Emmerson Resources Ltd (ASX:ERM) is fully funded to complete upcoming work programs across its Tennant Creek and New South Wales assets following the completion of a $220,000 share purchase plan (SPP) that sold over 1.9 million shares at a price of $0.115 per share.
The new shares will be issued today, May 20, 2022.
“We thank those shareholders who participated in the SPP for their support during a particularly volatile period in global equity markets,” Emmerson Resources managing director Rob Bills said.
“The early visual results recently returned from our follow-up drilling at our 100%-owned Hermitage are very encouraging and we are now well funded to complete our upcoming work programs across Tennant Creek and NSW.”
Upcoming work programs
The outcome of the SPP follows a recently completed share placement which raised $5 million in funding before costs.
Those funds will be put toward the following activities:
- a 10-hole, 2,000-metre reverse circulation (RC) and diamond drill program at Hermitage (Tennant Creek) – now underway;
- first phase diamond drilling program at the nearby Jasper Hills (Tennant Creek) copper-gold-cobalt project – subject to successful negotiation and land access agreements with various stakeholders;
- flying of additional high resolution magnetic drone geophysics to pinpoint new exploration targets, particularly around the high-grade Edna Beryl gold mine (Tennant Creek);
- complete the first phase of RC and diamond drilling at Kiola (NSW) in the second half of 2022 to test several compelling geophysical and geological targets derived from a recent 3D model of the subsurface;
- undertake further early-stage exploration across the Fifield, Wellington and greater Kadungle projects in NSW ahead of defining drill targets; and
- general corporate costs and assessing business development opportunities to capitalise on our strategic landholdings and emerging royalty business.