Emerita Intersects 42.2 Meters Grading 0.3% Copper; 1.0% Lead; 2.0% Zinc; 2.44 g/t Gold and 70.4 g/t Silver , Including 7.3 Meters Grading 0.3% Copper; 2.0% Lead; 2.2% Zinc; 8.11 g/t Gold and 114.2 g/t Silver Extending La Romanera Deposit at Depth – Intersects Massive Sulphide
Emerita Intersects 42.2 Meters Grading 0.3% Copper; 1.0% Lead; 2.0% Zinc; 2.44 g/t Gold and 70.4
g/t Silver , Including 7.3 Meters Grading 0.3% Copper; 2.0% Lead; 2.2% Zinc; 8.11 g/t Gold and
114.2 g/t Silver Extending La Romanera Deposit at Depth – Intersects Massive Sulphide
Mineralization at El Cura Deposit
TORONTO, July 19, 2023 -- Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA) (the
“Company” or “Emerita”) announces additional assay results from the ongoing drilling program at La
Romanera Deposit, part of Emerita’s wholly owned Iberian Belt West project (“IBW” or the “Project). IBW
hosts three previousl y identified massive sulfide deposits: La Infanta, La Romanera and El Cura. Results
contained in this news release are from La Romanera. All deposits are open for expansion along strike and at
depth.
Assays have been received for three additional drill holes that were not included in the recently announced
NI 43-101 compliant mineral resource estimate news releases dated May 23 and July 6, 2023). Figures 1 and
2 show intercept locations and Table 1 contains diamond drill hole data. Drill holes LR148, LR150 and LR151
have intercepted sulphide mineralization below the limit of the current mineral resource estimate, extending
the mineral ization at depth. The intercepts are approximately 550 -600 meters below surface and span
approximately 300 meters horizontally along strike. Downhole TEM anomalies indicate the mineralization
continues at depth for at least another 100 meters. At this elevation , it appears that the Upper and Lower
lenses that occur at shallower depths in the deposit merge into one massive sulphide lens of up to 30 to 40
meters thickness. For interpretation purposes, this lens has been referred to as the Lower Lens.
David Gower, P.Geo., CEO of Emerita, comments, “Massive sulphide mineralization continues to extend at
depth at La Romanera and drill intercepts where assays are pending, as well as bore hole geophysical surveys,
confirm that the sulphide mineralization continues to extend beyond the drilling completed to date. We are
excited to see the intercept at El Cura as we have limited historical data for this deposit. Mineralization
extends to at least 200 meters depth based on early drill results.”
Drill Hole LR148:
The Lower Lens was intersected at 594.0 m down the hole. It encountered 32.2 meters grading 0.4% copper;
0.2% lead; 1.0% zinc; 0.32 g/t gold and 11.7 g/t silver; including 9.0 meters grading 0.5% copper; 0.4% lead;
1.9% zinc; 0.32 g/t gold and 20.1 g/t silver. This hole is characterized by massive sulphide, mostly pyrite and
disseminated sphalerite and galena, and chalcopyrite in stringers. The hole intersected obliquely across the
zone and as such true thickness is approximately 55% of the drill intercept thickness in this hole.
Drill Hole LR150:
The Lower Lens was intersected at 575.2 m down the hole. It encountered 4.3 meters grading 0.4% copper;
0.4% lead; 1.0% zinc; 0.26 g/t gold and 8.3 g/t silver. This hole intercepted an area located in the eastern
side of the deposit where the lens narrows and is interpreted to be close to the edge of the zone. In this
location mineralization comprises primarily pyrite with some sphalerite and galena. The intercept is close to
true thickness.
Drill Hole LR151:
The Lower Lens was intersected at 662.0 m down the hole. It encountered 42.2 meters grading 0.3% copper;
1.0% lead; 2.0% zinc; 2.44 g/t gold and 70.4 g/t silver; including 7.3 meters grading 0.3% copper; 2.0% lead;
2.2% zinc; 8.11 g/t gold and 114.2 g/t silver; and including 13.1 meters grading 0.3% c opper; 1.0% l ead;
4.0% zinc; 1.24 g/t gold and 55.5 g/t s ilver. This hole is located o n the western side of the deposit and is
characterized by massive sul phide mineralization, including segments with high er grade in gold and silver
followed by segments with higher grade in zinc. The true thickness is close to drilled thickness in this
intercept. It appears there may be a pluning zone of thicker high grade mineralization to the west (Figure 2).
This will be evaluated with further drilling.
The current drilling program is focused on testing the extension of La Romanera deposit at depth. Drill holes
LR154 and LR155 are in progress. Drill holes LR152 and LR153 are completed with assays pending and have
intersected significant massive sulphide zones (assays pending).
A down-the-hole transient electromagnetic (“TEM”) survey is planned as part of the exploration targeting for
drill hole LR154.
Figure 1: Plan map showing drill hole locations
Figure 2: Longitudinal section showing location of drill hole intercept and holes in progress
Table 1: Diamond drill hole data
El Cura Drilling Exploration Program
The initial planned drill program for El Cura consists of 2 ,800 m eters in 10 diamond drill holes and has
commenced. The deposit is located approximately midway between La Romanera and La Infanta deposits
and as such mineralization in this location is well situated to impact a potential future development.
Two drill holes have been completed at the El Cura deposit, EC002 and EC003. Hole EC003 has intercepted 9
meters of mineralization of which approximately 5 meters is massive sulphide mineralization, characterized
by pyrite with disseminated chalcopyrite , quartz-chalcopyrite stringers and veinlets ( Figure 3) adjacent to
approximately 4 meters of semi massive sulphide mineralization . Assays are pending for these holes and
will be reported when received.
According to Joaquin Merino, P.Geo., President of Emerita, “The intercept in EC003 is approximately 203
meters down the hole . There is a drift that extends to about 20 meters below s urface. There is no other
underground working related to the discovered mineralization in hole EC003. Data suggests the zone could
have a lateral extent of about 400 meters. Emerita does not have complete information on the historical
work done on the El Cura deposit, so will systematically drill it and monitor the results.”
During the summer season, the Company will keep 6 rigs on the IBW project, although working hours have
been restricted during day time due to high temperatures (over 40ºC). The Company expects to return to
normal shifts for drilling after the summer once the restriction is lifted.
Figure 3: Sulphide intercept at approximately 203 meters down hole at El Cura. Assays are pending for the
drill hole and will be reported when available. This intercept is substantially deeper than historical
workings that are documented to approximately 2 0 meter depths according to available archival
information.
Qualified Person
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.
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 information includes, without limit ation, statements regarding the
MRE, the prospectivity of the IBW project, the mineralization and the IBW project, the economic viability of
the IBW project, 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”, “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 information 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.
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THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY
OF THIS RELEASE.