Emmerson Resources Grows Gold Inventory With Maiden Resource At Golden Forty

Emmerson Resources Ltd (ASX: ERM) has revealed the maiden resource for the Golden Forty gold deposit within the Tennant Creek Project in the Northern Territory.

The resource includes 935,000 tonnes at 4.5 g/t gold for 133,900 ounces of contained gold using a 0.5g/t gold cutoff grade.

Development studies underway

The maiden resource at Golden Forty is an important step forward in the evaluation of the deposit.

It will form the basis for development studies which are being undertaken by Emmerson’s joint venture partner Tennant Consolidated Mining Group (TCMG) as part of their plans to revitalise mining in the Tennant Creek Mineral Field.

Emmerson Managing Director Mike Dunbar said: “Emmerson’s high-grade gold inventory is rapidly growing: The completion of the Golden Forty Mineral Resource Estimate is a very substantial step forward for the Tennant Creek Project as a whole, as it adds over 75% more high-grade gold ounces to the Company’s inventory, which now stands at over 300,000oz of gold at 5.2 g/t gold with the Indicated portion of the Mineral Resource now standing at over 256,000oz of gold at 6.0g/t.”

~85% of the resource is indicated

Dunbar said that the Golden Forty resource has exceeded all expectations, with the recent drilling identifying a very high-grade domain which contains 77,000 ounces of gold at 9.3g/t.

Importantly, the Golden Forty resource is robust with ~85% of the global resource classified as indicated.

This should allow a substantial amount of the resource to convert to an ore reserve once additional development studies are completed.

These studies are expected to lead to a substantial increase in the probable ore reserves from the current base of 79,140 ounces.

Small mines joint venture

It is expected that once the additional studies are completed, the Golden Forty deposit will be transferred into Emmerson’s “small mines joint venture” (SMJV), where Emmerson receives a 6% gross royalty on gold produced from the project.

“We expect that the addition of the Golden Forty Deposit into the SMJV, will have a material impact on TCMG’s plans to revitalise gold mining and processing in the high-grade Tennant Creek Mineral Field and benefit the Northern Territory,” added Dunbar.

Emmerson had $3.2 million cash and no debt as at 31 March 2024.

 

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