Emerita Resources Corp. announced that it is providing an update of its ongoing exploration programs in Spain. The exploration program has resumed at its wholly-owned IBW project with four diamond drills operating presently.

Progress is being hindered both in the field and at the assay labs presently due to the Covid-19 pandemic. Presently, there are seven Emerita employees in quarantine. Thankfully, they are mildly symptomatic to asymptomatic and are expected to return in approximately one week.

The assay laboratory has also informed the Company that due to multiple staff in quarantine the assay production will be slowed for a time. Infanta Drilling, Latest Results: Assay results for 11 DDH at the La Infanta deposit have been received. Mineralization at the Infanta Deposit occurs in two panels that partially overlap, as the mineralized horizon is repeated by a reverse fault.

The South Block outcrops at surface and terminates at approximately 120m depth against the fault. In the North Block, the mineralization is uplifted but does not come to surface and it is open at depth. To date, the deepest hole drilled by Emerita is hole 32 which intersected mineralization in the North Block at 210 meters vertical depth (assays are pending for this hole).

The mineralization in the South Block tends to be lower grade close to the reverse fault. Similarly in the North Block, the intercepts are wider and appear to be higher grade at depth moving away from the fault. Please see Figure 3 below which is a plan map showing diamond drill hole locations.

The intercepts are also plotted on two separate longitudinal sections one for each block. All holes intersected mineralization. Close to the reverse fault there may be some structural mixing with host rocks resulting in lower grades.

The focus of the ongoing Infanta drilling for the coming months is to continue to extend the deposit by drilling to the west on both blocks and at depth on the North Block to generate a NI 43-101 mineral resource estimate. Significant intercepts are in Table 1 below and the complete set of assays are included in a table at the end of this release. South Block: 6 holes (IN019, IN020, IN022, IN024, IN026, IN028) intercepted mineralization in the central part of the South Block.

The mineralization is characterized by a massive polymetallic sulfide zone (0.3 to 1.4 m approx.) which transitions downwards to a zone of banded mineralization at lower grades (3.0 to 6.0 m approx.) in proximity to the fault. The grades are higher when the massive sulfide zone is predominant. In the eastern part of the South Block, hole IN025 intercepted 5.8 m of mineralized zone, which includes 0.8 m of massive sulfide.

Although grade is moderate in this hole it demonstrates the mineralized horizon is continuous to the East, where the geophysical survey identified several TDEM anomalies. Hole IN030, the westernmost hole so far at Infanta, intercepted 1.00m of sulphide mineralization characterized by high pyrite-gold and low base metals content. The area between IN022 and IN030 holes, about 350m, remains to be drilled.

North Block: A reverse fault repeats the lithological sequence generating a northern block that was intercepted for the first time by Emerita with the IN017 hole. So far, current drilling has tested 700 m along strike and 210 m deep. The latest 5 holes (IN020, IN024, IN025, IN027 and IN028) in the North Block present moderate grades over 4-5 m widths, including high grade over 1-2 m widths.

The North Block remains open in all directions and at depth. The North Block has been intersected at deeper depth (IN032to more than 200 m vertical depth. Infanta Area New Target Drilling: The Company has completed a Time Domain EM (TDEM) survey over the entire Project area and a number of very compelling targets have been identified that are unexplored.

An extensive zone of strong conductivity, the Infanta East Anomaly, occurs approximately 1.5 kilometers to the east of the Infanta deposit along the same stratigraphic horizon. The conductivity at Infanta East is the strongest observed in the TDEM survey. The Infanta North Anomaly occurs approximately 800 meters north of the Infanta deposit along a parallel gravity anomaly.

The North conductivity is stronger than the conductivity associated with the Infanta Deposit. The first drill holes in each of these targets are now in progress.