Emmerson Resources Ltd (ASX:ERM) has soared up to 200% on hitting 117 metres at 3.38% copper from 75 metres in reverse circulation (RC) drilling at Hermitage Project in the Tennant Creek Mineral Field, Northern Territory.
Within this intersection was 30 metres at 7.26% copper and 2.69 g/t gold from 162 metres including 3 metres at 14.91 g/t gold and 4.24% copper.
Significantly, hole HERC003 was mineralised at the end of the hole at 192 metres and it will be continued with a diamond tail in 2022.
Hole HERC002 also returned strong results:
- 18 metres at 1.40% copper and 0.23% cobalt from 117 metres; and
- 24 metres at 4.2 g/t gold from 159 metres including 3 metres at 17.61 g/t gold and 0.46% bismuth from 162 metres.
The drilling has greatly enhanced the ranking and potential for economic gold, copper and cobalt mineralisation across the Northern Project Area, particularly within the northern gravity ridge that is host to several similar style iron-oxide copper-gold prospects.
These results have seen ERM's share price triple to 22.2 cents intraday, a new high of more than nine years. More than 93 million securities changed hands with a total value of more than $17 million.
“Results some of the best seen”
Emmerson managing director Rob Bills said: “These results are some of the best seen in the Tennant Creek Mineral Field as they reflect very extensive, high-grade copper mineralisation, with intervals of high-grade gold and cobalt - all associated with iron-oxides of hematite and magnetite."
“Whilst it is still early days, the metal zonation and mineralisation in drill hole HERC003 displays increasing gold and copper grades with depth – the subject of future diamond drilling. Although based on limited data (ie, rock chips), it appears that HERC003 intersected a sub-vertical, brecciated, high-grade metal-rich feeder zone that has channelled and concentrated the copper and gold and remains open at depth.
“Interestingly, HERC002 drilled outside of the interpreted breccia pipe, contains high-grade cobalt, with a similar metal zonation to previously reported cobalt at the nearby Jasper Hills project where high-grade cobalt (up to 1.32% consisting of mainly cobaltite) transgresses the high-grade copper.
“The Hermitage and Jasper Hills projects have seen no modern exploration and are located within Mining Lease 30177 that is 100%-owned by Emmerson Resources and now a key priority for future exploration.”
RC drill chips showing copper (chalcopyrite) in the deeper primary of drill hole HERC003.
Drill program
Emmerson has drilled four RC holes in this program, testing an area about 200 metres east-west but focused on the concept of high-grade mineralisation hosted in sub-vertical, iron-oxide breccia pipes.
Drill hole HERC003 intersected a zoned iron-oxide (ironstone) breccia that consists of hematite-jasper closer to the surface, and that grades to magnetite-hematite-chlorite at depth.
Notably, this hole was terminated in mineralisation due to encountering drilling difficulties.
Drill hole HERC002 is interpreted to be proximal to the breccia pipe in containing cobalt mineralisation and lower tenor copper, plus high-grade gold associated with strong chlorite alteration at depth.
Forward plan
At HERC003, gold assays from 135 metres to 162 metres are still outstanding as additional samples were required by the assay laboratory.
This drill hole was abandoned in mineralisation at 192 metres and will be continued with a diamond tail in 2022
Also, still outstanding are assay results for HERC004, complete gold results from HERC003 and 1-metre sample splits of the 3-metre composites from all significant intersections in HERC002 and HERC003.
Diamond drilling will commence at Hermitage following the northern Australia wet season.
At Edna Beryl, assay results are still pending given the backlog at the laboratories.