Emmerson Resources Limited is an ASX listed (ERM) gold resource company that recently (July, 2014) secured a landmark Joint Venture agreement with Evolution Mining (ASX: EVN).
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Emmerson is successfully applying a modern exploration strategy to its dominant tenement position in a world class mineral field. The Company has established a large JORC Resource at four deposits, with significant further exploration potential. Emmerson also owns a fully permitted 300ktpa C.I.P. processing plant, providing a fast-track pathway to gold production. With an Enterprise Value of just A$9.4m, ERM appears significantly undervalued.
Emmerson Resources (ASX: ERM) has a large, 100% owned tenement package covering the majority of the world class ‘Tennant Creek Mineral Field’, located in the Northern Territory, Australia.
The Company has already identified significant copper-gold resources at four deposits, totalling 6.79Mt @ 3.6g/t AuEq for ~900koz AuEq. This JORC Resource is likely to be revised upwards in the near term with ~1Mt of ‘ore grade mineralisation’ identified for near term assessment.
Of particular interest is the high grade Chariot gold deposit (170kt @ 17.4g/t Au for 99,000oz gold) which is likely to be the first deposit mined and processed through the 100% owned 300ktpa Warrego C.I.P. processing plant, which is currently under ‘care and maintenance’. A 1,200m RC drill program is scheduled to commence at the end of the wet season, targeting relatively shallow mineralisation (100m-200m) at Chariot East and Chariot West. Historic ‘ore grade’ intersections in this area make it low risk-high reward program with potential to add meaningful ounces within an expanded open cut mine plan at Chariot.
Emmerson is a well-run company operating in a world renowned mineral province. The Company appears to have ‘cracked the code’ for discovery of blind deposits, and has increased its JORC Resource estimate by 70% (gold) and 140% (copper) in just the last quarter. The Scoping Study currently underway is likely to provide impetus to begin feasibility work, targeting production in late 2015/early 2016.
Historical explorers have focused...
Official website: http://www.emmersonresources.com.au/
ASX on Hotcooper: http://hotcopper.com.au/asx/ERM