Emmerson Resources (ASX:ERM) has attracted additional investment from a substantial stakeholder following encouraging exploration successes at it Tennant Creek gold project in the Northern Territory.
Noontide Investments Ltd increased its voting power inn Emmerson from 5.1% to 6.1% with the acquisition of almost 4 million additional shares to about 23.2 million shares held.
Emmerson stock is now about 90% higher than its August low, last trading at $0.053 per share.
The latest investment marks Noontide’s fourth on-market buy of Emmerson shares this month, with previous considerations over the course of October totalling more than $53,000.
The news follows exploration progress at Tennant Creek’s Mauretania prospect, where a gold discovery was announced last week after drilling produced an intercept of 30 metres at 3.2g/t gold, 13.1g/t silver, 0.4% copper and 723 parts per million bismuth from 57 metres.
This included 15 metres at 5.67g/t gold, 14.7g/t silver, 0.11% bismuth and 0.24% copper from 60 metres as well as 3 metres at 21.3g/t gold, 5.01g/t silver, 0.20% bismuth and 0.23% copper.
Mauretania is open along strike and is associated with multi-element geochemical anomalies and rock chip assays up to 214g/t gold.
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