Emerita granted IBW permits, to buy Nueva Celti
Executive Summary
- Emerita Resources received two new exploration permits in the Iberian Pyrite Belt (San Antonio and Terranova), adding 181 ha and bringing total IBW holdings to 8,144 ha.
- The company entered a Letter of Intent to acquire Western Metallica’s Spanish subsidiary, gaining 100 % of the 1,237‑ha Nueva Celti copper project in Andalusia; consideration includes $150k cash plus $250k in Emerita shares.
- Historic drilling on Nueva Celti (2023) intersected 26.1 m from 219.75 m depth grading 1.5 % Cu, 1.8 % Zn, 27.6 g/t Ag and 0.7 g/t Au, indicating potential for a sizable resource.
Key Details
- Exploration Permits:
- San Antonio licence (181 ha) – adjacent to La Romanera deposit; includes historic Gibraltar mine (“very rich in copper”).
- Terranova licence (181 ha) – contains historic Vuelta Falsa and Trimpancho mines; near former Sao Domingos copper mine.
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Both permits are for an initial three‑year term, renewable.
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Total IBW Land Position: 8,144 ha after addition of the two new properties.
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Project Consolidation: San Antonio, Terranova and existing Ontario licences will be operated as a single “San Antonio project.”
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Nueva Celti Acquisition (LOI):
- Target: Western Metallica S.L. (WMS Spain), holder of Nueva Celti project (1,237 ha).
- Purchase price: $150,000 cash + $250,000 in Emerita shares (share price based on the day prior to SPA execution).
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Transaction subject to binding SPA, TSX‑V approval and customary closing conditions.
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Related Party Disclosure: CFO Greg Duras is a significant shareholder and CEO of Western Metallica; transaction exempt from formal valuation/minority approval under MI 61‑101 sections 5.5(b) & 5.7(e).
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Historical Drilling Results (Nueva Celti):
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Four‑hole campaign, 2023 – best intercept: 26.1 m @ 219.75 m depth grading 1.5 % Cu, 1.8 % Zn, 27.6 g/t Ag, 0.7 g/t Au (per Western Metallica press release 11 May 2023).
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Exploration Outlook:
- Immediate exploration can commence on the newly permitted San Antonio and Terranova areas.
- Systematic drill program planned for Nueva Celti to test depth and strike extensions of mineralization.
Notable Quotes
- Joaquin Merino, President: “As the company’s strategic land position continues to grow around the main IBW property… we add ground with historically reported high‑grade mineralization at the Gibraltar prospect and known historic mining at Vuelta Falsa and Trimpancho.”
- David Gower, CEO: “The continued strategic acquisition of high‑potential projects in the Andalusia region further demonstrates the company’s commitment to becoming the dominant mine developer in the region… Emerita is well financed and will be accelerating its investments in developing high‑quality mineral deposits.”