Drilling in Spain Reveals Excellent Yields of Silver and Gold

Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCMKTS; LLJ:FSE), which is based in Canada, has released the assay results from its recent drilling on the La Infanta deposit on its Iberian Belt West property in Spain, as well as a maiden mineral resource estimate based on drill results on the Iberian Belt West project from 2022 to 2023. The company has also released information about a new permit that it received from the Ministry of Industrial Policy and Energy of Huelva, Andalusia, related to the Infanta Sur property.

News

Emerita has released the assay results from 21 holes on the 2023 delineation drilling on La Infanta. The La Infanta deposit is comprised of a north and a south mineralized block and is characterized by the development of high-grade polymetallic massive sulfide mineralization, which occurs from the surface to 350m of depth and extends 1,400m along strike.

The drill results are as follows:

Drill Hole IN039B intersected the north block at 364.9m of depth and, over 5m of pyritic mineralization, found 0.3% copper (Cu), 0.0% lead (Pb), 0.0% zinc (Zn), 0.55g/t gold (Au), and 45.8g/t silver (Ag).

Drill Hole IN068 intersected the north block at 213.9m of depth and, over 1.5m, found 0.6% Cu, 1.1% Pb, 1.7% Zn, 0.07 g/t Au, and 27.7g/t Ag, and at 237.4m of depth and, over 2.3m, found 0.0% Cu, 2.5% Pb, 1.7% Zn, 0.09 g/t Au, and 11.8 g/t Ag.

Drill Hole IN070 intersected the north block at 96.9m of depth and, over 8.1m, found 0.1% Cu, 1.6% Pb, 1.5% Zn, 0.11g/t Au, and 26.1g/t Ag, including, over 1.6m, 0.2% Cu, 6.2% Pb, 5.3% Zn, 0.16 g/t Au, and 47.3 g/t Ag.

Drill Hole IN071 intersected the north block at 234.6m of depth and, over 3.3m, found 0.9% Cu, 4.2% Pb, 7.6% Zn, and 0.29g/t Au, and 106.2g/t Ag.

"The charts for Emerita look increasingly positive . . .  Momentum is now swinging positive. With its closing price on the US market of $0.666 this stock may for a brief time have special appeal to Globalist investors."

Drill Hole IN072 intersected the south block at 27.3m of depth and, over 10.8m, found 0.3% Cu, 0.5% Pb, 1.2% Zn, 0.12g/t Au, and 14.8g/t Ag, including, over 2.1m, 0.6% Cu, 1.8% Pb, 3.4% Zn, 0.41g/t Au, and 58.9g/t Ag.

Drill Hole IN073 intersected the south block at 140m of depth and, over 4.2m, found 1.4% Cu, 6.9% Pb, 14.7% Zn, 0.31g/t Au, and 63.7g/t Ag, including over 2.1m, 2.6% Cu, 13.3% Pb, 28.6% Zn, 0.46g/t Au, and 118.2g/t Ag. It intersected the south block again at 158.2m of depth and, over 0.8m, found 0.4% Cu, 5.2% Pb, 10.1% Zn, 0.05g/t Au, and 46.0g/t Ag.

Drill Hole IN074 intersected the north block at 64.6m down the hole and, over 8.6m, found 0.5% Cu, 1.5% Pb, 3% Zn, 0.12g/t Au, and 28.4g/t Ag. The south block was intersected at 148.8m of depth and, over 5.8m, found 0.8% Cu, 2.3% Pb, 4.4% Zn, 0.47g/t Au, and 113.6g/t Ag, including over 2.2m, 1.4% Cu, 3.2% Pb, 6.5% Zn, 0.59g/t Au, and 178.5g/t Ag.

Drill Hole IN075 intersected the north block at 269.1m and, over 2.9m, found 0.6% Cu, 1.7% Pb, 3.5% Zn, 0.16g/t Au, and 25.6g/t Ag.

