Sign up Australia
Proactive Investors - Run By Investors For Investors

Emmerson Resources lines up two rigs to drill 5,000 metres

The company is fast-tracking the development of small mines in the Tennant Creek region.
Project map in Northern Territory
Mine development is possible due to the new central processing facility being constructed

Emmerson Resources Ltd (ASX:ERM) has scheduled two drill rigs to commence a 5,000-metre program at its Tennant Creek Project in the Northern Territory.

The first rig will target high-grade gold in the Northern Project Area (NPA) and the second rig will target extensions to gold at small mines in the Southern Project Area (SPA).

Notably, drilling within the SPA will be funded by Territory Resources Ltd (ASX:TTY) under the earn-in joint venture agreement.

READ: Emmerson Resources finds widespread alteration with copper-gold potential at Whatling Hill

Emmerson’s managing director Rob Bills said: “The recently announced Strategic Alliance with Territory Resources (TTY) provides a clear path to development and production for both new and existing gold resources.

“TTY’s mining capability plus their recent purchase of the Warrego Mill provides a unique opportunity to now monetise any assets in the Tennant Creek Mineral Field.

Bills added: “In the Northern Project Area (NPA), Emmerson funds the exploration whilst retaining complete control over the future of any new or existing discoveries.

“However, upon negotiating favourable commercial terms, any discovery can be added to the Mining JV with Territory Resources.

TTY to contribute up to $5 million

“Exploration in the Southern Project Area(SPA) whilst managed and operated by Emmerson, is funded by TTY as part of their $5 million earn-in under the Exploration JV.

“Both JV’s provide Emmerson shareholders with a low-risk pathway to commercial production and importantly, will generate funding for ongoing exploration programs in the Northern Territory and New South Wales.

Tennant Creek backed by NT government as emerging mining region

‘’This Strategic Alliance will see the re-establishment of Tennant Creek as a fully integrated exploration, mining and processing hub – thus realising Emmerson’s long-held vision and that of the NT Government.

“Construction work on this important regional facility has commenced with first production scheduled for early 2019, subject to government approvals.”

View full ERM profile View Profile

Emmerson Resources Ltd Timeline

Related Articles

July 13 2018
AfriTin listed on AIM with plans to position itself as the African tin champion
Looking over a report
October 24 2018
The study predicted a 32-year mine life and featured a 42.8% internal rate of return.
November 05 2018
The drilling is part of a 50,000-metre resource expansion program to test Sconi’s favourable geology and confirm the project’s true mineral endowment.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use