Emmerson Resources Ltd continues to spin the bit in its multi-product portfolio

Heading into the March quarter, Emmerson had $3.9 million in the bank to support future operations.

Emmerson Resources Ltd (ASX:ERM) continued to make progress on its flagship Hermitage project at Tennant Creek late last year, with drilling activity defining the December quarter.

The precious and base metals explorer completed his 2021 drilling campaign on the wholly-owned property with what he described as a “stunning” discovery of 117 meters grading 3.38% copper.

Elsewhere in the Tennant Creek area, Emmerson continued to advance its gold prospects with a 40% increase in resources at the Chariot gold camp.

And in New South Wales, the company has been preparing for a high-impact drilling campaign at the Kiola Gold-Copper project in 2022.

Heading into the March quarter, Emmerson had $3.9 million in the bank to support future operations.

Next on the agenda

Emmerson has a busy quarter ahead, with exploration planned in its portfolio of projects. Initiatives include:

  • An extensive reverse circulation (RC) and diamond drilling program on the 100% owned Hermitage project by Emmerson;
  • Advance access to the Jasper Hills project with custodians approving Emmerson’s work program and sensitive site protection measures;
  • Completion of the ultra-high resolution drone magnetic survey of the southern project area at Tennant Creek;
  • Finalize and approve drilling programs for 2022 in the TCMG joint venture areas at Tennant Creek;
  • Continuation of advanced mining studies, including reporting of JORC resource estimates at Mauretania and Black Snake;
  • Mining and environmental studies underway to advance Mauretania and Chariot towards the TCMG mining schedule;
  • Communication of expected analytical results from Edna Beryl and Hermitage; and
  • Possibly start drilling at Kiola – subject to securing a drilling contractor and COVID protocols.

Return the earth to the Hermitage

Hermitage is one of a group of prospects 100% owned by Emmerson on granted mining leases that are within the Tennant Creek North Corridor.

These prospects include North Star, Jasper Hills, Katherine Star and Northern Star in the Mining Lease (ML 30177) and Edna Beryl Thrace and Macedon in ML 705.

Hermitage has seen no systematic and modern exploration, with the last exploration campaign ending in the 1990s.

This phase of Emmerson’s exploration program consisted of four RC holes aimed at establishing the thickness, grade and potential for extensions of historical mineralization.

Drill hole HERC003 reported the copper intersection at 117 meters, making it the 16th best copper intersection in the world in 2021, according to an independent ranking by data platform Opaxe.

Notably, the reported intersection ranked ahead of Greatland Gold/Newcrest Mining’s drilling at the Haverion discovery in the Paterson Province of WA and has many geological similarities.

Assays from hole HERC004 and gold results from the native copper zone in HERC003 remain pending, along with 1 meter sample splits from the 3 meter composites of all significant intersections in holes HERC002 and HERC003.

Ultimately, however, Emmerson believes this drilling significantly improved the classification and potential for economic gold, copper and cobalt mineralization in the northern project area, particularly in the northern gravity ridge which hosts several copper-gold prospects. similar style iron oxide.

Phase two diamond and RC drilling will resume after the end of the rainy season in the North and the renewal of the certificate of authorization.

Increase in resources at Chariot

In late December, Emmerson reported a major mineral resource upgrade for the Chariot Gold project.

Thanks to a 40% jump in the resource, the project now contains 556,200 tonnes of ore at a grade of 7.8 g/t for 138,000 ounces of gold.

Additionally, Chariot’s new resource estimate supports a conceptual high-grade open pit mine of 17.7 g/t gold and underground mining of 6.3 g/t.

Chariot is one of several mines undergoing scoping studies by exploration and mining partner Tennant Creek Mining Group (TCMG) prior to finalizing the mining and production schedule.

Studies are also progressing on the Mauretania high-grade gold project.

High impact drilling at Kiola

Emmerson’s Kiola Project is one of the top-ranked early gold-copper projects in the portfolio and is centered on the 15 square kilometer Kiola Geochemical Zone (KGZ).

It includes favorable Ordovician age rocks that show anomalously high geochemistry of gold and copper as well as historical workings.

Recent work has confirmed that the KGZ contains many attributes of world-class gold-copper porphyry mineralization, and ERM has undertaken an extensive campaign of fieldwork and monitoring to examine its prospectivity.

Emmerson also landed $118,000 from a NSW government grant to support a future drilling program at Kiola.

The company hopes to initiate drill-based exploration in the current quarter, pending rig availability and COVID restrictions.