Emerita Provides Update ON Ongoing Metallurg Ical Test Program Including 52.4% Zn Concentrate Grade at 84% Zn Recovery
EMERITA PROVIDES UPDATE ON ONGOING METALLURG ICAL TEST PROGRAM
INCLUDING 52.4% Zn CONCENTRATE GRADE AT 84% Zn RECOVERY
Toronto, ON, April 22, 2024 - Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA) (the
“Company” or “Emerita”) is pleased to provide an update on the ongoing metallurgical testing program
and provide test results (see details below). The goal of the program is to demonstrate that commercial
grade concentrates can be produced from the Iberian Belt West project (“IBW or “the Project”) and at
recoveries which are potentially economic and provide required data for planned mill plant design. The
preliminary results indicate that commercial grade concentrates can be produced from IBW using
traditional methods at recoveries similar to other operations in the Iberian Pyrite Belt.
David Gower, P .Geo., CEO of Emerita notes, “We are very pleased that the carefully executed
metallurgical test program has demonstrated grade and recoveries of base metals to concentrates at
comparable recoveries to other producing operations in the Pyrite Belt. We view the results contained
within this press release as a baseline and look forward to continuous metallurgical performance
improvement as we advance IBW towards a production decision. We have taken a very comprehensive
approach to get to this point, which has extended the timeline . However, this is a very critical
component of developing polymetallic deposits and it is critical to have optimal results. It is important
to note, initial results have indicated opportunities to optimize concentrate grade versus metal
recoveries within a future economic model. In March 2024, we announced the addition of Jorge A.
Blanco to the Emerita team as Director of Metallurgy. Jorge , in a short time , has had a very positive
impact on the Project and is currently planning our next metallurgical tests as we wrap up this first
phase. Included in future planned programs is to evaluate certain innovative hydrometallurgical
processes recently developed in the region, that would allow metal to be produced on site rather than
shipping concentrate to a smelter. The focus remains on conventional processing techniques, at this
juncture. ”
Test results outlined below are preliminary in nature . Additional locked cycle test results are pending
and have potential to further improve on the results.
Completed tests to date have returned zinc concentrates grading 52.4% Zn with Project average zinc
recovery of 84%, which is approximately 5-10% higher than reported results for mines in operation in
the Iberian Pyrite Belt1. Tests on La Romanera deposit have returned Zn concentrate grade of 49.3% Zn
at 85% recovery and tests of La Infanta deposit have returned 60% Zn concentrate grade with 81% Zn
recovery. Testing continues and final results will be released at the completion of this phase of tests.
Copper focused tests of La Romanera (0.67% Cu head grade) and La Infanta deposits (0.86% Cu head
grade) have shown that commercial grade copper concentrates of 22.26% Cu and 24.87% Cu with 69.4%
and 51.69% copper recoveries, respectively, can be produced. These results are similar to operating
1 Source: Lundin Mining Corporation’s and Sandfire Resource’s public disclosure.
mines in the region and would be expected to improve for ores with significantly higher copper grades.
Both copper concentrates have reported gold and silver content at payable levels of 1.94g/t Au and
372.8g/t Ag for La Romanera copper concentrate, and 7.06g/t Au and 1534.6g/t Ag for La Infanta cop-
per concentrate. Testing continues including a focus on optimizing precious metals recoveries at La
Romanera.
Test work also showed potential to produce a Pb/Cu semi-bulk concentrate, increasing a potential
payable Pb in concentrate, and the potential to improve overall copper recoveries . Project wide test
results averaged 40% Pb and 7.2% Cu at 57% and 36.7% Pb and Cu recoveries , respectively, in semi-
bulk concentrate. These results a re comparably higher Pb, Cu grades and higher Pb, Cu recoveries
than regional operating mines which are also producing a Cu- Pb bulk concentrate . Individually, La
Romanera deposit tests returned Pb/Cu semi-bulk concentrate containing 38.7% Pb and 7.51% Cu with
46.10% Pb and 37.6% Cu recoveries. La Infanta tests returned 44.11% Pb and 6.03% Cu grades in
concentrate with 91.6% Pb and 52.2% Cu recoveries.
About the Metallurgical Test Program
IBW metallurgical test work was carried out by Wardell Armstrong International Laboratories in the U.K.
Additionally, the C ompany commissioned SRK Consulting to provide metallurgical oversight for the
Company to ensure the test program was completed to the highest standard.
The primary objective of this programme of metallurgical testing was to provide sufficient data
pertaining to the processing characteristics of material from the La Romanera and La Infanta deposits,
to support the delivery of a Scoping Study and future economic evaluation of IBW.
Testing was undertaken on four composites of approximately 100kg each, three from La Romanera and
one from La Infanta deposit. Samples submitted for testing were;
• La Romanera MET 1: High Gold – Lower Lens;
• La Romanera MET 2: High Copper/Low Zinc – Upper + Lower Lens; and
• La Romanera MET 3: Average Copper/Zinc – Upper + Lower Lens.
• La Infanta MET 4: Semi-Massive Sulphide
Each of the four samples were subjected to a preliminary characterization study involving chemical
analysis and mineralogical investigation on four sized fractions. The samples have been or are in process
of being, subjected to a programme of rougher, cleaner, and locked cycle flotation testing to assess the
effect of variations in feed grade and ore type on the production of copper, copper/lead, lead, and zinc
concentrates.
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 A. Blanco, MChem., Director of Met-
allurgy 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 appointments, the prospectivity of the IBW project, the mineralization of the IBW project,
the economic viability of the IBW project, metallurgical studies and results thereof and 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- look-
ing 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, c ompetitive, 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 oth er risks in-
herent 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 no t place un-
due reliance on forward-looking information. Emerita does not undertake to update any forward-look-
ing 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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