Emerita Resources Corp. announced 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 portion of the deposit will be outside of the initial mineral resource estimate but will serve to increase the deposit size in a future resource estimate update. 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 be 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 Spain based Emerita exploration team will be focused on several initiatives at IBW, which include additional drilling, targeting extensions of La Romanera at depth, 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 downhole 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.

Located approximately midway between La Romanera 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. 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 western-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.