Emmerson Resources Limited (ASX:ERM) has intersected high-grade cobalt, copper and gold from drilling at Jasper Hills within the Tennant Creek Project in the Northern Territory.
The company’s shares were up as much as 18% intra-day, at 9.3 cents
WATCH: Emmerson Resources pouring gold bars while exploring cobalt
The highlight results include:
• 28 metres at 5.83 g/t gold, 0.17% cobalt and 8.52% copper from 108 metres, including 2 metres at 50.1 g/t gold and 10.5% copper;
• 14 metres at 6.72 g/t gold, 0.28% cobalt and 2.17% copper from 284 metres, including 5 metres at 16.6 g/t gold and 2 metres at 1.32% cobalt and 2% copper; and
• 15 metres at 7 g/t gold from 295 metres including 6 metres at 14.9 g/t gold.
Emmerson managing director Rob Bills said: “Although early days, the indicative cobalt grades at Jasper Hills compare favourably with other Australian projects of CleanTeQ (~0.1% Co), Australian Mines (~0.11% Co), Metals X (~0.08% Co), Barra Resources (~0.13% Co).
“Whilst these projects have associated metals, Jasper Hills is unique given the combined metal grades (copper, gold and cobalt) which provide potential for very high value ores.”
READ: Emmerson Resources progresses with focused cash generating mining strategy
The restructuring of the Tennant Creek Mineral Field JV with Evolution Mining (ASX:EVN) has enabled Emmerson to focus on the generation of new targets within the 2,600 square kilometre project area which is being retained by Emmerson.
The Northern Corridor at Tennant Creek hosts the high-grade Edna Beryl gold mine and has excellent potential for further deposits of gold, copper and now at Jasper Hills, the addition of high-grade cobalt.
Emmerson is already producing gold bars from the Edna Beryl mine within Tennant Creek via a royalty agreement with a specialist small-scale miner.
New exploration program being finalised
The resource estimate for Jasper Hills is expected to be completed in the current June quarter.
Jasper Hills is unique given the combined metal grades (copper, gold and cobalt) which provide the potential for high-value ores.
Emmerson has considerable experience in the exploration for this style of mineralisation, with discoveries at Edna Beryl, Mauretania and Goanna.
The Northern Corridor has excellent potential for further discoveries and a new exploration program for targets within the area is close to being finalised.