Emerita Provides Corporate Update and Recent Drill Results from Ibw Project
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
EMERITA PROVIDES CORPORATE UPDATE AND RECENT DRILL RESULTS FROM IBW PROJECT
TORONTO, January 28, 2022 – Emerita Resources Corp . (TSX – V: EMO; OTC: EMOTF ; Frankfurt LLJA ) (the
“Company” or “Emerita”) is providing an update of its ongoing exploration programs in Spain. The exploration
program has resumed at its wholly -owned IBW project (“IBW” or the “Project”) with four diamond drills
operating presently. Progress is being hindered both in the field and at the assay labs presently due to the
Covid-19 pandemic. Presently, there are seven Emerita employees in quarantine. Thankfully, they are mildly
symptomatic to asymptomatic and are expected to return in approximately one week. The assay laboratory
has also informed the Company that due to multiple staff in quarantine the assay production will be slowed
for a time.
The following updates are provided below:
1. Recent Infanta drill results and drill plan for South Block and North Block
2. Infanta area new target drilling – Infanta East, Infanta North Gravity/EM Anomaly
3. Romanera and El Cura Drilling
4. Nuevo Tintillo Update
5. Plaza Norte
6. Herrerias
Infanta Drilling, Latest Results
Assay results for 11 DDH at the La Infanta deposit have been received. Mineralization at the Infanta Deposit
occurs in two panels that partially overlap, as the mineralized horizon is repeated by a reverse fault (see
Figures 1 and 2). The South Block outcrops at surface and terminates at approximately 1 20m depth against
the fault. In the North Block, the mineralization is uplifted but does not come to surface and it is open at
depth. To date, the deepest hole drilled by Emerita is hole 32 (Figure 5) which intersected mineralization in
the North Block at 210 meters vertical depth (assays are pending for this hole). The mineralization in the South
Block tends to be lower grade close to the reverse fault. Similarly in the North Block, the intercepts are wider
and appear to be higher grade at depth moving away from the fault. Please see Figure 3 below which is a
plan map showing diamond drill hole locations. The intercepts are also plotted on two separate longitudinal
sections one for each block (Figures 4 and 5).
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Figure. 1: Cross section, Hole IN024. Hole IN024 intercepts the mineralized horizon in the eastern part of the
North Block 3.8m@ 0.2% Cu, 3.9% Pb, 5.5% Zn, 0.16 g/t Au and 14.0 g/t Ag, including 1.2m@ 0.4% Cu, 8.5%
Pb, 7.5% Zn, 0.19 g/t Au and 28.0 g/t Ag; and in the South Block 3.5m@ 1.0% Cu, 2.2% Pb, 3.8% Zn, 0.22 g/t
Au and 76.4 g/t Ag. Note the area of overlap between North and South Blocks.
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Figure. 2: Cross section, Hole IN027. Hole IN027 intercepts the mineralized horizon in the central part of the
North Block 4.4m@ 1.6% Cu, 3.5% Pb, 7.0% Zn, 0.26 g/t Au and 181.8 g/t Ag, including 1.7m@ 3.6% Cu, 8.0%
Pb, 16.2% Zn, 0.12 g/t Au and 433.4 g/t Ag. Note structural complexity near the fault which locally disrupts
continuity and reduces the grade in that area.
All holes intersected mineralization. Close to the reverse fault there may be some structural mixing with host
rocks resulting in lower grades. The focus of the ongoing Infanta drilling for the coming months is to continue
to extend the deposit by drilling to the west on both blocks and at depth on the North Block to generate a NI
43-101 mineral resource estimate. Significant intercepts are in Table 1 below and the complete set of assays
are included in a table at the end of this release.
Table 1
NB = North Block, SB = South Block
DDH Easting Northing Elev. az. dip depth
(m) FROM TO Width
(m) Cu_% Pb_% Zn_% Au_g/t Ag_g/t BLOCK
IN019 653908.7 4171550.2 207 172 -50 104.1 79.1 80.5 1.4 1.5 24.0 7.2 0.56 123.0 SB
IN024 654101.0 4171637.0 209 172 -49 209.0 96.9 100.7 3.8 0.2 3.9 5.5 0.16 14.0 NB
IN024 incl. 96.9 98.1 1.2 0.4 8.5 7.5 0.19 28.0 NB
IN024 175.8 179.3 3.5 1.0 2.2 3.8 0.22 76.4 SB
IN025 654423.0 4171685.0 207 174 -52 159.3 79.8 81.3 1.5 0.9 4.5 8.0 0.57 95.0 NB
IN025 141.3 142.1 0.8 1.1 2.3 4.9 0.66 192.0 SB
IN027 653940.0 4171655.0 206 175 -47 245.7 141.5 145.9 4.4 1.6 3.5 7.0 0.26 181.8 NB
IN027 incl. 144.2 145.9 1.7 3.6 8.0 16.2 0.12 433.4 NB
IN031 654295.0 4171660.0 205 171 -50 177.0 81.8 83.3 1.5 1.2 3.6 6.6 0.20 78.3 NB
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
South Block: 6 holes (IN019, IN020, IN022, IN024, IN026, IN028) intercepted mineralization in the central part
of the South Block. The mineralization is characterized by a massive polymetallic sulfide zone (0.3 to 1.4 m
approx.) which transitions downwards to a zone of banded mineralization at lower grades (3.0 to 6.0 m
approx.) in proximity to the fault. The grades are higher when the massive sulfide zone is predominant. In the
eastern part of the S outh Block, hole IN025 intercepted 5.8 m of mineralized zone, which includes 0.8 m of
massive sulfide (Figure 2). Although grade is moderate in this hole it demonstrates the mineralized horizon is
continuous to the East, where the g eophysical survey identified several T DEM anomalies (Figure 6). Hole
IN030, the westernmost hole so far at Infanta, intercepted 1.00m of sulphide mineralization characterized by
high pyrite-gold and low base metals content. The area between IN022 and IN030 holes, about 350m, remains
to be drilled (Figure 4).
