Emerita Has Been Granted the "Ontario" Exploration Permit Adjacent to its Iberian Belt West Project; Hosts Several Historic Producing Mines

About this update from Emerita Resources Corp.

[{"type":"text","content":"Emerita Has Been Granted the “Ontario” Exploration Permit Adjacent to its Iberian Belt West Project; Hosts Several Historic Producing Mines \n\n\n\n TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (TSX-V: EMO; OTCQB: EMOTF; FSE: LLJA) (the “Company” or “Emerita”) is pleased to announce that the Ministry of Industrial Policy and Energy of Huelva, Andalusia has granted Emerita the exploration permit for the Ontario Property (Figure 1) (“Ontario”). This permit adds an additional 5,573.23 hectares to Emerita’s wholly owned Iberian Belt West project (“IBW” or the “Project”) increasing the Project area\n \n from 2,394.1 hectares to 7,967.31 hectares\n \n . IBW hosts three Volcanogenic Massive Sulphide (VMS) deposits, two of which contain NI 43-101 compliant mineral resource estimates (“MRE”), La Romanera and La Infanta (see Company press release dated May 23, 2023), and the third, El Cura, is currently being drilled for an updated MRE on IBW expected to be complete in Q1-2025.\n \n\n Ontario is located north and west of La Romanera, adjacent to the IBW property boundaries (Figure 1). The new exploration permit allows Emerita to begin exploration and does not require further environmental department or municipal approvals. The Ontario exploration permit is granted for an initial period of three years and can be renewed for subsequent additional periods.\n \n\n\n\n Significance of Ontario Grant\n \n\n\n\n Ontario represents a sizable addition to the Company’s substantial land position in the Iberian Pyrite Belt, host to the largest concentration of VMS deposits on Earth, with 1.7Bt of massive sulfides endowed with at least 28Moz Au, 1.5Boz Ag, 14.6Mt Cu, 34.9 Mt Zn, and 13.0 Mt Pb metal (Leistel et al., 1998, “The volcanic-hosted massive sulphide deposits of the Iberian Pyrite Belt”). Some key aspects of the Ontario permit include:\n \n\n\n\n Ontario more than triples the land package around the Company’s core IBW project, host to La Romanera, El Cura and La Infanta deposits.\n \n\n\n\n Historic high-grade mines including San Jose, Peñuelas, Los Silos complex occur on the Ontario Property (see Figure 2).\n \n\n\n\n Emerita’s grab samples from historic waste dumps contain semi...

More updates from Emerita Resources Corp.