Emmerson, Ivanhoe approve $7m program

West Leederville-based Emmerson Resources and Robert Friedland's Ivanhoe Australia have approved a $7 million exploration program for the remainder of this calendar year.

The approval forms part of Ivanhoe's $18 million farm-in obligation to Emmerson over the Tennant Creek tenements in the Northern Territory, to earn a 51 per cent interest over three years.

Ivanhoe then needs to spend a further $10 million to maintain its 51 per cent interest.

Emmerson is managing the exploration on behalf of the joint venture.

The exploration program is currently focused on the Troika prospect and will then move to the larger Trinity area.

It anticipated that around 30,000 metres of drilling will be carried out within the Tennant Creek tenements during the 2009 field season.