Emmerson Resources Limited (ASX:ERM) substantial shareholder Noontide Investments Ltd has increased its stake in Emmerson by 9,661,594 fully paid ordinary shares through on-market trades.
Shares were bought in three lots by Noontide and two if its subsidiaries, Noontide Capital Pty Ltd and Noontide Nominees Pty Ltd.
The transactions bring Noontides total shareholding in Emmerson to 69,759,592 shares, worth almost $5 million using today’s share price of 7.1 cents.
Emmerson is exploring new copper-gold projects in NSW, identified from the application of 2D and 3D targeting models which are aimed at increasing the probability of discovery.
The prospective Macquarie arc in NSW hosts more than 80 million ounces of gold and 13 million tonnes of copper.
Emmerson’s five exploration projects contain many attributes of the known deposits but remain underexplored due to historical impediments including the overlying cover and a lack of exploration focus.
The explorer recently identified large-scale and pervasive alteration in an expanded auger drilling program at the Whatling Hill copper-gold prospect within its wider Fifield Project in NSW.
READ: Emmerson Resources extends copper-gold anomalism at Whatling Hill project
Initial indications from geochemical results show correlation with previous rock chip results which graded up to 2% copper and 0.25 g/t gold in quartz stockwork veins within altered monzonite intrusives.
Once assays have been interpreted Emmerson will target the most prospective areas to undertake geophysical induced polarisation (IP) surveys.
The IP surveys will provide insights into the underlying alteration and mineralisation ahead of drilling.