Emerita Announces a 3 5% Increase in Total Indicated Mineral Resource Tonnage and a 44% Increase in Total Inferred Mineral Resource Tonnage with Updated Mineral Resource Estimate at its Iberian Belt West Project
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Emerita Announces a 3 5% Increase in Total Indicated Mineral Resource
Tonnage and a 44% Increase in Total Inferred Mineral Resource Tonnage with
Updated Mineral Resource Estimate at its Iberian Belt West Project
TORONTO, March 17, 2025 -- Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA)
(the “Company” or “ Emerita”) is pleased to announce the results of an updated independent
mineral resource estimate ( “Mineral Resource Estimate” or “MRE”) for Emerita’s wholly owned
Iberian Belt West project (“ IBW” or the “ Project”). The Mineral Resource Estimate was completed
by Wardell Armstrong International Limited (“WAI”), part of SLR Consulting.
The Mineral Resource Estimate is based on 105,554 meters of drilling by the Company comprising
299 drill holes and is hosted in three volcanogenic massive sulphide deposits on the project ; La
Romanera (LR), La Infanta (LI), and the more recently delineated El Cura (EC) deposit (LR=169 holes
totaling 70,344m; LI=91 holes totaling 20,975m; EC=39 holes totaling 14,235m) . All three deposits
remain open for further expansion by future drilling. The IBW project is reporting:
• A Total Indicated MRE of 18.96Mt grading 2.88% zinc, 1.42% lead, 0.5% copper, 66 g/t silver,
and 1.28 g/t gold (8.44% ZnEq or 3.01% CuEq);
• A Total Inferred MRE of 6.80Mt grading 3.25% zinc 1.50% lead, 0.73% copper, 56.3 g/t silver,
and 0.77 g/t gold (8.72% ZnEq or 3.00% CuEq);
• La Romanera deposit contains an Indicated MRE of 17.34Mt grading 2.64% zinc, 1.25%
lead, 0.43% copper, 65 g/t silver, and 1.34 g/t gold , with an Inferred MRE of 4.13Mt grading
3.08% zinc 1.27 g/t lead, 0.61% copper, 49.7 g/t silver, and 0.82 g/t gold;
• La Infanta deposit contains an Indicated MRE of 1.09Mt grading 7.38% zin c, 4.39% lead,
1.08% copper, 94.6 g/t silver, and 0.35 g/t gold with an Inferred MRE of 1.91Mt grading 4.08%
zinc, 2.23% lead, 0.66% copper, 74 g/t silver, and 0.38 g/t gold; and
• El Cura deposit contains an Indicated MRE of 0.53Mt grading 1.58% zinc, 0.69% lead, 1.45%
copper, 42.9 g/t silver, and 1.41 g/t gold with an Inferred MRE of 0.76Mt grading 2.08% zinc,
0.91% lead, 1.51% copper, 48 g/t silver, and 1.46 g/t gold.
The updated Mineral Resource Estimate achi eves numerous improvements when compared to the
previous May 23, 2023 MRE:
• A +35% increase in Total Indicated MRE tonnage and a +44% increase in Total Inferred MRE
tonnage;
• Increased gold metal content within the Total Indicated MRE from 629 Koz to 783 Koz, which
is an increase of +154 Koz (+24%) with a likewise increase in contained gold within the Total
Inferred Resource from 137 Koz to 168 Koz or an increase of +31 Koz (+23%) gold,
respectively;
• A maiden MRE being reported for the El Cura deposit, providing copper-rich resources in both
reported categories, contributing to +45% increase in contained tonnes of copper in the Total
Indicated Resource, and a +90% increase in contained copper in the Total Inferred Resource;
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• El Cura’s copper -rich profile is complimented by high gold grades as reported above,
contributing +24 Koz in the Total Indicated category and +36 Koz in the Total Inferred category;
and
• Incorporation of actual metal recoveries derived from continuing metallurgical testwork from
each of the IBW deposits providing greater fidelity for the announced resources.
