Emerita Provides Initial Drill Results FOR the El Cura Deposit, Iberian Belt WEST Project, Spain
EMERITA PROVIDES INITIAL DRILL RESULTS FOR THE EL CURA DEPOSIT, IBERIAN BELT WEST PROJECT,
SPAIN
TORONTO, January 31, 2024 -- Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA) (the “Company”
or “Emerita”) is pleased to provide an update from exploration drilling at the El Cura deposit which is part of
Emerita’s wholly owned Iberian Belt West project (“IBW” or the “Project”). IBW hosts three previously identified
massive sulfide deposits: La Infanta, La Romanera and El Cura. Results contained in this release are from El Cura.
All three IBW deposits are open for expansion along strike and at depth. Ian Parkinson, EVP Corporate
Development notes, “The El Cura Deposit is the one that we have the least historical data for and as such requires
more of an exploration approach to locate the mineralized zone referred to by historical archived documents,
primarily from RTZ exploration in the 1980’s.”
Background
First worked during Roman times, the El Cura mine has seen several periods of activity in the modern era during
the late 19th Century and mid to later 20th Century. The most extensive workings on the polymetallic volcanogenic
massive sulfide (VMS) mineralization consisted of a 100m shaft and three investigatory sublevels made at some
time during the World War 2 era. No production records have been mentioned in the historic literature. More
recently, assessments were made by Phelps Dodge and Rio Tinto from the 1970’s through the early 1990’s, with
work including geophysical surveys and drill testing. Internal company reports by Rio Tinto calculated resource
estimates ranging from 1Mt to 3Mt and a 1982 geological synthesis of the southwest Iberian Pyrite Belt by the
Spanish Ministry of Industry and Energy (IGME) stated a mineral resource estimate of 1.0 Mt @ 1.85% Cu, 2.0%
Pb, 4.0% Zn (Au and Ag were not estimated).
A qualified person, as defined in National Instrument 43-101, has not done sufficient work on behalf of Emerita
to classify the historical estimate reported above as current mineral resources or mineral reserves and Emerita is
not treating the historical e stimate as current mineral resources or mineral reserves. The historical estimate
should not be relied upon.
Emerita Exploration Work
El Cura is centrally located within the Company’s wholly owned IBW concession, approximately 3km southeast
from La Romanera and along the same mineralized trend as La Infanta (Figure 1). First work by Emerita included
detailed surface and underground (where accessible) geological mapping, followed by soil sampling and ground
EM and gravimetry. Emerita’s first Diamond drilling campaign at El Cura consisted of six holes . Phase 1 drilling
finished in October, stepping from East to West to scout the continuity of the mineralized zone. The intention of
phase one was reconnaissance drilling designed to better understand the El Cura geology and orientation within
the local stratigraphy. In total, 2,230m in widely spaced drill holes was completed, testing a strike length of 600m
to 385m below surface in the deepest hole. Drilling at El Cura was impacted by an extended period of extremely
high temperature and low precipitation, as a result productivity was low during the summer months while fire
prevention restrictions were in effect.
Figure 1. IBW geology and locations of La Romanera, El Cura and La Infanta deposits.
Results
The Phase 1 program identified massive sulfides locally sheared at or near to the contact between volcaniclastic
rocks and shales. This host environment is very similar to La Romanera deposit located to the west of El Cura.
Intercepts spacing ranged between 175m and 250m. Although coarsely spaced, five holes of six cut significant
mineralization over approximately 400m of strike. The westernmost hole of the campaign, EC007, was the
highest grade in copper. Assays of significant intercepts are detailed in Table 1; Figure 2.
Joaquin Merino, P .Geo., President of Emerita, remarks, “We are encouraged by our first drilling campaign at El
Cura. Despite broadly spaced and limited drilling, our exploration team confirmed the presence of an extensive
mineralizing system at El Cura capable of producing high grade results evidenced by hole EC007 which returned
high grade copper and zinc mineralization. With anomalous base metals mineralization identified over a strike
length of almost 600m o ur team is excited to commence Phase 2. As work continues at El Cura we expect to
eventually narrow our focus as the mineralizing system becomes better understood. With this drilling we can
now target more effectively areas where higher grade mineralization may occur such as in the vicinity of EC007.”
