Emerita drills 0.3% copper over 29.3 metres at Iberian Belt West, Spain

Emerita Resources Corp. [EMO-TSXV; EMOTF-OTCQB; LLJA-FSE] released additional assay results for 21 holes from the continuing delineation drilling program at the La Romanera deposit, part of its wholly owned Iberian Belt West project, Spain.

These results will be included in the upcoming maiden NI 43-101 compliant mineral resource estimate (MRE). Results from an additional 14 holes are expected to be received within the next week and these will be the final assays required to complete the mineral resource estimate. Wardell Armstrong International has been engaged to complete the mineral resource estimation of the IBW project and is progressing for completion expected middle of May. IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. All deposits are open for expansion along strike and at depth.

A recent downhole TEM geophysical survey indicated continuity of the mineralization at depth below the deepest drillhole intersections in the lower-central portion of the deposit. The extension of the deposit in this area has been confirmed by drill hole LR146 which intersected 34.9 metres of massive sulphide from (580.85-615.75) – assays pending. This extends the mineralization 40 meters deeper and almost 100 metres to the east. This portion of the deposit will be outside of the initial mineral resource estimate but will serve to increase the deposit size in a future resource estimate update. Additional drill holes are being planned to continue exploration at depth.

Resource delineation drilling for the MRE has drawn to a close at the IBW project.

As focus switches from resource delineation to resource expansion and to regional exploration, the Spain-based Emerita exploration team will be focused on several initiatives at IBW, which include additional drilling, targeting extensions of La Romanera at depth, strike extensions to La Romanera (including the eastern anomaly) and initial drilling at El Cura prospect.

An area of higher conductivity has been identified on strike and east of La Romanera. The Emerita team intends to drill this anomaly targeting a possible eastward extension of the known mineralized horizon.

Located approximately midway between La Romanera and La Infanta is the historical El Cura deposit. Initial drilling at IBW prioritized areas with known historic resources. At El Cura, multiple historic small-scale mining operations have been identified but the target has seen little modern exploration and the Company does not have the historical drill hole data for this deposit. A comprehensive mapping program has recently been completed and a drill is being mobilized to El Cura presently.

La Romanera Drill Results

Assay results have been received from 21 drill holes (LR092, LR095, LR117, LR118, LR119, LR121, LR122, LR123, LR124, LR125, LR126, LR127, LR128, LR130, LR131, LR133, LR134, LR136, LR138, LR139 and LR141) at La Romanera deposit.

Drill Hole LR092: The Lower Lens was intersected at 514.0 metre down the hole and comprises 4.9 metres grading 0.2% Cu; 2.0% Pb; 4.6% Zn; 1.40 g/t Au and 97.0 g/t Ag.

Drill Hole LR117: The Lower Lens was intersected at 560.3 metres down the hole and comprises 5.4 metres grading 0.6% Cu; 1.5% Pb; 7.0% Zn; 0.30 g/t Au and 43.0 g/t Ag.

Drill Hole LR118: Both lenses were intersected. The Upper Lens was intersected at 153.1 metres and encountered 6.9 metres grading 0.5% Cu; 1.1% Pb; 1.9% Zn; 0.97 g/t Au and 28.8 g/t Ag. The Lower Lens was intersected at 165.9 metres and comprises 29.3 metres grading 0.3% Cu; 1.0% Pb; 3.4% Zn; 3.83 g/t Au and 39.4 g/t Ag, including 5.0 metres grading 0.5% Cu; 2.6% Pb; 8.3% Zn; 6.25 g/t Au and 78.2 g/t Ag.

Drill Hole LR124: The Upper Lens was intersected at 332.6 metres down the hole and comprises 16.0 metres of pyritic mineralization grading 0.3% Cu; 1.1% Pb; 1.0% Zn; 1.64 g/t Au and 138.2 g/t Ag, including 4.4 metres grading 0.4% Cu; 1.1% Pb; 1.1% Zn; 2.55 g/t Au and 203.6 g/t Ag. The Lower Lens was intersected at 350.85 metres down the hole and comprises 30.6 metres grading 0.4% Cu; 0.6% Pb; 3.0% Zn; 0.35 g/t Au and 35.2 g/t Ag, including 5.0 metres grading 0.2% Cu; 1.5% Pb; 6.6% Zn; 0.62 g/t Au and 66.2 g/t Ag.

Drill Hole LR125: The Lower Lens was intersected at 124 metres down the hole and comprises 9.6 metres grading 0.2% Cu; 2.9% Pb; 5.6% Zn; 1.88 g/t Au and 98.8 g/t Ag, including 5.9 metres grading 0.2% Cu; 3.9% Pb; 7.8% Zn; 2.14 g/t Au and 114.2 g/t Ag.

Refer to original press release for complete drill results.

The company has applied to the TSX Venture Exchange to extend the term of 7,847,150 common share purchase warrants previously set to expire on July 15, 2023 to January 15, 2024. Each Warrant is exercisable for one common share in the capital of the Company for an exercise price of $1.50. The extension of the Warrants remains subject to approval of the TSX Venture Exchange.