EMERITA GOLD CORP. PROVIDES EXPLORATION UPDATE, IDENTIFIES GOLD IN BEDROCK AT LAS MORRAS PROJECT, SPAIN
TORONTO, April 8th, 2013 – Emerita Gold Corp. (TSX-V:EMO) (the “Company” or “Emerita”)mobilized field crews to its 100% owned Las Morras Property in the Extremedura Region of western Spain (the “Property”) in late January to commence exploration, following the successful completion of its qualifying transaction on the TSX Venture Exchange on January 10, 2013. The initial work program, which commenced on January 25, is focused on completing geochemical surveys on the Property where a high concentration of gold nuggets and boulders containing visible gold have been identified (Figure 1).
The geochemical survey is continuing and lab results from the initial sampling have been received. The program consists of taking soil samples and heavy metal concentrate (HMC) samples with the objective of developing targets to determine the source of the gold in the soils. Results to date are from 12 survey lines spaced 100 meters apart, with samples taken at 50 meter intervals along the lines in the Central Target Area. When the presence of gold was confirmed in the HMC samples, the line spacing was narrowed down to 50 meters apart with samples collected every 25 meters along the survey lines. The area for which data has been received is approximately 1.5 kilometers by 1.5 kilometers, which represents approximately 2% of the property area (Figure 2). Results from a total of 210 soil and 210 HMC samples have been received to date from the ongoing program and shipped to ALS Chemex in Seville, Spain, for analysis using fire assay (see below for assay details).
The HMC samples returned significant results (Figure 2). Thirty-three percent (33%) of the HMC samples contained over 1.0 ppm gold and 7.5% of the samples were over 10.0 ppm gold, with the highest value being 461 ppm gold (Figure 3). Correlation between soil and HMC samples based on a correlation matrix calculation is very high at 0.90. Soil sample results were also anomalous, with gold values ranging up to 2.74 ppm gold. The Company intends to accelerate the soil sampling component and be more selective with the HMC component of the program in order to complete the initial geochemical coverage more quickly and cost effectively. Approximately 1.5 hours are required to properly process a single HMC sample, which limits the amount of ground that can be covered quickly. Establishing a high correlation between the soil samples and the HMC samples demonstrates that the area can be effectively surveyed with soil samples without compromising the results, and HMC sampling can be used selectively in areas of interest.
The geochemical survey in the Central Target Area has identified two anomalous areas located 500 meters apart, oriented WNW-ESE and approximately parallel (Figure 3). The North and South anomalies can be followed for 800 meters and 500 meters respectively. Both anomalies are open at both ends, particularly to the ESE (Figure 3).
Although it is early in the program and the interpretations are preliminary, initial geological mapping indicates the Las Morras geochemical anomaly is underlain by a major shear zone. The shear zone is characterized by a zone of high strain and quartz veined within predominantly sandstone and shale and the shear zone strikes approximately parallel to a major scarp that marks the contact between the Proterozoic rocks underlying the geochemical anomaly and the Ordovician rocks to the north. The extent of the shear zone is not yet known, but it appears to be at least 300 meters wide in the area of the geochemical anomalies. Gold mineralization appears to occur in discrete zones within the broad shear zone based on the limited work to date. It is not known at this time what the extent of mineralization will be.
Preliminary mapping and prospecting in the Central Target Area has identified gold in bedrock for the first time on the Property. This is highly significant as it demonstrates that there is a local bedrock source for the gold in the soils. Rock chip samples with values up to 9.82 g/t gold have been sampled in the area of the survey (see Table 1 for list of mineralized samples and Figure 4 for sample locations; note g/t gold = ppm gold).
A second anomalous area, the Northwest Target Area, has been identified approximately 3.5 kilometers to the northwest (Figure 2) with abundant quartz veins extending at least 500 meters in an east-west direction. One quartz vein sample from this area contains visible gold in sub-outcrop. Assays are pending for the samples in the Northwest Target Area and results will be reported in the future when assays are received. A geochemical survey over the area is in progress and sampling is expected to be completed in April, to be followed by target evaluation.
|Sample #||UTM Easting||UTM Northing||Au ppm|
Table 1 – Rock sample assay results from preliminary mapping and prospecting in the Central Target Area, Las Morras.
According to Joaquin Merino, P.Geo., President and CEO of Emerita: “It is very exciting to see a project such as Las Morras evolving from the presence of gold in overburden to verifying a new discovery of gold in bedrock. It is early in the process, but within a few short weeks we have established significant geochemical anomalies and identified significant gold grades in bedrock. We have not yet completed the geochemical coverage or started the systematic follow up of targets on this Property and we are already identifying gold in bedrock. It is rare to witness the beginning of a completely new green field discovery.”
Geochemical Survey Methods
Rock samples locations are determined using GPS (global positioning system) and described before being sent to the laboratory for analysis. All samples are prepared and analyzed at ALS Minerals, an ISO 9001:2000 certified laboratory. Sample preparation takes place at ALS, Seville, Spain, while chemical analysis is executed in ALS, Jud Alba Rosia Montana, Romania. 100% of each the sample received is weighed and crushed to 70% passing 2mm (10 mesh). A sample split of up to 1000g is then pulverized to 85% passing 75 microns (200 mesh) to produce a homogenized sample. A 50g aliquot is used for fire assaying with an atomic absorption (AA) finish to determine gold concentration. If Au returns >10.0ppm, gravimetric (GRA22) methodology is run.
Soil and Heavy Mineral Concentration (HMC) samples are analyzed in the laboratory by the same fire assay (AA) gold concentration techniques as rock samples. Soil samples sent to lab contain approximately 0.5-1kg of material taken by shovel and soil auger from a predetermined grid. The HMC samples are collected from approximately 4-5kg of soil material processed down to approximately 50g, which is sent to ALS Minerals.
Advance Notice Policy
Emerita has adopted a new policy that requires advance notice to Emerita for nominations of directors other than by management, through a requisition for a meeting or by way of a shareholder proposal.
Among other things, the policy fixes a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting, provided that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the tenth day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The new policy is intended to: (i) facilitate an orderly and efficient annual general or special meeting process; (ii) ensure that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) allow shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.
The policy is effective as of March 28, 2013 and will be placed before Emerita’s shareholders at the Company’s next annual general meeting.
The full text of the policy is available under Emerita’s profile at www.sedar.com.
The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo, President and CEO of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. Field work at the Las Morras Property is being conducted under the direct supervision of Mr. Merino.
About Emerita Gold Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Spain, with a primary focus on exploring the Las Morras Property in the Extremedura Region of Spain.
Emerita Gold Corp.
President & CEO
For further information, contact:
+ 1 416 309 2139 (Toronto)
+34 (628) 1754 66 (Spain)
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 exploration prospects and proposed work programs and 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”. Forwardlooking 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; hability 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 forwardlooking 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.
Figure 1: Location Map – Las Morras Property.
Figure 2: Location map showing the Property boundary and the Central Area from which geochemical survey results have been received by the Company to date and the Northwest Area where visible gold has been identified in suboutcrop and sampling is ongoing.
Figure 3: Heavy metal concentrate survey results received to date. Note: two anomalous trends (North and South) approximately 500 meters apart.
Figure 4: Location of mineralized rock samples referred to in Table 1 above. These are rock chip samples from outcrops from the initial mapping and demonstrate that there is a potential bedrock source for the gold in the soils and the numerous nuggets that have been identified.