Emerita Intersects 13.0 Meters Grading 0.2% Copper; 3.6% Lead; 13.1% Zinc; 1.35 g/t Gold and 120.9 g/t Silver and 22.9 Meters Grading 0.6% Copper; 2.0% Lead; 4.8% Zinc; 0.58 g/t Gold and 79.2 g/t Silver Extending La Romanera Deposit at Depth, Completes Environmental Base Line
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Emerita Intersects 13.0 Meters Grading 0.2% Copper; 3.6% Lead; 13.1% Zinc; 1.35 g/t Gold and
120.9 g/t Silver and 22.9 Meters Grading 0.6% Copper; 2.0% Lead; 4.8% Zinc; 0.58 g/t Gold and
79.2 g/t Silver Extending La Romanera Deposit at Depth, Completes Environmental Base Line
Studies at IBW
TORONTO, June 21 , 2023 -- Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA) (the
“Company” or “Emerita”) is pleased to announce additional assay results from the ongoing delineation drilling
program at La Romanera Deposit, part of Emerita’s wholly owned Iberian Belt West project (“IBW” or th e
“Project). 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 ( Please see Emerita’s news release dated May 23, 2023 ). See
Figures 1, 2 and 3 for intercept locations and Table 1 for diamo nd drilling data. 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, EVP 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 m down the hole. It encountered 13.0 meters grading 0.2% Copper;
3.6% Lead; 13.1% Zinc; 1.35 g/t Gold and 120.9 g/t Silver; including 6.0 meters grading 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 meters down
the hole. It comprised 22.9 meters grading 0.6% Copper; 2.0% Lead; 4.8% Zinc; 0.58 g/t Gold and 79.2 g/t
Silver; including 3.9 meters grading 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 m down the hole. It encountered 16.5 meters grading 0.4% Copper;
0.1% Lead; 0.2% Zinc; 0.17 g/t Gold and 22.1 g/t Silver, including 2.0 meters grading 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 m down the
hole. It comprised 17.2 meters grading 0.4% Copper; 2.0% Lead; 9.8% Zinc; 0.64 g/t Gold and 89.3 g/t Silver;
including 7.0 meters grading 0.5% Copper; 2.9% Lead; 16.5% Zinc; 0.83 g/t Gold and 57.0 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; 40.0 m (24.0 m for the Upper Lens; 16.0 m
for the Lower Lens), 4.3 m and 40.9 m (27.8 m for the Upper Lens ; 13.1m for the Lower Lens) of massive
sulphides, respectively; increasing the potential for additional resources expansion.
A down -the-hole transient electromagnetic (“TEM”) survey was comple ted in drillhole LR151, showing a
conductor anomaly which continues for another 100 m at depth. The downhole TEM survey is being used by
the exploration team to target the depth extension of La Romanera deposit.
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Figure 1: Diamond drilling plan map
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Figure 2: Longitudinal section of the Lower Lens, La Romanera showing grade contours. Note the thick, high-
grade trend of the deposit at depth where the extension drilling is focused. These areas are thicker and
higher grade than the average res ource grade which will provide an important contribution to a future
resource estimate update.
Figure 3: Longitudinal section of the Upper Lens, La Romanera showing grade contours. Note the thick,
high grade trend at depth along the east side of the lens where the extension drilling is focused.
*ZnEq % formula used for Figure 2 and 3: ZnEq % = [(Zn grade * Zn recovery * Zn price) + (Pb grade * Pb recovery * Pb
price) + (Cu grade * Cu recovery * Cu price) + (Ag grade * Ag recovery * Ag price) + (Au grade * Au recovery * Au price)] /
(Zn recovery * Zn price)
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Table 1: Diamond Drilling Data
Next Steps
The Company has 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. The key activities planned for the remainder of 2023 will be as
follows:
• Continue to expand La Romanera Deposit at IBW. The Company presentl y has six (6) diamond drills
operating on the Project.
• Complete the initial drilling on the historical El Cura deposit which is situated approximately m idway
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 E xploration 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.
Baseline Studies Completed
Emerita Resources 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 C ompany engaged the services of specialist Spanish companies with
broad experience in Baseline Studies:
• BIOGEOS, Estudios Ambientales SL
• Diseño de Soluciones Medioambientales (DSM)
• Laboratorios MICROAL SL
The Baseline Studies were initiated in June 2022, due to the need to integrate the environmental variability in
both the current operational phase of the authorized exploration license and in the design stage of the future
mining project within the regulatory framework of the Exploitation Concession associated with “ IP. LA
ROMANERA No. 15,029”, which includes the La Romanera, El Cura and La Infanta deposits.
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
The Environmental Baseline Study lasted one year and consisted of the following technical analyses:
• Diagnosis of the natural environment and landscape.
• Analytical investigation of soils and water (surface and subsurface).
• Hydrological and hydrogeological study (water balance).
The purpose of the work carried out has served to:
• Establish a Mining -Environmental management process necessary to establish a zoning of areas,
delimiting exclusion zones and admission zones for future activities and facilities linked to the future
mining exploitation.
• To update the official environmental information offered by the Environmental Administration.
Quality Assurance/Quality Control
Drilling at La Romanera is HQ size and core is placed into core trays at the drill site and transported directly
from the site to Emerita’s coreshack (15Km) from La Romanera and (8Km) from La Infanta. Once the cores are
received at Emerita's coreshack they are photographed and geotechnical logging is performed. Geological,
mineralogical and structural logging follows and mineralized zones are identified. The samples are marked
every 1m or less, and respecting lithological contacts, with most of the samples 1.0m long. The zone
immediately above and below the mineralized zones are also sampled. Core samples are sawed in half and
half of the core is returned to the core tray for future reference. Once the core samples are cut, bagged and
tagged, they are shipped to the ALS labora tory in Seville by Emerita personnel where sample preparation is
done. In Seville, ALS performs the mechanical preparation of the samples and then the pulps are sent to ALS
Ireland (ICP) and ALS Romania (fire assay). The analysis at ALS Lab corresponds to the ME-ICPore (19 elements)
package, together with the Au-AA23 fire assay (Gold).
10% of the analyzed samples correspond to control samples (fine blanks, coarse blanks, high, medium and low
grade standards). In addition, 10% of pulps are reanalyzed at a second independent certified laboratory (AGQ
Lab Sevilla). When the analysis is completed, the certificates are received from the laboratory and the QA/QC
protocol identifies any deviation or anomaly in the results and the entire batch is reassayed in such case. Once
the data is approved by the QA/QC protocol assays are entered digitally directly into the database.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin
Merino, P.Geo, President of the Company and a Qualified Person as defined by NI 43 -101 of the Canadian
Securities Administrators.
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.
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
For further information, contact:
Joaquin Merino
+34 (628) 1754 66 (Spain)
Vincent Chen
+1 778 990 9433 (Toronto)
Cautionary Note Regarding Forward-looking Information
This press release contains “forward -looking information” within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, without limitation, the mineralization of the IBW
Project; the timing of assay results; the prospectivity of the Project and Nuevo Tintillo; the economic viability
of the Project; the results of metallurgical studies; the Company’s ability to obtain an exploitation licence and
other permits and approvals for the Proje ct; site selection for infrastructure; the results of baseline studies
and other studies 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”, “anticipates” or “does not anticipate”, 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 information is subject
to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity,
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,
competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks
associated with operation 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
identify 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 anticipated, estimated or
intended. There can be no assurance that such info rmation will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-
looking information, 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 ACCURACY
OF THIS RELEASE.