TORONTO, March 17, 2025 (GLOBE NEWSWIRE) — Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA) (the “Company” or “Emerita”) is pleased to announce the results of an updated independent mineral resource estimate (“Mineral Resource Estimate” or “MRE”) for Emerita’s wholly owned Iberian Belt West project (“IBW” or the “Project”). The Mineral Resource Estimate was completed by Wardell Armstrong International Limited (“WAI”), part of SLR Consulting.
The Mineral Resource Estimate is based on 105,554 meters of drilling by the Company comprising 299 drill holes and is hosted in three volcanogenic massive sulphide deposits on the project; La Romanera (LR), La Infanta (LI), and the more recently delineated El Cura (EC) deposit (LR=169 holes totaling 70,344m; LI=91 holes totaling 20,975m; EC=39 holes totaling 14,235m). All three deposits remain open for further expansion by future drilling. The IBW project is reporting:
- A Total Indicated MRE of 18.96Mt grading 2.88% zinc, 1.42% lead, 0.5% copper, 66 g/t silver, and 1.28 g/t gold (8.44% ZnEq or 3.01% CuEq);
- A Total Inferred MRE of 6.80Mt grading 3.25% zinc 1.50% lead, 0.73% copper, 56.3 g/t silver, and 0.77 g/t gold (8.72% ZnEq or 3.00% CuEq);
- La Romanera deposit contains an Indicated MRE of 17.34Mt grading 2.64% zinc, 1.25% lead, 0.43% copper, 65 g/t silver, and 1.34 g/t gold, with an Inferred MRE of 4.13Mt grading 3.08% zinc 1.27 g/t lead, 0.61% copper, 49.7 g/t silver, and 0.82 g/t gold;
- La Infanta deposit contains an Indicated MRE of 1.09Mt grading 7.38% zinc, 4.39% lead, 1.08% copper, 94.6 g/t silver, and 0.35 g/t gold with an Inferred MRE of 1.91Mt grading 4.08% zinc, 2.23% lead, 0.66% copper, 74 g/t silver, and 0.38 g/t gold; and
- El Cura deposit contains an Indicated MRE of 0.53Mt grading 1.58% zinc, 0.69% lead, 1.45% copper, 42.9 g/t silver, and 1.41 g/t gold with an Inferred MRE of 0.76Mt grading 2.08% zinc, 0.91% lead, 1.51% copper, 48 g/t silver, and 1.46 g/t gold.
The updated Mineral Resource Estimate achieves numerous improvements when compared to the previous May 23, 2023 MRE:
- A +35% increase in Total Indicated MRE tonnage and a +44% increase in Total Inferred MRE tonnage;
- Increased gold metal content within the Total Indicated MRE from 629 Koz to 783 Koz, which is an increase of +154 Koz (+24%) with a likewise increase in contained gold within the Total Inferred Resource from 137 Koz to 168 Koz or an increase of +31 Koz (+23%) gold, respectively;
- A maiden MRE being reported for the El Cura deposit, providing copper-rich resources in both reported categories, contributing to +45% increase in contained tonnes of copper in the Total Indicated Resource, and a +90% increase in contained copper in the Total Inferred Resource;
- El Cura’s copper-rich profile is complimented by high gold grades as reported above, contributing +24 Koz in the Total Indicated category and +36 Koz in the Total Inferred category; and
- Incorporation of actual metal recoveries derived from continuing metallurgical testwork from each of the IBW deposits providing greater fidelity for the announced resources.
