THE DRILL SERGEANT: Emmerson Resources (ASX: ERM) has been awarded drilling co-funding grants from the New South Wales government for the company’s Kiola and Kadungle projects.
The Kiola project is situated within the Molong Belt, providing favourable nearology to Alkane Resources’ recent Boda copper-gold discovery and Newcrest’s world class Cadia-Ridgeway copper-gold deposit.
The Kadungle project sits within the Narromine Belt where previous drilling has intersected high-grade gold and copper.
The New Frontiers Cooperative Drilling grants program by the NSW government encourages private exploration drilling in the search of high-value mineral deposits in prospective underexplored areas of NSW and where companies are using the latest technology to identify new deposits.
The $2 million program is a co-funded initiative where the NSW government provides up to 50 per cent of direct drilling costs for individual projects, capped at $200,000.
“Emmerson is well placed to emerge in a very strong position once this COVID-19 crisis allows field activities to recommence,” Emmerson Resources managing director Rob Bills said in the company’s announcement to the Australian Securities Exchange.
“We have exceptional ground positions in one of the Australia’s highest-grade gold provinces at Tennant Creek plus a suite of early mover assets in some of the hottest exploration districts in New South Wales.
“The announcement by the New South Wales government that Emmerson has secured two Cooperative Drilling Grants has not only reduced our exploration costs across both our Kiola and Kadungle projects but is also testament to the potential of these projects to generate new copper-gold discoveries.
“Additionally, we have prudently implemented cost saving measures across our business to help weather the challenging economic conditions we currently face.”