related to the fire ban, such that heavy equipment cannot be operated during the hottest part of the day (approximately 12:00PM until 8:00 PM). Due to the unusually extended and hot summer weather this year, reservoirs in the area remain at very low levels and for this reason restrictions have been extended until approximately mid-October. Once these restrictions are lifted, the Company plans to initiate the drilling program at the Nuevo Tintillo Project that was announced previously. Permits and access agreements are in place and the drill contractor is on stand-by to initiate that program.
The metallurgical samples are being processed at the lab in the United Kingdom. Grinding test work is complete and mineral separation work is commencing. The metallurgical program is running 2-3 weeks behind schedule and initial results are now expected in November.
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo., President of the Company and a Qualified Person as defined by NI 43-101.
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 in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Ian Parkinson
+1 647 910-2500 (Toronto)
info@emeritaresources.com
www.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 prospectivity of the IBW project, the mineralization and the IBW project, the economic viability of the IBW project, the Company's future exploration plans at the Project and Nuevo Tintillo, the results of metallurgical tests and studies, the Company's ability to update the MRE 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 the purchased properties; 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.
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Emerita Resources Files Exploitation Licence Application for the IBW Project
Emerita Resources Corp. (" Emerita " or the " Company ") (TSX-V: EMO; OTCQB: EMOTF; FSE: LLJA) announces that through its wholly-owned Spanish subsidiary, Emerita Resources España S.L.U., it has submitted an application to the "Delegación Territorial de Energía y Minas in Huelva province, Junta de Andalucia" (the " Junta ") for an exploitation licence (the " Exploitation Licence ") for Emerita's wholly-owned Iberian Belt West project (" IBW " or the " Project ").
The Exploitation Licence in Spain, when granted, has a 30-year term and can be extended for two subsequent 30-year periods. Under Spanish regulations, in support of its Exploitation License application, Emerita has 3 months to submit certain additional documentation to supplement the application for the Exploitation Licence including an environmental impact study and mining plan.
All documentation required to support the Exploitation Licence is currently being prepared by Emerita in a form designed to meet the criteria required to complete the Exploitation Licence application.
The Exploitation Licence, when granted, shall allow the Company to continue to conduct exploration and development activities at the Project. During the time that the Exploitation Licence is being reviewed by the Junta, Emerita's rights under its current exploration licence for the IBW project are extended allowing Emerita to continue with its ongoing exploration program at La Romanera, La Infanta and El Cura deposits at IBW. Definitive feasibility studies and detailed engineering will be completed in due course under the Exploitation Licence in order to finalize the development project that will ultimately be presented for final permitting.
According to Joaquin Merino, P.Geo., President of Emerita, "This application marks a milestone for Emerita as it marks the key transition to advancing the IBW project from purely exploration to the technical development stage with a focus on activities necessary to develop a potential future operation. Local Spanish authorities have expressed support for the application in recent meetings. The Company has been working with a well-respected Spanish engineering firm on conceptual mine plans in order to develop options for infrastructure locations and this along with the metallurgical testing that is in progress will provide the basis for the studies being prepared to support the application for the Exploitation Licence. Meanwhile, we continue to drill and expand the mineral resources at shallow depths on the IBW project."
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 in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Ian Parkinson
+1 647 910-2500 (Toronto)
info@emeritaresources.com
www.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 Exploitation Licence, the Company's ability to obtain the Exploitation Licence, the Company's ability to complete the required reports and studies, the mineralization and prospectivity of the Project, the Company's exploration and exploitation plans, permitting for the Project, the commercial viability of the 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 the purchased properties; 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.
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Emerita Announces Planned Drilling Program at Nuevo Tintillo Project, Spain
Emerita Resources Corp. (TSX V: EMO; OTCQB: EMOTF; FSE: LLJA) (the "Company" or "Emerita") announces planned diamond drilling program (the "Drill Program") at its wholly owned Nuevo Tintillo project ("NT" or the "Project). The Drill Program is expected to commence late in the third quarter or early in the fourth quarter of this year. The precise start date for the Drill Program will depend on the easing of regulations presently imposed in southern Spain to reduce the risk of fires. Restrictions typically end around the middle of September as the weather begins to moderate. Presently, heavy equipment is not permitted to operate during the daytime hours due to hotter temperatures.
