Emerita Awarded Public Tender for Key Zinc Project in the Riocin Mining Camp, Cantabria, Northern Spain - Seite 2

The parliament of Cantabria passed amendments to the law that regulates various land uses in April 2017 and created a solid legal framework intended to promote and attract mining activity in the region. Immediately following the enactment of these laws, the Government of Cantabria launched an exploration tender with the aim of attracting investment to the area of the Reocin mine and surrounding mining camp. The tender for the region encompassed a total of 460 claims comprising 13,800 hectares which were previously controlled by Asturiana de Zinc until 2003, when the Reocin mine ceased operation and the mining rights were returned to the Government of Cantabria. JVCo, through its successful tender bid, acquire 120 of these claims which were strategically selected based on its detailed review of the historical data.

Within the next four months Emerita and its partner will submit the planned exploration program to the Provincial authorities in line with the Public Tender. The exploration licences are for a three year period, and can be extended for an additional three years by the Ministry of Industry subject to compliance by filing a report of results of the exploration program.

The Plaza Norte Project

The Plaza Norte Project is located in the Cantabria Region, Northern Spain, in the Reocin mining district. The Cantabria region is characterized by first world infrastructure Including an industrial port and excellent rail and road network. Glencore has its "San Juan de la Nieva" zinc smelter in the adjacent region, Austurias, about 180 km to the west by road (Fig. 1).

To view Figure 1. Cantabria Region Northern Spain - please click on the following link: http://media3.marketwire.com/docs/Emerita_Fig_1.pdf

The Reocin mine was a past producing zinc mine and was among the richest zinc mines in the world. The mine started as an open pit and proceeded to an underground operation and after many decades was closed in 2003. Reocin is a typical Mississippi Valley type deposit, characterized by high zinc grades in sphalerite-rich layers. Historical production was 62.0M tonnes grading 11.0% Zn (Fig. 2).

To view Figure 2. Plaza Norte Project map with historical drill holes - please click on the following link: http://media3.marketwire.com/docs/Emerita_Fig_2.pdf

The Reocín mine is geologically located in the Santillana Syncline which hosts the limestone and dolomitic rocks related to the zinc (lead) deposits. The Santillana Syncline has been explored to some extent but most of the prospective part of the basin was controlled by Asturiana de Zinc since the 1980's. Emerita has identified interesting target areas within the data base including drill intercepts such as hole 532 - 18.96 meters grading 9.72% zinc and 0.09% lead, Hole SS21 - 8.20 meters grading 7.05 zinc and 0.30 % lead.