Emmerson Resources (ASX: ERM) has been successful in applying for government co-funding covering three projects being explored in the Tennant Creek mineral field in the Northern Territory.
Under the Geophysics and Drilling Collaborations program, the Northern Territory Geological Survey will allocate up to $3 million after Emmerson made three submissions for its gold-copper-cobalt and iron oxide projects.
The funding will cover brownfields remanence (of the remaining magnetisation) and petrophysics targeting at Golden Forty South, brownfields diamond drilling at Golden Forty East and brownfields targeting with a high-definition magnetic drone survey.
First company to apply new technology at Tennant Creek
Emmerson is the first company since 2008 to apply new proprietary exploration techniques and concepts, after consolidating a 1,706sq km tenement package at Tennant Creek.
The company says the decline in discovery rates in the region does not reflect metal depletion, but rather is a direct consequence of the lack of fresh concepts and technologies.
“Emmerson maintains the view that only half of the deposits in the Tennant Creek mineral field have been discovered”, the company has stated previously.
In today’s announcement, the company noted that the recent discovery at the Hermitage target, returning 116m at 3.4% copper and 0.88 grams per tonne gold, is “testament to the potential of applying new technology and ideas to reinvigorate discovery across the Tennant Creek mineral field”.
Tennant Creek an ‘exploration hotspot’
Emmerson’s programs now being co-funded by the Northern Territory government will get underway shortly.
Managing director Rob Bills said further discoveries in the Tennant Creek mineral field will benefit other explorers in what he called “an exploration hotspot”.
“The awarding of three out of three co-funding grants is testament to Emmerson’s science-based approach to exploration,” he added.
At Golden Forty South, Emmerson will focus on target detection, with the ground containing what the company describes as the second largest magnetic anomaly in the Tennant Creek field.
The largest magnetic anomaly led to the development of the historic White Devil gold mine, which between 1987 and 1999 produced 760,000oz of gold at an average 14.6g/t.
The company is also planning drilling in the area of the former G40 mine, which produced 57,000oz at 11.9g/t between 1969 and 1983.