The initial Drill Program at Nuevo Tintillo will focus on targets that have been identified on the west side of the Project, nearest to the Rio Tinto mine (see below for details). The program will evaluate six priority targets and comprise approximately 3,000 meters in the initial evaluation phase. Subsequent drilling will be budgeted based on results.
According to Joaquin Merino, P.Geo., President of Emerita, "We are excited to see the results of the initial Nuevo Tintillo drill campaign. Our technical team has worked diligently to identify high potential drill targets. Targeting is based on a combination of airborne electromagnetic (AEM) surveying, detailed and archived gravity data, detailed mapping and a compilation of historical geology. The area has abundant evidence of base metal mineralization in surface outcrops as well as small historical mines and is situated on trend from large VMS deposits such as Rio Tinto mine, Aznalcóllar mine and Cobre Las Cruces mine. This is the first modern exploration evaluation that we are aware of for this highly prospective property."
Background
The Nuevo Tintillo project comprises 6,875 hectares with an additional 7,625 hectares of claims that are pending final granting to the Company (see the Company's February 16, 2023 press release for further details). As such, it is Emerita's largest landholding in the Iberian Pyrite Belt (IPB). It is situated between several world-class Volcanogenic Massive Sulfide (VMS) deposits, including Rio Tinto, Aznacóllar and Cobre Las Cruces. Seven known mineralized occurrences and several historic producing mines are located within the Project boundaries (Figure 1).
Figure 1: Location of the Nuevo Tintillo project with respect to Rio Tinto, Aznacóllar and Cobre Las Cruces deposits. Pending claims shown in blue.
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/679d9b7a-8ac3-4066-8bdd-ff417d434204
Recent Work
In 2022, Emerita completed an 897 line-kilometer Time Domain Electromagnetic (TDEM) geophysical survey over NT at 100m line-spacing (Figure 2). This program highlighted fifteen areas of interest and the Project area was subdivided into three zones for progressive follow-up: West, Central and East. Due to its proximity to the world's largest VMS occurrence at Rio Tinto, and the presence of the historic mines of Santa Flora and Nazaret, work will commence in the western sector first and will be the focus of the initial drill campaign.
Figure 2: Conductive zones identified in TDEM survey (hot colors) and historic producing mines in Nuevo Tintillo (2km grid). The area outlined in blue around the Santa flora Mine is the area detailed in Figure 4.
View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/825c475c-d888-46e9-b0f0-58419a44c704
The combination of TDEM and gravimetry has proven to be highly successful in identifying VMS deposits in the Iberian Pyrite Belt and globally. In early 2023, the Company completed a detailed gravimetric survey over an aerial extent of 6km by 2.5km, comprising 418 stations on 200m centers (Figure 3).
Figure 3: Combined historical and newly acquired gravimetry data collected by Emerita. Hot colors are gravimetric highs. The west portion of the Nuevo Tintillo project occurs in the black outline. The grid on the map is a 1km grid.
View Figure 3 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/040e31f7-5255-424e-aeb1-3fd8c003846b
Following the acquisition of the TDEM data, Emerita deployed a senior geologist with global exploration and production experience on VMS deposits to ground truth the anomalies, complete a detailed geological base, including local lithogic and structural models, and mineralized zones. In the western sector of Nuevo Tintillo, geologic mapping at various scales from 1:250 in the underground workings to 1:2500 and 1:5000 on surface was carried out across a 5km x 2km area (Figure 4).
Mapping and prospecting revealed important similarities between the nearby Rio Tinto district and western sector of Nuevo Tintillo. In both areas, mineralization is located near to the contact between dacitic volcanics and the overlying transition series and within the dacite volcanic suite itself. Halos of proximal intense sericitization and more distal chloritization of host rocks are associated with the mineralizing event and can be used to identify prospective areas.
Figure 4: Portion of 1:5000-scale mapping and prospect sampling, Santa Flora area.