Drill Hole IN076 intersected the north block at 86.5m of depth and, over 5.5m, found 0.6% Cu, 2.1% Pb, 4.1% Zn, 0.50g/t Au, and 54.6g/t Ag, including, over 2.3m, 1.4% Cu, 4.4% Pb, 9% Zn, 0.70g/t Au, and 116.6g/t Ag.

 Drill Hole IN077 intersected the south block at 71.2m of depth and, over 7.1m, found 0.6% Cu, 2.1% Pb, 3.5% Sn, 0.23 g/t Au, and 43.5g/t Ag, including, over 1.2m, 2.6% Cu, 10.4% Pb, 18.7% Zn, 0.43g/t Au, and 216.6g/t Ag. The south block was intersected at 104.2m and, over 4.7m, found 0.0% Cu, 1.3% Pb, 2.3% Zn, 0.3g/t Au, and 3.9g/t Ag.

Drill Hole IN078 intersected the north block at 137.7m of depth and, over 4.9m, found 0.7% Cu, 4.9% Pb, 6.4% Zn, 0.35g/t Au, and 100.8g/t Ag, including, over 2.1m, 1.5% Cu, 10.3% Pb, 13% Zn, 0.21g/t Au, and 194.5g/t Ag.

Drill Hole IN079 intersected the north block at 405m of depth and, over 3.5m, found 0.1% Cu, 1% Pb, 1.8% Zn, 0.01g/t Au, and 2.6g/t Ag.

Drill Hole IN080 intersected the south block at 93m of depth and, over 1.8m, found 0.8% Cu, 3% Pb, 1.8% Zn, 0.01g/t Au, and 2.6 g/t Ag.

Drill Hole IN081 intersected the north block at 237.1m of depth and, over 2.7m, found 0.7% Cu, 2.3% Pb, 5.1% Zn, 0.27g/t Au, and 77.4g/t Ag.

Drill Hole IN082 intersected the south block at 162.3m of depth and, over 5m, found 0.2% Cu, 0.7% Pb, 1.3% Zn, 0.18g/t Au, and 20.3g/t Ag.

Drill Hole IN083 intersected the north block at 119.5m of depth and, over 6.7m, found 0.2% Cu, 2.5% Pb, 4.8% Zn, 0.21g/t Au, and 15.6g/t Ag, including, over 1.2m, 0.2% Cu, 7.3% Pb, 16.6% Zn, 0.13g/t Au, and 19.8g/t Ag. The south block was intersected at 199.8m of depth and, over 2.6m, found 2.1% Cu, 6.1% Pb, 10.8% Zn, 0.59g/t Au, and 198.6g/t Ag. It intersected the south block again at 206.6m of depth and, over 0.7m, found 0.4% Cu, 3.8% Pb, 10.5% Zn, 0.14g/t Au, and 29.0g/t Ag.

Drill Hole IN084 intersected the north block at 411.5m of depth and, over 0.9m, found 0.7% Cu, 0.6% Pb, 0.4% Zn, 0.05g/t Au, and 11.4g/t Ag.

Drill Hole IN085 intersected the north block at 110.1m and, over 6.6m, found 0.0% Cu, 0.1% Pb, 0.2% Zn, 0.30g/t Au, and 7g/t Ag, including over 0.5m, 0.5% Cu, 0.7% Pb, 2.1% Zn, 0.24g/t Au, and 48g/t Ag.

Drill Holes IN055, IN069, and IN086 found no significant assays.

According to Joaquin Merino, the president of Emerita, "The continued high-grade results at La Infanta are very encouraging and support our decision to expand our exploration footprint at the IBW project. The Emerita team is planning additional drilling to continue exploration beyond the upcoming MRE."

Emerita has also announced that the Ministry of Industrial Policy and Energy of Huelva, Andalusia, has granted the company an exploration permit for the Infanta Sur property, which adds an additional 848.5 hectares to IBW.

Emerita's mineral resource estimate is based on the IBW, where initial exploration work has already commenced on the El Cura deposit. The drilling is expected to continue through 2023 and into 2024, and all deposits are open for expansion along strike and depth. Metallurgical testing of the deposits has commenced.

