Emmerson Resources (ASX:ERM) has received gold grades of up to 337 g/t gold from the 6,500 metre drilling campaign at the Edna Beryl project in the Northern Territory.
The second batch of results from campaign three at Edna Beryl returned highlights including 5 metres at 83.6 g/t gold.
This follows recent results from October which graded up to 1,043 g/t gold.
Both diamond and reverse circulation drilling has now been completed at Edna Beryl and weather permitting, the reverse circulation rig will move to the Retsina prospect.
Further assays from Edna Beryl are expected in mid-December.
Rob Bills, managing director, commented: “These recent intersections again demonstrate the high grade nature of both the supergene and primary gold at Edna Beryl and potential for the discovery of further new ironstones.”
Drill result details
Highlights from the second batch of results from campaign three at Edna Beryl include:
- 5 metres at 83.6 g/t gold and 3.1 g/t silver from 89 metres including 1 metre at 337 g/t gold;
- 4.3 metres at 24.6 g/t gold and 3 g/t silver from 249 metres including 1 metre at 102 g/t gold; and
- 2 metres at 13.6/t gold and 2.09 g/t silver from 73 metres.
The drilling campaigns at Edna Beryl continue to build on our geological and structural understanding, where numerous shallow, sub-parallel ironstones are bounded by steeply dipping shear zones being Ironstones 2, 3 and 4.
The most recent drilling has indicated great potential for some of these ironstones to persist at depth but further drilling will be required to test and define the extent of mineralisation.
The last prospect for drill testing in this campaign is Retsina, which occurs in an analogous structural setting to Edna Beryl.
Exploration funded by partner
All exploration is fully funded by the farm-in and joint venture with Evolution Mining (ASX:EVN).
Through expenditure of $15 million over three years, Evolution will 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
Assays from the third campaign at Edna Beryl continue to feature bonanza grades of gold and promote the potential for additional shallow, high grade gold resources.
First ore from Edna Beryl is anticipated in early 2017 and these bonanza high grade gold intersections confirm the very positive outlook for tribute mining at Edna Beryl and future risk-free cash for Emmerson.
With more assays to come, 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 275% year to date, currently priced at $0.135.
This is Emmerson’s third discovery of this style and opens up the entire field to a new generation of deposit.