North Block: A reverse fault repeats the lithological sequence generating a northern block that was intercepted
for the first time by Emerita with the IN017 hole. So far, current drilling has tested 700 m along strike and 210
m deep. The latest 5 holes (IN020, IN024, IN025, IN027 and IN028) in the North Block present moderate grades
over 4-5 m widths, including high grade over 1-2 m widths. The North Block remains open in all directions and
at depth. The North Block has been i ntersected at deeper depth (IN032 to more than 200 m vertical depth
(Figure 5).
Figure. 3: Plan v iew of the drilled area, La Infanta. T he collar of completed holes are in red, those with
pending results are in blue. It displays the results obtained in these 11 holes only. Current drilling covers a
1.1 km long area, from hole IN030 in the west to Hole IN025 in the e ast. Hole IN030 was a very large step
out of more than 300 meters and may have stepped into the hanging wall of the deposit. Shorter step outs
from the known mineralization will be completed to better delineate the mineralized zone on the west side
of the deposit.
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Figure. 4: Vertical Long Projection, South Block, La Infanta t. The location of the intercepts in the South Block
are represented by red dots, displaying results for the last 11 DDH only. The horizontal distance between
hole IN030 in the west side and hole IN025 in the east side is 1.1 km. The vertical distance covered by current
drilling in the South Block is 125 m approximately.
Figure. 5: Vertical Long Projection, North Block, La Infanta. The location of the intercepts in the North Block
are represented by red dots, displaying results for the last 11 DDH only. The horizontal distance between
hole IN023 in the west side and hole IN025 in the east side is 650 m. Currently Hole IN032, IN033 and IN034
are in progress (blue dots). IN032 is the deepest intercept of mineralization to date, and assays are pending
for that drill hole.
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Infanta Area New Target Drilling
The Company has completed a Time Domain EM (TDEM) survey over the entire Project area and a number of
very compelling targets have been identified that are unexplored. An extensive zone of strong conductivity,
the Infanta East Anomaly, occurs approximately 1.5 kilometers to the east of the Infanta d eposit along the
same stratigraphic horizon. The conductivity at Infanta East is the strongest observed in the TDEM survey.
The Infanta North Anomaly occurs approximately 800 meters north o f the I nfanta deposit along a parallel
gravity anomaly (see Figure 6). The North conductivity is stronger than the conductivity associated with the
Infanta Deposit. The first drill holes in each of these targets are now in progress (Figure 7).
Figure. 6: Geophysical anomalies (gravimetry and TEM). Areas selected for detailed exploration, IBW. The
dotted lines on the map show two pronounced anomalies. Infanta North target is located on the north
gravity trend and Infanta Deposit is on the south gravity trend.
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Figure. 7: location of the TEM anomalies. The current drilling area is coincident with the LI-7 TEM conductor.
The white dots are proposed holes to test the other conductors, of which some of them are already in
progress (blue dots). The total strike length of the corridor is 4.5 Km, and there is another conductor, LI-6 of
1.0Km long north of La Infanta. The conductors are interpreted to continue to 400 m deep and continue
beyond survey test limits in certain cases.
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Romanera and El Cura
Drilling on the Romanera and El Cura deposits (Figure 6) which occur on the west side of the Project is expected
to commence before the end of the first quarter. The Department of Environment in Huelva Province has
issued a resolution supporting the drill plan subject to completing the 30 business day public viewing process
(see news release January 10, 2022). The viewing period concludes February 18, 2022 and permits should be
issued soon after that, allowing time to respond to any comments from the public.
The Romanera Target is highly compelling. The historical resource calculated by Rio Tinto in an internal report
(1984) estimated the deposit to contain 34 million tonnes grading 0.42% copper, 2.30% zinc, 1.10% lead, 44
g/t silver and 0.8 g/t gold which includes a higher grade section of 11.2 million tonnes grading 0.40% copper,
5.50% zinc, 2.47% lead, 64 g/t silver and 1.00 g/t gold. A qualified person as defined in NI 43-101 has not done
sufficient work on behalf of Emerita to classify the historical estimate as a current mineral resource estimate
and Emerita is not treating the historical estimate as a current mineral resource or mineral reserve. This is a
historical estimate and should no t be relied upon. Significant additio nal drilling and related work would be
required to make the estimate a current mineral resource under NI 43 -101. A summary of the historical
estimate is available on the government of Andalusia’s web site in a report prepared by a previous operator.
The deposit was drilled for approximately 450 meters along strike and to a depth of 350 meters and is open.
In Figure 8 below note that the TDEM conductor associated with the Romaner a Deposit extends for
approximately 1.2 km a multiple of the historically drilled strike length. The upcoming campaign contemplates
up to 80 drill holes at Romanera and 30 at El Cura. The TDEM conductivity also extends at depth below the
historical drilling for at least 100 meters and beyond the survey limit (Figure 9).