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Patronus Resources (ASX:PTN) is expanding its focus on exploration in the Northern Territory with a new strategic investment in Emmerson Resources (ASX:ERM) designed to progress gold and copper exploration in the prospective Tennant Creek region.
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The 7.73% acquisition entailed Patronus buying 49,144,000 shares in Emmerson Resources for a total consideration of $5.406 million at $0.11/sh.
In a Friday statement to the market, Patronus explained it had been guided by “recent corporate activity” in the region in question.
The portfolio held by Emmerson there, which includes 866,000 ounces of gold, also likely added to Emmerson’s attractiveness in terms of mergers and acquisitions and other corporate activity.
Patronus already has an investment in the Northern Territory, through its project of the same name – which covers 1,500 square kilometres of land in the Pine Creek Orogen – is rich in gold and uranium deposits.
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However, its flagship project is Cardinia, a gold project located in Western Australia’s Eastern Goldfields region, which has a mineral resource estimate (MRE) of 0.9 million ounces of gold, developed around oxide and deeper mineralisation at Cardinia East and Mertonvale.
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