Hispania Resources Inc. Announces Acquisition of Lumbrales Permit
Toronto, Ontario--(Newsfile Corp. - April 25, 2023) - Hispania Resources Inc. (TSXV: ESPN) ("Hispania" or "the Company") is pleased to announce that it has acquired a 100% ownership in the Lumbrales Deposit (the "Lumbrales Permit"), situated in the Stanniferous Iberian Belt. This belt is a prolific mining region, which includes more than 100 Tin and Tungsten deposits in Spain and Portugal. Hispania acquired the Lumbrales Permit from Siemcalsa, a company controlled by the administration of Castile Leon in Spain.
The 2,900 Hectare Lumbrales Permit contains the formerly producing Mari Tere mine and two other artisanal tin prospects situated in Castille, about 115 kilometers west of the city of Salamanca. The permit was acquired from Siemcalsa for €250,000 (approximately CAD $374,500). At the time of its closure in 1986, the Mari Tere mine had established tin and molybdenum resources.
Mari Tere was initially developed by a surface shaft and four underground levels during the Spanish Civil War between 1941 through 1945. During this period a total of 30,000 tonnes of material was produced and processed on site.
More recently, the Mina Duro SA completed underground infrastructure consisting of a 658 meter long 4.5 by 4.5 meter decline to a depth of 220 meters and associated levels of 3,600 meters. These were excavated at the same time and are in a state of good preservation as seen in the image below. The modern decline connects with two of the levels developed during the 1941-1945 period.
Image 1: Decline ramp looking up ramp
To view an enhanced version of this graphic, please visit:
During its tenure, Siemcalsa carried out surface exploration programs consisting of trenching and sampling, geophysics and geochemisty. These works extended the lengths of the mineralized veins along strike and showed the presence of a possible third vein system and additional prospects.
Norman Brewster, CEO of Hispania commented, "We are extremely excited about the acquisition of the Lumbrales Permit and our growth in Spain. The property is located in the Stanniferous Iberian Belt, a geological region our team knows well. This property has been a past producer and given the pricing changes in tin in recent years, makes this property financially attractive. We will examine both expanding the resource, as well as processing of existing tailings as our team gets to site. Equally exciting is the existing infrastructure consisting of decline ramps, surface shafts and underground development. This process to build out is one that usually takes a mining company several years of permitting and work, so we are well positioned to advance this key project. We are grateful to the team at Siemcalsa who supported us during our due diligence and transaction processes, as well as the local and regional governments who helped this transaction to occur and who have been very supportive of mining in the region and particularly key projects. We look forward to our continued growth in Spain."
About Hispania Resources Inc.
Hispania Resources Inc. is a mineral exploration company focused on mining opportunities in Spain. Hispania is currently focused on developing the long-term mining potential of its core asset, the Zinc, Copper, Lead enriched Puebla de la Reina ("PBR") property in the low-risk and historic mining district of Extremadura in Southwest Spain. The PBR property covers an area of 90 km2. Hispania, through its subsidiary, La Joya, has entered into a purchase agreement with Auplata S.A. to acquire a 100% interest in the PBR property. 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 Resources, 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/.
For more information or interview requests, please contact:
Norman Brewster - Chief Executive Officer
Rahim Allani - Director
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 completion of the acquisition of the Lumbrales property, the expected anticipated activity at the Lumbrales property, 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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