Quarterly Activities Report
Perth, Oct 17, 2018 AEST (ABN Newswire) - Emmerson Resources Limited (
ASX:ERM) (EMMRF:OTCMKTS) provides the Company's Quarterly Activities Report for the period ending 30 September 2018.
Tennant Creek Project
- Emmerson secures both a Mining and Exploration Joint Venture with TRL Tennant Creek Pty Ltd (TTY), covering the Southern Project Area (SPA) at Tennant Creek.
- TTY to subscribe for A$2m of new Emmerson shares priced at A$0.1035 a share, a 56.82% premium to the price at the time of completion (completed within Emmerson's placement capacity under Listing Rule 7.1).
- Emmerson has sold its Warrego Mill to TTY, with TTY committing to the construction of a modern 300,000tpa Carbon in Pulp mill on the site.
- Mining and Exploration Joint Venture over the SPA at Tennant Creek aims to accelerate the discovery of new deposits and/or extensions to the existing mines for processing at the new mill:
o Emmerson to receive a 12% and 6% gross royalty of all gold produced for the life of the Edna Beryl and Chariot mines respectively.
o Emmerson to receive a 25% net profit share from any other mine developed within the SPA (other than Edna Beryl and Chariot) in exchange for TTY developing, mining and processing the gold at its cost.
o Ore from the SPA to receive priority processing by TTY at the new mill on an agreed "cost plus" basis.
o TTY to fund A$5m of exploration over five years across the SPA to earn a 75% interest in the SPA.
- Emmerson to retain 100% ownership of the majority of the Tennant Creek Mineral Field (circa 75% of the existing tenement package), including the recently announced Mauretania gold and Jasper Hills gold-copper-cobalt projects, plus the high-grade Edna Beryl gold Mine.
NSW Projects
- Compelling copper and gold soil geochemistry at the recently announced Whatling Hill discovery within the Fifield project in NSW:
o Rock chip values of up to 2% copper and 0.25g/t gold in quartz stockwork veins within altered monzonite intrusives.
o Copper anomaly open to the south with potential for additional 1.5km extensions based on rock chip samples of up to 1.5% copper.
- New tenement granted to consolidate Emmerson's ground position at Fifield and Kadungle within the Lachlan Transfer Zone.
- Further geochemical and geophysical programs planned ahead of drilling.
To view the full report, please visit:
http://abnnewswire.net/lnk/B32DMZ3R
About Emmerson Resources Limited
Emmerson Resources Limited (ASX:ERM) (FRA:42E) recently commenced exploration on new gold-copper projects in NSW, identified (with our strategic alliance partner Kenex Limited) from the application of 2D and 3D predictive targeting models – aimed at increasing the probability of discovery. The highly prospective Macquarie Arc in NSW hosts >80Mozs gold and >13Mt copper with these resources heavily weighted to areas of outcrop or limited cover. Emmerson's five exploration projects contain many attributes of the known deposits within the Macquarie Arc but remain under explored due to historical impediments, including an overlying cover (plus farmlands) and a lack of exploration focus. Kadungle is a JV with Aurelia Metals covering 43km2 adjacent to Emmerson's Fifield project.
In addition, Emmerson is exploring the Tennant Creek Mineral Field (TCMF), one of Australia's highest-grade gold and copper fields producing over 5.5 Mozs of gold and 470,000 tonnes of copper from deposits including Warrego, White Devil, Orlando, Gecko, Chariot and Golden Forty. These high-grade deposits are highly valuable exploration targets, and to date discoveries include high-grade gold at Edna Beryl and Mauretania, plus copper-gold at Goanna and Monitor. These are the first discoveries in the TCMF for over a decade.
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