Explorer Hits High-Grade Copper-Gold in Spain

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Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) reported new assay results from its 2025 diamond drilling program at the El Cura deposit, part of the company's wholly owned Iberian Belt West (IBW) project in southern Spain. The results showed copper-gold rich intervals within broader zones of polymetallic mineralization, with 80% of the reported drill holes intersecting mineralization.

Highlights from the current update include drillhole EC051, which intersected 6.9 meters grading 0.4% copper, 0.5% lead, 0.2% zinc, 1.23 grams per tonne (g/t) gold, and 28.06 g/t silver. This includes a 3.9-meter segment with 0.5% copper, 0.8% lead, 0.3% zinc, 1.75 g/t gold, and 41.35 g/t silver. Drillhole EC053 returned 3.1 meters of 0.9% copper, 1.3% lead, 1.1% zinc, 1.33 g/t gold, and 53.46 g/t silver. EC056 encountered 3.0 meters of mineralization averaging 0.6% copper, 1.7% lead, 3.0% zinc, 1.79 g/t gold, and 69.19 g/t silver.

The company noted that these holes tested deeper zones of the deposit, intersecting mineralization between 360 and 380 meters below surface. Drillhole EC052 did not return significant mineralization due to a fault zone and poor core recovery.

El Cura is one of three deposits at the IBW project, alongside La Romanera and La Infanta. The deposits are volcanogenic massive sulfide (VMS) systems, which are known for containing concentrated zones of base and precious metals.

Joaquin Merino, P.Geo., President of Emerita, stated in the press release, "Our drill program is focused on expanding the El Cura deposit. The program is validating our geological model for the mineralization in the deposit. Every successful hole is potentially extending the resource or improving the quality of this deposit, which enhances the greater IBW Project's overall mineral resources."

Samples from the drilling are analyzed by ALS laboratories in Seville, Ireland, and Romania. A comprehensive quality assurance and quality control (QA/QC) program is in place, including reanalysis of 10% of samples at an independent laboratory.

Copper and Gold Sectors in Focus Amid Geopolitical Tensions and Trade Policy Shifts

Gold prices were reported by Kitco News on July 9 to be holding steady above US$3,300 per ounce following the U.S. Federal Reserve's decision to leave interest rates unchanged in June. The Fed's meeting minutes revealed that while most members wanted more data before adjusting rates, some indicated a willingness to consider a cut at the next meeting. LPL Financial's Chief Economist Jeffrey Roach noted that "despite headwinds, the economy continues to trudge along, giving policymakers time to assess the projected impact from tariffs."

On July 11, Reuters reported that spot gold rose to US$3,321.68 per ounce as U.S. Treasury yields and the dollar both softened. Nicholas Frappell of ABC Refinery stated, "Gold bounced off a technical support level, and also, the broader dollar declined." The decline in bond yields and the dollar tends to support gold by reducing the opportunity cost of holding it and increasing affordability for international buyers.

Copper markets also saw significant movement in July due to evolving U.S. trade policy. A report on July 11 from Pretiorates highlighted record highs in U.S. copper prices following former President Donald Trump's announcement of a 50% tariff on copper imports. The publication noted uncertainty about whether the tariffs would apply to pure copper, refined goods, or concentrate, while also documenting a sharp increase in imports ahead of implementation. "The US copper price shot up again, and traders are rushing to get their material across the Atlantic before the tariff hammer officially falls," the report stated.

Further analysis from Ahead of the Herd on July 14 underscored structural limitations in the U.S. copper supply chain. In 2024, the country imported approximately 1 million tonnes of refined copper and produced only half of its consumption needs. Jefferies analysts wrote, "The US does not have nearly enough mine/smelter/refinery capacity to be self-sufficient in copper," noting that only two smelters were operational at the time of the tariff announcement.

In a detailed July 14 review, Excelsior Prosperity confirmed that U.S. copper futures posted their highest monthly close in June before hitting new records in July. Analyst Shad Marquitz stated, "Trump's comment about potentially putting a 50% tariff on copper played a big part in the recent spike higher," while emphasizing that momentum had been building beforehand.

As copper's importance in renewable energy, electric vehicles, and defense applications continues to grow, concerns about U.S. supply vulnerability have deepened. Ahead of the Herd noted, "Almost every manufacturing process uses copper, and it just got 50% more expensive." Without significant domestic refining capacity, the publication added, "US buyers will be forced to pay the tariff because the United States is not and will not for a long time be self-sufficient in copper."

Legal Strategy Advances in Aznalcóllar Dispute

In a June 27 commentary, Robert Sinn of Goldfinger Capital addressed recent legal developments related to Emerita Resources Corp.'s efforts to secure rights to the Aznalcóllar project in Spain. He explained the company's dual-track legal approach, stating, "Emerita Resources Corp. filed an appeal of the resolution dated May 30 . . .  to be clear, this appeal is distinct from the ongoing criminal trial that is scheduled to conclude in July. Emerita has requested that the permit and the resolution awarding the permit to Minera Los Frailes SL (Spanish subsidiary of Grupo Mexico) be deemed null and void."

Catalysts and Project Outlook

Emerita's ongoing exploration at El Cura forms part of a broader development plan for the IBW project, which includes three deposits with mineralization from surface to moderate depths. According to the company's July 2025 investor presentation, more than 75% of the mineral resource estimate (MRE) across IBW is in the Indicated category, and drilling at El Cura continues to expand the resource base and convert Inferred material to Indicated.

El Cura has been identified as a copper-gold rich zone within the broader IBW property. The deposit is located near the proposed haulage ramp in the project's conceptual mine plan, and its proximity to infrastructure could offer development advantages. The company currently has three drills active at El Cura and a fourth being mobilized for exploration near La Infanta.

The IBW project covers 1,545 hectares and benefits from favorable mining conditions in the Iberian Pyrite Belt, including access to infrastructure and an expedited permitting process under the Andalusian government's Declaration of Strategic Importance. A prefeasibility study (PFS) and updated MRE for the IBW project are expected to follow ongoing environmental consultations and metallurgical evaluations.

Emerita reports an average copper equivalent (CuEq) grade of 3.00% at El Cura based on the February 2025 mineral resource estimate, with metallurgical testing showing recoveries of 92.7% for copper and 80.8% for gold. These figures were derived using flotation and cyanide-free leaching techniques.

While El Cura remains open for further expansion, current drilling results are being incorporated into resource modeling to support the project's development pathway. 

Ownership and Share Structure

According to Refinitiv, management and insiders own 5.32% of Emerita. Of those, Michael Lawrence Guy owns 1.45% of the company, David Patrick Gower owns 1.3%, and Joaquin Merino-Marquez owns 1.04%.

Institutions own 1.12% of the company, including Merk Investments LLC, with 0.99%.

According to Refinitiv, there are 263.52 million shares outstanding with 249.5 million free float traded shares, while the company has a market cap of CA$300.26 million and trades in a 52-week range of CA$0.38 and CA$2.00.