Emerita Reports High Grade Assays From Initial Drill Holes On La Infanta Drill Program

TORONTO, Aug. 13, 2021 - Emerita Resources Corp. (TSX - V: EMO; OTC: EMOTF) (the "Company" or "Emerita") announces that it has received complete assays for the first two drill holes from the Infanta drill program. Additional assays are expected in the coming week and it is expected there should be a steady flow of new assay data as drill holes are completed going forward. There are presently six drill holes in the process of being assayed. Emerita has added a second diamond drill which is expediting the drilling of the La Infanta deposit. Please see Figure 1 below for drill hole locations and Table 1 below for assays and drill hole coordinates. The holes are located approximately 100 meters apart along strike.

• Drill hole IN004 intersected 7.45 meters grading 1.67% copper, 6.01% lead, 11.49% zinc and 90.1 g/t silver and 0.49 g/t gold from 62.55 meters, including 3.76% copper, 15.29% lead, 28.81% zinc and 206.3 g/t silver and 1.08 g/t gold over 2.65 meters from 64.55 meters depth (see cross section - Figure 2).
• Drill Hole IN001intersected 4.0 meters grading 0.07% % copper, 1.68% lead, 3.40% zinc and 11.50 g/t silver from 24.3 meters, and a second intercept of 2.8 m grading 0.02 % copper, 3.79% lead, 7.50% zinc and 12.95 g/t silver from 32.3 meters depth (see cross section - Figure 3). This hole is near surface and likely suffered some leaching of the mineralization related to surface weathering as it is only approximately 15 meters vertically from surface.
• Intersection widths are expected to be approximately true width. Assays were conducted at ALS Laboratories, a certified independent assay lab.

According to Joaquin Merino, P.Geo., President of the Company: "It's a very exciting time to be working in our core shack. With two drills operating now, we are seeing a steady supply of new drill core and are awaiting every batch of assays with anticipation. These are the first two holes for which we have complete assays, however all drill holes to date have well mineralized intervals that are now in the pipeline for assays. We are systematically stepping out through the deposit to build the geological model that will meet the requirements for establishing a NI 43-101 compliant mineral resource estimate."

The initial drill program at Infanta is designed to test the full 1.2 kilometer strike length of the mineralization and test the depth extent to at least 300 meters down dip. Our ongoing geological mapping confirms there is solid evidence, including some historical excavations, that mineralization should persist over that strike length and this is further supported by the preliminary results of the ongoing geophysical survey, which also suggests the mineralization continues to depth below the historical drilling. There are 49 historical holes delineating the deposit to date and the program is moving from the known mineralization and stepping out systematically along strike and down dip to establish a NI 43-101 compliant mineral resource estimate for the deposit.

David Gower, P.Geo., Emerita's CEO noted, "This is just the beginning of this project. The team is excited by what we are seeing in the core shack. The ongoing EM survey (see News release dated July 20, 2021) is providing excellent information that will be valuable in targeting drill holes and data suggests the deposits continue at depth well beyond present drilling. The Company will add a third drill rig once we commence drilling on the Romanera and/or El Cura deposits."

Health and Safety

Company employees and contractors continue to follow all protocols related to COVID 19 precautions required to safely operate safely. Summer temperatures in this area get very hot and for safety reasons the Company does not operate the drill rigs when temperatures exceed 40 degrees centigrade.

TABLE 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/339df1bd-58b8-4285-8eee-057153002437

FIGURE 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/684d528d-17d5-4c32-a158-1f0908bfa166

FIGURE 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/d902eed9-7ed4-4e46-b087-163515cc4b75

FIGURE 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/2eb75e03-79cc-45a3-ba45-121927744b67

Section showing hole IN001. It is likely that the mineralization in this hole was impacted by partial leaching due to surface weathering processes as it is at a vertical depth of approximately 15 meters, suggested by uncharacteristically low values particularly for silver. The hole intersected two zones separated by a more weakly mineralized interval. The entire interval from 24.3 meters to 35.1 meters grades 3.51% zinc, 1.76% lead over 10.8 meters.

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 Iberia Belt West Project (the "Project") including the infanta deposit, the prospectivity of the Project, the timing and results of the drill program, 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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