Copper

Emerita Resources Corp. (TSX V: EMO; OTC: EMOTF) (the "Company" or "Emerita") announces that the Andalucian Environment Department in Huelva Province has issued its resolution and published it in the official gazette approving the Company's diamond drill plan for the west side of the Iberia Belt West ("IBW" or the "IBW Project") project on January 7, 2022 such that the entire Project is now permitted for drilling. This portion of the IBW Project hosts the large Romanera deposit and the El Cura deposit and as such this is an important step for the ongoing evaluation of the IBW Project. The publication in the gazette marks the commencement of a 30 business day period during which the reclamation plan for the drill sites are published on the government web site and available for comment. The application process in Spain requires a comprehensive exploration plan as well as a reclamation plan for the drill pads and the reclamation plan is published on the government web site for public viewing for a period of 30 days prior to issuing the permits. Permitting the west side of the project required a more involved process than the Infanta area where the Company has been drilling. The Company completed all studies required by the process including archaeological, flora and fauna studies and has written support from the two municipalities, Pueblo de Guzman and Paymogo, that encompass the project included in the filing documents. Once issued, the permits are valid for the duration of the license.

The Company already has agreements arranged with local landowners for access to the drill sites in order that work can commence immediately upon receiving the permits. Emerita presently has a contract for five drills on the IBW Project and will add three more drills bringing the total to eight, to coincide with the issuing of this permit in order to complete the drilling required for a NI 43-101 compliant mineral resource estimate as quickly as practical.

According to David Gower, P.Geo., CEO of Emerita, "This is a very exciting development for the Company. It provides access to two additional deposits for diamond drilling and given there are already 50 drill holes in Romanera, the geological model for the deposit is well understood. Our team along with our environmental consultants and government officials have worked diligently and carefully to produce an excellent environmental plan for the responsible exploration of the area. We greatly appreciate the support of the municipalities and are already setting up facilities in Paymogo and Pueblo de Guzman to support the program."

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:

Joaquin Merino
+34 (628) 1754 66 (Spain)

Helia Bento
+1 416 566 8179 (Toronto)
info@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 legal processes in Spain, the timing of permits for the IBW Project, the exploration of the IBW Project, the prospectivity of the IBW Project, the Company's access to drill rigs, the timing of a NI 43-101 compliant mineral resource estimate 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.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


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Emerita Resources

Emerita Resources

Overview

Emerita Resources Corp.  (TSX V: EMO; OTC: EMOTF)  is a Canadian natural resource company that acquires, explores and develops mineral properties in Spain. Emerita Resources and its joint venture partner Grupo Aldesa, a major Spanish construction and infrastructure firm with international operations, each hold a 50 percent interest in the Plaza Norte zinc project in the Reocin mining district in northern Spain.

The Plaza Norte project is adjacent to the past-producing Reocin mine, which produced approximately 62 million tonnes grading 11 percent zinc and 1.4 percent lead, and hosts mineralization extensions from the mine. The historical database for Plaza Norte includes over 300 drill holes and numerous high-grade intercepts including 18.96 meters grading 9.72 percent zinc and 8.20 meters grading 7.05 percent zinc.

Drilling is currently underway at Plaza Norte to develop a NI 43-101-compliant mineral resource estimate for the property. Once the resource estimate is released, Emerita Resources will continue to drill to increase the resource and develop a preliminary economic assessment (PEA) for the property.

Emerita Resources is also in the process of acquiring two additional properties in southern Spain: Aznalcollar and Paymogo. Each property has defined deposits that the company is interested in developing further.

Heading Emerita Resources’ management team is CEO David Gower and President Joaquin Merino-Marquez. Gower brings over 20 years of experience in mineral exploration and has made brownfield discoveries at Raglan and Sudbury, Matagami, Falcondo and greenfield discoveries at Araguaia, Kabanga and Amazonas. Merino-Marquez is a professional geologist with over 20 years of experience in the mining industry and has extensive international experience in South America, Europe and Asia-Pacific. Management holds approximately 12 percent of the company’s shares.

Emerita Resources’ Company Highlights

  • Cantabria region includes an industrial port and excellent rail and road network.
  • Partnership in place with Aldesa, a major Spanish construction and infrastructure firm with international operations.
  • Plaza Norte project is adjacent to the past-producing Reocin mine and hosts mineralization extensions from the mine.
  • The property comes with an extensive historical database and numerous high-grade intercepts.
  • Drilling underway with results expected in the near term.
  • PEA development is planned.
  • Acquisitions underway for two additional properties in Spain.
  • Knowledgeable management team with a wealth of experience in exploration across the globe.
  • Management holds approximately 12 percent of the company’s shares.

Plaza Norte Project

In October 2017, Emerita Resources and its joint venture partner Aldesa, a major Spanish construction and infrastructure firm with international operations, acquired the 3,600-hectare Plaza Norte project through a public tender process. Emerita and Aldesa each own 50 percent of the project but Emerita is the primary operator on the project. The rights to Plaza Norte have been granted for an initial three-year term with the option to renew.

The property is located in the Cantabria region in northern Spain and resides in the Reocin mining district. The Cantabria region is known for its infrastructure which includes an industrial port and excellent rail and road network. The property is adjacent to the past-producing Reocin mine, which produced approximately 62 million tonnes grading 11 percent zinc and 1.4 percent lead, and hosts mineralization extensions from the mine. Glencore’s (LSE:GLEN) San Juan de la Nieva zinc smelter is approximately 180 kilometers to the west of the property.