The updated IBW Mineral Resource Estimate reported in this release is tabulated below (Table 1):
Table 1. 2025 Mineral Resource Estimate for the Iberian Belt West Project (Effective February 26, 2025)
Updated Mineral Resource Estimate for the Iberian Belt West Project
Deposit Class Tonnes Average Grade Metal Equivalent
Zn Pb Cu Ag Au ZnEq CuEq
Mt % % % g/t g/t % %
La
Romanera
Indicated 17.34 2.64 1.25 0.43 65.0 1.34 7.89 2.86
Inferred 4.13 3.08 1.27 0.61 49.7 0.82 7.69 2.79
La Infanta Indicated 1.09 7.38 4.39 1.08 94.6 0.35 16.61 5.42
Inferred 1.91 4.08 2.23 0.66 74.0 0.38 10.22 3.34
El Cura Indicated 0.53 1.58 0.69 1.45 42.9 1.41 9.57 3.00
Inferred 0.76 2.08 0.91 1.51 48.0 1.46 10.47 3.28
IBW
Project
Indicated 18.96 2.88 1.42 0.50 66.0 1.28 8.44 3.01
Inferred 6.80 3.25 1.50 0.73 56.3 0.77 8.72 3.00
(Table 1 cont…)
Deposit Class Tonnes Contained Metal
Zn Pb Cu Ag Au
Mt Kt Kt Kt Koz Koz
La
Romanera
Indicated 17.34 458 217 75 36,216 747
Inferred 4.13 127 52 25 6,589 109
La Infanta Indicated 1.09 80 48 12 3,311 12
Inferred 1.91 78 42 13 4,542 23
El Cura Indicated 0.53 8 4 8 735 24
Inferred 0.76 16 7 12 1,180 36
IBW
Project
Indicated 18.96 547 269 94 40,263 783
Inferred 6.80 221 102 49 12,311 168
*Notes:
1. Mineral Resources are classified according to the CIM Standards on Mineral Resources and Reserves, Definitions
and Guidelines (CIM, 2014);
2. The effective date of the Mineral Resource estimate is February 26, 2025;
3. Mineral Resources are reported at a cut-off grade of 3.0% zinc equivalent (ZnEq) for La Romanera and La Infanta,
and 0.9% copper equivalent (CuEq) for El Cura. Cut-off grades are based on metal price, metallurgical recovery and
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preliminary operating cost assumptions (total mining, processing and G&A cost of US$76.6/t, for underground mining
and two stage mineral processing using selective copper-lead-zinc flotation and a post-flotation process);
4. Block equivalent grade calculations use factors based upon metal prices and metallurgical recoveries where:
a. La Romanera ZnEq = ((Zn*28.93)+(Pb*12.01)+(Cu*79.80)+(Ag*0.64)+(Au*45.34)/32))/0.904;
b. La Infanta ZnEq = ((Zn*28.83)+(Pb*18.01)+(Cu*88.35)+(Ag*0.77)+(Au*56.51)/32))/0.901;
c. El Cura CuEq = ((Zn*27.39)+(Pb*0)+(Cu*87.40)+(Ag*0.65)+(Au*45.34)/95))/0.92);
5. Metal price assumptions used in the equivalent grade calculations are US$3,200/t Zn, US$2,300/t Pb, US$9,500/t
Cu, US$25/oz Ag and US$2,200/oz Au;
6. Metallurgical recovery assumptions based on available testwork results used in the equivalent grade calculations
are:
a. 90.4% Zn, 52.2% Pb, 84% Cu, 80.1% Ag and 64.1% Au for La Romanera;
b. 90.1% Zn, 78.3% Pb, 93% Cu, 95.6% Ag and 79.9% Au for La Infanta; and
c. 85.6% Zn, 0% Pb, 92% Cu, 80.6% Ag and 64.1% Au for El Cura;
7. All blocks less than the reporting cut-off grades when diluted over a 3m minimum mining width were excluded
from the Mineral Resources;
8. Only primary sulphide mineralisation is included in the Mineral Resources;
9. Metal grade and content are reported in-situ and have not been adjusted for metallurgical recovery or mining
dilution;
10. Mineral Resources are not Reserves until they have demonstrated economic viability based on a pre-feasibility
study or feasibility study;
11. Numbers may not add due to rounding; and
12. The Qualified Person for the Iberian Belt West Project Mineral Resource estimate is Frank Browning, MSci, MSc,
PGCert, FGS, CGeol of WAI (part of SLR).