The updated IBW Mineral Resource Estimate reported in this release is tabulated below (Table 1):
Table 1. 2025 Mineral Resource Estimate for the Iberian Belt West Project (Effective February 26, 2025)
| Updated Mineral Resource Estimate for the Iberian Belt West Project | |||||||||
| Deposit | Class | Tonnes | Average Grade | Metal Equivalent | |||||
| Zn | Pb | Cu | Ag | Au | ZnEq | CuEq | |||
| Mt | % | % | % | g/t | g/t | % | % | ||
| La Romanera | Indicated | 17.34 | 2.64 | 1.25 | 0.43 | 65.0 | 1.34 | 7.89 | 2.86 |
| Inferred | 4.13 | 3.08 | 1.27 | 0.61 | 49.7 | 0.82 | 7.69 | 2.79 | |
| La Infanta | Indicated | 1.09 | 7.38 | 4.39 | 1.08 | 94.6 | 0.35 | 16.61 | 5.42 |
| Inferred | 1.91 | 4.08 | 2.23 | 0.66 | 74.0 | 0.38 | 10.22 | 3.34 | |
| El Cura | Indicated | 0.53 | 1.58 | 0.69 | 1.45 | 42.9 | 1.41 | 9.57 | 3.00 |
| Inferred | 0.76 | 2.08 | 0.91 | 1.51 | 48.0 | 1.46 | 10.47 | 3.28 | |
| IBW Project | Indicated | 18.96 | 2.88 | 1.42 | 0.50 | 66.0 | 1.28 | 8.44 | 3.01 |
| Inferred | 6.80 | 3.25 | 1.50 | 0.73 | 56.3 | 0.77 | 8.72 | 3.00 | |
| (Table 1 cont…) | |||||||
| Deposit | Class | Tonnes | Contained Metal | ||||
| Zn | Pb | Cu | Ag | Au | |||
| Mt | Kt | Kt | Kt | Koz | Koz | ||
| La Romanera | Indicated | 17.34 | 458 | 217 | 75 | 36,216 | 747 |
| Inferred | 4.13 | 127 | 52 | 25 | 6,589 | 109 | |
| La Infanta | Indicated | 1.09 | 80 | 48 | 12 | 3,311 | 12 |
| Inferred | 1.91 | 78 | 42 | 13 | 4,542 | 23 | |
| El Cura | Indicated | 0.53 | 8 | 4 | 8 | 735 | 24 |
| Inferred | 0.76 | 16 | 7 | 12 | 1,180 | 36 | |
| IBW Project | Indicated | 18.96 | 547 | 269 | 94 | 40,263 | 783 |
| Inferred | 6.80 | 221 | 102 | 49 | 12,311 | 168 | |
| *Notes: | ||||||
| 1. Mineral Resources are classified according to the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (CIM, 2014); | ||||||
| 2. The effective date of the Mineral Resource estimate is February 26, 2025; | ||||||
| 3. Mineral Resources are reported at a cut-off grade of 3.0% zinc equivalent (ZnEq) for La Romanera and La Infanta, and 0.9% copper equivalent (CuEq) for El Cura. Cut-off grades are based on metal price, metallurgical recovery and preliminary operating cost assumptions (total mining, processing and G&A cost of US$76.6/t, for underground mining and two stage mineral processing using selective copper-lead-zinc flotation and a post-flotation process); | ||||||
| 4. Block equivalent grade calculations use factors based upon metal prices and metallurgical recoveries where: | ||||||
| a. La Romanera ZnEq = ((Zn*28.93)+(Pb*12.01)+(Cu*79.80)+(Ag*0.64)+(Au*45.34)/32))/0.904; | ||||||
| b. La Infanta ZnEq = ((Zn*28.83)+(Pb*18.01)+(Cu*88.35)+(Ag*0.77)+(Au*56.51)/32))/0.901; | ||||||
| c. El Cura CuEq = ((Zn*27.39)+(Pb*0)+(Cu*87.40)+(Ag*0.65)+(Au*45.34)/95))/0.92); | ||||||
| 5. Metal price assumptions used in the equivalent grade calculations are US$3,200/t Zn, US$2,300/t Pb, US$9,500/t Cu, US$25/oz Ag and US$2,200/oz Au; | ||||||
| 6. Metallurgical recovery assumptions based on available testwork results used in the equivalent grade calculations are: | ||||||
| a. 90.4% Zn, 52.2% Pb, 84% Cu, 80.1% Ag and 64.1% Au for La Romanera; | ||||||
| b. 90.1% Zn, 78.3% Pb, 93% Cu, 95.6% Ag and 79.9% Au for La Infanta; and | ||||||
| c. 85.6% Zn, 0% Pb, 92% Cu, 80.6% Ag and 64.1% Au for El Cura; | ||||||
| 7. All blocks less than the reporting cut-off grades when diluted over a 3m minimum mining width were excluded from the Mineral Resources; | ||||||
| 8. Only primary sulphide mineralisation is included in the Mineral Resources; | ||||||
| 9. Metal grade and content are reported in-situ and have not been adjusted for metallurgical recovery or mining dilution; | ||||||
| 10. Mineral Resources are not Reserves until they have demonstrated economic viability based on a pre-feasibility study or feasibility study; | ||||||
| 11. Numbers may not add due to rounding; and | ||||||
