Emmerson Resources Limited (ASX:ERM) substantial shareholder Noontide Investments Ltd has demonstrated its confidence in the gold producer through on market buying.
Noontide has increased its stake in Emmerson to 12.5% from 11.4%.
The Sydney-based fund, which specialises in small cap gold sector investments, has acquired more than 7.2 million shares since 15 June 2017 and now holds more than 50 million shares.
Participation in placement
It also purchased more than 2 million shares valued at almost $200,000 in Emmerson’s October 2017 placement that raised circa $2 million.
Noontide is led by experienced fund manager David Croll.
In December Emmerson poured first gold from the Edna Beryl mine in the Northern Territory.
Three gold bars were poured from the first 1200 tonnes of development ore with the ore averaging more than 35 g/t gold.
Providing the grades are representative of overall head grade, Edna Beryl will become one of the highest grade gold mines in Australia.
Full-scale mining within weeks
Full-scale mining is expected to start within weeks.
The company has also recently started exploring gold-copper projects in New South Wales, including the Kadungle project to the east of its large Fifield exploration lease.