Emerita Reports Additional Drill Results from La Romanera, Provides IBW Project Update and Extends Warrants. Results Include 29.3 Meters Grading 0.3 % Cu; 1.0 % Pb; 3.4 % Zn; 3.83 g/t Au and 39.4 g/t Ag, Including 5.0 Meters Grading 0.5 % Cu; 2.6 % Pb; 8.3 % Zn; 6.25 g/t Au and 78.2 g/t Ag in Hole L
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Emerita Reports Additional Drill Results from La Romanera, Provides IBW Project Update and Extends
Warrants. Results Include 29.3 Meters Grading 0.3 % Cu; 1.0 % Pb; 3.4 % Zn; 3.83 g/t Au and 39.4 g/t Ag,
Including 5.0 Meters Grading 0.5 % Cu; 2.6 % Pb; 8.3 % Zn; 6.25 g/t Au and 78.2 g/t Ag in Hole LR118
TORONTO, May 01, 2023 -- Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA) (the
“Company” or “Emerita”) is pleased to announce additional assay results from 21 holes from the ongoing
delineation drilling program at La Romanera Deposit, part of Emerita’s wholly owned Iberian Belt West Project
(“IBW” or the “Project”). These results will be included in the upcoming maiden NI 43-101 compliant mineral
resource estimate (“MRE”). Results from an additional 14 holes are expected to be received within the next
week and these will be the final assays required to complete the mineral resource estimate . Wardell
Armstrong International has been engaged to complete the mineral resource estimation of the IBW project
and is progressing for completion expected middle of May. IBW hosts three previously identified massive
sulphide deposits: La Infanta, La Romanera and El Cura. All deposits are open for expansion along strike and
at depth.
A recent downhole TEM geophysical survey indicated continuity of the mineralization at depth below the
deepest drillhole intersections in the lower-central portion of the deposit. The extension of the deposit in this
area has been confirmed by drill hole LR146 which intersected 34.9 meters of massive sulphide from (580.85-
615.75) – assays pending. This extends the mineralization 40 meters deeper and almost 100 meters to the
east. This po rtion of the deposit will be outside of the initial mineral resource estimate but will serve t o
increase the deposit size in a future resource estimate update (Figure 4 ). Additional drill holes are being
planned to continue exploration at depth.
IBW Project Update
Resource delineation drilling for the MRE has drawn to a close at the IBW project. As previously stated, final
remaining assays for inclusion in the MRE are estimated to be received within a week. Wardell Armstrong
International has been engaged to complete the MRE for the IBW project. Results from the MRE remain on
track to be released to the market by the middle of May with the full NI 43-101 technical report to follow.
As focus switches from resource delineation to resource expansion and to regional exploration, the S pain
based Emerita exploration team will be focused on several initiatives at IBW, which include additional drilling,
targeting extensions of La Romanera at d epth, strike extensions to La Romanera ( including the eastern
anomaly) and initial drilling at El Cura prospect.
As stated in a March 20, 2023 press release, the Company engaged the services of International Geophysical
Technology (“IGT”), a specialized and independent geophysical contractor based in Madrid, Spain. IGT carried
out a dow nhole TEM and Mise-à-la-Masse survey of the deepest holes drilled to date at IBW. Results have
been received and are being incorporated into the next phase of drilling at La Romanera. Using the borehole
geophysical survey results Emerita intends to focus on down dip extensions to the thickest and highest grade
intercepts from the recent drilling program. The Emerita exploration team intends to utilize downhole
geophysics on an ongoing basis to maximize efficiency of future drill targeting as the drilling continues to
depth.
An area of higher conductivity has been identified on strike and east of La Romanera. The Emerita team intends
to drill this anomaly targeting a possible eastward extension of the known mineralized horizon.
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Located approximately midway between La Roma nera and La Infanta is the historical El Cura deposit. Initial
drilling at IBW prioritized areas with known historic resources. At El Cura, multiple historic small-scale mining
operations have been identified but the target has seen little modern exploration and the Company does not
have the historical drill hole data for this deposit. A comprehensive mapping program has recently been
completed and a drill is being mobilized to El Cura presently.
