Plaza Norte Project — 2019 Technical Report

Executive Summary

The Plaza Norte Project is a zinc-lead exploration property located in the Cantabria region of northern Spain, specifically within the Santander province. The property covers 3,600 hectares and is situated within the Iberian Massif domain, in the Basque-Cantabrian Basin. The mineralization is hosted in dolomitized limestones corresponding to the Aptian-Albian formations, associated with the Santillana Syncline structure. Historical exploration by Asturiana de Zinc in the 1980s and 1990s identified significant zinc and lead intercepts, with the property awarded to Cantabrica de Zinc (CZ) in 2018.

Current work by Cantabrica de Zinc and its consultants has focused on data compilation and database generation rather than active field exploration, as no formal exploration has occurred since 2003. Three target areas have been identified: Mercadal, Queveda, and Yuso. The project is classified as a mid-stage, moderate risk zinc exploration project that has yet to demonstrate economic viability. Further exploration, including drilling, is required to determine the continuity of mineralization.

Recommendations include a Phase One budget of C$750,000 for gravimetric surveys, 3D geological modeling, and a limited twin drill hole campaign to verify historical data. Phase Two, contingent on Phase One results, proposes a C$1.54M budget for 10,000 metres of diamond drilling, geochemical surveys, and initial metallurgical testwork. The project benefits from excellent infrastructure access and a supportive regional government environment, though surface access agreements for future drilling warrant attention.

Website: https://www.emeritaresources.com/corporate/about-us/emerita-resources-and-aldesa-initiate-drilling-at-plaza-norte-project-cantabria-spain

Report Date: 2019-01-21

Region: Cantabria, Spain

Project Status: Exploration

Commodity: Zinc, Lead

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