Discussion and Analysis
Figure 1 illustrates how Emerita has been successfully growing mineral resource tonnage to the
Project based on its continued success supported by the Company’s ongoing drilling efforts, with a
+35% increase in Total Indicated Resources and a +44% increase in Total Inferred Resources.
Drilling on the Project continues with 4 diamond drills.
Figure 1. Stacked bar chart for the IBW project’s reported 2025 resource in metric tonnage (Mt’s) for the updated IBW Mineral
Resource Estimate compared with the previous estimate released on May 23, 2023.
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Figure 2 is a side -by-side comparison of how the reported increases in the Project’s resources
resolves in terms of contained metals. Note an increase in all contained metals.
Figure 2. Stacked bar charts showing the change of contained metals for the IBW Project from the May 23, 2023
Mineral Resource Estimate into the currently reported updated Mineral Resource Estimate (Effective February 26, 2025): A.
Comparison of current versus previous 2023 MRE contained metals; B. Comparison of 2025 (current) versus previ0us 2023
inferred resources.
“These results show Emerita’s successful approach in adding more resources to the Project,” states
Joaquin Merino, President of Emerita Resources, “Not only has the Company successfully increased
the total resource tonnage since the 2023 MRE , but we’ve added an entirely new deposit to the
Project’s inventory of resources with El Cura , which is rich in both copper and gold. We are
continuing to drill the El Cura deposit as it remains ‘open’ in all directions. Meanwhile, Emerita is still
advancing the Project on several levels, including additional drilling, exploring the recently granted
Ontario property, and advancing our exploitation and environmental permits for the IBW Project.”
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Independent Qualified Persons
Mineral Resource estimation was completed by Wardell Armstrong International Limited (WAI) using
drillhole databases and geological models developed by the Emerita geology team and
subsequently verified and refined in collaboration with WAI. WAI has considerable experience
working with deposits in the Iberian Belt and has completed similar studies for producing operations
in the region.
The Mineral Resource Estimate was prepared and reported by Frank Browning, Principal Resource
Geologist with WAI (part of SLR) in accordance with definitions outlined in CIM Standards on Mineral
Resources and Reserves, Definitions and Guidelines (CIM, 2014). Mr. Browning is a Qualified Person
as defined by NI 43-101 and undertook site inspections between February 10th to February 12th, 2025.
The MRE will be supported by a NI 43-101 independent technical report which will be published and
filed on the Company’s website and under the Company’s SEDAR+ profile within 45 days. The NI 43-
101 report will include detailed information on the key assumptions, parameters and methods used
to estimate the Mineral Resources.
The technical content of this press release has been prepared, reviewed, and approved by Joaquin
Merino, P.Geo., President of Emerita Resources.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration, and development of
mineral properties in Europe, with a primary focus on exploring in Spain. The Company’s corporate
office and technical team are based in Sevilla, Spain with an administrative office in Toronto,
Canada.
For further information, contact:
Ian Parkinson
+1 647 910-2500 (Toronto)
www.emeritaresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable
Canadian securities legislation. Forward-looking informa tion includes, without limita tion,
statements regarding the prospec tivity of the IBW project and El Cura, the mineralizati on and the
IBW project, the economic viability of the IBW project, the metallurgy of the IBW project, the
assumptions in the MRE, the Company’s future exploration plans and the Company’s future plans.
Generally, forward-looking information can be identified by the use of forward-looking terminology
such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “an ticipates” or “does not an ticipate”, or “believes”, or
variations of such words and phrases or state that certain actions, events or results “may”, “could”,
“would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking informa tion is
subject to known and unknown risks, uncertainti es and other factors that may cause the actual
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results, level of ac tivity, performance or achievements of Emerita, as the case may be, to be
materially different from those expressed or implied by such forward-looking information, including
but not limited to: general business, economic, compe titive, geopolitical and social uncertainti es;
the actual results of current explorati on ac tivities; risks associated with opera tion in foreign
jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and
other risks inherent in the mining industry. Although Emerita has attempted to identi fy important
factors that could cause actual results to differ materially from those contained in forward-looking
information, there may be other factors that cause results not to be as anti cipated, es timated or
intended. There can be no assurance that such informati on will prove to be accurate, as actual
results and future events could differ materially from those anti cipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking information. Emerita does
not undertake to update any forward-looking informa tion, except in accordance with applicable
securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACYOF THIS RELEASE