TORONTO, ONTARIO--(Marketwired - July 21, 2016) -
Editors note: There are two images associated with this press release.
Emerita Resources Corp. (TSX VENTURE:EMO) (the "Company" or "Emerita") is pleased to announce that it
has commenced exploration on its 100% owned Sierra Alta Gold project (the "Project") located in the Asturias Region of
northwestern Spain (see Figure 1).
About the Project
The Project is comprised of 2,500 hectares in the "Navelgas Gold Belt". The Project is in a comparable geological environment
to the El Valle-Boinas and Carles gold mines which operates 35 km to the east of the Project. Gold mineralization in the
area typically occurs in high grade epithermal veins, skarns and as intrusive related gold deposits. High grade gold samples in
bedrock were identified by Emerita during the initial property assessment with grades of up to 10.65 g/t gold (news release dated
March 21, 2014).
The area is characterized by extensive ancient Roman gold mine workings that align for over 10 km along a NNE - SSW striking
structure, of which the two largest historical excavations along this trend occur within the Emerita property boundary (see
Emerita's website for photos of the workings).
Planned Exploration Program
The initial exploration program will consist of detailed geological mapping, bedrock sampling and trenching, where
required. The program is designed to identify and evaluate areas with high grade gold mineralization along more than four
kilometers of strike length and prioritize the target areas for diamond drilling in a subsequent program. The initial area of
focus is characterized by a high density of ancient Roman mining excavations which are distributed along a geological structure
that appears to control the distribution of the mineralization. In addition, soil geochemical surveys completed by Rio
Narcea in the 1990s identified a series of strong gold anomalies on the property with values in the soil samples of up to 1.2 g/t
gold. Rio Narcea reports have identified very high grade bedrock samples with values of 338 g/t gold and 48.96 g/t gold
within the area of the geochemical anomalies. Except for initial work undertaken by Emerita, only limited follow up work has
been completed subsequent to the exploration program by Rio Narcea. Readers are cautioned that the Rio Narcea historical records
have been examined but not verified by a qualified person. Further work is required to verify that these historical samples are
accurate.
There are two main gold geochemical anomalies within Emerita's property (see Figure 2). The anomaly in the North is
approximately 3.0 km long by 300 m wide and the one in the South is approximately 1.5 km long by 200 m wide. The current
exploration campaign is focused on the Northern anomaly where there is a high concentration of ancient mining excavations.
Joaquin Merino, CEO of Emerita, commented: "We are excited to get this exploration program underway. The combination of modern
geochemical anomalies and extensive Roman mining excavations, the largest of which is hundreds of metres in length combined with
high grade samples in bedrock, make this a very compelling and highly prospective target. We expect to have initial assay
results from the exploration program by mid-August."
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo,
President and CEO 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 with a
primary focus on exploring in Spain and Brazil. The Company's corporate office and technical team are based in Sevilla, Spain
with an administrative office in Toronto, Canada.
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 exploration program, possible mineralization
and deposits, the anticipated timeline with respect to the exploration program and results 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; 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view Figure 1: Sierra Alta Project location map, visit the following link: http://www.marketwire.com/library/20160720-1063444-F1.jpg
To view Figure 2: The two main gold anomalies, North and South, within the Project area, visit the following link:
http://www.marketwire.com/library/20160720-1063444-F2gr.jpg