View Figure 4 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/9f015992-bbde-41c4-b2d6-4cea4a497d48
Structurally, much of the fold-thrust deformation is accommodated by the weaker sedimentary rocks and the boundaries between these and the dacitic volcanic rocks. North-dipping thrusts are commonly localized in purple and black (graphitic) shale units, which are clearly evident as through-going, highly conductive planar features in the TDEM sectional data. As such, shale-hosted thrust faults at or near to the dacite-sedimentary contacts where correlated with geophysical anomalies are interpreted to be highly prospective.
Integration of Geology, TDEM and Gravimetry for Targeting
Within this geological framework, the high-resolution gravimetry merged with the 2022 TDEM data yields a combined target-level guide to search for coincident anomalies that are both highly dense and highly conductive, which are key characteristic rock properties of massive sulfide bodies. TDEM anomalies that coincide with gravity highs constitute potential targets for testing, as shown in Figure 5 below.
Figure 5: Plan view detail of gravity data previously shown, merged with TDEM conductivity data that has been filtered to show only very conductive zones (1km grid).
View Figure 5 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/4385a741-96be-4b14-8833-bdf28a6b00bd
Figure 6: Oblique sectional view of surface geology at 1:5000 and TDEM section 724250E.
View Figure 6 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/1c5a8e6b-c2e4-4d90-8b12-2864a5c590a1
Figure 7: TDEM section 724250E and geological XS 724250E.
View Figure 7 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/2db2fc0f-aa7f-4f7e-88b1-bdcd865656f2
According to David Gower, P.Geo., CEO of Emerita, "This combination of high-resolution geophysical coverage and boots-on-the-ground mapping and prospecting has generated six targets in the western Nuevo Tintillo sector, of which five have been selected for first-pass drill testing. The western Nuevo Tintillo area is under no special environmental restrictions with regards to exploration activity and as such the permitting process is simplified and managed solely by the Mining Department. It is anticipated that drilling could commence as early as October 2023, subject to the end of fire-related restrictions in the area and timely approval of the drill plan by the Mining Department."
An initial program of 3,000 meters has been approved with a potential expansion to an already designed program of 11,500 meters of diamond drilling depending on results. Core will be logged in the Company's processing facilities in Puebla de Guzman with samples dispatched to ALS.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo., President of the Company and a Qualified Person as defined by NI 43-101 of the Canadian Securities Administrators.
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 in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Vincent Chen
+1 778 990 9433 (Toronto)
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, the mineralization of the Nuevo Tintillo Project; the prospectivity of the Project; the Drill Program; the Company's ability to obtain the pending grants of claims for the 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 the purchased properties; 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.
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Geophysics Reveal Further Highly Prospective Targets at Mt Oxide Project
HIGHLIGHTS
- Three MIMDAS Induced Polarisation (IP) and Magnetotelluric (MT) lines at the historic Mt Gordon Copper Mine and Aquila prospect have revealed multiple unexplored geophysical targets with similar signatures to the Vero Cu-Ag-Co resource at Mt Oxide.
- Mt Gordon – Three new shallow and untested anomalies, similar to the Vero resource, have been identified and are partially coincident with historic drilling intersections, including 1.9m @ 3.0% Cu from 106m downhole in ECM11.
- Aquila –Chargeability highs of 15mV/V from two MIMDAS lines spaced 85m apart are coincident with mapped iron oxide-rich breccias which returned up to 0.94% Cu in rock chip samples2.
- A 20m wide, shallow highly chargeable anomaly associated with a 150m long trend of fault breccias with anomalous Cu +/- Ag-As-Bi and no previous drilling.
- A 20m wide and up to 25m deep +25mV/V chargeability and <250ohm.m conductivity anomaly, un-drill tested and correlating with a Dorman trending structure 80m below surface.
- Next Steps
- The geophysical survey is nearing completion with processing pending on Ivena North and an additional line being undertaken at Camp Gossans to test the strike extent of the anomaly at Camp Gossans and the new Black Marlin target3.
- True North Copper’s Exploration team are currently sampling recently identified mineralised structures at Aquila, Rhea and Black Marlin.
- The new geophysics will be integrated with ongoing mapping and surface geochemical sampling campaigns to identify and prioritise targets for future drill campaigns.
- Heritage clearance and access planning for drilling has commenced.
