Cashed up Emmerson Resources (ASX:ERM) has received a change in shareholding notice which has revealed that Noontide Investments Ltd acquired further shares in on-market buying.
Noontide has lifted its shareholding in Emmerson from 6.1% to 7.3% with the acquisition of about 4.4 million shares in Emmerson from November to December 2015.
The purchase prices ranged from $0.036 to $0.043 per share.
Evolution Mining is funding up to $25 million in exploration expenditure in staged funding at the Tennant Creek Mineral Field.
Significantly for a junior, Emmerson will also generate risk-free near term royalty income from the Edna Beryl tribute agreement, which provides for development and mining at the Edna Beryl mine scheduled for production in the New Year.
In late 2015, Emmerson updated on drilling activities at the Mauretania discovery within its Tennant Creek project.
A total of 16 reverse circulation and 2 diamond core tails were completed during October, enhancing the geological understanding and opening up potential both at depth and along strike for further copper and gold mineralisation.
RC drill hole MTRC0015 intersected high grade gold of 1 metres at 4.16g/t gold, 2 metres at 2.14g/t gold and 3 metres at 2.50g/t gold within 15 metres at 1.67 g/t gold from 98 metres.
While drill hole MTRC016 intersected a high grade zone of 3m at 4.22% copper and 0.12% Bismuth within a thick 14m at 1.94% copper from 118 metres.
Drilling had indicated that Mauretania is a multi-element, gold, copper and silver discovery controlled by a combination of northwest trending thrust faults and reactivated north east faults.
Setting the scene for 2016, Rob Bills, managing director of Emmerson Resources said in late 2015:
“We continue to compile and interpret all 2015 drill results thereby advancing new areas identified from our predictive targeting model.
"Both brownfield and greenfield targets from the predictive targeting model share attributes consistent with many of the major mines in the Tennant Creek Mineral Field."
"Once these targets have been geologically validated, Emmerson will be able to include them in the 2016 project pipeline for drill testing."
Emmerson is well funded going into 2016 with $5.7 million in available cash.
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