Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCMKTS; LLJ:FSE) just released breaking news this morning, September 30, 2022, from this year's drilling at its fully-permitted La Romanera deposit at its 100%-owned Iberian Belt West project (IBW).

Emerita is a Candian natural mining and exploration company focused on the acquisition, exploration, research, and development of prospective mining properties in the Iberian Pyrite Belt (Spain).

It has a focus on traditional base metals (zinc and copper) and precious metals (silver and gold). According to the company, Emerita has planned a 70,000-meter drill program to be completed by year-end at the La Romanera deposit, designed to expand the resource.

Emerita had intersected 14.0m  grading 4.3% cu included within 26.8m grading 2.6% Cu at its La Romanera deposit. This increases the number of drills at IBW project to thirteen.

On September 15, 2022, Research Capital Corp. analyst Adam Schatzker said he continued "to be impressed by the drill results at Romanera." To Schatzker, "it certainly [appeared] that Romanera could prove to be a significant precious metals deposit." During that report, Schatzker gave Emerita a Speculative Buy rating and a target price of CA$3.75.

This is quite the jump from Emerita's current share price of CA$0.80. 

The Catalyst

Today, Emerita announced assay results from two drill holes (LR019 and LR023) at the La Romanera deposit. It had intersected 14.0 meters (14.0m)  grading 4.3% copper (Cu) included within 26.8m grading 2.6% Cu at its La Romanera deposit. This increases the number of drills at IBW project to thirteen.

Drill hole LR019 encountered the two lenses:

• Upper Lens was intersected at 302.0m downhole and comprises 31.0m grading 0.2% Cu; 0.% Pb; 0.6 % Zn; 1.7 g/t Au and 37.4 g/t Ag, including 9.7m grading 0.3% Cu; 0.5% Pb; 0.7% Zn; 3.4 g/t Au and 32.1 g/t Ag. Ag, including 9.7 m grading 0.3% Cu; 0.5 % Pb; 0.7 % Zn; 3.4 g/t Au and 32.1 g/t Ag.
• The Lower Lens was intercepted at 345.7m, 18.9m below the Upper Lens and encountered 26.8m grading 2.6% Cu; 0.5% Pb; 1.1% Zn; 0.3 g/t Au and 28.6 g/t Ag, including 14.0m grading 4.3% Cu; 0.8% Pb; 1.7% Zn; 0.3 g/t Au and 41.7 g/t Ag). 

President of Emerita, Joaquin Merino, P.Geo. said, "Emerita is seeing high gold values in areas of the Upper Lens, for example, that were not sampled in the historic holes because visually they had lower base metal content. In other areas of the deposit, Emerita is intersecting two Lenses where the historical data base only has data indicating a single lens. We continue to accelerate the drill program and look forward to delivering a NI 43-101 compliant mineral resource estimate."

Drill hole LR023 intercepted massive sulfide mineralization about 250m below surface along section 6550E.

Drill hole LR023 also intercepts the two lenses:

• The Upper Lens occurs from 281.7 m with 12.6 m grading 0.4 % Cu; 0.3 % Pb; 0.2 % Zn; 1.0 g/t Au and 22.3 g/t Ag.
• The Lower Lens was intersected 23.4 m below the Upper Lens comprising 5.3 m grading 0.9 % Cu; 1.2 % Pb; 1.9 % Zn; 1.0 g/t Au and 65.7 g/t Ag.
• The Lower Lens found similar gold grades as the Upper Lens and higher base metal grades.

Emerita has 12 holes still in the lab and 12 with drilling in progress at La Romanera.

Ownership and Share Structure

_ is held by insiders, management, and strategic shareholders, the most significant of which is 2176423 Ontario Ltd., which owns 10.02% or 35.37 million shares, according to Reuters. CEO Joaquin Merino, P.Geo. owns _ or _ shares. Chairman Lawrence Guy owns _. Director Marilia Bento owns _, and Director Catherine Stretch owns _. 

Emerita has 203.96 million shares outstanding, including 172.71 million free floating. Its market cap is CA$155.01 million, and it trades in the 52-week range between CA$0.75  and CA$4.14. It is currently trading at CA$0.80.

Disclosures:

1) Katherine DeGilio wrote this article for Streetwise Reports LLC. She or members of her household own securities of the following companies mentioned in the article: None. She and members of her household are paid by the following companies mentioned in this article: None.  company has a financial relationship with the following companies referred to in this article: None.

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