Toronto, Ontario--(Newsfile Corp. - May 1, 2024) - Hispania Resources Inc. (TSXV: ESPN) ("Hispania" or "the company"), a mineral exploration company focused on Spain, announced that it has retained a Canadian geological services company to complete technical reports in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") ("NI 43-101 Report") Technical Reports at its recently acquired properties Otero and Lumbrales in Castille Y Leon, Spain.
Otero
Hispania formally acquired the Otero property from the previous owner. As previously disclosed in a press release dated November 22, 2023, Otero consists of 5 km2 (500 Hectares) made up of 16 mining claims. The Otero property hosts a Cu-Sn-Zn-Au-W polymetallic Skarn deposit. Norman Brewster, CEO of Hispania noted "With the price of copper hitting higher levels in recent weeks, we believe this is a great time to ascertain formal reports on Otero with a NI 43-101 Report. Working with a group that we have worked with in the past, gives us extreme comfort, knowing they understand the geological structures in Spain. And we look forward to seeing the results of the report, based on the data sets available".
Lumbrales
As previously noted in a press release dated June 7, 2023, the Lumbrales Permit covers 2,900 hectares and contains the formerly producing Mari Tere mine and two other artisanal tin prospects. "With the improvement in the price of Tin, hitting levels not seen in two years, this is a great time to begin redevelopment work at site, and this begins with a new 43-101 report, confirming what we believe we have at site", said Mr. Brewster. Tin is currently trading at US$33,112/t ($15.01/l b), up 19% in April, up 28% YTD, and up 25% YoY. LME tin is at $32,41/t, its highest since June 2022.
Prior to its closure in 1986, the Mari Tere mine contained two parallel Quartz vein systems, which are exposed to a depth of 200 meters and stretch along a strike length of 750-meter section. Each vein measures between 3 to 6 meters each in width, averaging at 4 meters, and are spaced 45 meters apart. An intermittent third system exists between these two. The Mari Tere mine was initially developed with a surface shaft and four underground levels. More recently, Mina Duro SA constructed an underground infrastructure consisting of a 658 meter long, 4.5 by 4.5 metre decline that goes down to a depth of 220 meters, as well as associated levels stretching 3,600 meters.
About Hispania Resources Inc.
Hispania Resources Inc is a mineral exploration company focused on mining opportunities in Spain. Hispania is currently focused on developing 3 core assets across Spain, including the copper, zinc project Otero, the formerly producing tin project Lumbrales and the copper, zinc Puebla de la Reina project. The management of Hispania contains industry veterans who have more than 120 years of mineral exploration and production experience in multiple jurisdictions and have successfully managed multiple international mining companies. This includes in Spain, where some of the team was responsible for the founding and building of Iberian Minerals with the continued support of the local and regional governments, including the well-developed and sophisticated transportation and mining infrastructure.
For more information on Hispania Resources Inc., visit: http://HispaniaResources.com/.
Contact Information
For more information or interview requests, please contact:
Norman Brewster - Chief Executive Officer
Norm@HispaniaResources.com
(416) 970-3223
Rahim Allani - Director
Rahim@HispaniaResources.com
(416) 457-0549
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information can be identified by words such as: "intend", "believe", "estimate", "expect", "may", "will" and similar references to future periods. Examples of forward-looking information include, among others, the expected commencement of work on the PBR project, the expected meetings with local drilling firms, as well as information relating to Hispania. Although Hispania believes that, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Hispania can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risk that the future plans of Hispania may differ from those that currently are contemplated Additional risks include those disclosed in the Filing Statement, which are incorporate herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
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