COMMENT
True North Copper’s Managing Director, Bevan Jones said:
“Our geophysical survey at Mt Oxide has revealed several new, highly prospective targets that share similar characteristics with our high-grade Vero deposit. The results of this survey, which has been supported by a Queensland Government CEI Grant, have uncovered significant anomalies at both the historic Mt Gordon Copper Mine and Aquila prospect. These results are in addition to the positive results at Vero and Camp Gossans announced in August. With these exciting developments, we’re optimistic about expanding our exploration footprint and identifying additional drill targets. The continued integration of geophysics, mapping, and sampling will be key to advancing our future exploration programs at Mt Oxide, including the design of the next phase of drilling.”
Figure 1. Location of the Mt Oxide Project, within context of Mt Isa Inlier.
Mt Oxide MIMDAS Survey Results Summary
In July 2024, TNC announced it had commenced its leading edge MIMDAS Induced Polarisation (IP), Resistivity and Magnetotellurics (MT) geophysical survey (MIMDAS survey) at Mt Oxide4. Partial funding of $300k was granted to TNC in Round 8 of the Collaborative Exploration Initiative (CEI) to undertake the survey (Figure 6).
The MIMDAS survey has aimed to identify potential sulphide mineralisation developed below numerous leached gossan zones and build an improved understanding of the regional scale structural and geological architecture. Two previously reported lines identified chargeability anomalies correlating with mineralisation in the Vero resource and a series of untested anomalies including a chargeability anomaly 1km east of Vero, and two chargeability high responses at Camp Gossans3 beneath outcropping breccias with similar surface geochemical signatures to the Esperanza Deposit5. The coincidence of anomalies directly associated with the Vero resource highlights the applicability of MIMDAS to target copper-silver mineralisation within the Mt Oxide District.
Three additional lines have recently been completed, including two lines 85m apart for 2.3 line-kms over the highly prospective Aquila prospect and one line for 1.5 line-kms over the historic Mt Gordon Copper Mine (Figure 2).
At Aquila, the survey has identified two (2) chargeability responses in the Mount Gordon Fault Zone and the Dorman fault trend, and one conductivity response below a geochemically anomalous fault breccia.
At Mt Gordon, the survey has identified four (4) chargeability responses in the Mount Gordon Fault Zone and in resistive sandstone over a 600m wide chargeability trend.
The geophysical survey is nearing completion with processing pending on Ivena North and an additional line at Camp Gossans, 150m northeast of the line completed in August that returned a very high-order chargeability anomaly coincident with mapped Gossans and defined the new Black Marlin Target3.
Click here for the full ASX Release
This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
VVC – Extension of Series AG Warrants
VVC Exploration Corporation, dba VVC Resources, ("VVC" or the "Company") announces the following:
Warrant Extension
VVC has applied to the TSX Venture Exchange (“TSXV”) for a 1-year extension for 57,567,800 Series AG share purchase warrants (“warrants”) presently expiring on September 30, 2024. The warrants, exercisable at $0.075 per share, were issued pursuant to a Private Placement in September 2020 with a 3-year expiry and were extended last September for an additional year. The warrants have been out-of-the-money for some time. If approved by the TSXV, the warrants will expire on September 30, 2025.
Annual General Meeting of Shareholders
The Annual General Meeting of shareholders (the "AGM") will be held virtually on December 4, 2024, at 11:00 am (ET), with a Record Date of October 21, 2024. Following the mailing of Proxy Material to shareholders around October 29, shareholders will be able to download the Proxy Material, including the Information Circular Booklet, from www.sedarplus.ca and/or from the Company’s website at: www.vvcresources.com/shareholders-meeting.
The deadline for Proxy Voting will be 11:00 am (ET) on December 3, 2024, however shareholders are encouraged to vote early. Registered Shareholders will be allowed to vote in-person at the AGM using their Control Numbers. All other shareholders, NOBOs and OBOs, are required to vote by proxy at least 24 hours in advance.
Following the formal business session, management will update the Company’s activities and projects, and will be available to answer questions from shareholders, subject to Securities Laws regarding "Selective Disclosure".
"We look forward to meeting our shareholders at the AGM," said Terry Martell, Chairman of VVC. "We will be providing an update on our projects and investments."
