Emmerson Resources’ drilling and geophysics funded by Edna Beryl gold royalty
The bulk of the proceeds are expected later this quarter as the gravity concentrate, which accounts for about 60% of the total gold, continues to be processed.
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 bulk of the proceeds are expected later this quarter as the gravity concentrate, which accounts for about 60% of the total gold, continues to be processed.
Preliminary results which include visual inspection of drill core has found mineralisation.
The company’s non-executive director now holds about 13.5% interest in Emmerson, worth nearly $335,000.
The company has projects in the Northern Territory and New South Wales.
The anomalous soil geochemistry and geophysical targets extend over a 5 kilometre squared area.
The best assays were from Emmerson’s 100% owned Mauretania prospect.
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The event will attract “the who’s who of the junior and mid-cap market CEOs” and will have a “bustling exhibition area”.
Emmerson sold Edna Beryl to Territory but will get 12% of gold ore produced.
The company will retain 12% of all gold produced from the Edna Beryl mine as part of a strategic alliance.
The sale will allow for increased production from the Edna Beryl Gold Mine in the NT.
The transactions bring Noontide’s total holding to nearly 17%.
The company’s six prospects were selected from proprietary predictive targeting models, aimed to increase the probability of a major copper-gold discovery.
The company is fast-tracking the development of small mines in the Tennant Creek region.
The company has increased its tenure in the region as the potential for prospectivity grows.
The alliance includes a $2 million placement priced at 10.35 cents per share.
The ASX-granted trading halt will remain in place until the start of trade on Wednesday or when an announcement is released.
Results suggest Emmerson may have the elephant by the tail.
The company plans to develop multiple small mines in the Tennant Creek area.
More than 5.3 million shares have been acquired in transactions since March 26, 2018.
Mauretania could follow in the footsteps of the producing Edna Beryl gold mine.