Emerita Mobilizing Three Additional Diamond Drills and Reports Intersections in Three Additional Step-Out Drill Holes at Iberia Belt West, Spain

TORONTO, Nov. 12, 2021 - Emerita Resources Corp. (TSX-V: EMO; OTC: EMOTF) (the "Company" or "Emerita") announces that it has tendered for three additional diamond drills to be mobilized to the Iberia Belt West project ("IBW" or the "Project") bringing the total to five drills. The contracts are being finalized and it is expected rigs will arrive on the site within the next two weeks. According to David Gower, P.Geo., CEO of Emerita, "We are moving forward with an accelerated drill program at IBW to coincide with the end of the local hunting season on November 15. We will reactivate the geophysical survey and the step out drilling along strike immediately following that date. The drills will initially set up on Infanta and targets in that area and we will move two of them to Romanera as soon as the permit is issued, which is in process and expected in the coming weeks."

Results have been received for drill holes IN017, IN021 and IN023 (see Figures 1 and 2 - plan and long section for locations). These drill holes were step outs to the north (testing down dip). Mineralization was encountered at shallower depths than expected due to the presence of a reverse fault that has displaced the mineralization up dip and closer to surface (see drill sections, Figures 3-4). Holes were extended until they also intercepted the mineralization at depth on the other side of the fault (see sections below). Drill hole data is compiled in Table 1 below.

Highlights:

• Drilling has demonstrated the mineralization continues to depth and has been displaced nearer surface along a reverse fault to the north. Mineralization in the "North Block" has been intersected by three holes, IN017, IN21 and IN23, which represents a continuous strike length of 300 m. Those intercepts are between 70 and 100 m deep.
• These three holes show 2 intercepts: a first intercept corresponding to the North Block and a second deeper intercept, which corresponds to the extension of the lens in the South Block.
• At depth, the three holes have also intercepted the South Block. The deepest extent of the South Block mineralization is approximately 150 m in this area of the deposit in hole IN021 which intersected 5.5m from 151.70 m deep, grading 0.8% Cu, 2.8% Pb, 5.7% Zn, 0.28 g/t Au, 62.5 g/t Ag).
• Hole IN023 is the westernmost hole (from 72.4, 5.1m @ 1.4% Cu, 4.4% Pb, 8.6% Zn, 0.52 g/t Au, 124.1 g/t Ag. This is the North Block). Grades are somewhat lower close to the fault as there is less massive sulphide mineralization and more stringer and semi massive mineralization due to structural effects in the high strain zone close to the structure.
• The mineralization continues to the west in both the south and north blocks, where a strong geophysical conductor has been identified by the TEM survey. This area also contains historical mine workings with two underground levels indicating the presence of mineralization.
• The mineralization also continues to the east in the North and South Blocks for approximately 400 m where a small historical mining excavation is located. These mining excavations are thought to be at least a century old.
• The depth extent and lateral continuity of the North Block mineralization block is currently being evaluated by holes IN024 (at depth), IN025 and IN027 (to the east). Due to restrictions related to hunting season holes to the west will commence after November 15.
  • True widths are expected to be 90-95% of intersection width. Assays were conducted at ALS Laboratories, a certified independent assay lab.

According to Joaquin Merino, P.Geo., President of the Company: "We are excited to be ramping up the Project with the addition of more diamond drills. We continue to work closely with government officials on the Romanera and El Cura drill permits and this is progressing, following the normal process for receiving the drill permits in areas with the land use designation in that area."

TABLE 1: Drill hole assays, orientation, and coordinates

FIGURE 1: Drill hole location map; boxes with the blue outline are North Block intercepts, plain boxes are South Block. Holes in red - hole completed assays received, holes in blue - hole completed assays pending, holes in white - in progress.
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Figure 2: Longitudinal section of the North Block showing intercept locations.
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Figure 3: Cross section for Hole IN017 showing the position of the uplifted North Block mineralization.
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Figure 4: Section for drill hole IN023 showing the reverse fault and uplift of the mineralized zone in the North Block.
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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
+1 416 566 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 the mineralization of the Project including the infanta deposit, the prospectivity of the Project, the timing and results of the drill program, the Company's ability to obtain drill permits, the Company's ability to complete a NI 43-101 compliant resource estimate, 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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