-- Emerita Resources (EMO.V) on Wednesday reported results from ongoing drilling of El Cura deposit which is part of the company's wholly owned Iberian Belt West project which hosts three Volcanogenic Massive Sulfide (VMS) deposits.
The company said the project is currently undergoing a NI 43-101 Prefeasibility Study (PFS) expected later this year. Hole EC097 which intersected 4.9 metres (m) grading 3.5% copper, 0.1% lead, 0.1% zinc, 1.95 grams per tonne (g/t) gold and 95.63 g/t silver including 1.6m grading 7.5% copper, 0.3% lead, 0.2% zinc, 4.43 g/t gold and 23.44 g/t silver and hole EC095 which intersected 0.6m grading 0.9% copper, 0.2% lead, 0.1% zinc, 0.93 g/t gold and 45.00 g/t silver, "successfully" demonstrate the westward continuation and downward plunging character of the mineralization at El Cura.
Closer to the center of El Cura deposit, hole EC096 provides confirmation of the consistency of El Cura deposit, infilling gaps between prior drillholes within the deposit. The company is planning to scale back the drilling at El Cura over the coming several weeks as drill holes completed beyond that will not contribute to the ongoing MRE or PFS.
Its technical team is developing the exploration programs to follow up targets at San Antonio and Nuevo Tintillo in support of identifying new mineral deposits in the area.
Shares of the company closed down 6.3% to $0.37 on Tuesday on the TSX Venture Exchange.