Ongoing Delineation Program At La Romanera Deposit

TORONTO - Emerita Resources Corp. reported on the ongoing 2022 - 2023 delineation drilling program at La Romanera Deposit, part of Emerita’s Iberian Belt West project (IBW). Assays from an additional 14 drill holes have been received. 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.

Assays are reported for the following 14 drill holes (LR022, LR027, LR031, LR036, LR039, LR048, LR055, LR063, LR068, LR070, LR072, LR099, LR110 and LR120) at La Romanera deposit.

The 14 drill holes are broadly distributed, in the upper and central parts of the deposit, and on the edges of the known mineralization between +50 and -300 m elevation. The distribution of the drill holes has been designed to maintain a drilling spacing of approximately 50 x 50 m to support a high-quality mineral resource estimate. Work has begun on the initial National Instrument 43-101 (NI 43-101) mineral resource estimate.

Ian Parkinson, EVP Corporate Development, said, “Our team is excited to reach this milestone and start the process of putting together this interim mineral resource estimate. Drilling will continue to expand the resources, however we are confident that we have delineated sufficient mineralization with a tight enough drill spacing to support a robust and significant mineral resource estimate. Metallurgical sampling is expected to commence during the resource estimation phase.”

The Company recently surpassed 70,000 m of drilling on the IBW project, approximately 78% at La Romanera deposit and 22% at La Infanta deposit. Drilling continues with 15 rigs.

1) Drill Hole LR036: The Upper Lens was intersected at 297.5 m down the hole and comprises 2.8 m of polymetallic mineralization grading 0.4 % Cu; 2.2 % Pb; 5.8 % Zn; 2.0 g/t Au and 117.5 g/t Ag. The Lower Lens was intersected at 302.5 m down the hole and comprises 15.0 m of polymetallic mineralization grading 0.3 % Cu; 0.9 % Pb; 2.2 % Zn; 1.0 g/t Au and 30.8 g/t Ag

2) Drill Hole LR048: The Upper Lens was intersected at 200.4 m down the hole and comprises 13.1 m of polymetallic mineralization grading 0.2 % Cu; 1.5 % Pb; 6.4 % Zn; 1.2 g/t Au and 83.8 g/t Ag. The Lower Lens was intersected at 212.6 m down the hole and comprises 13.1 m of polymetallic mineralization grading 0.3 % Cu; 1.1 % Pb; 4.9 % Zn; 1.1 g/t Au and 89.4 g/t Ag.

3) Drill Hole LR055: The lower Lens was intersected at 292.5 m down the hole and comprises 5.0 m of polymetallic mineralization grading 0.3 % Cu; 1.6 % Pb; 4.7 % Zn; 1.0 g/t Au and 98.8 g/t Ag.

4) Drill Hole LR063: The Upper Lens was intersected at 185.0 m down the hole and comprises 3.5 m of polymetallic mineralization grading 0.2 % Cu; 1.4 % Pb; 6.4 % Zn; 0.4 g/t Au and 81.4 g/t Ag. The Lower lens was intersected at 259.9 m down the hole and comprises 6.3 m of polymetallic mineralization grading 0.1 % Cu; 1.0 % Pb; 2.4 % Zn; 1.0 g/t Au and 29.1 g/t Ag.

5) Drill Hole LR068: The Upper Lens was intersected at 384.2 m down the hole and comprises 7.0 m of pyritic mineralization grading 0.4 % Cu; 0.2 % Pb; 0.1 % Zn; 0.7 g/t Au and 7.4 g/t Ag. The Lower Lens was intersected at 404.0 m down the hole and comprises 8.2 m of polymetallic mineralization grading 0.4 % Cu; 6.6 % Pb; 16.4 % Zn; 1.1 g/t Au and 240.4 g/t Ag, including 3.1 m grading 0.4 % Cu; 15.7 % Pb; 38.6 % Zn; 2.3 g/t Au and 535.7 g/t Ag.

6) Drill Hole LR072: The Upper Lens was intersected at 260.8 m down the hole and comprises 4.6 m of polymetallic mineralization grading 0.1 % Cu; 2.3 % Pb; 2.8 % Zn; 2.0 g/t Au and 72.7 g/t Ag. The Lower Lens was intersected at 320.4 m down the hole and comprises 15.5 m of pyritic mineralization grading 0.8 % Cu; 0.4 % Pb; 0.3 % Zn; 2.0 g/t Au and 52.8 g/t Ag.

7) Drill Hole LR110: The Lower Lens was intersected at 140.1 m down the hole and comprises 22.5 m of polymetallic mineralization grading 0.2 % Cu; 2.6 % Pb; 5.1 % Zn; 3.17 g/t Au and 91.0 g/t Ag, including 5.0 m grading 0.3 % Cu; 4.1 % Pb; 10.4 % Zn; 3.4 g/t Au and 147.6 g/t Ag, from 141.9 m down the hole.

8) Drill Hole LR120: The Lower Lens was intersected at 184.0 m down the hole and comprises 13.6 m of polymetallic mineralization grading 0.1 % Cu; 1.5 % Pb; 3.4 % Zn; 2.3 g/t Au and 41.2 g/t Ag, including 4.7 m grading 0.1 % Cu; 1.6 % Pb; 3.9 % Zn; 3.4 g/t Au and 57.4 g/t Ag, from 192.4 m down the hole.

9) Drill Hole LR022: The Lower Lens was intersected at 204.0 m down the hole and comprises 9.0 m of pyritic mineralization grading 0.4 % Cu; 0.1 % Pb; 0.1 % Zn; 0.32 g/t Au and 7.6 g/t Ag.

10) Drill Hole LR027: The Lower Lens was intersected at 498.3 m down the hole and comprises 7.1 m of pyritic mineralization grading 0.4 % Cu; 0.1 % Pb; 0.2 % Zn; 0.21 g/t Au and 8.3 g/t Ag.

11) Drill Hole LR031: The drill hole did not intersect any significant base metal mineralization.

12) Drill Hole LR039: The Upper Lens was intersected at 439.4 m down the hole and comprises 26.8 m of pyritic mineralization grading 0.5 % Cu; 0.2 % Pb; 0.1 % Zn; 0.5 g/t Au and 12.0 g/t Ag. The Lower Lens was intersected at 469.6 m down the hole and comprises 9.6 m of pyritic mineralization grading 0.9 % Cu; 0.1 % Pb; 0.5 % Zn; 0.4 g/t Au and 28.7 g/t Ag.

13) Drill Hole LR070: The drill hole did not intersect any significant base metal mineralization.

14) Drill Hole LR099: The Upper Lens was intersected at 401.1 m down the hole and comprises 9.0 m of pyritic mineralization grading 0.3 % Cu; 0.6 % Pb; 0.5 % Zn; 1.0 g/t Au and 43.4 g/t Ag, including 3.8 m grading 0.6 % Cu; 1.1 % Pb; 0.6 % Zn; 1.5 g/t Au and 79.2 g/t Ag, from 405.6 m down the hole.

High grade polymetallic sulphide mineralization over considerable widths have been intersected in several of the deepest drillholes (below 500 meters) at La Romanera deposit, and the deposit remains open at depth. To explore more effectively at depth, the Company has engaged the services of International Geophysical Technology (IGT), a specialized, independent geophysical contractor based in Madrid, Spain, which is carrying out a survey of the 4 deepest holes using Downhole TEM and Mise-à-la-Masse geophysical methods. This technology is designed to assist in targeting the deeper drilling to maximize the success of the program. It also has potential to identify additional sulphide lenses at depth that has been known to occur at other deposits in the Iberian Pyrite Belt which comprise several mineralized zones.