Emerita Provides Results FOR Phase 2 Metallurgical Testing Program at Iberian Belt WEST Project
EMERITA PROVIDES RESULTS FOR PHASE 2 METALLURGICAL TESTING PROGRAM AT IBERIAN BELT
WEST PROJECT
TORONTO, October 31, 2024 -- Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA) (the “Company”
or “Emerita”) is pleased to provide results on the Phase 2 metallurgical testing program (the “Program” or “Phase
2”) on its wholly-owned Iberian Belt West Project (“IBW” or the “Project”) for base metals. Tests to finalize the
precious metals recoveries are nearing completion and are expected around the end of November.
The Phase 2 program used the detailed data from Phase 1 and tested the bulk grades of each of the deposits (La
Infanta and La Romanera), to represent the likely production domains for the future mining operations. This data,
once completed, will be suitable for furthering economic analysis of the Project , including a revised NI 43 -101
compliant mineral resource estimate. The El Cura deposit is not included in this data , however, metallurgical
sampling of El Cura is underway and the process will be streamlined by the work completed to date on La Infanta
and La Romanera deposits.
Base metal recoveries are very positive, exceed published recoveries for the actively producing mines in the
Iberian Pyrite Belt. Metallurgical test results of Phase 2 indicate that copper, lead and zinc concentrates can be
produced at commercial grades from both deposits. This represents an improvement relative to Phase 1, where
a zinc concentrate and a semi-bulk copper-lead concentrate was produced.
Jorge Blanco, Director of Metallurgy for Emerita, comments, “The results of the testing are positive. This work
will provide the parameters for a commercial plant design that can produce three separate concentrates (copper,
lead and zinc) with both grades and recoveries that published recoveries and concentrate grades from mining
operations in the district. Improving the precious metals recoveries has potential to positively impact the project
and represents an important opportunity that appears to be realizable based on the ongoing tests.”
LA INFANTA METALLURGICAL TEST PHASE 2 NORMALIZED DATA:
• Cu Concentrate: 20.2%Cu Grade, 4.45 g/t Au, 1 ,503 g/t Ag and 1 .8% mass pull, 42 .4% Cu Re-
covery.
• Pb Concentrate: 35.5% Pb and 8.82%Cu Grade, 0 .85 g/t Au, 524 g/t Ag and 7 .1% mass pull,
78.3% Pb and 39.7% Cu Recoveries.
• Zn Concentrate: 52.9% Zn Grade, 0.51 g/t Au, 84 g/t Ag and 8.1% mass pull, 78,0% Zn Recovery.
• Total Precious Metal Recoveries: 50.9% Au, 88.2% Ag.
Monazite has been detected associated with La Infanta mineralization (Figure 1). The monazite is associated with
several elements belonging to the LREE (light rare earths, “lanthanides”). Based on the mineral compositions, up
to four types of monazite have been identified. Further work is being planned to assess the potential significance.
• Monazite-(Ce), formula: CePO4
• Monazite-(La), formula: LaPO4
• Monazite-(Nd), formula: NdPO4
• Monazite-(Sm), formula: SmPO4
Figure 1: Electron microscope photo showing clusters of Monazite crystals as well as Rutile in La Infanta sample.
LA ROMANERA METALLURGICAL TEST PHASE 2 NORMALIZED DATA:
• Cu Concentrate: 20.1%Cu Grade, 4.12 g/t Au, 1,642g/t Ag and 0.9% mass pull, 40.3% Cu Recov-
ery.
• Pb Concentrate: 34.3%Pb and 2.9%Cu Grade, 2.88 g/t Au, 494 g/t Ag and 2.6% mass pull, 58.4%
Pb and 17.7% Cu Recoveries.
• Zn Concentrate: 52.6% Zn Grade, 1.25g/t Au, 138 g/t Ag and 5.0% mass pull, 79.5% Zn Recovery.
• Total Precious Metal Recoveries: 12.3% Au, 46.4% Ag.*
*See note below regarding the Precious Metals Recoveries at La Romanera.
Update Phase 2 Gold Recovery
The Company continues with its precious metals recovery program. It should be noted that the IBW project
deposits, La Romanera in particular, has high gold and silver contents. Numerous tests have been conducted to
determine the best path for obtaining saleable precious metal products and the process has been narrowed down
to the following:
• Additional petrographic analyses in conjunction with Laser ICP-MS studies has shown that 60% of the
gold is associated with Arsenopyrite with an average grade of 96 g/t Au in the arsenopyrite and
arsenopyrite only comprises 2.3% of total tailings mass.