About VVC Resources
VVC is engaged in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To learn more, visit our website at: www.vvcresources.com.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
For further information, please contact: | ||
Patrick Fernet - (514) 631-2727 | or | Emily Bigelow - (615) 504-4621 |
E-mail: pfernet@vvcexploration.com | E-mail: emily@vvcesources.com |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304
Click here to connect with VVC Resources (TSXV:VVC), to receive an Investor Presentation
Cobre and BHP in Talks for Copper-Silver Exploration in Botswana
Cobre (ASX:CBE) and a wholly owned subsidiary of BHP (ASX:BHP,NYSE:BHP,LSE:BHP) have signed a letter of intent to exclusively negotiate a material earn-in joint venture agreement.
The partnership will target Cobre’s Kitlanya West and East copper projects, both of which are located on the northern and southern basin margins of the Kalahari Copper Belt in Botswana.
According to Cobre's Monday (September 23) press release, the news follows its participation in BHP’s Xplor program, which funded a recently completed seismic survey at the Kitlanya West site.
Results from the survey are expected toward the end of this quarter.
“Participating in the BHP 2024 Xplor cohort has provided the opportunity to do a belt scale review of the Kalahari Copper Belt, culminating with the collection of seismic data over the prospective northern margin of the belt,” said Adam Wooldridge, CEO of Cobre. Xplor is a critical minerals accelerator program launched by BHP in 2022.
He added that the proposed transaction with BHP would allow Cobre to fully fund follow-on exploration programs at the Kitlanya West and East assets. The company is confident that both projects have the potential to host Tier 1 copper-silver deposits, and said working with BHP would maximise its chances of making new significant discoveries.
Cobre's deal with BHP is subject to approval and the execution of formal binding documents, along with the completion of BHP’s investigations within the exclusivity period.
Final details will be shared with the public once long-form documents have been completed.
Separate from its work with BHP, Cobre said it will keep moving forward at its Ngami copper project, with plans to publish a scoping study in early October. It is also aiming to drill further at its Okavango copper project.
Ngami and Okavango are also both located in Botswana.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Greenpeace: Deep-Sea Mining in Norway Could Harm Marine Biodiversity
Plans to open the Arctic seabed for deep-sea mining are raising alarms among environmentalists, particularly in light of new findings highlighting the potential damage to one of the world’s least explored ecosystems.
A recent report by Greenpeace warns that Norway’s decision to allow mineral exploration in Arctic waters could irreparably harm marine biodiversity, including species that are vital to the region’s ecological balance.
The area in question lies within the Norwegian Exclusive Economic Zone, specifically a section of the Arctic Ocean known as the Mohns Ridge. This region is believed to be rich in rare minerals like cobalt, nickel and manganese — elements that are critical for modern technology, including electric vehicles and renewable energy infrastructure.
However, the unique and fragile ecosystems found in these deep waters are poorly understood, and scientists argue that mining operations could have unintended consequences.
Greenpeace’s report, published on Friday (September 20), outlines several potential risks associated with seabed mining. The removal of seafloor habitats, disturbance of underwater ecosystems and the release of toxic sediments could alter the marine food chain and affect species such as whales, dolphins and deep-sea corals.
These organisms, which thrive in cold, nutrient-rich waters, are particularly sensitive to changes in their environment, and even small disruptions could have long-lasting impacts.
Activists and researchers are calling for Norway to reconsider its deep-sea mining strategy, emphasizing that more time is needed to study the region's ecology before proceeding with industrial activity.
Norway previously committed to managing 100 percent of its ocean areas sustainably by 2025 as part of the High Level Panel for a Sustainable Ocean Economy. Critics believe its deep-sea mining plans run counter to these commitments.
Haldis Tjeldflaat Helle, a campaigner for Greenpeace Nordic, voiced concerns over the inconsistency between Norway’s environmental pledges and its push for industrial expansion.
“The measure of a nation’s success is not how many promises it makes, but how it honors them and how much of its ecosystem is safeguarded for present and future generations," she said. “While Norway claims to be a respectable nation with responsible policies on ocean management, it’s rolling out the red carpet for deep sea mining companies to deploy machines that will cause irreversible harm to the Arctic’s unique and vulnerable biodiversity."
Norway is pressing ahead with its plans, backed by companies eager to tap into the region’s mineral wealth.
