Emmerson Resources Ltd (ASX:ERM) has received high-grade results up to 122 g/t gold from drilling at its Tennant Creek project in the Northern Territory.
A total of 15 holes for about 1,700 metres of reverse circulation drilling was completed in December 2018.
Emmerson’s 100% owned tenements (blue) and recently completed drilling (yellow dots)
The best assay results were from Emmerson’s 100% owned Mauretania prospect where drilling was aimed at better defining the shallow, oxide and deeper primary gold zones.
Importantly, the exceptionally high-grade results have increased the company’s confidence in the potential for economic mineralisation in both the shallow oxide and deeper, primary gold zones.
READ: Emmerson Resources pegs out territory for royalty-style returns
Emmerson managing director Rob Bills said: “These high-grade results from our Tennant Creek project speak for themselves and support our strategy of building a pipeline of high-grade, high-value mines which feed into the mine schedule.
“Where our partner, Territory Resources Limited is undertaking various optimisation studies ahead of permitting and development.
“Emmerson receives a low-risk return either from 12% and 6% of the gold produced at the Edna Beryl and Chariot projects respectively, or a 25% share of the profit from the other seven projects in the mine schedule.
“Emmerson owns 100% of the Mauretania project and plans to undertake further work to maximise value.
“In contrast, The Susan project is within the JV area with Territory and is where Territory are funding $5 million over 5 years to earn a 75% equity interest.
“As previously announced the Edna Beryl Mining Company, now owned by Territory is developing the high-grade, Edna Beryl gold mine.
READ: Emmerson Resources to achieve first commercial gold returns from Tennant Creek field
“The first parcel of ore produced from the mine is currently being toll treated offsite while Territory complete refurbishment of the Warrego mill with completion forecast by year-end.
“The development of the Edna Beryl mine not only provides a low-risk return to Emmerson but also an opportunity to better understand the geology and gold distribution via underground drilling and development.”