Emmerson Resources reports that first assay results from the area north of its historic Golden Forty mine near Tennant Creek have returned high-grade gold hits along with the key chemical mineral bismuth.
A hole 50m north of the original underground workings intercepted 6m at 41.2 grams per tonne gold, including 4m at 60.6g/t gold (and in which there was a 1m interval at 203.8g/t gold).
Other initial results from the 26-hole drilling program returned 35m at 1.8g/t gold (including 13m at 4.1g/t gold along with 0.62% bismuth) and 30m at 1.1g/t gold (including 2m at 4.5g/t gold and 0.23% bismuth).
Potential for battery metals
The Golden Forty mine, 14km east of Tennant Creek, was worked briefly in 1938 and then revived three decades later before being closed down in 1983 (due to poor ground conditions) having produced 50,000oz at an average 11.9g/t gold.
Emmerson is the operator of the drilling program on behalf of its privately owned joint venture partner Tennant Consolidated Mining Group (TCMG) as part of the latter’s $5 million earn-in commitment.
The company has said previously that drilling at Golden Forty is aimed at adding further resources and inventory ahead of TCMG establishing a central mill in the area.
Emmerson managing director Rob Bills said the company is now looking forward to drilling the untested up-plunge — or shallower — portions to the south in early 2023.
“These initial results are highly encouraging as they have intersected mineralisation to the north of the historic Golden Forty mine, are relatively shallow and thus potentially amenable to open pit mining.”
Assay results are yet to come from the 17 reverse circulation holes at unexploited portions of the Golden Forty mine and also the continuation of the ironstones to G40 East.
Mr Bills added that the intersection of copper and some of the highest-grade bismuth encountered to date suggest that the northern ironstone also has potential for “future facing” battery metals.
Working with CSIRO to better pinpoint potential targets
The Golden Forty project lies within Emmerson’s 100%-owned Southern project area subject to the farm-in by TCMG.
The phase one drilling program at Golden Forty is now complete, consisting of 20 RC and six diamond holes. Results have been reported for just three holes so far.
Meanwhile, Emmerson is working with the CSIRO on refining the drone magnetics to better pinpoint potential targets at Golden Forty.
There is a magnetic anomaly to the south but, to date, this remains unexplained by the historic drilling.