Loke Marine Minerals, a startup founded in 2019, is one firm vying for exploration licenses. The company aims to extract minerals such as cobalt and manganese from the Arctic seabed using advanced robotic technology.
Another Norwegian company, Green Minerals (FWB:F5P), is also looking to explore the Arctic seabed for resources, with a focus on extracting copper from seafloor massive sulfide deposits. Green Minerals CEO Ståle Monstad has said that test mining could start as early as 2028, depending on the outcome of exploratory research.
Industry experts believe deep-sea mining could potentially reduce the environmental damage caused by land-based mining. Proponents argue that the concentration of valuable metals in deep-sea deposits is higher compared to on-land deposits, meaning that less material would need to be extracted to meet global demand.
However, environmental groups caution that this does not justify the risks posed to Arctic ecosystems, which remain some of the least understood and most vulnerable on the planet. The Norwegian Institute of Marine Research has recommended a pause of five to 10 years on deep-sea mining to allow for further scientific studies.
In addition to resistance from environmental advocates, some of the world’s biggest companies and 32 countries have voiced support for either a ban or a pause on deep-sea mining in international waters.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
American West Signs Formal Agreement for A$18.8 Million Royalty Funding for the Storm Copper Project, Canada
Funds under the royalty package to be accessed this week
American West Metals Ltd (American West or the Company) (ASX: AW1 | OTCQB: AWMLF) is pleased to announce that the Company has signed a definitive formal agreement with TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund L.P. (Taurus) whereby Taurus will provide funding of up to US$12.5 million (A$18.8 million1) under a royalty package for the Storm Copper Project.
- Definitive formal agreement signed with TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund L.P. (Taurus) to provide US$12.5 million (A$18.8 million1) in exchange for a royalty over Storm
- The first payment under the royalty package is US$5m (approximately A$7.5m) – US$1m (approximately A$1.5m) will be advanced to American West this week with the balance to be provided upon completion of registration of the royalty at the Nunavut Mining Recorder’s Office, expected within 2-3 weeks
- Further payments under the royalty package are:
- US$3.5m (approx.. A$5.25m) upon delivery of a Prefeasibility Study( PFS) for Storm and submission of permitting documents for a development at Storm
- US$4m (approx.. A$6m) upon announcement of an increase in the JORC compliant resource for Storm to at least 400,000 tonnes of contained copper at a resource grade of at least 1.00% Cu
- American West Metals and Aston Bay Holdings will share funds under the royalty package in accordance with their respective interests under the unincorporated joint venture for Storm, being 80% for American West Metals and 20% for Aston Bay Holdings
- The funding has enabled an expansion of exploration and development activities at Storm including:
- Expansion of the 2024 drill program with more than 22,000m of drilling completed to date – more than double the previous largest annual drill campaign as Storm, and which will underpin a significant upgrade to the maiden Storm resource
- An investment in the 2025 field activities with bulk supplies being delivered to site this week by ship charter – saving circa. $4m on the potential logistics costs for the 2025 program
- Completion of environmental, mining and development studies – including detailed testwork that supports the potential for a Direct Shipping Ore (DSO) operation – which will support delivery of a PFS in early 2025
Dave O’Neill, Managing Director of American West Metals, commented:
“We are very pleased to have finalised formal documentation of the royalty funding which allows us to commence accessing substantial non-dilutive funding for the Storm Copper Project.
“The royalty funds have allowed us to expand activities at Storm this year, resulting in considerable advancement of the project which is rapidly taking shape as a potentially globally significant copper mining operation.
“The investment from Taurus recognises the the strong foundations for growth established by American West to date, and is an endorsement of both the American West team and the production potential at Storm.”
Michael Davies, Taurus Chief Investment Officer, also commented:
“We continue to be impressed with achievements at the Storm Copper Project and its potential to be a significant mining operation. We are delighted to be supporting the team at American West Metals as they continue to grow Storm’s copper resources and progress development plans for the project.”
The royalty arrangements with Taurus do not impose any royalty on American West’s other projects, namely the West Desert and Copper Warrior Projects in Utah, USA.
For further details on the royalty package under the Taurus arrangement, see our ASX Release dated 24 June 2024 ‘$18.8M Royalty Financing’.
