This is a follow up to my DUE DILIGENCE REPORT :

FYI: If you follow my channel you would know some of this info already.

On Monday April 26th, 2021 from 2:00pm-3:06pm I sat down virtually with DAVID GOWER the CEO of Emerita Resources to discuss in detail the company’s future potential: 

  • fact-check some assumptions and misinformation in the market.  
  • expose any red flags
  • update on legal proceedings on the Aznalcóllar Land Package
  • update on exploration on La Infanta, El Cura and Romanera 
  • the reason for Eric Sprott personally taking 10% stake (13.5% fully diluted) in the company in Feb. 2021
  • update on Gov't $3.1 Billion Euro mining development fund directed into the Iberian Belt
  • update on support of Emerita based on The Junta of the Andalucia Region passed a law designating underground mining as a strategically important industry in the region that will be permitted in all areas of the region . Mining development will have priority as an economic activity.


What I found out blew me away especial that the Aznalcóllar Land Package INCLUDED a second deposit, the past producing open-pit copper mine that holds the Los Frailes Deposit, 90 million Tons at 0.51% Copper, 1.8% ZN 0.85% Pd = 1.21% CUEQ or 2.4 billion pounds of CUEQ (1 billion pounds of copper alone) near surface just 2 km from the Aznalcollar deposit.  

Plus there are Gold and silver credits at Los Frailes that were not included in the resource giving this unknown asset incredible upside.

EMO just become a large copper story as well as a high grade ZINC, SILVER and LEAD.

Los Frailes Deposit, 90 million Tons at 0.51% Copper, 1.8% ZN 0.85% Pd = 1.21% CUEQ or 2.4 billion pounds of CUEQ (1 billion pounds of copper alone) at 1.21% near surface just 2 km from the Aznalcollar deposit. That's $120/ton, total metal value of +$10 Billion USD in Gold EQUIV terms that's an open pit deposit with a 2.1g/t grade and over 5 million ozs.

Total metal value of open-pit material already drilled out on land package = +$27 Billion USD

Total metal value across both land packages using just the high-grade underground at La Infanta and Romanera = +$35 Billion USD

Current Market Cap = $32 Million USD or less then 1/10th of 1 % of total metal in the ground at high values per ton

Cash= $5 million USD

Enterprise Value: $27 Million USD


Note: all are open for expansion

La infanta  +$750/t. 800k tons, currently expanding with 5000 meters of drilling

Romanera High-Grade Underground only  +$350/t.  11.2 Million Tons

Aznalcóllar mine open pit +$200/t.   71 Million Tons

Aznalcollar mine High Grage Underground Only  +$350/t.   20 million tons.

Los Friales Copper Open Pit Mine +$120/t.  90 Million Tons

El Cura ??? (read below, it's important)


The below is based on my notes from our conversation, I have paraphrased.  I was given David Gower's permission to share anything we talked about.

1)The negative fake-news in some Spanish Media:

During the two legal battles they were fighting, the oppositions were put out numerous slanderous articles with the caption "a source says..." "rumoured to be..."  One fake-news article dates Dec 27th 2020 stated that Puebla de Guzman was opposed to the development of Romanera and were blocking it.

FACT: Only the state can decides on permitting and the state just passed a law designating underground mining as a strategically important industry in the region that will be permitted in all areas of the region . Mining development will have priority as an economic activity.

As per David, "None of those article are true, we've had a lot of opposition from Group Mexico and Matsa trying to tip the scales...aside from the Gov't passing laws to support mining and the billions of gov't support being directed into our area, as well just a few nights ago in a public speech the Mayor of Puebla de Guzman voiced his public support of Romanera's development. We look very good for permitting. We won the first lawsuit and the second is about to close."

2) The legal proceedings for the Aznalcóllar Land Package?  "That looks like it should wrap up in June. " 

Considering all the facts: 9 people being charged the government and company level, a major government official fired, a new government has come in and is cleaning house of the olds corruption, Emerita won the last case and were award tender by the new government, the law states if any crime occurs that bidder is disqualified, 5 Supreme Court Judges of Spain sided with Emerita... and there are many more data points in support of them winning and being awarded the Aznalcóllar Land Package with it's $27 Billion USD in metal endowment. 

3) Exploration: Drills will start turning at La Infanta in approximately 6-8 days,   Currently there has been and is surface sampling going on at La Infanta, El Cura and Romanera.  EXPECT A NEWS RELEASE VERY SOON containing assays form La Infanta, El Cura and Romanera

Note: In David's words "The gold found in the surface mineralization at both El Cura and Romanera is impressive, especially at Romanera. A news release is coming shortly..."

4) El Cura area between the La Infanta and Romanera. I asked David about historic work done there, apparently there has been a lot but the historic results are not available to the public, there are though many mineralized out-cropping and gold visible in them.   

"It's worth noting that when MATSA thought they were the winner they filed a drill plans with the state for the Paymogo Zinc, silver, copper, gold lead Project, they were planning to focus a lot of drilling the EL CURA area where I believe MATSA is the only one who has the historic drill data on. Interesting. There must be something good down there to warrant focusing on that vs the other 2 high grade deposits."


NOTE: Within a 7km stretch it appears there are 3 high grade polymetallic deposits, in the end the Paymogo Project (La Infanta, El Cura, Romanera may overtake size and value of the Aznalcóllar Land Package with it's $27 Billion USD in metal endowment.

5) Could development of Paymogo be done in a hub and spoke fashion, with a central mill feed by all three deposits via trucking ore? 

"...Exactly, that's what we'll do, all three deposits are fairly close together and there are numerous places on our land package that already have surface disturbances where we could build a mill quickly, currently just the high-grade zones at Romanera runs +$350/t La Infanta +$750/t their mineralization starting at surface, so it's cheap and quick to develop, no sinking an expensive long lead-time  1km long shaft and pre-stripping cost... anything north of $175-200/t trucking it to a mill, general, that will make very good money (in general terms, different metals will have different recoveries) "

6) Why did Eric Sprott get involved? 

"That was clearly about the PM in deposits and upside beyond what has been reported, the silver alone is over 200 million ozs in the deposits and upon successful drilling will expand."

He must believe you'll end up being award the Aznalcóllar Land Package?

"It would appear so."

7) Have you explored how to get some of the $3.1 Billion Euros of Gov't funding.  

"Yes, currently the program criteria hasn't been set yet but we are proactively working with Earnest & Young in country who have direct ties to the government to explore how we can participate once the criteria is published."

8) Some tech data

Cost of drilling: 90 Euros a meter all in

Min. width to mine: 2-3 meters depends on grade

9) The website and presentation

"In the process of updating and refreshing to reflect all the good news and progress we've made.

10)Treasury $6 million

11) After La Infanta 5000 meters of drilling? 

"Depending on the results we'll keep drilling, add a second drill rig, continue there or put one rig at El Cura and Romanera, depends on results.."

NOTE: The New Government is hyper-supportive of mining, passing laws to ensure its future and contributing billions to the sector.  The government has been very supportive of EMO, awarding them the Paymogo project after a 5 year battle and reopened and publicly siding with EMO in the Aznalcóllar Land Package lawsuit, that outcome when announced in June if in EMO favour will immediately cause a rerating of it's market cap to north of $200-300 million.  

EMO is well on it's way. 

I didn't find any red-flags. 

Since my chat if you follow my channels I added over 100K shares to my position, publicly posting my trades.

For a further break down of the company's resource, management team, etc read

I am long. 


Doc Jones