Exploration

The historical database for Plaza Norte includes over 300 drill holes. Through the historical data, Emerita Resources has identified five areas of interest – San Miguel, Queveda, Yuso, San Gabriel and Mercadal – and numerous high-grade intercepts including 18.96 meters grading 9.72 percent zinc and 8.20 meters grading 7.05 percent zinc.

In the 10-kilometer extension from the Reocin mine, a conceptual cross-section shows several ore bodies. Previous drilling identified the zones with multiple ore grades intercepts that remain open. Emerita Resources’ 2018 exploration program focused on confirming and delineating drill targets to outline a 20 million tonne to 40 million tonne deposit.

In 2019, Emerita Resource initiated its first drill program on the property which is focused on establishing a NI 43-101-compliant mineral resource estimate. The company is following up on drill intercepts identified by a previous operator. The program marks the first systematic exploration program in the region since the Reocin mine closed in 2003. Emerita Resources has been drilling on the 1.3-kilometer by one-kilometer Queveda target. Two holes have been completed on the property to date. Initial results include a four-meter intercept grading 9.02 percent zinc within a wider mineralized zone of 9.5 meters grading 4.57 percent zinc.

Moving forward

Emerita Resources is working towards releasing its mineral resource estimate for Plaza Norte within a year. After that, the company intends to establish a PEA and to continue drilling on other high-priority targets to expand the resource.

Emerita Resources’ Management Team

David Gower, P.Geo. — CEO and Director

David Gower is the President of Brazil Potash Corp. which has discovered the largest and highest-grade potash deposit to date in Brazil. He has over 20 years of experience in exploration with Falconbridge, (now Xstrata/Glencore) most recently as Director of Global Nickel and PGM exploration. He was a member of the Senior Operating Team for mining projects with Falconbridge. He has led exploration teams that made brownfield discoveries at Raglan and Sudbury, Matagami, Falcondo and greenfield discoveries at Araguaia in Brazil, Kabanga in Tanzania and Amazonas in Brazil. He has held executive and director positions with several junior and midsize mining companies for the past 10 years.

Joaquin Merino-Marquez, P.Geo. — President and Director

Joaquin Merino-Marquez is a professional geologist with 20 years of experience in the mining industry. He was previously Vice President Exploration for Primero Mining Corp. and before that Vice President Exploration for Apogee Minerals Ltd. Previously, he was the exploration manager for Placer Dome at Porgera mine and a mine geologist at Hecla Mining’s La Camorra mine. He has extensive international experience in South America, Europe and Asia-Pacific. Merino-Marquez holds a M.Sc. from Queens University, and a B.Sc. in Geology from the University of Seville (Spain). He is a member of the Association of Professional Geoscientists of Ontario.

Greg Duras — CFO

Greg Duras has over 10 years of corporate and project finance experience in the resource sector. Some of his previous positions include, Vice President of Finance and Administration at S.C. Rosia Montana Gold Corporation S.A. (RMGC), a mineral exploration and mining development company based in Romania. He has also held a number of senior finance roles, including Controller of TSX-listed Gabriel Resources Ltd. and High River Gold Mines Ltd. He is a Certified General Accountant and a Certified Professional Accountant, and holds a Bachelor of Administration from Lakehead University.

Damian Lopez — Corporate Secretary

Damian Lopez is a corporate securities lawyer who works as a legal consultant to various TSX and TSXV-listed companies. He previously worked as a securities and M&A lawyer at a large Toronto corporate legal firm, where he worked on a variety of corporate and commercial transactions. Lopez obtained a Juris Doctor from Osgoode Hall and he received a Bachelor of Commerce with a major in Economics from Rotman Commerce at the University of Toronto. He is also a director of the Canadian Hispanic Bar Association.

Marilia Bento — Director

Marilia Bento has over 20 years of experience in the financial industry and Canadian capital markets. Some of her previous positions include, Managing Director and Head of Equity Capital Markets Canada at Macquarie Capital Markets Canada Ltd. (formerly Orion Securities Inc.) and Vice President of Corporate Development for various resource companies. She was on the Board of Directors of Orion Securities Inc. and has been a board member of junior mining companies.

Lawrence Guy — Director

Lawrence Guy is Chief Executive Officer of North 52nd Asset Management Inc. Previously, he was a Portfolio Manager with Aston Hill Financial Inc. Prior to Aston Hill, he was Chief Financial Officer and Director of Navina Asset Management Inc., a company he co-founded that was subsequently acquired by Aston Hill Financial Inc. He has also held senior offices at Fairway Capital Management Corp. and First Trust Portfolios Canada Inc. He holds a Bachelor of Arts (Economics) degree from the University of Western Ontario and is a Chartered Financial Analyst.

Catherine Stretch — Director

Catherine Stretch is the Chief Commercial Officer of Aguia Resources Limited, an ASX and TSXV-listed company engaged in the exploration and development of phosphate and copper assets in Brazil. She has 20 years of experience in capital markets with a particular focus on the formation, development and operation of resource companies. She has a Bachelor of Arts in Economics and History from Western University and a Masters of Business Administration from the Schulich School of Business at York University.

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

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THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

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