Company
ASX:ERM
Emmerson Resources is a Perth-based explorer with an emerging gold royalty business. The company has a large landholding in the rich Tennant Creek Mineral Field (TCMF) in the Northern Territory.
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Mauretania is the most advanced project in the Northern Project Area alliance and on completion of a positive scoping study will form part of the proposed Small Mines Joint Venture.
The company is working on various prospective projects in the Northern Territory and New South Wales, some of which are expected to generate positive newsflow in coming weeks.
All the drilling will be funded by new joint venture partner Tennant Consolidated Mining Group as part of a $5.5 million exploration earn-in.
The binding Heads of Agreement (HOA) secures greater access to capital and has clearly defined project milestones and strong alignment between partners.
Emmerson securities will be halted until Monday, November 16, or until an announcement is released to the market.
A notice has been issued to terminate the Exploration Earn-in and Joint Venture Agreement over the Southern Project Area at Tennant Creek
Emmerson Resources and Longreach Mineral Exploration have reached agreement to include the Kadungle and Sebastopol projects to their exploration alliance portfolio.
The company is continuing its exploration and development activities in the Tennant Creek Mineral Field in the Northern Territory as well as with its NSW mineral interests aiming to identify commercial resources.
A recent agreement between Emmerson and Marnturla Aboriginal Corporation opens up previously restricted areas, which contain numerous high-grade gold, copper and cobalt projects.
Two diamond drill holes for about 2,000 metres are expected to commence in October 2020 at Emmerson’s Kadungle Project in NSW.
The company has reached an agreement around future mining at the Jasper Hills, Hermitage and Golden Slipper high-grade gold-copper-cobalt projects.
Given the strong support shown by shareholders, the board has decided to use its discretion under the terms of the SPP and accept all shareholder applications, raising $2.245 million.
Gold jumped more than 1% to a fresh record high of US$1,966.76 per ounce today as investors rushed towards the safe-haven metal.
The Proactive gold webinar will also feature Predictive Discovery and Matador Mining.
Emmerson Resources, Predictive Discovery and Matador Mining are among the companies presenting at the investor-focused event.
The SPP offer allows eligible shareholders to apply for a maximum of $30,000 worth of shares at 10 cents per share, together with one SPP option for every one share subscribed for and issued.
North American investor Palisades Goldcorp has subscribed for $2 million of the placement to become a new strategic shareholder in Emmerson.
The company recently intersected visible copper sulphides in diamond drilling at the Kiola project, where drilling was partly funded by the NSW Government’s New Frontiers Cooperative Drilling grant.
Visual results and alteration across all drill holes confirm the potential for underlying porphyry copper-gold.
Emmerson will remain the principal operator and manager of exploration programs with both parties equally sharing the costs of new technology such as machine learning and seismic geophysics.
