Emmerson Resources Funded for Continued Exploration at Mauretania

THE BOURSE WHISPERER: Emmerson Resources (ASX: ERM) is well-funded for more exploration at the company’s Mauretania project following the completion of a placement and receipt of additional gold royalty payment funds.

Emmerson Resources said the completion of the second tranche placement at a premium to its current share price is a strong sign of continued support from its Joint Venture partner Territory Resources.

“This now completes the conditions subsequent to the previously announced Exploration and Small Mines Joint Venture over the Southern Project area of Emmerson’s Tennant Creek project,” Emmerson Resources managing director Rob Bills said in the company’s announcement to the Australian Securities Exchange.

Emmerson recently received the second royalty payment from the toll treatment of the first parcel of ore from Edna Beryl, bringing the total to date to around $242,000.

Most of the value from the processing of the first 3,000 tonne parcel is anticipated from the processing of the gravity concentrate, which is now in progress.

“Toll treatment of the first 3,000 tonnes of ore from the Edna Beryl mine is nearing completion and Emmerson continues to receive a 12 per cent royalty on all gold produced from the mining and processing funded by Territory.

“The processing of the gravity concentrate component from toll treating of the first parcel of ore from Edna Beryl is now underway and is expected to generate the majority of revenue from this campaign.

“Proceeds from the first royalty payment from CIL recovery are being used to undertake the first diamond drilling at our exciting 100 per cent-owned Mauretania discovery, and to fund further geophysical programs in the Tennant Creek Mineral Field.”

Diamond drilling is currently underway at the Mauretania project in the Northern Project Area at Tennant Creek where the first drill hole has intersected brecciated hematite ironstone in the oxide zone, which is geologically akin to previous Reverse Circulation (RC) drilling.

 

Email: admin@emmersonresources.com.au

Website: www.emmersonresources.com.au