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Gold Co. Takes Big Step With Initial MRE in the Iberian Pyrite Belt

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Emerita Resources Corp. has released its maiden NI 43-101 mineral resource estimate on the Iberian Belt West Project. Read on to see the large quantities of valuable metals reported, and how much potential remains at IBW.

Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCMKTS;LLJA:FSE), which is based in Canada, has released its maiden (interim) NI 43-101 resource estimate for its Iberia Belt West (IBW) Project in Spain. Drilling is ongoing, and new mineralization is still being delineated. The focus now shifts to continued expansion drilling at the large La Romanera deposit and initial exploration efforts that are underway at the historical El Cura deposit (which sits between La Romanera and La Infanta).

Additionally, assay results from IBW are expected to be released in the near term. Emerita has also announced that the Ministry of Industrial Policy and Energy of Huelva, Andalusia, has granted the company an exploration permit for the Infanta Sur property, which adds an additional 848.5 hectares to IBW, bringing the total to 2,394.1 hectares.


Emerita's mineral resource estimate is based on the La Romanera and the La Infanta deposits at their IBW project. Drilling is expected to continue through 2023 and into 2024 as all deposits are open for expansion along strike and depth. Exploration has also commenced at El Cura as drilling continues at La Romanera with six drill rigs on the property. Metallurgical testing at La Romanera and La Infanta has also started.

The highlights of the initial mineral resource estimate (MRE) are as follows:

The initial MRE estimate for the IBW project includes an indicated resource of 14.07 million tons (Mt) grading 3.29% zinc (Zn), 1.66% lead (Pb), 0.46% copper (Cu), 75.2g/t silver (Ag), and 1.39g/t gold (Au), resulting in a zinc equivalent (“ZnEq”) grade of 7.63% ZnEq along with an inferred resource of 4.71Mt grading 4.7% Zn, 2.14% Pb, 0.54% Cu, 72.4g/t Ag, and 0.9g/t Au with a ZnEq grade of 9.29%.

Technical analyst Clive Maund rated Emerita as an opportunity for investors in March of 2023. According to Maund, "The charts for Emerita look increasingly positive."

The two deposits are approximately 6 km apart, such that they could share infrastructure in a potential future development scenario. El Cura is approximately halfway between and, according to the company, would also directly impact operations by providing immense upside.

The La Romanera deposit contains an indicated resource of 13Mt grading 2.98% Zn, 1.45% Pb, 0.42% Cu, 74.1g/t Ag, and 0.9g/t Au, and an inferred resource of 3.14Mt grading 4.85% Zn, 1.96% Pb, 0.45% Cu, and 71.3g/t Ag, and 1.16g/t Au. The La Romanera MRE was calculated based on data from 144 drill holes covering 52,750m of drilling.

On the La Infanta deposit, the indicated resource is 1.07Mt grading 7.1% Zn, 4.24% Pb, 1.03% Cu, 88.5g/t Ag, and 0.32g/t Au along with an inferred resource of 1.56Mt grading 4.41% Zn, 2.49% Pb, 0.74% Cu, 74.7g/t Ag, and 0.38g/t Au. The La Infanta MRE was calculated based on data from 86 drill holes covering 19,565m of drilling.

According to Emerita, mineralization remains open at both deposits, as the MRE confirms the resource starts at or near the surface and remains open at depth and along strike.

According to the company, "This represents an interim mineral resource estimate as work continues to expand the resources at IBW. The recent exploration mapping, drilling, and geophysical surveys demonstrate both La Romanera and La Infanta remain open along strike and at depth. This, coupled with targets associated with the recently expanded land position, provides additional targets for new discoveries."

Why Gold?

Additionally, according to Rick Mills of Ahead of the Herd, a number of factors are creating a surge in gold, including fears of a recession and the actions of the Fed.

Technical analyst Clive Maund rated Emerita as an opportunity for investors in March of 2023. According to Maund, "The charts for Emerita look increasingly positive . . . Momentum is now swinging positive. With its closing price on the U.S. market of US$0.666, this stock may for a brief time have special appeal to Globalist investors."

Additionally, according to Rick Mills of Ahead of the Herd, a number of factors are creating a surge in gold, including fears of a recession and the actions of the Fed.


Emerita is continuing to drill at La Romanera and has begun drilling at El Cura. Because of recent high-grade and thicknesses at depth coming from La Romanera, the company will continue to perform step-down drilling to potentially increase the resource. Initial exploration work has begun at El Cura, which will offer immediate resource expansion potential.

Metallurgical work has commenced in the lab in order to solidify the recovery rates at IBW. La Romanera, El Cura, and La Infanta continue to remain open to expansion. The company is strengthening its cash position with a financing just announced.

Streetwise Ownership Overview*

Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCMKTS;LLJA:FSE)

*Share Structure as of 6/2/2023

Ownership and Share Structure

Management and insiders own 15.17% of Emerita Resources. According to Reuters, Chairman Lawrence Guy owns 1.36% with 2.82 million shares, CEO and Director David Patrick Gower owns 1.21% with 2.51 million shares, President and Director Joaquin Merino-Marquez owns 0.98% with 2.03 million shares, Director Catherine Stretch owns 0.72% with 1.50 million shares. Director Marilia Bento owns 0.48% with 1.00 million shares, and Damian J.D. Lopez with 0.13% with 0.28 shares.

16.85% of the stock is held by institutional investors. Merk Investments LLC has 1.33%, with 2.75 million, according to Reuters. Sprott Asset Management LP has 0.13%, with 0.26 million, and Palos Management Inc. has 0.10%, with 0.20 million

The company reports no strategic investors, and the rest is with retail investors. 

Emerita has CA$8.06 million in the bank as of March 31, 2023. Emerita does not report a monthly burn rate or monthly drilling cost.

The company has a market cap of CA$100 million. There are 207.32 million shares, 8.8 million warrants, and 18.85 million options. It trades in the 52-week period between CA$0.43 and CA$1.66. The company also just announced a press release about additional financing for a CA$8,000,000 private placement on June 2, 2023.

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Important Disclosures:

  1. Emerita Resources Corp. is a billboard sponsor(s) of Streetwise Reports and has paid SWR a sponsorship fee between US$3,000 and US$5,000.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Emerita Resources Corp. 
  3. Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
  4. The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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