Emmerson Resources says NT Bullion funding delay will not impact gold strategy
The company has confirmed the funding delay will not impact NT Bullion’s strategy of establishing a processing hub in Tennant Creek.
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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The company has confirmed the funding delay will not impact NT Bullion’s strategy of establishing a processing hub in Tennant Creek.
The company has a gold royalty revenue stream and exploration projects in the Northern Territory and Central West NSW.
The Molong Belt also hosts Alkane Resources’ Boda copper-gold discovery and Newcrest Mining’s world-class Cadia-Ridgeway deposits.
The company has projects in some of Australia's most prospective geological belts including the Tennant Creek Mineral Field in the Northern Territory and the Macquarie Arc in NSW.
Noontide Investments has acquired almost 7.765 million shares in on-market transactions in March and April.
Hartleys has maintained its Speculative Buy recommendation on Emmerson, with its latest price target raised to 16 cents per share from 14 cents.
The strategic alliance establishes a low-risk, funded pathway for the development of Emmerson’s high-grade gold discoveries and provides substantial new funding for exploration.
The Tennant Creek Mineral Field is about 500 kilometres north of Alice Springs on the Stuart Highway and covers 2,600 square kilometres.
The company holds land and is exploring the Tennant Creek Mineral Field, one of Australia’s highest-grade gold and copper fields producing over 5.5 million ounces of gold and 470,000 tonnes of copper.
Hartleys has maintained its speculative buy recommendation for Emmerson, with a price target of 14 cents per share (current share price:7.4 cents).
The company has ascertained that the status of the licence covering the Kadungle project is uncertain.
Directors, management and staff fees and salaries have been reduced by up to 50% “to help weather the challenging economic conditions”.
New cutting-edge techniques combined with traditional exploration has outlined several new porphyry and related epithermal gold-silver targets.
Kiola is one of the highest-ranked, early-stage gold-copper projects in the company's portfolio and encompasses favourable Ordovician age rocks that display anomalously high gold and copper geochemistry plus historic workings.
Emmerson has a sensible self-funding exploration model, whereby its portfolio of small mining opportunities can be commercialised under a profit share/gold royalty stream.
The progression of the Mauretania discovery has highlighted the potential for repeats of this style of high-grade mineralisation within the Northern Project Area.
The drill results support the potential for the Mauretania discovery to progress to a viable open cut mining operation.
The company has consolidated a large land package in one of Australia’s highest-grade gold fields – the Tennant Creek Mineral Field in the Northern Territory.
The nomination recognises Emmerson’s contribution to the communities around its exploration projects in New South Wales.
The gold project’s future development potential has been enhanced by the latest results.