Update on Restructure of TCMF Joint Venture
Perth, Mar 19, 2018 AEST (ABN Newswire) - As announced on 19 February 2018 Emmerson Resources Limited ("Emmerson") (ASX:ERM) (EMMRF:OTCMKTS) has agreed with Evolution Mining Limited (ASX:EVN) (Evolution) to restructure the Tennant Creek Mineral Field Farm-in and Joint Venture Agreement.
A Deed of Variation has been executed, and as announced Emmerson will retain 100% ownership of the majority of the Tennant Creek tenements with Evolution taking ownership of those tenements associated with the Gecko-Goanna-Orlando copper-gold prospects.
As was noted, the restructure would require Emmerson shareholder approval if the ASX deemed that Listing Rule 10.1 applies.
The ASX has now confirmed that Listing Rule 10.1 applies to the restructure and accordingly Emmerson will now seek the shareholder approval necessary to proceed with the restructure. Preparation for this shareholder meeting is in progress and details will dispatched to shareholders as soon as possible. It is currently anticipated that the general meeting of Emmerson shareholders will be held in early May 2018.
Emmerson sees the restructure as a beneficial and logical outcome for both parties and looks forward to shareholder support and quickly finalising the restructure.
About Emmerson Resources Limited
Emmerson Resources Limited (ASX:ERM) (FRA:42E) recently commenced exploration on new gold-copper projects in NSW, identified (with our strategic alliance partner Kenex Limited) from the application of 2D and 3D predictive targeting models – aimed at increasing the probability of discovery. The highly prospective Macquarie Arc in NSW hosts >80Mozs gold and >13Mt copper with these resources heavily weighted to areas of outcrop or limited cover. Emmerson's five exploration projects contain many attributes of the known deposits within the Macquarie Arc but remain under explored due to historical impediments, including an overlying cover (plus farmlands) and a lack of exploration focus. Kadungle is a JV with Aurelia Metals covering 43km2 adjacent to Emmerson's Fifield project.
In addition, Emmerson is exploring the Tennant Creek Mineral Field (TCMF), one of Australia's highest-grade gold and copper fields producing over 5.5 Mozs of gold and 470,000 tonnes of copper from deposits including Warrego, White Devil, Orlando, Gecko, Chariot and Golden Forty. These high-grade deposits are highly valuable exploration targets, and to date discoveries include high-grade gold at Edna Beryl and Mauretania, plus copper-gold at Goanna and Monitor. These are the first discoveries in the TCMF for over a decade.
Evolution Mining Limited
Emmerson Resources Limited