Emerita drills 0.2% copper, 3.6% lead over 13 metres at IBW, Spain

Emerita Resources Corp. [EMO-TSXV; EMOTF-OTCQB; LLJA-FSE] reported additional assay results from the continuing delineation drilling program at La Romanera deposit, part of Emerita’s wholly owned Iberian Belt West project (IBW), Spain IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. Results contained in this release are from La Romanera. All deposits are open for expansion along strike and at depth.

Assays have been received for two additional drill holes that were not included in the recently announced NI 43-101-compliant mineral resource estimate. Drill holes LR146 and LR147 demonstrate that the deposit remains open at depth and is high-grade and thick in this central area.

According to Ian Parkinson, executive vice-president of corporate development and capital markets for Emerita: “It is exciting to see such strong results as a follow-up to the recently announced maiden mineral resource estimate at IBW. La Romanera is the cornerstone deposit on this project and it appears to be sustaining excellent thicknesses and higher-than-average grades as we continue to expand the mineral resource at relatively shallow depth.”

Drill hole LR146: The upper lens was intersected at 580.9 metres down the hole. It encountered 13 metres grading 0.2% copper, 3.6% lead, 13.1 % zinc, 1.35 g/t gold and 120.9 g/t silver, including six metres of 0.3% copper, 4.8% lead, 15.9% zinc, 2.32 g/t gold and 181.5 g/t silver. The lower lens was intersected at 593.9 metres down the hole. It comprised 22.9 metres of 0.6% copper, 2% lead, 4.8% zinc, 0.58 g/t gold and 79.2 g/t silver, including 3.9 metres of 0.3% copper, 6.1% lead, 9.1% zinc, 2.36 g/t gold and 247.8 g/t silver.

Drill hole LR147: The upper lens was intersected at 649.3 metres down the hole. It encountered 16.5 metres grading 0.4% copper, 0.1% lead, 0.2% zinc, 0.17 g/t gold and 22.1 g/t silver, including two metres of 0.4% copper, 0.1% lead, 0.4% zinc, 0.22 g/t gold and 106.5 g/t silver. The lower lens was intersected at 665.75 metres down the hole. It comprised 17.2 metres grading 0.4 copper, 2% lead, 9.8% zinc, 0.64 g/t gold and 89.3 g/t silver, including seven metres of 0.5% copper, 2.9% lead, 16.5% zinc, 0.83 g/t gold and 57 g/t silver.

The current drilling program is focused on testing the extension of La Romanera deposit at depth. Drill holes LR152 and LR153 are in progress. Drill holes LR148, LR150 and LR151 are completed, with assays pending, and have intersected significant massive sulphide intervals, including 40 metres (24 m for the upper lens and 16 m for the lower lens), 4.3 metres and 40.9 metres (27.8 m for the upper lens and 13.1 m for the lower lens) of massive sulphides, respectively, increasing the potential for additional resources expansion.

A down-the-hole transient electromagnetic (TEM) survey was completed in drill hole LR151, showing a conductor anomaly which continues for another 100 metres at depth. The downhole TEM survey is being used by the exploration team to target the depth extension of La Romanera deposit.

Emerita recently strengthened its treasury with successful financings generating gross proceeds of $11 million which, coupled with the existing treasury, provides the runway to efficiently advance the project towards permitting and a production decision.

Key activities planned for the remainder of 2023 will be to continue to expand La Romanera Deposit at IBW. The Company presently has six diamond drills operating on the project; complete the initial drilling on the historical El Cura deposit which is situated approximately midway between La Infanta and La Romanera of the IBW property. This program has commenced.

Complete metallurgical studies on La Romanera and La Infanta. This program has commenced, and the Company has contracted metallurgical support from SRK to work as part of the owners team and selected Wardell Armstrong LLP of the UK, who are highly experienced with Iberian Pyrite Belt deposits, to do the actual laboratory testing for the metallurgy.

Complete initial conceptual mine planning to a level appropriate to support site selection for future infrastructure as well as conversion of Exploration Licenses to Exploitation Licenses at IBW. Grupo IPH, a Spanish mining engineering firm based in Huelva that contracts for mines in the region is being contracted to complete this work.

Complete the initial exploration drilling campaign at the Nuevo Tintillo project. Drilling will commence after the summer season when heat related operating restrictions have been lifted.

Emerita has completed the Baseline Studies at the IBW project. The objectives of the studies are to gain an understanding of the current natural environment of the site, support further mine development decisions and management plans. The company engaged the services of specialist Spanish companies with broad experience in Baseline Studies.