Drilling to Target High-Grade Gold at Tennant Creek
Perth, Nov 1, 2018 AEST (ABN Newswire) - Emmerson Resources Limited (
ASX:ERM) (EMMRF:OTCMKTS) announces drilling to commence in Tennant Creek.
Highlights
- Two drill rigs are scheduled to commence a 5000m program at Emmerson's Tennant Creek project in the Northern Territory.
- The first rig will focus on targets in Emmerson's 100% owned Northern Project Area (NPA) and is aimed at advancing several high-grade gold projects plus test new targets generated from the recent airborne geophysical survey.
- The second rig will focus on testing extensions to a portfolio of small mines in the Southern Project Area (SPA), assisting with mine planning ahead of potential production.
- Drilling within the SPA will be funded by Territory Resources (TTY) under the Exploration Earn-in and Joint Venture.
- Importantly Emmerson now has a path to fast-track development of small mines through the new central processing facility being constructed by TTY at the Warrego Mill site.
Emmerson's Managing Director Mr Rob Bills commented:
"The recently announced Strategic Alliance with Territory Resources (TTY) provides a clear path to development and production for both new and existing gold resources. TTY's mining capability plus their recent purchase of the Warrego Mill provides a unique opportunity to now monetise any assets in the Tennant Creek Mineral Field.
In the Northern Project Area(NPA), Emmerson funds the exploration whilst retaining complete control over the future of any new or existing discoveries. However, upon negotiating favourable commercial terms, any discovery can be added to the Mining JV with Territory Resources.
Exploration in the Southern Project Area(SPA) whilst managed and operated by Emmerson, is funded by TTY as part of their $5m earn-in under the Exploration JV.
Both JV's provide Emmerson shareholders with a low-risk pathway to commercial production and importantly, will generate funding for ongoing exploration programs in the Northern Territory and New South Wales.
This Strategic Alliance will see the re-establishment of Tennant Creek as a fully integrated exploration, mining and processing hub - thus realising Emmerson's long-held vision and that of the NT Government. Construction work on this important regional facility has commenced with first production scheduled for early 2019, subject to government approvals."
Northern Project Area Drilling (100% owned by Emmerson)
Approximately 14 holes for 2,100m of Reverse Circulation (RC) drilling is scheduled to commence in mid-November. This drilling is aimed to test for extensions of the shallow, high-grade gold in the oxide zone at both Edna Beryl and Mauretania (see figure 1 in link below). It will also test for extensions to the recently discovered, deeper high-grade gold zone at Mauretania (ASX 21 June 2018: 10m at 7.6g/t gold, 2.4g/t silver, 0.19% copper and 0.14% bismuth). These elevated bismuth results from this new gold zone are highly encouraging in suggesting there is likely further gold in the vicinity.
In addition, the drilling will also test several green-field targets generated from the recent airborne electromagnetic geophysical survey.
At this stage, further work on the Jasper Hills project has been postponed due to heritage access issues.
Southern Project Area (part of the Exploration and Mining JV with TTY)
The second drill rig (blast hole rig) has been conducting shallow sterilisation and grade control drilling over projects for TTY outside of Emmerson's tenure. Within the next week it will move onto the Earn-in and JV area within the SPA and commence testing for shallow oxide gold at Golden Kangaroo East, Black Snake, Susan and Three Thirty (see figure 2 in link below). Approximately 62 drill holes for 3,000m of drilling is currently planned.
About Territory Resources
Territory Resources Limited (TTY) explores, mines, rails iron ore and exports out of the Darwin Port in Northern Territory Australia. The company primarily holds an interest in the Frances Creek mine, located to the south of Darwin, Northern Territory. The Company also has interests in the Mt Bundey project and the Yarram project both located in Northern Territory. The Company was incorporated in 2002 and is based in West Perth, Australia. As of February 28, 2018, TTY operates as a subsidiary of Gold Valley Holdings Pty Ltd. TTY is currently expanding its operations into gold projects in the NT, including advancing the +300koz gold project at Nobles Nob and Juno mines in Tennant Creek. More recently, TTY purchased the Black Jack gold processing facility in Charters Towers.
To view figures, please visit:
http://abnnewswire.net/lnk/5O9SSB2T
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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