Yesterday the CEO of Emerita Resources, David Gower, a well seasoned and respected mining professional did an live Webcast with Small Cap Steve on Youtube attended by over 1000 viewers (have a good listen with pencil in hand) and literally shocked the listens as he calmly revealed some of the finer and unknown data points about Emerita’s 2 flag-ship land packages containing 6 deposits in Spain on the Iberian Pyrite Belt.

One data point that David Gower stunned the market with was I response to why Eric Sprott bought 10% of the company in Feb 2021

“…across our land packages we have over 400 million ozs of Silver, and that’s silver not Silver Equivalent, Silver.”

Note: 400 million ozs of silver which is a only byproduct credit is worth $10.8 billion USD, makes you wonder what the Zinc, Lead and Copper is worth then.

This article will highlight those finer point that were confirmed by the CEO publicly so the average investor will understand the implications of those data points on the future value of the stock.

The Finer Points

  • The 6 year legal battle was won and they own title to IBW land package which includes the La Infant, El Cura, Romanera mineral deposits. The deposit were originally drilled by majors Rio Tinto, Phelps Dodge between 1970-80’s. So the data is very reliable.
  • This is the first time ever all 3 deposits were contained in 1 land package, that means they can chase the mineraliztion without stopped by the property boundary, and it means all three deposit can be developed to feed a single mill making the economics incredibly favourable and time to production substantial short. All 3 deposits begin at surface, no shaft to sink, no pre-stripping means incredibly quick time line to production and low cap ex.
  • ASSAYS from surface sampling across all 3 deposits are expected this week.
  • Plans to add a second drill rig
  • Cashed up to expand and confirm La Infanta and Romanera deposits into a 43-101 resource and define El Cura’s potential. (No dilution until this is much bigger, 5000 meter only cost them $800k, currently $5.5 million in treasury)
  • Provincial Government passed a law declaring under-ground mining as essential and underground mines will be permitted, encouraged and favoured in this area
  • EU is awarding $3.4 Billion Euros in this area to support the mining industry
  • These property haven't been drilled in decades, Emerita will be the first.

La Infanta Deposit

  • DRILLS ARE TURNING. The drilling of a 5000 meter drill program at the high-grade La Infanta has begun and assays from that program will begin arriving in 4 weeks, historically the rocks there yield $1000/ton
  • The original strike length was only test 450 meter because prior owners hit their property boundary but the mineralization has been traced for 1200 meters. Prior owners only drilled to 100 meters, they will drill to 350 meters. The deposit is open at depth, where grades and thickness increase.
  • Grades at La Infant are exceptional: 2-4% copper, 10-20% Zinc, 8-15% lead, 150-300 g/t silver


The implied math:

Original size tested historically 450m strike x100m depth x200m wide = 9 million meters cubed

This drill program will test 1200m strike x 350m depth x 200m wide = 84 million meters cubed.

This drill program, based of prior success, has the possibility to increase deposit size +900%.

Every additional 1 million tons found has an implied metal value of an $1 Billion USD at similar historical grade, upside from drill program up to $9 Billion in additional value

El Cura Deposit

  • The deposit doesn’t have an official resource yet but in reports found by Rio Tinto describe at least 2 million tons of high grade ore similar to La Infanta ($1000/ton) that is close by.

Romanera Deposit

  • Plan to Drill 5000 meters in June
  • Current resource doesn’t include a lot of the gold because in many case the past owners didn’t even assay for it because of gold price in the 1960’s and then in the 1980’s years ago.
  • A lot of the historical resource was calculated with just Lead+Zinc
  • Gold at surface runs 4-6 g/t
  • Many intercepts of 1-2g/t up to 10 meters not included in resource estimate
  • Many zones with 3-5 g/t gold
  • In furtherest along strike historical drill hole and the deepest 350 meters down, the high-grade mineralization is over 20 meters thick (20 METERS THICK!)
  • As is you could start mining this resource but it’s going to get much bigger
  • Only drilled tested to 350 meter in depth
  • Quickly will go to a PreFeasiblity Study, it's already larger enough
  • Lots of Majors close by that would be interested in these 3 combined deposits
  • Development will be done with a central mill. 1 mill, 3 high grade-deposit
  • David has the ability to build a mine but if a buy-out comes it will be up to the investors

Aznalcollar Project containing 3 deposits

  • High-Grade ore outcrops in pit, meaning quick to production
  • There is a third deposit that is unnamed that has high-grade intercepts which will add tonnage (A THIRD DEPOSIT)
  • At Los Frailes the last deepest drill hole intercepted high grade ore is 40 meters thick (HIGH GRADE and 40 METERS THICK)
  • The second historical Aznalcollar copper/silver mine has 90 million tons right next to the Los Frailes 28 million ton high-grade deposit is close enough to ramp over from Los Frailes and exploit the high grade stopes increase tonnage dramatically
  • It’ll be just 2 years to put it into production, Mill already designed
  • 7 people charged with corruption is tender case, David expect to receive title to project by June but it could be any day now.
  • They are the only other qualified bidder, the law is clear, the corrupt bidder didn’t do the FS work and has been charged with corruption as well as many Gov’t employees
  • “When we get it, and I do fell it’s when.”
  • “A Major will definitely want this, Lundin’s First Quantum, Rio Tinto, Glen Core, Trafigura are all nearby.
  • All levels of appeal in court case are done, what’s left is sentencing of guilty parties, then tender decision


  • “Why did Sprott buy 10% of the company”. “We have across the 2 land packages over 400 million ozs of silver” (STUNNING! )
  • Zinc being used for battery tech, large grid storage, possible boom in future demand outside of industrial uses


I too believe based on the data they will shortly be award the Aznalcollar Project as they were IBW project.  

There is lots more information, just listen to the webcast a few times and cross reference with my 4 Due Diligence reports available on CEO.CA, The KE REPORT and Twitter. 

You’ll find that everything David said confirms my thesis that Emerita Resources has the foreseeable and logically potential to appreciate in Market Cap by as much as over a billion dollar in the next 3 years, or 23 X from this point. It is very rare to find a Jr with over $23 Billion in mineable resource that is also open to vast expansion with no royalties. This is de facto, legitimate golden unicorns. 

Think about the deposits, La Infanta expanding potential 9X, El Cura with no official resource, at Romanera the last hole ended in 20 meters thick of mineralization an most gold not included yet, Los Frailes 28 Million Tons high grade and last deepest hole ended 40 meters thick of high grade ore, the Aznalcollar Copper Silver Mine with 90 million tons and the  high grade zones are not included yet, there is a third Un-named high grade deposit on the property not included.  HUGE EXPANSION POTENTIAL OF IT'S ALREADY HUGE RESOURCE.

This is there starting point, the known resources, the first drill is turning, then with successful expansion, entering a commodity super-cycle, multiple billions in additional value will be added. 

That’s the skyscraper upside above the current share price. 

What should the Market Cap. of a company that in 3 years could have $35-$50 billion in mineable high-grade resources? 

Is it one billion, two billion or three billion, $10-$20-$30 a share? 

It won't happen over night but in my experience the gain come in large rapid steps up.

I wouldn’t reckon trying to day-trade this because at any moment the “HALT” then the announcement that the courts final decision is in, which strongly favours Emerita, then when the stock does reopens you will have missed it.


Doc Jones

Part 1

Part 2

Part 3

 Part 4