| 12. The Qualified Person for the Iberian Belt West Project Mineral Resource estimate is Frank Browning, MSci, MSc, PGCert, FGS, CGeol of WAI (part of SLR). | ||||||
Discussion and Analysis
Figure 1 illustrates how Emerita has been successfully growing mineral resource tonnage to the Project based on its continued success supported by the Company’s ongoing drilling efforts, with a +35% increase in Total Indicated Resources and a +44% increase in Total Inferred Resources. Drilling on the Project continues with 4 diamond drills.
Figure 1. Stacked bar chart for the IBW project’s reported 2025 resource in metric tonnage (Mt’s) for the updated IBW Mineral Resource Estimate compared with the previous estimate released on May 23, 2023.
Figure 2 is a side-by-side comparison of how the reported increases in the Project’s resources resolves in terms of contained metals. Note an increase in all contained metals.
Figure 2. Stacked bar charts showing the change of contained metals for the IBW Project from the May 23, 2023 Mineral Resource Estimate into the currently reported updated Mineral Resource Estimate (Effective February 26, 2025): A. Comparison of current versus previous 2023 MRE contained metals; B. Comparison of 2025 (current) versus previ0us 2023 inferred resources.
“These results show Emerita’s successful approach in adding more resources to the Project,” states Joaquin Merino, President of Emerita Resources, “Not only has the Company successfully increased the total resource tonnage since the 2023 MRE, but we’ve added an entirely new deposit to the Project’s inventory of resources with El Cura, which is rich in both copper and gold. We are continuing to drill the El Cura deposit as it remains ‘open’ in all directions. Meanwhile, Emerita is still advancing the Project on several levels, including additional drilling, exploring the recently granted Ontario property, and advancing our exploitation and environmental permits for the IBW Project.”
Independent Qualified Persons
Mineral Resource estimation was completed by Wardell Armstrong International Limited (WAI) using drillhole databases and geological models developed by the Emerita geology team and subsequently verified and refined in collaboration with WAI. WAI has considerable experience working with deposits in the Iberian Belt and has completed similar studies for producing operations in the region.
The Mineral Resource Estimate was prepared and reported by Frank Browning, Principal Resource Geologist with WAI (part of SLR) in accordance with definitions outlined in CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (CIM, 2014). Mr. Browning is a Qualified Person as defined by NI 43-101 and undertook site inspections between February 10th to February 12th, 2025. The MRE will be supported by a NI 43-101 independent technical report which will be published and filed on the Company’s website and under the Company’s SEDAR+ profile within 45 days. The NI 43-101 report will include detailed information on the key assumptions, parameters and methods used to estimate the Mineral Resources.
The technical content of this press release has been prepared, reviewed, and approved by Joaquin Merino, P.Geo., President of Emerita Resources.
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)
info@emeritaresources.com
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 the prospectivity of the IBW project and El Cura, the mineralization and the IBW project, the economic viability of the IBW project, the metallurgy of the IBW project, the assumptions in the MRE, 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- 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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Figures accompanying this announcement are available at:
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https://www.globenewswire.com/NewsRoom/AttachmentNg/6100cf16-98d5-48ad-a1b9-de24389b95df
