Mineral Explorer Acquires High-Grade Copper in Andalusia

1. Emerita Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) announced it has been granted two new exploration permits in the Iberian Pyrite Belt and entered into a letter of intent to acquire a copper project in Andalusia, Spain.

The newly granted San Antonio and Terranova licenses add 181 hectares adjacent to Emerita's existing Iberian Belt West (IBW) Project, bringing its total mineral property holdings in the area to 8,144 hectares. The IBW Project already hosts three volcanogenic massive sulphide (VMS) deposits. La Romanera, La Infanta, and El Cura are all covered by NI 43-101 compliant mineral resource estimates.

The new claims are considered geologically significant, lying along the same mineralized trend as La Romanera. Historical mining records suggest high copper grades at the Gibraltar Mine within the San Antonio license and the Vuelta Falsa and Trimpancho Mines within Terranova. According to President Joaquin Merino, P.Geo. in the news release, "The exploration effort that will be conducted on these surrounding lands, now referred to as the San Antonio Project, will be a focus of systematic exploration on areas with numerous mineral occurrences and historical mines."

Additionally, Emerita has signed a letter of intent to acquire 100% of Western Metallica's Spanish subsidiary, which owns the Nueva Celti copper project in Seville province. Nueva Celti spans 1,237 hectares in the Ossa Morena geological massif and has a mining history dating back to Roman times. Historic grades of up to 5% copper have been reported. In 2023, Western Metallica conducted a four-hole drilling program, which included an intercept of 26.1 meters grading 1.5% Cu, 1.8% Zn, 27.6 g/t Ag, and 0.7 g/t Au.

Under the terms of the LOI, Emerita will pay CA$150,000 in cash and issue CA$250,000 worth of shares to Western Metallica upon execution of a binding agreement. Management indicates there is a 90,000 euro diamond drilling credit attached to the transaction that offsets the initial cash payment for the acquisition. The transaction remains subject to standard approvals and conditions. The company noted that the transaction qualifies as a related-party transaction under Multilateral Instrument 61-101, as Emerita's CFO is also the CEO of Western Metallica, but is exempt from formal valuation and minority approval requirements.

Critical Minerals Drive Demand and Strategic Shifts

On September 18, SMM reported that copper prices had responded to the U.S. Federal Reserve's rate cut of 25 basis points, breaking a nine-month pause in monetary policy action. The move was interpreted as a response to labor market weakness outweighing persistent inflation, with market forecasts indicating an 87.7% probability of an additional cut in October. Although copper prices briefly declined, SMM noted that "as copper prices fell by just 1,000 yuan/mt, market demand gradually released," supported by stockpiling ahead of China's National Day holiday. Smelters and traders reported increased shipments, and downstream manufacturers showed renewed purchasing activity, indicating a resilient underlying demand for copper.

On September 21, Market Research Future published an analysis highlighting the growth of the zinc bromine battery market, which was projected to expand from US$0.39 billion in 2025 to US$2.63 billion by 2034. The report linked this surge to broader global trends in renewable energy adoption and the demand for long-duration, environmentally friendly energy storage. MRFR explained that zinc-based batteries had "emerged as a preferred choice for utility-scale energy storage, commercial applications, and microgrid solutions" due to their safety, scalability, and lower environmental impact. These attributes have positioned zinc as a valuable component in sustainable infrastructure projects.

The same day, Forbes highlighted the strategic importance of domestic critical mineral production in the United States, emphasizing the growing urgency to reduce reliance on foreign-controlled supply chains. The article noted that critical minerals such as antimony play essential roles in advanced energy, defense, and communication technologies. U.S. policy has increasingly prioritized reshoring mineral processing and extraction capabilities to support national security objectives. The report underscored how recent disruptions in global trade, including export restrictions from key supplier nations, have accelerated efforts to develop a fully domestic critical minerals supply chain capable of supporting military and industrial needs.

Emerita's Strategic Growth Near Surface and at Depth

Emerita's land consolidation and exploration expansion occur as the company advances development of its flagship IBW Project, which spans three high-grade, near-surface polymetallic deposits. The company recently updated its mineral resource estimate, reporting 18.96 million tonnes of indicated resources grading 8.44% ZnEq (or 3.01% CuEq) and 6.80 million tonnes of inferred resources grading 8.72% ZnEq (or 3.00% CuEq) across La Romanera, La Infanta, and El Cura. Over 75% of the resources are in the Indicated category, and all deposits remain open for expansion.

Metallurgical testing at IBW has demonstrated strong recovery rates, including 91.3% zinc and 87.7% copper at La Romanera, and a dual-stage process incorporating flotation and cyanide-free leaching is under review. Proposed mine infrastructure has been mapped with the Andalusian government assigning expedited permitting under the region's designation of underground mining as a preferred economic activity.

Further exploration is expected across the expanded San Antonio Project area, which now includes the Ontario, San Antonio, and Terranova claims. This region features historic mining sites and mineralized zones previously underexplored. Recent grab samples from legacy waste dumps returned copper grades as high as 13.2%.

Emerita also maintains a 14,500-hectare 100% owned property at the Nuevo Tintillo project, where surface sampling has identified a new mineralized trend with assay results up to 3.37 g/t gold and 165 g/t silver. 

The company continues to await a court decision in the Aznalcóllar title dispute, anticipated in late 2025. The Aznalcóllar Project includes two past-producing polymetallic mines and remains open at depth. Emerita has completed a development study for the site, which may proceed using underground mining methods if awarded.

With exploration and development underway across multiple high-grade targets in a tier-one jurisdiction, Emerita has positioned itself with a large-scale polymetallic pipeline in Spain. The upcoming pre-feasibility study for IBW, further drilling at El Cura and Nuevo Tintillo, and possible expansion at Nueva Celti all represent material developments expected within the coming quarters. 

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 289.03 million shares outstanding with 248.71 million free float traded shares, while the company has a market cap of CA$424.88 million and trades in a 52-week range of CA$0.55 and CA$2.00.