ASX-listed gold and copper explorer Emmerson Resources (ASX:ERM) reports it has encountered ‘bonanza’ grade gold (Au) mineralisation following a combined drilling campaign at the Golden Forty mine, as part of its 100% owned Southern Project Area in the Northern Territory.
The Golden Forty (G40) project is within the 100% Emmerson owned Southern Project Area where JV partner TCMG is earning an interest by funding the exploration. Production records from the G40 mine indicate a head grade of 11.9g/t gold until cessation of mining in 1983 due to ground conditions and incursion of ground water – not due to a lack of high-grade gold ore.
The latest results, generated by 20 reverse circulation (RC) and 6 diamond drillholes (DD) have returned Au grades upwards of 109g/t Au and indicate that mineralisation remains open in all directions.
New assay results from RC drillholes include: 28m at 28.3g/t Au from 141m; including 9m at 84.6g/t Au and 1.14% bismuth (Bi) from 145m and 4m at 109g/t Au and 2.08% Bi (GFRC063), as well as 3m at 8g/t Au from 132m including 1m at 16.2g/t Au from 133m (GFRC061).
It is reported that the intercepts returned from drillhole GFRC063 represent a ‘significant’ down plunge extension to the north of the existing underground mine workings.
Assays from the remaining 18 drillholes, including the results from diamond drilling are expected to be received in January-February next year.
Speaking on the results, Emmerson Resources’ Managing Director, Rob Bills says: “These latest assays indicate a ‘significant’ expansion of the ‘high-grade’ gold mineralisation to the north of the historic, Golden Forty Mine. The host to this mineralisation has also been intersected at Golden Forty 40 East (G40E) and within the mine environment. Which depending on the results of the next batch of assays suggest an emerging and larger, ‘high-grade’ gold project. Particularly as the mineralisation remains open in all directions.
“These latest assays indicate a ‘significant’ expansion of the ‘high-grade’ gold mineralisation to the north of the historic, Golden Forty Mine”
We await with anticipation the remainder of the assay results, in particular the diamond drill holes which indicate thickening of the magnetite-hematite alteration within the unmined potions of the G40 mine and continuation to G40 East.”
The company also notes that drilling has also intersected a further thick zone of hematite-magnetite-chlorite alteration 15m down plunge of drillhole GFRC063 and are typically host to ‘high-grade’ Au mineralisation. Assays are currently pending.
In addition, it is reported that these positive results support an emerging large project that is centred on the historic G40 mine and encompasses a large aeromagnetic anomaly that included Golden Forty South.
Meanwhile, work is underway with the CSIRO on refining the processing of the magnetics to better define potential drill targets and resolve ambiguities that are associated with the source of the anomaly.
As of 11:30am (AWST) Emmerson Resources’ share price has increased by 14.86%.
Emmerson Resources is an ASX-listed company that has built a ‘highly prospective’ exploration portfolio of projects that cover a total land area of 1,706km-square in the Northern Territory and 659km-square in the Macquarie Arc of New South Wales (NSW). The company’s Tennant Creek portfolio is situated about 500km north of Alice Springs on the Stuart Highway, the main road link between Adelaide and Darwin.
With outstanding results from drilling yet to be received, Emmerson Resources announces that further drilling will be required to inform conceptual studies as to the potential for both ‘high-grade’ open pit and underground mining.
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