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Mining Company Announces Drilling Plans for Gold Project in Spain

Source: Streetwise Reports

 

September 6, 2023 (Investorideas.com Newswire) Emerita Resources has announced its plans focused on the west side of the Nuevo Tintillo project. Read on to see what this company is doing as gold prices are set to rise.


Emerita Resources Corp's (EMO:TSX.V; EMOTF:OTCMKTS; LLJA:FSE) Nuevo Tintillo project is set to see exciting developments as the company advances plans for drilling on the property in the third or fourth quarter of 2023. While the company cannot at this time announce a specific date for drilling, it expects drilling to take place in September.

According to Emerita, the drilling at Nuevo Tintillo is intended to target six points on the west side of the property over 3,000m. Joaquin Merino, the President of Emerita, commented, "We are excited to see the results of the initial Nuevo Tintillo drill campaign. Our technical team has worked diligently to identify high-potential drill targets . . . The area has abundant evidence of base metal mineralization in surface outcrops as well as small historical mines and is situated on trend from large VMS deposits such as the Rio Tinto mine, Aznalcollar mine, and Cobre Las Cruces mine. This is the first modern exploration evaluation that we are aware of for this highly prospective property."

The press release also reported that past advancements on the part of Emerita include geophysical surveys over the property, which indicated the west side of the project as a prospective location of mineralization, as well as a gravimetric survey intended to identify sulfide deposits.

Gold Set to Trend Up

According to Reuters, gold values look set to trend upward again in the next week. There are a number of drivers behind this expected rise, including a tapering off of rate hikes from the Federal Reserve, a slow in the downward trend of U.S. manufacturing, and a weakening dollar.

On August 31, Reuters reported that during the week, gold values had hit a monthly record.

According to Bob Haberkorn of RJO Futures, "Gold is now in [a] wait-and-watch mode, and a drop in bond yields could prompt some strength in bullion."

Bloomberg also highlighted the Federal Reserve's effect on gold prices and projected a much longer period of rise for gold.

An "Immediate Buy"

In August, Technical Analyst Clive Maund listed Emerita among a group of "Immediate Buys."

According to Maund, "We are a little late with Emerita because it just broke out of a fine Head-and-Shoulders bottom on good volume last Friday, but on its chart, we can see that there is still plenty more to go for . . . buyers should think of taking profits if it approaches the CA$0.70 area."

Emerita has stated that previous studies on the La Romanera deposit revealed an indicated resource of 13Mt and an inferred resource of 3.14Mt, while studies on La Infanta revealed 1.07Mt of indicated and 1.56Mt of inferred resources.

According to Emerita's presentation for investors, the Iberian Pyrite Belt, where Emerita's projects are located, is famous for producing precious metals and has been the site of mining since the Roman Empire. Andalusia, as a result of its economic policy, is favorable to underground mining.

Ownership and Share Structure

Reuters provided a breakdown of the company's ownership structure. Management and insiders own 5.78% of the company. Michael Lawrence Guy owns 1.90% with 4.32 million, David Patrick Gower owns 1.22% with 2.76 million shares, Joaquin Merion-Marquez owns 0.92% with 2.09 million shares, Catherine Stretch owns 0.70% with 1.60 million shares, Marilia Bento owns 0.44% with 1.00 million shares, Gregory Duras owns 0.29% with 0.65 million shares, Damian J.D. Lopez owns 0.20% with 0.46 million shares, and Ian T. Parkinson owns 0.11% with 0.25 million shares.

Institutions own 1.32% of the company. Merk Investments LLC owns 1.21% with 2.75 million shares, and Sprott Asset Management LP owns 0.11% with 0.26 million shares.

Emerita reports no strategic investors.

The company reports that it has CA$14.29 million in the bank as of June 30, 2023, with no reported monthly burn rate or monthly drilling costs.

Emerita does not report any potential sellers or warrants overhang.

According to Reuters, there are 234.82 million shares outstanding, with 201.31 million free-float traded shares. The company has a market cap of CA$109.19 million. It trades in the 52-week period between CA$0.32 and CA$1.24.

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