Shares in Emmerson Resources (ASX: ERM) spiked by over 140% on Wednesday on news of a ‘stunning’ 117m @ 3.38% copper hit from drilling at its Hermitage Project in Tennant Creek, Northern Territory.
RC hole HERC003 intersected the mineralisation from 75m, with highlight intervals of 30m @ 7.26% Cu and 2.69g/t Au from 162m, including 3m @ 14.91g/t Au and 4.24% Cu to end of hole.
The company notes that the hole was abandoned at 192m, and is set to be extended by a diamond tail in 2022.
“These results are some of the best seen in the Tennant Creek Mineral Field as they reflect very extensive, high-grade copper mineralisation”
Speaking on the result, Emmerson Resources Managing Director Rob Bills said: “These results are some of the best seen in the Tennant Creek Mineral Field as they reflect very extensive, high-grade copper mineralisation, with intervals of high-grade gold and cobalt – all associated with iron-oxides of hematite and magnetite. Whilst it is still early days, the metal zonation and mineralisation in drill hole HERC003 displays increasing gold and copper grades with depth – the subject of future diamond drilling. Although based on limited data (i.e., rock chips), it appears that HERC003 intersected a subvertical, brecciated, high grade metal rich feeder zone which has channelled and concentrated the copper and gold and remains open at depth.”
The RC program consisted of four holes, guided by ‘leading edge’ targeting technology which were tasked with establishing thickness and grade, along with potential for extensions to the historic mineralisation.
Hermitage is one of a series of prospects owned by Emmerson on granted mining leases in Tennant Creek. These these include North Star, Jasper Hills, Katherine Star, Northern Star, Edna Beryl, Thrace, and Macedon.
Emmerson adds that both the Hermitage and Jasper Hills Projects have not been subject to systematic modern exploration, with both prioritised for future work.
Images: Emmerson Resources Limited