Emmerson Resources ASX:ERM Stock Report

Emmerson Resources Limited announced that it expects to receive AUD 5 million in funding

Emmerson Resources Limited Announces High-Grade Gold Resource for Mauretania At Tennant Creek

Emmerson Resources Limited announced that a maiden Mineral Resource Estimate (MRE) for the Mauretania Gold Project at Tennant Creek, Northern Territory. The MRE is an important part of the mining studies being undertaken by JV partner TCMG and provides a further boost to the previously announced Chariot MRE with a view to commencing future mining and processing. A total of 28,974 ounces of gold have been estimated and classified as Indicated and Inferred under the JORC 2012 Code. The MRE is reported above a 0.5g/t gold cut-off grade and above the 190mRL (within 140m of surface). In 2021, TCMG engaged Optiro, (as part of TCMG's obligations under the Small Mines Joint Venture with Emmerson) to complete an MRE on the Mauretania gold prospect. This scope of work included geologically modelling the ironstone and the surrounding, gold-bearing chlorite alteration halo incorporating all results from Emmerson drilling. The Mauretania orebody remains open and poorly explored at depth. For instance, the recently announced intersection from MTDD010 of 3.95m at 57g/t gold and 0.23% copper from 207m sits 70m below the base of the currently reported MRE. The recent results from the high-resolution drone geophysical survey also indicates that the host ironstone continues at depth. The Mauretania MRE is reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (JORC Code) and the Australian Securities Exchange Listing Rules. Highlights: Shallow, high grade maiden Mineral Resource Estimate (MRE) for the Mauretania gold deposit at Tennant Creek: 256,216t at 3.5g/t Au for 28,974oz Au Emmerson is entitled to a free carried 6% gold revenue royalty at Mauretania. Mauretania resource remains open and unexplored at depth. Significant scope exists to increase the resource with further drilling: Drill hole MTDD010 returned a bonanza intercept 70m below this reported resource of 3.95m at 57g/t gold and 0.23% copper from 207m. Preliminary high-resolution magnetic drone survey results indicate the host ironstone unit to continue at depth. Joint Venture partner, Tennant Consolidated Mining Group (TCMG) is undertaking advanced studies across several future mines including Mauretania and the recently announced Chariot MRE, ahead of finalising mining and production schedules within the Joint Venture areas.

Emmerson Resources Limited Announces Phase 2 Diamond and Reverse Circulation Drilling Program Is About to Commence At Hermitage Project At Tennant Creek

Emmerson Resources Limited announced that Phase 2 diamond and reverse circulation (RC) drilling program is about to commence at Emmerson's 100% owned Hermitage project at Tennant Creek. Hermitage is one of a cluster of 100% Emmerson owned prospects that include North Star, Jasper Hills, Katherine Star and Northern Star in Mining Lease (ML) 30177 along with Edna Beryl, Thrace, and Macedon in ML 705. These prospects occur within a broad gravity corridor that consist of denser, haematitic shales and jasper which host high grade copper, gold, and cobalt mineralisation within magnetite-hematite ironstones. From previous seismic surveys, this gravity corridor likely corresponds to a deep (+10km), north verging thrust fault - a similar structural setting to the other large deposits in the Tennant Creek Mineral Field (TCMF). The Phase 1 drilling results have greatly enhanced the ranking and potential for economic gold, copper, and cobalt mineralization across the Northern Project Area, particularly within this northern gravity ridge. The dimensions of the breccia and true thickness of the mineralisation at Hermitage is currently unknown and will be more effectively tested with the Phase 2 drill program. A minimum 1,700m of drilling is planned from up to 10 holes, spaced to systematically step out from the core of the mineralization. This program can be extended based on the visual results and presence of three distinct zones of copper mineralisation. Consisting of a shallow, mainly malachite zone that grades into native copper at the base of oxidation, then into the deeper primary zone of chalcopyrite mineralisation. The high-grade gold cannot be visually observed due to its fine-grained nature; however, it is broadly associated with the deeper primary zone and is increasing in grade with depth. Assay results from the full suite of pathfinder elements are still outstanding, although it appears that high grade cobalt and bismuth occur on the periphery of the breccia complex. Hermitage has not seen any systematic, modern exploration with the last exploration efforts ending in the 1990s. This next phase of exploration is underpinned by leading edge technology and is aimed at establishing the extent of the host ironstone and mineralisation. Emmerson are deploying a number of techniques to maximise the data generated from this program, including utilising inhouse downhole magnetic probe to define "near miss" opportunities, plus alteration, trace element and ironstone fertility studies that will assist with vectoring to the core of the mineralisation. An RC drill program at Edna Beryl was completed late in 2021 before the onset of the wet season and was aimed at testing for continuity of the high-grade gold in the shallow oxide zone between the Edna Beryl Mine and prospectors' shaft at Edna Beryl West (ASX: 14 October 2021). The best results from this program came from the Edna Beryl North ironstone and included 3m at 0.57g/t gold and 0.18% copper from 150m (drill hole EBRC107). Whilst this program has established that the shallow high grade oxide zone does not appear to continue to Edna Beryl West, focus is back to the very high-grade intersections and mineralisation in the primary gold zone at Edna Beryl mine. The next program will also include evaluating the nearby prospects of Thrace (with historical intercept of 11m at 16.5g/t gold and 5m at 1.26% copper), Macedon and Carraman, particularly considering their association with a gravity anomaly and similarities to Hermitage and Jasper Hills. Following the conclusion of the wet season, the momentum of Emmerson's 2022 exploration and drilling program will increase over the coming months and include: Phase 2 drilling at Hermitage, Maiden JORC Resource estimate for the Mauretania, high grade, gold-oxide discovery (this resource will not include, the recently announced, deeper high grade primary mineralisation), Continued native title negotiations to facilitate drilling of the nearby Jasper Hills copper-gold-cobalt project, Generation of new projects in the Southern Project Area (the SPA is the subject of the Exploration Earn-In and Joint Venture (EEJV) with Tennant Consolidated Mining Group (TCMG)) utilising the recent high-resolution drone geophysical survey, Drilling for extensions and updating the resource model for the Golden Forty Mine and surrounds in the Southern Project Area (part of the EEJV with TCMG) and Further geophysical drone surveys across key areas of the Northern Project Area (part of the EEJV with TCMG).