Emmerson Resources' (ASX:ERM) drilling has returned bonanza grades of up to 10.6% copper that could extend existing resources at its Tennant Creek joint venture with Evolution Mining (NYSE:EVN) in the Northern Territory.
Adding interest, the presence of copper sulphides in the pre-collar of deep diamond drill hole GODD032 provides early promise and validation of the seismic survey.
It also augurs well for the overall drill campaign which is a big one as you would expect from 28,000 metres of drilling during this quarter alone.
The GODD032 results could extend the Goanna-Gecko Inferred Resource of 4.4 million tonnes at 2.1% copper and 0.11 grams per tonne gold within the 2.7 kilometre long Gecko-Goanna-Monitor mineralised corridor.
The multiple zones of high grade copper are
- 7 metres at 5.98% copper from 123 metres including 3 metres at 10.4% copper;
- 3 metres at 4.75% copper from 162 metres including 1 metres at 10.6% copper; and
- 1 metres at 2.37% copper from 221 metres.
Assays are pending on deeper intersections where further new zones of copper, pyrite and bismuth mineralisation associated with hematite were encountered.
In addition, the 28,000 metres of drilling scheduled for this quarter is well underway with rotary air blast and reverse circulation rigs working at the Mauretania prospect.
Emmerson and Evolution recently signed a tribute mining agreement with narrow vein mining specialists Edna Beryl Mining Company (EBMC) that could deliver income from a non-core asset.
Gecko Deep Drilling
GODD032 is the first deep drill hole at the Tennant Creek project, which was co-funded as part of the Northern Territory's Creating Opportunities for Resources Exploration initiative.
It was terminated at a down hole depth of 1,279 metres, making it the deepest known drill hole in the Tennant Creek Mineral Field.
Mineralisation at the hole is shallow and like Goanna, has remained undetected by previous explorers.
It also validates Emmerson's structural interpretation for repetitions of mineralisation at depth, providing further confidence for targeting deeper mineralisation across the field using new concepts and technologies.
Evolution is sole-funding $15 million of exploration over three years to earn a 65% stake in the Tennant Creek Mineral Field.
It can spend a further $10 million over two years to earn a further 10%.
The outstanding results from the deep drill hole at Gecko are the first application of seismic in the Tennant Creek Mineral Field.
It is also consistent with Emmerson managing director Rob Bills' strategy of discovering a new generation of deposits through applying new geological concepts and innovative technology.
Today's results from Hole GODD032 are at a significantly higher copper grade than the current Goanna and Gecko hosted Inferred Resource of 4.4 million tonnes at 2.1% copper.
This quarter will see Emmerson and partner Evolution put its considerable war chest to work with some outstanding targets, including the Mauretania area where prospectors have discovered gold nuggets.
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