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Emmerson Resources Funded for Continued Exploration at Mauretania

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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

 

Emmerson Resources Hits Copper and Base Metals at Whatling Hill

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THE DRILL SERGEANT: Emmerson Resources (ASX: ERM) has completed a round of Reverse Circulation and diamond drilling over the Whatling Hill project within the company’s Fifield tenement in New South Wales.

Emmerson Resources reported that drill hole WHDD002 intersected 14 metres of chalcopyrite-pyrite-quartz veins and stockworks 194m down the hole.

Drill hole WHDD001 encountered sporadic veins of chalcopyrite, pyrite and locally molybdenite, sphalerite and galena;

Emmerson said that alterations of epidote-chlorite and base metal mineralisation with pyrite were all consistent with intersecting the distal portions of a porphyry copper system.

Anomalous soil geochemistry and geophysical targets extend over a large square kilometre area with recent drilling testing less than five per cent of this area.

Emmerson anticipates receiving assays and full analysis of the alteration and geology in four to five weeks.

“First pass drilling at Whatling Hill has been successful in establishing the presence of porphyry copper style mineralisation – which is a fantastic result given the aim of this drilling was to gain an insight into the underlying geology in an area that is covered and has seen little previous exploration,” Emmerson Resources managing director Rob Bills said in the company’s announcement to the Australian Securities Exchange.

“While the intersection of chalcopyrite-pyrite in quartz veins and stockworks from WHDD002 is obviously very encouraging, and the detailed geology is even more so with the intersection of multiple intrusions and intense alteration – mainly epidote and chlorite which signals that the drilling has yet to sample the core of the porphyry system.

“Further analysis of the alteration and vein orientations, combined with the assay results and geology, will assist in providing vectors to the core of the mineralisation and determine the location of the next drilling campaign.”

 

Email: admin@emmersonresources.com.au

Website: www.emmersonresources.com.au