Emerita Resources Releases 41 Historical Drill Holes From High Grade Infanta Deposit and Receives Formal Mineral Title, Paymogo / Romanera Project, Spain

TORONTO, Sept. 09, 2020 - Emerita Resources Corp. (TSX-V: EMO) (the “Company” or “Emerita”) announces the Company has received the final resolution documents from the Mining Department in Huelva, formally awarding the Public Tender and the mineral rights to the Paymogo Romanera Project (“the Project”) to Emerita. The initial rights are for a period of 26 months and providing the Company initiates drilling in a timely manner, it has the right to apply to have this period extended for a further 36 months.

With respect to project activities, the Company has completed the digital compilation of the historical hard copy data for the Infanta Deposit, including for assay data, drill hole surveys, and geological coding which will be required to develop 3D models. Infanta is one of the two known deposits occurring on the Project. Similar compilation activities are ongoing for the larger Romanera deposit located on the west side of the Project.

Joaquin Merino, P.Geo., President of Emerita, notes, “We are very excited to be planning the upcoming drill program for Infanta. It is rare to find a deposit with excellent grades this close to surface that has not been closed off by drilling.”

David Gower, P.Geo., CEO of Emerita, states, “We are prepared to mobilize a drill and commence the drill program as soon as the permitting is completed. The initial program will be designed to drill the deposit in sufficient detail to complete a NI 43-101 compliant mineral resource estimate.”

The Infanta deposit features numerous high grade copper, lead and zinc intercepts, with strong enrichment in silver and locally in gold (see below).

Highlights: Infanta Deposit Historical Drilling

This release includes data for 41 diamond drill holes (see Figure 1, Table 1). The holes were drilled primarily in the late 1970’s and early 1980’s by Asturiana de Zinc and Phelps Dodge. Drilling extended from near surface, where the deposit outcrops, to a depth of only approximately130 meters and along strike for approximately 600 meters. The deposit remains open at depth and along strike. At the time of historical drilling, the strike and down dip extent of the deposit were not adequately tested. Mineralization extended beyond the property boundary onto ground controlled by a competitor. The Project area has expanded significantly such that the potential extensions of the deposit occur well within Emerita’s project area.

A complete list of the drill hole results for the Infanta Deposit is included below.

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4098d078-5d82-43cf-8982-620edf4bdd46

Table 1: Historical Diamond Drill Hole Assays - Infanta Deposit

Table 2: Diamond Drill Collar Coordinates and Orientations - Infanta Deposit

About the Paymogo Project

The Paymogo project occurs within the 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 2). 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.

The Romanera deposit was drilled primarily by Minera Rio Tinto in the 1990s 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.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f73f0bfa-b7ea-4484-971e-c8a65144a9d2

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 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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