News Releases

TORONTO, March 08, 2022 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF) (the “Company” or “Emerita”) announces that the permitting for the Romanera and El Cura deposit diamond drill program at its wholly owned Iberia Belt West Project (“IBW” or the “Project”) is nearing the conclusion and the Company expects to be able to commence the drill program on those targets in the coming weeks. According to David Gower, P.Geo., CEO of Emerita, “Our entire team is excited to get the drills turning to delineate these two deposits and particularly Romanera. As noted in the Company’s news release dated January 28, 2022, recent work by the Company appears to have greatly expanded the potential footprint of the deposit. Whereas historical drilling delineated mineralization along a strike length of 450 meters, our geophysical survey indicates a strong EM conductor that extends for a total strike length of 1,200 meters (Figure 1).”

On February 18, 2022, the 30 business day period for public comment with respect to the proposed drill program concluded. On the last day of the public comment period, as has been the case previously, there was a submission from Ecologists in Action (Ecologistas en Acción), a Spanish environmental group. The comments received from the ecologist group are similar to those that were submitted by them to the Provincial Mining Authorities when Emerita received the Iberia Belt West exploration permits. The concerns were addressed at that time and the Project was approved by the authorities and it is the expectation of the Company that the Provincial Environmental Authorities will respond in the same way at this time.

From this point, the permitting process requires that the Environmental Authorities consider the comments and provide a response (the Environmental Statement). The Environmental Department is currently drafting the Environmental Statement, which is the basis for the future Unified Environmental Authorization (AUU). Once complete, the Environmental Statement is provided to all interested parties for 15 working days for informational purposes and will be followed by the final approval of the Resolution which allows drilling to commence at the Romanera and El Cura deposits.

The Romanera and El Cura deposits are part of the IBW Project area that require a comprehensive permitting process due to sensitivity related to the presence of cork oak trees in the area. The Company along with its consultants and in consultation with officials from the Environmental Authorities completed detailed studies, including flora and fauna and archeological studies as part of the process. The drill program has been designed carefully to minimize the footprint and utilize existing roads and farm tracks for the positioning of the drill pads. The file contains all the institutional reports and comments of interested parties, town planning reports from the councils of Puebla de Guzman and Paymogo municipalities, Water, Heritage and Mine/Geology reports, as well as the comments of interested parties, including Ecologists in Action.

Joaquin Merino, P.Geo., President of Emerita, stated; “We have been informed by the Environmental Authorities that they have received all the documentation in good order that they require. They are completing the Environmental Statement which will result in the approval of the AUU, which is expected very soon. Emerita has fulfilled all the required steps along the process which has positioned the Company to obtain the environmental permits to proceed with the drill programs. The Company is very excited to embark on this phase of the Project and has drills ready to commence immediately upon receiving the permit.”

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74298c01-5cb0-46e2-b9d0-53fbcc585f30

Figure 1: Romanera Area initial planned drill pad locations. Drilling platforms have been planned on existing trails and roads, to minimize the environmental footprint of the drill program. Note the surface projection of the Romanera deposit in red. The deposit has only been drilled along 450 meters of the 1,200 meter long TDEM conductor that is associated with the mineralization at the Romanera Deposit.

Operational Update

Drilling continues in the Infanta area of the Project with five diamond drills.  Staffing levels continue to be affected by Covid Protocols, which has resulted in staff shortages presently due to the requirement to isolate.

The Company is awaiting assays, however massive and semi massive to stringer sulphide mineralization has been intersected at the Infanta North target.  Infanta North is a new discovery in that two drill holes have intersected sulphide mineralization over a strike length of at least 300 meters and at a depth of more than 300 meters (assays pending) in an area that has never been drilled previously.  A third hole is in progress on this target. Infanta North appears to be in the same stratigraphic and structural position as the El Cura deposit and is interpreted to be a folded repetition of the Infanta stratigraphy to the south.  Drilling also continues to extend the sulphide mineralization down dip at the Infanta deposit (assays pending).  The Company will provide a more detailed description of the drill results as soon as assays are received.

At Nuevo Tintillo, the helicopter airborne gravity and electromagnetic (EM) surveying is about to commence.   The company has engaged Geognosia, a geophysical consulting company based in Spain, to carry out the Gravimetric survey, using  a Helicopter-borne HTDEM System. The penetration is estimated to be approximately 500m. The company expects this program will results in geophysical anomalies that will be follow up with detailed exploration.  The entire property which extends approximately 23 km in an east-west direction by 3 to 5 km north-south will be covered.  The line spacing on the western part of the property where the historical mines (Santa Flora and Nazaret) and the central area where known mineralization occurs will be covered by 100 m spaced lines and the remainder at 200 m line spacing.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3e5bf6c1-b5f8-4cea-b799-ba5e16c717f3

Figure 2: Nuevo Tintillo Property, Note the historical mining areas that have not seen any exploration in decades. On the inset map not the stratigraphy occurs on a geological trend hoting the renowned Rio Tinto Mine to the northwest and Aznalcollar and Cobre Las Cruces to the southeast.

The Company continues to await the next step of the Aznalcollar legal proceedings for both the Criminal court and the Administrative Court.   Due to the numerous disruptions over the past two years related to the pandemic, there is a large backlog of court cases in the system.  The Government has indicated it intends to appoint as many as 40 new judges to assist in alleviating this.  The Company has received many inquiries from stakeholders regarding the status of Aznalcollar proceedings and counsel in Spain has advised us that these are Superior court proceedings that under the circumstances will be dealt with in time along with the many other cases before the courts.  The evidence and the rulings to date all point to a positive outcome for Emerita and that has not changed.

Qualified Person

The 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 National Instrument 43-101 of the Canadian Securities Administrators.

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:

Joaquin Merino

+34 (628) 1754 66 (Spain)

Helia Bento

+1 416 566 8179 (Toronto)

info@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, the Company’s ability to obtain the requisite approvals for its exploration plans and the timing of any such approvals; the mineralization of the IBW Project and Nuevo Tintillo; the Company’s ability to acquire the Aznalcollar project and the timing thereof; 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- looking 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, competitive, 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 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 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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