Emerita Intersects 2.1m Grading 1.6% Copper, 0.85 g/t Gold, 32.11 g/t Silver and 1.4m Grading 5.8% Copper, 4.89 g/t Gold and 51.0 g/t Silver at El Cura
High-Grade Drill Hits Attempt to Pivot Narrative Following Devastating Spanish Legal Setback
The news release dated January 7, 2026, details drilling results from 86 holes at the El Cura deposit, part of the Iberian Belt West (IBW) project in Spain. Key highlights include hole EC092, which intersected 12.1m grading 1.6% copper, 0.85 g/t gold, and 32.11 g/t silver, and hole EC085, which returned 1.4m grading 5.8% copper and 4.89 g/t gold. The company reports an 86% "hit rate" (74 of 86 holes) for mineralized intercepts. The deposit now has a confirmed strike of approximately 650m and a down-dip extension of 320m. Management indicates that these results will support the classification of resources as Measured and Indicated (M&I) for an upcoming Prefeasibility Study (PFS).
This news is materially positive for the technical de-risking of the IBW flagship project but must be viewed against the backdrop of the company's recent 70% market capitalization loss. - Technical Strength: The 86% success rate and high-grade copper/gold intercepts confirm that El Cura is a high-quality addition to the IBW resource base. The grades (up to 5.8% Cu) are exceptional for a VMS deposit. - Economic Integration: Achieving M&I status is critical for the PFS. The ability to convert these results into reserves will directly impact the project's Net Present Value (NPV). - Resource Expansion: The deposit remains open down-plunge to the west and up-plunge to the east, suggesting the current resource estimate is a floor, not a ceiling. - Market Sentiment: While technically strong, the news has not yet restored investor confidence to pre-December 2025 levels. The "materiality" is limited by the fact that the stock is currently trading 40% below its August 2025 private placement price of $1.05.
Emerita is focused on the Iberian Pyrite Belt in Spain. Its flagship is the 100%-owned Iberian Belt West (IBW) project, which consists of three main deposits: La Romanera, La Infanta, and El Cura. - La Romanera: The largest deposit (17.34Mt Indicated). - El Cura: High-grade copper-gold focus, currently the subject of intense infill drilling. - La Infanta: High-grade zinc-lead-silver. The project is in the PFS stage and has been granted "Strategic Interest" status by the Junta of Andalusia, which should accelerate administrative processing.