Emerita Provides Update on Ongoing Metallurgical Test Program Including 52.4% Zn Concentrate Grade at 84% Zn Recovery

TORONTO, April 22, 2024 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA) (the “Company” or “Emerita”) is pleased to provide an update on the ongoing metallurgical testing program and provide test results (see details below). The goal of the program is to demonstrate that commercial grade concentrates can be produced from the Iberian Belt West project (“IBW” or “the Project”) and at recoveries which are potentially economic and provide required data for planned mill plant design. The preliminary results indicate that commercial grade concentrates can be produced from IBW using traditional methods at recoveries similar to other operations in the Iberian Pyrite Belt.

David Gower, P.Geo., CEO of Emerita notes, “We are very pleased that the carefully executed metallurgical test program has demonstrated grade and recoveries of base metals to concentrates at comparable recoveries to other producing operations in the Pyrite Belt. We view the results contained within this press release as a baseline and look forward to continuous metallurgical performance improvement as we advance IBW towards a production decision. We have taken a very comprehensive approach to get to this point, which has extended the timeline. However, this is a very critical component of developing polymetallic deposits and it is critical to have optimal results. It is important to note, initial results have indicated opportunities to optimize concentrate grade versus metal recoveries within a future economic model. In March 2024, we announced the addition of Jorge A. Blanco to the Emerita team as Director of Metallurgy. Jorge, in a short time, has had a very positive impact on the Project and is currently planning our next metallurgical tests as we wrap up this first phase. Included in future planned programs is to evaluate certain innovative hydrometallurgical processes recently developed in the region, that would allow metal to be produced on site rather than shipping concentrate to a smelter. The focus remains on conventional processing techniques, at this juncture.”

Test results outlined below are preliminary in nature. Additional locked cycle test results are pending and have potential to further improve on the results.

Completed tests to date have returned zinc concentrates grading 52.4% Zn with Project average zinc recovery of 84%, which is approximately 5-10% higher than reported results for mines in operation in the Iberian Pyrite Belt¹. Tests on La Romanera deposit have returned Zn concentrate grade of 49.3% Zn at 85% recovery and tests of La Infanta deposit have returned 60% Zn concentrate grade with 81% Zn recovery. Testing continues and final results will be released at the completion of this phase of tests.