ABOUT THE STORM COPPER PROJECT
The Storm Copper Project is located on Somerset Island, Nunavut, Canada. The Project covers an area of over 2,200 square kilometres within the Polaris mineral district, and is just 120km south of Resolute Bay, the regional community and logistics hub.
Aston Bay is a deep-water bay located on the Northwest Passage, a seasonal ice-free waterway historically used to ship concentrate from the World Class Polaris and Nanisivik zinc – lead mines. Excellent facilities, including a 60-person camp, are in place to enable exploration and resource activities to be undertaken.
American West owns 80% of the Storm Project, and partners with Aston Bay Holdings (TSX:BAY) who own 20% of the Project.
Maiden Resource Estimate
American West delivered a maiden independent JORC Code - 2012 Indicated and Inferred Mineral Resource Estimate (MRE) for the Storm Project in January, 2024. The MRE consists of 17.5Mt @ 1.2% Cu and 3.4g/t Ag (0.35% Cu cut-off), which includes 205Kt of copper and 1.9Moz of silver (Table 1).
The maiden MRE for the Storm Project has delivered the foundations to what American West Metals believe will be a globally significant copper district.
Immediate Resource Upside Potential
The shallow copper mineralisation within the Storm Deposits is open in all directions. The host stratigraphy and structures have been shown to be laterally and vertical extensive and therefore rank as high priority areas for resource growth.
Click here for the full ASX Release
This article includes content from American West Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
BHP and CBE Sign Letter of Intent to Explore for Tier 1 Copper-Silver Deposits in Botswana
Cobre Limited (ASX: CBE, Cobre or Company) is pleased to announce that it has executed a letter of intent to negotiate exclusively with a wholly owned subsidiary of BHP Group Ltd (BHP) for a material earn-in joint venture agreement over Cobre's Kitlanya West and East Copper Projects (Kitlanya Projects), located on the northern and southern basin margins of the Kalahari Copper Belt in Botswana (Proposed Transaction). The Proposed Transaction follows on from Cobre's successful participation in the BHP Xplor program which also provided funding for the recently completed seismic survey on the Kitlanya West project (see ASX announcements of 23 January 2024 and 22 August 2024)
The Proposed Transaction underscores Cobre's confidence in the potential for its projects to host Tier 1 copper-silver deposits. A partnership with BHP would provide the exploration scale and expertise to maximise our chances of making significant new discoveries on our basin margin exploration ground while retaining 100% ownership of our Ngami and Okavango Copper Projects which are excluded from the Proposed Transaction.
The Proposed Transaction is subject to approval and execution of formal binding documents (Definitive Agreements) and the completion of BHP's due diligence investigations within the exclusivity period. Final details of the Proposed Transaction will be released to the market following completion of the long-form documents.
Commenting on the Proposed Transaction, Adam Wooldridge, Cobre’s Chief Executive Officer, said:
“Successful negotiation and completion of this significant transaction with BHP, one of the world’s leading mining companies, will be a major moment in time for Cobre as a company. Participating in the BHP 2024 Xplor cohort has provided the opportunity to do a belt scale review of the Kalahari Copper Belt, culminating with the collection of seismic data over the prospective northern margin of the belt. The Proposed Transaction with BHP would allow us to fully fund our follow-on exploration programmes and focus on discovering the Tier 1 deposits we believe may be hosted in our Kitlanya West and East Projects.
Independently, Cobre will continue advancing its 100% owned in-situ copper recovery development at Ngami – with a scoping study due in early October - along with further drilling at Cobre’s 100% owned Okavango project. This combined strategy provides exposure to potential Tier 1 discoveries, a development opportunity at Ngami and short-term discoveries on our Okavango project.”
A locality map illustrating the project locations is provided in Figure 1.
Figure 1. Locality map illustrating the position of Cobre’s project areas. Green licenses are relevant tothe Proposed Transaction, dark grey licenses will be run independently by Cobre.
Cobre will continue to provide shareholders with further updates on material developments in respect of the Proposed Transaction.
This ASX release was authorised on behalf of the Cobre Board by: Adam Wooldridge, Chief Executive Officer.
Click here for the full ASX Release
This article includes content from Cobre Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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