Exploration permits secured for San Antonio and Terranova properties within IBW area, granting rights to Emerita. Additionally, the company enters into an agreement to acquire the Nueva Celti Project in Andalusia, Spain.
Emerita Resources Corp., a natural resource company focused on exploring mineral properties in Europe, has announced its intention to acquire Western Union's Spanish subsidiary, Western Union, S.L. The acquisition, which is subject to TSX Venture Exchange approval and other customary closing conditions, will grant Emerita a 100% interest in the Nueva Celti Project.
The Nueva Celti Project, located in the Ossa Morena geological massif, is a copper project with historic mining operations. Emerita has been granted exploration permits for the San Antonio and Terranova claims, adding 181 hectares to their Iberian Pyrite Belt holdings.
The San Antonio license covers a former small-scale historic mine known as the Gibraltar Mine, which is located on the southeast flank of the Gibraltar Mountain. The Terranova license has several historic small-scale mines, including the Vuelta Falsa Mine and the Trimpancho Mine.
The IBW Project, which Western Union holds 100% ownership of, hosts three Volcanogenic Massive Sulphide (VMS) deposits: La Romanera, La Infanta, and El Cura. The Nueva Celti project, following recent drilling, has demonstrated potential for expansion with an intercept of 26.1 meters from 219.75 meters depth grading 1.5% Cu, 1.8% Zn, 27.6 g/t Ag, and 0.7 g/t Au.
Joaquin Merino, P.Geo., President of Emerita, has reviewed and approved the scientific and technical information in the news release. The acquisition of Western Union's Spanish subsidiary is exempt from the requirements to obtain a formal valuation or minority shareholder approval due to sections 5.5(b) and 5.7(e) of MI 61-101.
Greg Duras, Emerita's Chief Financial Officer, is a significant shareholder of Western Union and is Western Union's Chief Executive Officer. The transaction involves the payment of CAD$150,000 in cash and $250,000 in Emerita shares.
Emerita Resources Corp.'s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada. The Company's total mineral property holdings in the IBW area now comprise 8,144 hectares, with the Terranova license extending the Company's mineral property close to the border of Portugal.
This acquisition is a significant step forward for Emerita Resources Corp., expanding their presence in the Iberian Pyrite Belt and strengthening their position in the copper sector.
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