• The focus on current metallurgical testing is designed to selectively separate arsenopyrite to recover
gold in an arsenopyrite concentrate. For this purpose, the Wardell Armstrong International labora-
tory is carrying out selective flotation tests.
• The Company has engaged the services of Dundee Sustainable Technologies Inc. out of Quebec, to
test the CLEVRTM Process (non-cyanide leaching gold process) with the flotation tailings of La Roma-
nera, Phase I. The results obtained to date show the following results:
o Test 1: consisting of Oxidation + CLEVRTM, obtained 45.2% Gold recovery.
o Test 2: consisting of Pyrolysis + Oxidation+ CLEVRTM, obtained 62.7 % Gold recovery.
o Test 3: consisting of Pyrolysis + Oxidation+ Acid Leaching + CLEVR TM results expected in No-
vember 2024.
David Gower, P .Geo., CEO of Emerita, comments, “ There is significant potential value represented by the elevated
gold content in La Romanera deposit and it was important to persist in finding a solution for realizing that value
in a potential future operation. The Spanish team and particularly our Director of Metallurgy, have done a
fabulous job in evaluating available technologies to achieve these outcomes. We look forward to seeing the final
results of the ongoing program. In the present scenario, we expect to produce a gold-rich concentrate or given
the quantity of material will be low, contemplate treating at site and producing dore.”
Emerita Resources’ Phase 2 metallurgical testing has been conducted under the guidance of Mr. Jorge Blanco,
Emerita’s Director of Metallurgy, in collaboration with Wardell Armstrong International (Please see the news
release June 11, 2024 for Metallurgical Testing Program, Phase 1).
Summary of the Phase 2 Metallurgical Program:
• Two geological domains have been defined - one for each deposit
• 746 and 111 sub-samples from La Romanera and La Infanta were selected respectively to represent each
domain to improve the metallurgical understanding of both mineral deposits. The samples in Phase 2
have been selected considering an even distribution and mass criteria within the deposits, which en-
hanced the representativeness of the data.
• The flotation tests aimed to obtain three saleable products: Zinc, Copper and Lead concentrates.
• The Phase 2 has conducted test scheme will be the basis for the industrial treatment plant design.
• The flotation test scheme consisted of differential flotation, rougher and cleaner steps, for each of the
three base metals. The tests were conducted separately for La Romanera and La Infanta deposits.
• Base Metal Recoveries and concentrate grades are very positive, exceeding those of actively producing
mines in the Iberian Pyrite Belt. Metallurgical Test Results of Phase 2 indicate that Copper, Lead and Zinc
concentrates can be produced at commercial grades from both deposits. This represents an improvement
relative to Phase 1.
Next Steps at Iberia Belt West
• Comple�on of Phase 2 metallurgical program including gold recoveries this quarter . This will provide data
required for a revised NI 43-101 compliant mineral resource es�mate based on actual metallurgical re-
coveries and for a plant design in forthcoming engineering/economic studies.
• Con�nue drilling with three drills at El Cura deposit un�l year end to expand the deposit and increase
drill hole density for mineral resource es�ma�on. Lock the drill hole data base at year-end in prepara�on
for revised mineral resource es�mate in Q1/2025.
• Complete El Cura metallurgical test in Q1/2025.
• Con�nue with ongoing engineering studies in support of the Designa�on of Strategic Interest (“DSI”) per-
mi�ng process at IBW. Incorporate engineering studies presently being done into a NI 43-101 compliant
Preliminary Economic Assessment (PEA) immediately on comple�on of a revised mineral resource es�-
mate, commencing in Q1/2025.
• The Company is well funded to complete the work plan above.
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by each of Joaquin
Merino, P.Geo., President of the Company and Mr. Jorge Blanco, MChem., Director of Metallurgy of the Company
and each 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 managerial appoint-
ments, the prospectivity of the IBW project, the mineralization of the IBW project, the economic viability of the
IBW project, metallurgical studies and results thereof , expected recoveries, the timing and results Phase 2, the
Company’s ongoing exploration and technical studies, the Company’s ability to complete an updated NI 43-101
compliant mineral resource estimate and economic studies and timing thereof, the Company’s future explora-
tion 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”, “sched-
uled”, “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, un-
certainties 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 uncer-
tainties; 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 ant icipated, 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.
Information and links in this press release relating to other mineral resource companies are from their sources
believed to be reliable, but that have not been independently verified by the Company.
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