Mr. Joaquin Merino reports

EMERITA HAS BEEN GRANTED THE "ONTARIO" EXPLORATION PERMIT ADJACENT TO ITS IBERIAN BELT WEST PROJECT; HOSTS SEVERAL HISTORIC PRODUCING MINES

The Ministry of Industrial Policy and Energy of Huelva, Andalusia has granted Emerita Resources Corp. the exploration permit for the Ontario property. This permit adds an additional 5,573.23 hectares to Emerita's wholly owned Iberian Belt West (IBW) project, increasing the project area from 2,394.1 hectares to 7,967.31 hectares. IBW hosts three volcanogenic massive sulphide (VMS) deposits, two of which contain National Instrument 43-101 compliant mineral resource estimates (MREs), La Romanera and La Infanta (see the company's press release dated May 23, 2023), and the third, El Cura, is currently being drilled for an updated MRE on IBW expected to be complete in Q1 2025.

Ontario is located north and west of La Romanera, adjacent to the IBW property boundaries. The new exploration permit allows Emerita to begin exploration and does not require further environmental department or municipal approvals. The Ontario exploration permit is granted for an initial period of three years and can be renewed for subsequent additional periods.

Significance of Ontario grant

Ontario represents a sizable addition to the company's substantial land position in the Iberian pyrite belt, host to the largest concentration of VMS (volcanogenic massive sulphide) deposits on Earth, with 1.7 billion tonnes of massive sulphides endowed with at least 28 million ounces gold, 1.5 billion ounces silver, 14.6 million tonnes copper, 34.9 million tonnes zinc, and 13.0 million tonnes lead metal (Leistel et al., 1998, "The volcanic-hosted massive sulphide deposits of the Iberian Pyrite Belt"). Some key aspects of the Ontario permit include:

• Ontario more than triples the land package around the company's core IBW project, host to La Romanera, El Cura and La Infanta deposits.
• Historic high-grade mines including San Jose, Penuelas, Los Silos complex occur on the Ontario property.
• Emerita's grab samples from historic waste dumps contain semi-massive sulphide mineralization assaying up to 13.2 per cent copper (see Table 1).
• Any deposits discovered at Ontario are expected to be close enough to be processed at a plant at IBW should it be developed.

Identified prospects

Ontario contains numerous historic workings dating from Roman times to the mid-20th century. Less than two kilometres to the west of Emerita's La Romanera deposit is the Roman silver mines of Los Silos. The first written record of these mine workings was made in 1888 by mining engineer Joaquin Gonzalo y Tarin in his geographical and mining survey of the Huelva province. Therein was noted 40 ancient shafts and several drifts along two mineralized zones that reportedly graded between 1 per cent to 11 per cent copper during mining operations in 1880. These grades have not been independently verified.

To the north of La Romanera are the historic mines of San Jose and the Penuelas Group, which outcrop amidst an extensive zone of younger sedimentary cover rocks. These cover rocks obscure the potential of much of the Ontario permit except in areas where high silicification and mineralization of the underlying host rocks are exposed in windows through the cover. The San Jose and Penuelas prospects are examples of two such windows of exposed mineralized rock. Much of the Ontario claims have never been subject to modern geophysical exploration techniques that are now common practice in successfully exploring and discovering blind deposits worldwide.

At San Jose, three exploratory shafts were excavated in the late 1800s along a 300-metre strike length of high-grade quartz-chalcopyrite veining. As part of a regional evaluation by Asturiana de Zinc SA in the 1970s, dump samples returned 8.33 per cent copper (internal report, 1971, Asturiana de Zinc; see Emerita's own results in Table 1).

Penuelas Group workings developed between the late 19th century and early 20th century included four shafts with three sublevels developed from the main shaft and an average mine grade of 15 per cent copper was reportedly extracted from two parallel quartz-chalcopyrite veins of between 1.5 metres and 2.0 metres width. In February, 1945, during the final period of exploitation, the provincial inspector of mines evaluated the workings and took samples grading at 15.14 per cent copper, 29.46 per cent copper, 12.38 per cent copper, 29.46 per cent copper, 3.04 per cent copper and 38.36 per cent copper, (Pinedo Vara, 1963, "Pirites de Huelva").

Given the location of the San Jose and Penuelas as well as their stockwork-type mineralization, it is conceivable that these prospects could be the displaced roots of the massive sulphide deposits similar to Emerita's IBW deposits farther to the south.

Just outside of the northeast corner of the Ontario permit are the Roman-era shafts and slag heaps of the Preciosa copper mine. Little has been recorded in the modern literature on this deposit, but various local mineral collections include samples of quartz-malachite-tetrahedrite. State geological maps indicate that the mineralization of the Preciosa workings is located along an antiformal structure that trends directly toward the Ontario claim boundary approximately 1,500 metres to the west-southwest, before plunging under the younger cover rocks.

A qualified person, as defined in NI 43-101, has not done sufficient work on behalf of Emerita to classify any historical grades, production or results reported above as current mineral resources or mineral reserves. The historical data should not be relied upon.

Emerita prospecting results

District-scale reconnaissance and preliminary evaluation in the vicinity of the company's IBW claims has included consultation with landowners at some of the historic Ontario mines. Although the underground workings of San Jose and Penuelas could not be accessed, historic waste dumps were available for sampling. Table 1 shows the results of Emerita samples of semi-massive sulphide mineralization assayed 13.2 per cent copper confirming the grades of Asturiana de Zinc sampling at San Jose as noted above. The observed malachite-dominant mineralization at Penuelas assayed 4.6 per cent copper and was likely considered to be below the cut-off grade during the mid-20th century mining period and was not the supergene chalcocite-covellite ore that was the focus of the historic mining operations.

Joaquin Merino, PGeo, president of Emerita, stated: "Emerita's already-known resources at Romanera, La Infanta demonstrate the fertility of the ore-forming systems in the area. The additional showings of Los Silos, San Jose and Penuelas within the Ontario grant indicate the significant additional potential within this exploration licence. The grab samples collected barely scratch the surface of this newly opened-up area yet clearly indicate that the processes that formed the resources within the company's IBW project may easily extend into the Ontario tenement."

Qualified person

Scientific and technical information in this news release has been reviewed and approved by Joaquin Merino, PGeo, who is a qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects, and president of the company.

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.

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