La Romanera Drill Results:
Assay results have been received from 21 drill holes (LR092, LR095, LR117, LR118, LR119, LR121, LR122, LR123,
LR124, LR125, LR126, LR127, LR128, LR130, LR131, LR133, LR134, LR136, LR138, LR139 and LR141) at La
Romanera deposit and are reported below in Table 1.
These holes are distributed broadly across the deposit, between +100 and -500 m elevation. As a
representative drill hole of the upper -central part, LR118 presents high polymetallic grades and thicknesses
(29.3 m). Drill hole intersections on the western-central part of the deposit and outside of the historical drilling
footprint (LR134) present moderate grades , although copper is higher in this area of the deposit . Drill hole
intersections on the w estern-central portion of the deposit, along the 6450 easting coordinates reported
significant results for hole LR138, located 500 m below surface, which returned high grade values in all metals
over a good thickness intersection. See Table 1 for a full list of assay results.
Drill hole grades and thicknesses are reported below.
Drill Hole LR092:
The Lower Lens was intersected at 514.0 m down the hole and comprises 4.9 m grading 0.2 % Cu; 2.0 % Pb;
4.6 % Zn; 1.40 g/t Au and 97.0 g/t Ag.
Drill Hole LR117:
The Lower Lens was intersected at 560.3 m down the hole and comprises 5.4 m grading 0.6 % Cu; 1.5 % Pb;
7.0 % Zn; 0.30 g/t Au and 43.0 g/t Ag.
Drill Hole LR118:
Both lenses were intersected. The Upper Lens was intersected at 153.1 m and encountered 6.9 m grading 0.5
% Cu; 1.1 % Pb; 1.9 % Zn; 0.97 g/t Au and 28.8 g/t Ag. The Lower Lens was intersected at 165.9 m and comprises
29.3 m grading 0.3 % Cu; 1.0 % Pb; 3.4 % Zn; 3.83 g/t Au and 39.4 g/t Ag, including 5.0 m grading 0.5 % Cu;
2.6 % Pb; 8.3 % Zn; 6.25 g/t Au and 78.2 g/t Ag.
Drill Hole LR124:
The Upper L ens was intersected at 332.6 m down the hole and comprises 16.0 m of pyritic mineralization
grading 0.3 % Cu; 1.1 % Pb; 1.0 % Zn; 1.64 g/t Au and 138.2 g/t Ag, including 4.4 m grading 0.4 % Cu; 1.1 % Pb;
1.1 % Zn; 2.55 g/t Au and 203.6 g/t Ag. The Lower Lens was intersected at 350.85 m down the hole and
comprises 30.6 m grading 0.4 % Cu; 0.6 % Pb; 3.0 % Zn; 0.35 g/t Au and 35.2 g/t Ag, including 5.0 m grading
0.2 % Cu; 1.5 % Pb; 6.6 % Zn; 0.62 g/t Au and 66.2 g/t Ag.
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Drill Hole LR125:
The Lower Lens was intersected at 124 m down the hole and comprises 9.6 m grading 0.2 % Cu; 2.9 % Pb; 5.6
% Zn; 1.88 g/t Au and 98.8 g/t Ag, including 5.9 m grading 0.2 % Cu; 3.9 % Pb; 7.8 % Zn; 2.14 g/t Au and 114.2
g/t Ag.
Drill Hole LR127:
The Lower Lens was intersected at 624.5 m down the hole and comprises 7.7 m grading 0.3 % Cu; 2.0 % Pb;
2.3 % Zn; 0.88 g/t Au and 118.0 g/t Ag.