Table 1: Significant intercepts in Phase 1 drilling program, El Cura deposit
DDH Easting Northing Elevation Azimuth Dip Depth
(m) FROM TO Width
(m) Cu % Pb % Zn % Au g/t Ag g/t Lens
EC002 650268 4171630 135 121 -55 411.8 291.7 294.4 2.7 0.2 0.1 0.1 0.59 87.0 TL
EC003B 650110 4171554 140 165 -48 296.5 199.6 207.8 8.2 0.9 0.9 0.3 0.75 26.3 TL
EC004 650031 4171058 224 340 -35 417.1 400.5 403.5 3.0 0.6 1.2 2.0 1.12 38.1 TL
EC005 650110 4171554 140 205 -65 428.0 321.4 322.2 0.8 0.4 0.4 1.1 1.70 36.0 TL
EC006 650110 4171554 140 197 -53 327.0 246.0 248.8 2.8 0.9 0.5 0.7 0.52 65.7 TL
EC006 314.5 317.3 2.8 0.1 0.9 1.9 0.46 37.9 BL
EC007 649685 4171500 127 159 -22 238.4 225.6 227.8 2.2 2.9 2.3 4.6 2.81 82.5 TL
*TL: Top Lens; BL: Bottom Lens
Figure 2: Locations and traces of EMO El Cura drilling
Hole EC007 intersected 2.2 m of a high-grade base and precious metal massive/semi-massive sulfide lens, hosted
in a greyish tuff, comprising zoned mineral folded bands with two main compositions. One is seen as mainly
polymetallic Sph/Ga massive bands with some Py and the other is formed of pyritic/copper rich massive sulfide
with polymetallic veinlets. This hole intercepted the mineralization at 225.6m with a 75º sharp contact with the
tuffaceous unit (Figure 3; Figure 4).
Figure 3: Mineralization intercept in EC007, 75º contact with the tuffaceous unit
Figure 4: Mineralized bands of different composition in drillhole EC007
Historical Information
Recently uncovered archival data from previous holders of El Cura indicates the presence of additional massive
sulfide mineralization well below and to the north of what has been defined thus far. In the early 1980’s two
holes oriented due-south and spaced 100m apart were drilled by Rio Tinto, presumably to test the deep potential
of the El Cura mineralization. Geological cross-sections of each hole were found that document this program and
reveal 7.3m to 8.5m thick intercepts of massive sulfide about 450m below surface and about 35 0m down-dip
from the nearest drill ho les (Figure 5; Figure 6). Although azimuth, dip and cross -section scale were recorded,
thus permitting accurate georeferencing, no associated assay records have yet been located. This data is very
significant as it suggests potential for extensive and relatively thicker sulphide mineralization in the area below
hole EC007, extending to depth in the westernmost part of the area that was recently drilled.
Figure 5: Map-view location relative to EMO Phase 1 drilling and the Rio Tinto Minera DDH
Figure 6: Vertical longitudinal section
Next Steps
Surface mapping has shown that the target horizon continues westward from EC007, and reconnaissance has
located additional ancient workings on-trend for 1.4km. Interpretation of Phase 1 results will continue in coming
weeks to plan further step-out.
David Gower, P.Geo., CEO of Emerita remarks, “December of 2023 marked a major milestone for Emerita when
we submitted documentation required for Emerita’s exploitation license application to the Delegación Territorial
de Energía y Minas in Huelva province, Junta de Andalucia (See December 4, 2023 press release). The operation
envisioned in that application contemplates one central facility processing material from both La Romenara and
La Infanta resources. El Cura is centrally located between both resources meaning any resources defined at El
Cura in the future will have the potential to positively impact the mining plan of any future operation at IBW.”
Phase 2 is expected to commence in the first half of 2024 . Emerita’s Spain based technical team is working to
establish new drill pads to open more targets for testing. Emerita plans to continue this modest sized drill cam-
paign approach going forward at El Cura. This approach allows for efficient allocation of exploration spending
and provides time for complete compilation of data before progressing with the next phase of drilling. In addi-
tion, the Company is assessing a number of untested exploration targets on the remainder of the IBW Property
in the context of siting infrastructure. These targets will need to be tested as a priority to ensure any potential
new discoveries are not sterilized by permitting infrastructure at those locations.
Quality Assurance/Quality Control
Drilling at El Cura 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 El Cura. 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 con-
tacts, 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 laboratory 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 comp leted, 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
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 limitation, statements regarding 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 identi-
fied 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 un-
known 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 explorat ion 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 impo rtant 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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