Emerita Gold Corp.

Emerita Gold Corp.

August 29, 2013 08:00 ET

Emerita Provides Update on Exploration Progress at Las Morras Project, Spain

TORONTO, ONTARIO--(Marketwired - Aug. 29, 2013) - Emerita Gold Corp. (TSX VENTURE:EMO) (the "Company" or "Emerita") provides the following update regarding the Company's exploration program at its 100% owned Las Morras Property in the Extremadura Region of western Spain (the "Property") (Figure 1). The Company is continuing to evaluate the Property and is generating targets that will be tested by trenching and/or drilling this year.

Geochemical Surveys:

Two areas with highly anomalous gold in soil have been identified to date within the Las Morras Property - the Central and the Northwestern target areas (Figure 2).

The Central area is characterized by two gold anomalies that are approximately 300 metres wide and extend 500 meters and 800 meters in an east-west direction, respectively. The anomalies are open to both the east and west directions (See Press Release April 8th, 2013).

The Northwestern area, which was identified during field mapping, is characterized as an extensive area where a high concentration of quartz boulders and quartz in outcrop were observed, some of which contain visible gold. Heavy mineral panned concentrates also indicated a high number of gold grains in the soils. This area was subsequently covered by a geochemical soil grid and additional rock and heavy mineral concentrate (HMC) samples were collected (Figure 3) on survey lines 525 meters long spaced 100 meters apart, with samples taken at 25 meter intervals. The grid extends for 800 metres. Geochemical results are compiled in Tables 1-3 below.

The survey identified anomalous gold in the Northwestern area, indicated by sampling (HMC, soil and rock) that extends approximately 700 metres long and over 100 metres wide (Figure 3). This anomaly remains open to the West and East directions. The Company interprets that the gold anomaly highlighted by the geochemical survey in the Northwestern area corresponds to a shear zone within the Precambrian schist-greywacke complex (SGC). The Northwestern area strikes approximately east west and is about 3.0 kilometres from the Central Area (Figure 3).

Structures associated with the Northwest and Central areas will be the primary targets for testing in the upcoming programs.

Also during the process of property scale geological mapping, the Company identified more than 20 ancient workings that were previously not documented. These ancient workings are typically hand excavated pits and trenches into shallow bedrock characterized by abundant quartz in the vicinity. Occasionally samples of quartz floats from the waste piles carry gold. The anomalous zones in the Central and Northwestern areas are coincident with several of these pits (Figure 4). These ancient excavations attest to gold having been widely identified on the property in the ancient past and further demonstrate the importance of a systematic approach to evaluating the property for a significant gold deposit.

The Company has also completed a remote sensing study to assist in the structural interpretation of the Property (see details below). Outcrop in the region of the anomalies is sparse and initial follow up with trenches designed to provide detailed structural information in advance of drilling is planned for September.

According to Joaquin Merino, P.Geo., President and CEO of Emerita: "We have identified two extensive anomalous zones (the Central area and the Northwestern area) that could represent mineralized shear zones. Collectively they extend for a length of at least two kilometers. We continue to investigate the target areas and evaluate the remainder of the property for new anomalies. The geochemical coverage only represents approximately 10% of the property and mapping continues to identify additional areas for follow up".

Detailed Geological/Structural mapping

Following remote sensing analysis (described below), detailed geological and structural mapping was carried out on the Property, including the Northwestern and Central areas (Figure 8). Although outcrops are not abundant, the dominant lithologies underlying the Property are slates and greywackes of Rifean/Upper Vendian age (Precambrian) that correspond to the Schist and Greywacke Complex Domain (SGC). The SGC is partially covered by Plio-Quaternary alluvial deposits related to an active drainage basin. This material is believed to come from the Armoricans quartzites of the Sierra Chimena in the north.

A 0.2 to 0.5 metre thick regolith is developed on top of the Precambrian slates and greywackes. Most of the gold on the Property has been found in the SGC regolith in the form of gold grains, nuggets and in quartz boulders. The soil anomalies identified in the Central and Northwestern areas and the ancient workings, where quartz boulders with visible gold have been found, are also in the SGC regolith. No gold has been seen in the Armorican quartzites or in the Plio-Quaternary alluvial deposits. As a preliminary conclusion, initial geological mapping indicates the Las Morras geochemical anomalies and gold occurrences are underlain by a major shear zone system hosted by the SGC with two preferential directions, the WNW-ESE regional structural direction and ENE-WSW direction. This shear zone system is interpreted to be the most likely source for gold anomalies and mineralized rock samples observed to date and the Company plans to initiate a trenching program to expose this system for more detailed analysis.

Remote Sensing Analysis:

A multispectral remote sensing analysis of images covering the Las Morras Property was completed to assist with mapping lithologies, structures and lineations. Two Landsat (TM and ETM+) images and one ASTER (Level 1-B) image were analyzed. The acquisition date of the Landsat TM and Aster images were selected within the late spring - summer interval, because at that time the soil is nude and therefore its spectral analysis can be direct. By contrast, the Landsat ETM+ image selected was acquired early in spring, when the vegetation cover is still predominant. This was done with the intention of detecting vegetation changes potentially related to substrate compositional variations.

With the techniques used it is possible to map the majority of lithologies in the area, as illustrated in Figure 5. The image maps the limits of the Precambrian schist-greywacke complex, and the areas underlain by the Palaeozoic outcrops ("Sierra de la Chimenea" in the north). It is also helpful in identifying, the associated alluvial fan deposits coming off the scarp to the north as well as Tertiary and Quaternary alluvial deposits regionally.

The analysis of the Aster image identified structural lineations within the concession. One set of lineations (depicted in red color in Figure 6) runs parallel to the WNW-ESE regional structural direction dominating the northern Sierra de la Chimenea outcrops. These lineations also coincide with the direction N-100-120E previously measured by the Company in the field (Figure 7). Another set of lineations (in yellow color) depicts an ENE-WSW direction that coincides with the primary direction of the structurally controlled Guadiana River in the area. These lineations are at an angle that may indicate they are conjugate structures intersecting in the Central and Northwest areas.

Increased Land Position

In April 2013, the Company submitted four new exploration applications to the mines bureau of the Extremadura Regional Government covering an area adjacent to its Las Morras exploration permit. The applications were accepted in June 2013 and it is expected that exploration permits will be granted in September 2013. The Company is seeking to expand the Property because the Northwestern area trends off the Property and there have been a number of additional areas where gold nuggets have been observed and historical workings identified outside of the existing Property boundary.

The new area will cover nearly 30,000 hectares totaling 1,000 claims that are grouped in four new exploration permits named "Manchuela", "El Alandre", "Matajarda" and "Garbayuela". (Figure 8).

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.

Options Grant

The Company has granted a total of 560,000 stock options to certain directors and consultants of the Company. The options have an exercise price of $0.10 and expire three years from the date of grant. The options vest immediately, with the exception of options granted to persons providing investor relations services to the Company, which will vest over a period of 12 months in four equal installments with the first installment vesting three months from the date of grant. The grant of options remains subject to approval by the TSX Venture Exchange.

Qualified Person

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 Extremadura Region of 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". 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.

Figures 1 to 8 and Tables 1 to 3 are available at the following address: http://media3.marketwire.com/docs/EMO_0829.pdf


Contact Information

  • Emerita Gold Corp.
    Marilia Bento
    + 1 416 309 2139 (Toronto)

    Emerita Gold Corp.
    Joaquin Merino
    +34 (628) 1754 66 (Spain)