Emerita Provides Results of Surface Sampling From Geological Mapping Program, Iberia Belt West Project

TORONTO, May 10, 2021 - Emerita Resources Corp. (TSX-V: EMO; OTC: EMOTF) (the "Company" or "Emerita") is pleased to provide initial results of its surface sampling completed during its ongoing geological mapping program at its Iberia Belt West Project. (the "IBW Project"). Initial mapping has focused on the areas around the Infanta and Romanera Deposits and the El Cura area (Figure 1). The objective of this geochemical sampling campaign has been to verify the presence of massive sulfide mineralization and characterize the geological and structural setting in the three areas selected as priority targets for drilling within the IBW Project. The samples are from sulfide mineralized lenses and adjacent rocks in the areas where they outcrop either at surface or in historical trenches. The deposits were drilled by other companies in the past but until now Emerita has not had representative samples.

The three areas: La Romanera, El Cura and La Infanta, are aligned along an approximate E-W direction and are separated from each other by approximately 4 kilometers (Figure 1). The three mineralized zones occur within a discrete rhyolitic to dacitic unit. It is possible that there are other non-outcropping lenses besides those already known. The Company plans Magnetic and Electromagnetic (EM) geophysical surveys to further evaluate the exploration potential and improve the selection of future drilling targets. Highlights are presented below and a full table of all sampling results from the program is included at the end of this release (Table 3).

Joaquin Merino, P.Geo., President of Emerita, notes, "The geological mapping program continues on the remainder of the IBW Project. The sampling and mapping confirm the position of the mineral deposits in the field and the crews have also sited the drill platforms for the initial drill campaign. There are some very good grade samples from the field program, and this should bode well for the drill programs. We already have data from more than 40 historical drill holes at La Infanta and more than 50 at La Romanera. We are excited to start the program to expand our understanding of these deposits and our team is "amped up" to finally have core from these exceptional targets coming into the core shack. We look forward to the first drill core assays in the coming few weeks. We have established an excellent working relationship with the Mineral Department in Huelva as well as with the local municipality where the IBW Project is located, and their support has been very helpful."

La Infanta

23 samples were collected in the La Infanta area. These show high content of Ag, Zn, Pb and Cu, with contents in some of the samples above 4% copper and 20% zinc and lead and above 500 g/t silver. La Infanta shows the highest grade in Copper Zinc and lead and is enriched in precious metals. Mapping has indicated mineralization and alteration associated with this zone extends along a strike length of approximately 1200 meters. Highlights are noted in the following Table 1. Please see Table 3 and Figures 2-X for a complete list of samples and sample locations.

Table 1: Highlights - La Infanta Mapping

* Suboutcrop refers to outcrop rubble in trenches that is in place but highly fractured. Rock pile samples

are from the material that is piled beside the excavations from when the trenches were dug.

La Romanera

A total of 41 samples were collected at La Romanera. Most of the sample were taken from the 450 meter long trench developed along the outcropping sulphide lenses that were exposed by previous exploration of the deposit. The sub-outcrops are from the surface exposures of these mineralized zones. The samples from La Romanera reveal a high content of both precious metals, some with values ​​of 10 g/t gold and more than 200 g/t silver with base metals Zn and Pb. The Cu and Sn contents are also anomalous. Table 2 below shows highlights for the La Romanera sampling. Please refer to Table 3 at the end of the release for a complete list of samples and locations.

Table 2: Highlights - La Romanera Area Mapping

El Cura

Exposure of mineralization in the El Cura area is very limited. At El Cura, 20 samples were collected from an area of 100 m by 100 m around an old shaft and rock pile. Based on the limited exposures, the mineralized lens at El Cura appears to be plunging to the west. Mineralization observed is characterized by fine grained sulfide mineralization comprising pyrite, chalcopyrite, sphalerite and galena. The mineralized samples from El Cura tend to be copper-gold rich with lower silver, zinc and lead than the other two deposits. However these samples may not be representative of what was actually mined through the old workings.

Figure 1: Location for IBW project within the Iberian Pyrite Belt and the three mineral deposits.
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Figure 2: Sample locations, La Infanta area.
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Figure 3: Sample locations, La Romanera area.
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Figure 4: Sample locations, El Cura area.
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Table 3: Complete list of samples and locations, IBW mapping and surface sampling program. A total of 84 samples were collected. The coordinates of the locations of each sample were recorded, and the samples dispatched to the ALS laboratory in Seville for geochemical analysis, complying with the QA/QC protocols.

The analyses were carried out using the following methods: Au-AA23 for gold, Sn-ICP81x for Tin and ME-ICPORE for the rest of the elements. ALS complies with the International standards ISO / IEC 17025: 2017 and ISO 9001: 2015.

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:

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

Helia Bento
+1 416 309 4293 (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 the mineralization of the Project, the prospectivity of the IBW Project, the timing and results of the diamond drill program, the impact of changes in the mining laws and regulations, the impact of COVID 19 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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