Emerita Resources Releases Drill Hole Data From Romanera Deposit and Updates Permitting Process at Paymogo / Romanera Project, Spain

TORONTO, Oct. 15, 2020 - Emerita Resources Corp. (TSX-V: EMO) (the “Company” or “Emerita”) has completed the digital compilation of the historical hard copy data for the Romanera Deposit, including for assay data, drill hole surveys and geological coding that will be required to develop 3D models. Romanera is the larger of the two known deposits occurring on the Paymogo/Romanera Project (the “Project”) and occurs approximately 8 kilometers to the west of the Infanta Deposit (see news release September 9, 2020).

The selected intervals are hosted within thicker zones of lower grade massive sulphide mineralization and as such do not correspond directly to the intervals described in Table 2 at the end of this release. A complete list of mineralized intercepts and hole locations are included in Table 2. For collar locations refer to Figure 3 below.

Permitting Update

The Company has filed its work program with the appropriate regulators in Huelva Province in support of acquiring permits to commence the diamond drill program on the Project. The application process in Spain requires a comprehensive exploration plan as well as a reclamation plan and that the reclamation plan for the drill pads must be published on the government web site for public viewing for a period of 30 days prior to issuing the permits. Once issued, the permits are valid for the duration of the license. The proposal contemplates drilling will commence at the Infanta deposit initially and a mineralized zone called El Cura that occurs along strike to the west from Infanta.

Emerita has held meetings with local municipalities and the local landowners and has received their support to proceed with the program subject to completing the permitting process. Emerita is using experienced environmental consultants that have permitted numerous such programs to streamline the process. All areas have been subject to drill programs in the past with no issues. Provided the prescribed process continues to be followed by the Company, the permits are expected to be forthcoming.

About the Romanera Deposit

The Project occurs within the famous Iberian Pyrite Belt, one of the most highly mineralized volcanogenic massive sulfide (VMS) terranes in the world. The Project is located in the western part of the belt, adjacent to the border with Portugal, approximately 70 km west of Seville and 50 km from the port city of Huelva (Figure 1). The Project extends along a strike length of approximately 18 km. Access is excellent via paved and all-weather gravel roads. Within the Project area, several base metal occurrences have been identified by previous exploration, the most significant of which are the Romanera and the La Infanta base metal deposits.

Figure 1: Location of the Paymogo Project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2f07b050-c3cc-43c1-b47a-69ba92666b77.

The Romanera deposit was drilled by Asturiana de Zinc (“Asturiana”) in the 1960’s and by Minera Rio Tinto (“Rio”) in the 1990’s and is reported to contain 34 million tonnes grading 0.42% copper, 2.20% lead, 2.3% zinc 44.4g/t silver and 0.8 g/t gold within which there is a higher grade resource of 11.21 million tonnes grading 0.40% copper, 2.47% lead, 5.50% zinc, 64.0 g/t silver and 1.0 g/t gold (The Volcanic Hosted Massive Sulphide Deposits of the Iberian Pyrite Belt, Garcia-Cortes ed., 2011). A qualified person, as defined in National Instrument 43-101, has not done sufficient work on behalf of Emerita to classify the historical estimate reported above as current mineral resources or mineral reserves and Emerita is not treating the historical estimate as current mineral resources or mineral reserves. The historical estimate should not be relied upon. The deposit extends from surface to approximately 350 meters depth based on historical drilling. The mineralization remains open for further expansion down dip beyond the limits of the existing drilling. The deposit is locally quite rich in precious metals with sections that grade between 3 g/t and up to 5.5 g/t gold (see news release August 10, 2020). The drill holes completed by Asturiana were not assayed for gold.

The deposit is a relatively thick massive sulphide zone that varies between approximately 20 meters and 25 meters thick and dips approximately -70 degrees. It has been drilled from surface to approximately 350 meters vertical depth and is more than 20 meters thick at the deepest intersection (see Figure 2) and has been drilled approximately 750 meters along strike. There is a hangingwall lens that is less continuous and ranges from approximately 8 meters to 15 meters in thickness and is situated approximately 15-20 meters into the hangingwall of the main deposit with a similar dip. Below are highlights from the historical drilling and the complete list of data that the Company has for the Romanera Deposit is included at the end of this news release.

Figure 2: Representative section of the Romanera massive sulphide deposit is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d646922c-77ab-4347-aadf-905aad282a7e

Figure 3: Diamond drill hole collar locations is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee4996db-e5fa-4302-931c-1d67e00a7fa6.

The intervals listed below are based on a relatively low cut off grade. As the Project progresses, the intervals will be composited to represent possible mining criteria. The widths listed are core widths, true widths will be calculated when the 3D models are constructed. Lower grade massive sulphide intervals have not been included as part of the mineralized intervals.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo, President of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

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:

Helia Bento
+1 (416) 566-8179 (Toronto)

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

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 mineralization of the Project, the Company’s ability to develop the Project, the Company’s ability to obtain drill permits, the prospectivity of the Project, the Company’s ability to complete a NI 43-101 resource estimate at the Project 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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