THE DRILL SEREGEANT: Emmerson Resources has commenced a new drilling program on its ground holding located within the Tennant Creek Mineral Field.
Emmerson said the $10 million campaign has been designed to enable it to unlock a new generation of copper/gold deposits on its ground.
Last year Emmerson made two significant discoveries at Goanna and Monitor and the company said it aims to build on these during the 2012 field season with aggressive exploration programs and expenditure.
“This new drilling program, starting earlier in the season than ever before, has the potential to be a game changer for Emmerson,” Emmerson Resources managing director Rob Bills said in the company’s announcement to the Australian Securities Exchange.
“The geophysical and geological work we have completed over the past few years, combined with the recent string of drilling success based on the HeliTEM airborne survey completed in 2011, positions the company with what we believe is an unprecedented understanding of the copper/gold mineralisation in the well-endowed Tennant Creek Mineral Field.
“We are aiming to replicate our 2011 success and the 2012 drilling program is shaping up as the most important in the company’s history.”
Emmerson’s new round of drilling will initially extend several previously drilled RC holes that the company was unable to test the potential of for deeper gold mineralisation due to the depth limitations of the 2011 drill rig.
The first diamond hole to be drilled will be an extension to one of the Goanna drill holes, which terminated in mineralised ironstone within the interpreted central shear zone.
Depending on how the Northern Territory wet season shapes up another RC rig is scheduled to commence in early March testing for extensions to the high-grade copper zone discovered at Goanna and Monitor and then move onto new regional targets.
Funding for these programs will come from a mix of the company’s $28 million Farm‐in and Joint Venture with Ivanhoe Australia and from Emmerson’s own healthy bank balance of approximately $12 million as at 31 January 2012.