TORONTO, ONTARIO--(Marketwired - Sept. 12, 2017) - Emerita Resources Corp. ("Emerita" or the "Company") (TSX VENTURE:EMO) has issued 500,000 common shares to Falcon Metais Ltda. ("Falcon") in order to keep Emerita's option (the "Option") to acquire a 100% interest in the Falcon Litio MG Project (the "Litio Project") in good standing pursuant to the terms of the binding letter agreement with Falcon entered into on June 13, 2016. In order to exercise the Option and acquire the Project, Emerita must issue a third tranche of 500,000 common shares to Falcon on or before June 13, 2018. The Emerita common shares issued to Falcon are subject to a statutory hold period which expires on January 12, 2018. Please see Emerita's press release issued on June 13, 2016 for additional information on the Project and the terms of the Option.
David Gower, P.Geo., Chairman of Emerita, commented: "The Litio Project is in close proximity to the Salobro zinc project that Emerita is in the process of acquiring from Vale S.A., which provides an exceptional opportunity for Emerita to explore the Litio Project very cost effectively as its technical team will be in the area. The Litio Project is adjacent to Brazil's only lithium producer as the property boundary is only approximately 500 meters from the producing deposit. The Company's focus continues to be on base metal projects but this is an exceptional opportunity to add value at a very low cost."
The Litio Project
The Litio Project is located in Minas Gerais State, Brazil immediately adjacent to Companhia Brasileira de Litio ("CBL") lithium mine (see map below). Pegmatite dykes similar to the mineralized dykes on the adjacent property have been identified on the Litio Project during the initial field reconnaissance of the area. According to Dr. Fernando Tallarico, P.Geo, an independent consultant for Emerita, "the proximity to the producing operation along with the geological evidence observed in the field, indicate further mapping, sampling and drilling are merited."
Lithium mineralization in the area where the Litio Project is located is associated with Neoproterozoic granitic intrusions that have deposited lithium mineralization with minor contents of rare metals such as thallium, niobium and tin in the apical aureole of these intrusions. Mineralization is hosted by pegmatite dykes with widths varying from 5 to 30 meters and strike in excess of 1 kilometer. The mineralized pegmatite dyke system is structurally-controlled by a framework of NW and NE crosscutting faults and fractures, and locally is characterized by stockwork systems or sets of sub-paralleled sheeted-dykes. The main lithium mineral at the adjacent operation is spodumene with minor amounts of petalite. CBL produces lithium concentrate with a grade of approximately 5% LiO2 that is converted in a chemical plant, also belonging to CBL, into lithium-hydroxide and lithium-carbonate.
Figure 1. Location of the Project permit relative to the producing CBL lithium mine
Corporate Update
Emerita also announces that it has continued from the Province of British Columbia to the Province of Ontario (the "Continuance") pursuant to a special resolution passed by Emerita shareholders at the annual and special meeting of Emerita shareholders held on May 31, 2017. Further details regarding the Continuance are set out in Emerita's management information circular dated May 2, 2017 filed under Emerita's SEDAR profile at www.sedar.com.
Qualified Person
Dr. Fernando Tallarico, P.Geo., is a "qualified person" as such term is defined in NI 43-101 and has reviewed and approved the scientific and technical information included in this press release and has approved its dissemination. Dr. Tallarico is considered independent of Emerita.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain and Brazil. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