Drill Hole LR128:
The Upper Lens was intersected at 497.55 m down the hole and comprises 11.5 m grading 0.4 % Cu; 2.7 % Pb;
4.7 % Zn; 1.33 g/t Au and 74.7 g/t Ag, including 4.4 m grading 0.9 % Cu; 5.7 % Pb; 10.4 % Zn; 2.76 g/t Au and
135.4 g/t Ag. The Lower Lens was intersected at 516.5 m down the hole and comprises 6.5 m of pyritic
mineralization grading 0.3 % Cu; 0.5 % Pb; 1.1 % Zn; 0.60 g/t Au and 23.1 g/t Ag.
Drill Hole LR131:
The Lower Lens was intersected at 518.9 m down the hole and comprises 12.4 m grading 0.2 % Cu; 3.9 % Pb;
8.9 % Zn; 1.62 g/t Au and 110.3 g/t Ag including 3.9 m grading 0.3 % Cu; 7.2 % Pb; 14.6 % Zn; 2.60 g/t Au and
144.8 g/t Ag.
This Drill hole along with LR127 fills the gap between LR053 (January 20 , 2023 press release ) and LR087
(February 23, 2023 press release) and confirms the continuity of mineralization in the deepest central area of
the deposit.
Drill Hole LR133:
The Upper Lens was intersected at 122.35 m down the hole and comprises 2.4 m of mineralization grading 0.2
% Cu; 5.9 % Pb; 6.5 % Zn; 1.16 g/t Au and 207.6 g/t Ag. The Lower Lens was intersected at 144.25 m down the
hole and comprises 7.1 m of mineralization grading 0.2 % Cu; 1.5 % Pb; 2.8 % Zn; 2.13 g/t Au and 74.0 g/t Ag.
Drill Hole LR134:
The Upper Lens was intersected at 307.8 m down the hole and comprises 17.2 m grading 0.4 % Cu; 1.1 % Pb;
3.2 % Zn; 0.88 g/t Au and 53.1 g/t Ag. The Lower Lens was intersected at 329.6 m down the hole and comprises
8.0 m grading 0.5 % Cu; 0.7 % Pb; 2.3 % Zn; 3.00 g/t Au and 46.8 g/t Ag.
Drill Hole LR138:
The Lower Lens was intersected at 517.75 m down the hole and comprises 16.3 m grading 0.4 % Cu; 2.7 % Pb;
3.6 % Zn; 1.29 g/t Au and 69.6 g/t Ag.
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Drill Hole LR139:
The Upper Lens was intersected at 115.5 m down the hole and comprises 2.5 m grading 0.2 % Cu; 3.3 % Pb;
6.0 % Zn; 2.92 g/t Au and 177.6 g/t Ag. The Lower L ens was intersected at 123.6 m down the hole and
comprises 6.6 m grading 0.1 % Cu; 3.1 % Pb; 7.9 % Zn; 1.19 g/t Au and 47.0 g/t Ag.
Table 1: Diamond Drill Hole Data, La Romanera Deposit
DDH Easting Northing Elevation azimuth dip depth
(m) FROM TO Width
(m) Cu_% Pb_% Zn_% Au_g/t Ag_g/t LENS
LR092 646802 4172735 150 189 -51 534.5 514.0 518.9 4.9 0.2 2.0 4.6 1.40 97.0 LL
LR095 646967 4172385 170 202 -67 290.7
LR117 646888 4172759 154 196 -57 208.6 560.3 565.6 5.4 0.6 1.5 7.0 0.30 43.0 LL
LR118 646618 4172447 146 163 -56 236.3 153.1 160.0 6.9 0.5 1.1 1.9 0.97 28.8 UL
LR118 165.9 195.2 29.3 0.3 1.0 3.4 3.83 39.4 LL
incl. 185.5 190.5 5.0 0.5 2.6 8.3 6.25 78.2 LL
LR119 646817 4172418 150 196 -40 162.9
LR121 646716 4172736 146 212 -59 556.9 497.8 533.7 35.9 0.3 0.9 0.7 1.12 88.4 UL
incl. 515.6 524.4 8.8 0.4 1.3 1.1 2.14 114.3 UL
