Emmerson Resources Ltd’s (ASX:ERM) shareholders have overwhelmingly voted to formally approve the restructuring of the Tennant Creek Mineral Field joint venture with Evolution Mining (ASX:EVN).
Under the restructure, Emmerson retains 100% ownership of the majority of the tenements representing about 94% (about 2,600 square kilometres) of the entire tenement package.
It includes the gold dominant projects, small mines and associated exploration ground considered highly prospective for new discoveries.
Emmerson managing director Rob Bills said: “Emmerson has wasted no time in capitalising on the opportunity of generating new projects in what is now 100% Emmerson ground.
“The recent high-grade cobalt, copper and gold discovery at Jasper Hills highlights the potential of the project area.
“We are also currently working to build on this discovery momentum with extensional drilling of several high-grade gold projects and a helicopter borne geophysical survey searching for new gold, copper and cobalt deposits.”
READ: Emmerson Resources begins survey for further cobalt, copper and gold at Tennant Creek
Following the restructure, Emmerson holds a 100% interest in the Tribute Mining Agreement at Edna Beryl and all the other small mine projects in Tennant Creek.
The company is currently midway through a 2,400-meter drilling program, seeking to add the Malbec and West Gibbet targets to its small mines portfolio, and further exploring the Mauritania greenfield discovery.
Elsewhere at Tennant Creek, an airborne electromagnetic survey of Jasper Hills and Edna Beryl areas has recently concluded, and that data being compiled now.
Greater near-term value for shareholders
For Emmerson, the restructure unlocks the potential for greater near-term value for its shareholders and provides a better strategic fit in terms of delivering high margin projects across a shorter time.
In addition, Emmerson retains the data acquired from testing and trialling of new concepts and technology on assets such as the Tennant Creek Exploration Base and Warrego Mill.
This will enable the company to easily scale up exploration and operations around its small mines, plus attract potential new joint venture partners.