Emmerson Resources Ltd (ASX:ERM) has delivered a shallow, high-grade gold mineral resource estimate (MRE) of almost 29,000 ounces at 3.5 g/t at Mauretania deposit within the Tennant Creek joint venture in the Northern Territory.
The Mauretania resource will boost the high-grade Tennant Creek gold inventory and there is plenty of upside with immediate resource extension potential as the deposit remains open and unexplored at depth.
Looking ahead, Emmerson’s JV partner Tennant Consolidated Mining Group (TCMG) is undertaking advanced studies across several future mines including Mauretania and the recently released Chariot MRE, ahead of finalising mining and production schedules within its areas.
“Significant potential”
Emmerson managing director Rob Bills said: “This maiden mineral resource estimate for Mauretania adds to the Chariot MRE of 138,800 ounces at 7.8 g/t gold which boosts the inventory of high-grade resources at Tennant Creek that supports our JV partner, TCMG, establishing a central processing facility this year.
“The MRE for Mauretania is focused solely on a shallow resource to a maximum depth of 140 metres that is potentially open pittable.
“There is immediate potential to extend the resource at depth, into the underlying primary zone of mineralisation with drilling.
“The Exploration and Mining Joint Venture with TCMG – whereby TCMG is funding $10.5 million in exploration over five years and completing mining studies ahead of establishing the central processing mill continues to unlock value for Emmerson."
MRE summary
Emmerson has estimated and classified a total of 28,974 ounces of gold as indicated and inferred under the JORC 2012 code.
The MRE is reported above a 0.5 g/t gold cut-off grade and above the 190mRL (within 140 metres of the surface).
Further, this scope of work included geologically modelling the ironstone and the surrounding, gold-bearing chlorite alteration halo incorporating all results from Emmerson drilling.
Emmerson’s alliance with TCMG enables the value of projects such as Mauretania to be monetised via TCMG’s future mining and processing activities where the company retains a free carry, 6% production royalty as part of a Small Mines Joint Venture.
Mauretania MRE.
Further scope
Significant scope exists to increase the resource with further drilling across the following areas:
- Drill hole MTDD010 returned a bonanza intersection 70 metres below this reported resource of 3.95 metres at 57 g/t gold and 0.23% copper from 207 metres; and
- Preliminary high-resolution magnetic drone survey results indicate the host ironstone unit to continue at depth.
Bills adds: “This pipeline of advanced projects entitles Emmerson to a stream of low risk, free carried 6% gold production royalties.
“There is significant potential for further high-grade resource additions from our pipeline of brownfields projects that will undergo drill testing and studies during the year, with planning of our 2022 drilling program now close to finalisation.”