LR122 646567 4172435 146 199 -26 130.2 96.4 101.0 4.6 0.9 1.0 0.6 0.67 113.7 LL
LR123 646414 4172539 142 179 -41 195.5 153.2 156.0 2.8 0.5 1.4 0.5 4.16 215.2 UL
LR124 646780 4172582 154 187 -56 400.0 332.6 348.6 16.0 0.3 1.1 1.0 1.64 138.2 UL
incl. 338.6 343.0 4.4 0.4 1.1 1.1 2.55 203.6 UL
LR124 350.9 381.5 30.6 0.4 0.6 3.0 0.35 35.2 LL
incl. 351.9 356.9 5.0 0.2 1.5 6.6 0.62 66.2 LL
LR125 646618 4172447 146 188 -36 150.3 124.0 133.6 9.6 0.2 2.9 5.6 1.88 98.8 LL
incl. 126.3 132.2 5.9 0.2 3.9 7.8 2.14 114.2 LL
LR126 646414 4172539 142 162 -36 209.4 164.2 167.5 3.3 0.2 1.1 1.2 0.87 48.0 UL
LR127 646751 4172871 154 201 -53 671.4 624.5 632.2 7.7 0.3 2.0 2.3 0.88 118.0 LL
LR128 646597 4172725 144 213 -65 543.5 497.6 509.0 11.5 0.4 2.7 4.7 1.33 74.7 UL
incl. 501.3 505.6 4.4 0.9 5.7 10.4 2.76 135.4 UL
LR128 516.5 523.0 6.5 0.3 0.5 1.1 0.60 23.1 LL
LR130 646414 4172539 142 163 -22 189.1
LR131 646716 4172736 146 202 -60 562.0 518.9 531.3 12.4 0.2 3.9 8.9 1.62 110.3 LL
incl. 521.9 525.7 3.9 0.3 7.2 14.6 2.60 144.8 LL
LR133 646618 4172447 146 164 -33 178.1 122.4 124.7 2.4 0.2 5.9 6.5 1.16 207.6 UL
LR133 144.3 151.3 7.1 0.2 1.5 2.8 2.13 74.0 LL
LR134 646593 4172590 148 218 -55 360.6 307.8 325.0 17.2 0.4 1.1 3.2 0.88 53.1 UL
LR134 329.6 337.6 8.0 0.5 0.7 2.3 3.00 46.8 LL
LR136 646817 4172418 150 181 -29 141.0
LR138 646597 4172725 144 217 -68 558.5 517.8 534.0 16.3 0.4 2.7 3.6 1.29 69.6 LL
LR139 646618 4172447 146 176 -25 133.7 115.5 118.0 2.5 0.2 3.3 6.0 2.92 177.6 UL
LR139 123.6 130.2 6.6 0.1 3.1 7.9 1.19 47.0 LL
LR141 646712 4172405 150 193 -47 163.9 92.0 93.8 1.8 0.3 0.8 1.7 0.68 24.3 UL
LR141 104.9 117.2 12.4 0.3 1.0 0.9 2.04 47.7 LL
NO SIGNIFICANT INTERSECTS
NO SIGNIFICANT INTERSECTS
NO SIGNIFICANT INTERSECTS
NO SIGNIFICANT INTERSECTS
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Figure 1: Vertical longitudinal section showing Upper Lens intercepts, La Romanera Deposit
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Figure 2: Vertical longitudinal section showing Lower Lens intercepts, La Romanera Deposit
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Figure 3: Plan map showing drill hole trace surface projections, La Romanera Deposit
36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3
Figure 4 : La Romanera depth extension drill hole
Extension of Warrants
The Company also announces that it has applied to the TSX Venture Exchange to extend the term of 7,847,150
common share purchase warrants (the “Warrants”) previously set to expire on July 15, 2023 to January 15,
2024. Each Warrant is exercisable for one c ommon share in the capital of the Company for an exercise price
of $1.50. The extension of the Warrants remains subject to approval of the TSX Venture Exchange.