Emmerson Resources Ltd (ASX:ERM) has reported a maiden mineral resource estimate (MRE) for its Eldorado deposit in the Northern Territory, noting its high-grade status, at 444,700 tonnes at 4.9 grams per tonne of gold for 69,800 ounces.
Within this, the deposit holds an indicated resource of 277,500 tonnes at 6.2 grams per tonne for 55,600 ounces, and an inferred resource of 167,200 at 2.6 grams per tonne for 14,200 ounces of gold.
Overall, this has increased Emmerson’s Tennant Creek Project to a global mineral resource of 2.27 million tonnes at 5.2 grams per tonne for 376,600 ounces of gold.
Achieving the MRE for Eldorado is an important step in Emmerson’s investment in the Tennant Creek Mineral Field, alongside its joint venture partner Tennant Consolidated Mining Group (TCMG), which will be using the updated data in development studies.
Emmerson’s Managing Director, Mike Dunbar said the maiden resource estimate underscored the company’s investment in the precious metal.
“Emmerson’s high-grade gold inventory continues rapidly growing: the completion of the maiden Eldorado Mineral Resource Estimate is another substantial step forward for Emmerson’s Tennant Creek Project as a whole, as it adds more high-grade gold ounces to the Company’s inventory, which now stands at over 370,000 ounces of gold at 5.2 g/t gold with the Indicated portion of the Mineral Resource now standing at over 310,000oz of gold at 6.1g/t,” he said.
“Importantly the Eldorado resource is very robust with 80 percent of the resource classified as Indicated, which, given the high-grade, should allow a substantial amount of the resource to convert to an Ore Reserve, once additional development studies are
completed.
“The Eldorado studies along with the Golden Forty development studies, which are already being completed, by our Joint Venture partner, Tennant Consolidated Mining Group (TCMG), are expected to lead to a substantial increase in the Probable
Ore Reserves.
“We expect that the Eldorado resource along with the recently announced Golden Forty resource, will have a material impact on TCMG’s plans to revitalise gold mining and processing in the high-grade Tennant Creek Mineral Field and add significantly to the
royalties that Emmerson will receive as well as benefiting the Northern Territory.”
Emmerson has been trading at 4 cents.