The highlights of the MRE are as follows:

The initial MRE estimate for the IBW indicated 14.07 million tons (Mt), with grading of 3.29% zinc (Zn), 1.66% lead (Pb), 0.46% copper (Cu), 75.2g/t silver (Ag), and 1.39g/t gold (Au) and inferred 4.71Mt with grading of 4.7% Zn, 2.14% Pb, 0.54% Cu, 72.4g/t Ag, and 0.9g/t Au.

On the La Romanera deposit, the MRE indicated 13Mt, with grading of 2.98% Zn, 1.45% Pb, 0.42% Cu, 74.1g/t Ag, and 0.9g/t Au, and inferred 3.14Mt with grading of 4.85% Zn, 1.96% Pb, 0.45% Cu, and 71.3g/t Ag, and 1.16g/t Au. The La Romanera MRE was calculated based on data from 144 drill holes covering 52,750m of drilling.

On the La Infanta deposit, the MRE indicated 1.07Mt, with grading of 7.1% Zn, 4.24% Pb, 1.03% Cu, 88.5g/t Ag, and 0.32g/t Au, and inferred 1.56Mt, with grading of 4.41% Zn, 2.49% Pb, 0.74% Cu, 74.7g/t Ag, and 0.38g/t Au. The La Infanta MRE was calculated based on data from 86 drill holes covering 19,565m of drilling.

According to Emerita, mineralization remains open at both deposits, as the MRE confirms the resource starts at or near the surface and remains open at depth and along strike.

The company expects to explore the space between the two deposits, given that they are only six kilometers apart, with focus on the historic El Cura target.

The company has also begun a metallurgical sampling program for La Romanera and La Infanta.

According to David Gower, the CEO of Emerita, "This represents an interim mineral resource estimate as work continues to expand the resources at IBW. The recent exploration mapping, drilling, and geophysical surveys demonstrate both La Romanera and La Infanta remain open along strike and at depth. This, coupled with targets associated with the recently expanded land position, provides a lot of additional targets for new discoveries."

Why Gold?

The analyst Clive Maund rated Emerita as an opportunity for investors in March of 2023. According to Maund, "The charts for Emerita look increasingly positive . . . Momentum is now swinging positive. With its closing price on the U.S. market of CA$0.666, this stock may for a brief time have special appeal to Globalist investors."

Additionally, according to Rick Mills of Ahead of the Herd, a number of factors are buoying gold, including fears of a recession and the actions of the Fed.

Catalysts

Emerita has completed a 70,000m drill program focused on La Romanera and La Infanta at IBW with the release of a NI 43-101 resource estimate. There are over thirty holes waiting in the lab and over thirty additional holes are expected to be drilled prior to the resource estimate. The heart of the historical high grade at La Romanera has yet to be drilled, and there is also potential for a high impact from deep drilling at Infanta and Romanera. Romanera and Infanta remain open to expansion.

Ownership and Share Structure

Management and insiders own approximately 27.52% of the company. Brady Stiles owns 15.01% with 10.62 million shares, Gregory A. Hahn owns 5.36% with 3.79 million shares, Mike Stark owns 3.73% with 2.64 million shares, David John Vincent owns 1.77% with 1.25 million shares, Dong Hyun Shim owns 1.28% with 0.90 million shares, James B. Engdahl owns 0.28% with 0.20 million shares, and Eugene Spiering owns 0.09% with 0.06 million shares.

Institutions own approximately 7.95% of the company. SSI Wealth Management AG owns 7.94% with 5.62 million shares, while Moloney Securities Asset Management owns 0.01% with 0.01 million shares. The company reports no strategic investors.

Emerita has CA$23.63 million in the bank as of June 30, 2022. Emerita does not report a monthly burn rate or monthly drilling cost.

The company has a market cap of CA$166 million. There are 207.32 million shares, 8.8 million warrants, and 18.85 million options. It trades in the 52-week period between 0.56 and 1.77.

Important Disclosures:

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Emerita Resources Corp., a company mentioned in this article.
2. Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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