Emmerson Resources Ltd (ASX:ERM) has intersected 8 metres at 157 g/t gold and 0.5% copper from further drilling at the Edna Beryl project located in the Northern Territory.
The intersection, which features grades up to 1,043 g/t gold, is the best drill result in the history of Emmerson’s drilling in that region.
Emmerson is working with joint venture partner, mid-tier gold miner Evolution Mining Ltd (ASX:EVN).
These assays follow up prior results grading up to 77.6 g/t gold and builds on the potential to define a shallow, high grade gold resource at Edna Beryl.
The 6,500 metre program is ongoing with further assays expected in November.
Rob Bills, managing director, commented: “It not only augers well for the Edna Beryl project but is analogous to high grade results seen in some of the famous historical mines that Tennant Creek is renown – as one of Australia’s highest grade goldfields.”
Drill result details
Drill results are from the third campaign at Edna Beryl comprised of 6,500 metres of reverse circulation and diamond drilling which remains in progress.
Highlights include:
- 8 metres at 157 g/t gold, 34.5 g/t silver and 0.5% copper from 146 metres including 1 metre at 1,043 g/t gold, 229 g/t silver, 1.44% bismuth and 2.04% copper;
- 2 metres at 11 g/t gold from 210 metres;
- 2 metres at 38.2 g/t gold from 231 metres including 1 metre at 73.3 g/t gold;
- 2 metres at 14.8 g/t gold from 73 metres including 1 metre at 25.6 g/t gold; and
- 2 metres at 4.55 g/t gold from 246 metres.
All exploration is fully funded by the farm-in and joint venture with Evolution Mining.
The first diamond hold has also intersected visible gold, assays remain pending.
This drilling continues to further the geological and structural understanding at Edna Beryl.
Joint venture
Evolution is continuing to sole fund exploration expenditure of $15 million over three years to earn a 65% interest (Stage 1 Farm-in) in Emmerson’s tenement holdings in the Tennant Creek Mineral Field (TCMF).
The TCMF is one of Australia’s highest grade gold and copper fields producing over 5.5 million gold ounces and 470,000 tonnes of copper from a variety of deposits including Gecko, Orlando, Warrego, White Devil, Chariot and Golden Forty.
All of these deposits are within Emmerson's exploration and joint venture portfolio.
These deposits are considered to be highly valuable exploration targets and, utilising modern exploration techniques.
Analysis
Drilling from the third campaign at Edna Beryl features grades of up to 1,043 g/t gold and opens up potential in all directions for further shallow high grade gold.
The history making intersection of 8 metres at 157 g/t gold is only 130 metres below surface with potential for gold mineralisation in the zone above the intersection.
With more assays to come, which include the first drilled diamond hole exhibiting visible gold, Emmerson remains highly leveraged to exploration upside.
Results to date bode well for a substantial increase to Emmerson’s JORC resources within its 100% owned Tennant Creek project.
Emmerson shares are trading up 235% year to date, currently priced at $0.125.
This is Emmerson’s third discovery of this style and opens up the entire field to a new generation of deposit.