08/07/2014 - 15:16

Emmerson completes $1.8m placement

08/07/2014 - 15:16

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Perth gold explorer Emmerson Resources has completed raising $1.87 million through a 49 million share placement to Evolution Mining, satisfying all conditions precedent to the joint venture agreement.

Emmerson completes $1.8m placement

Perth gold explorer Emmerson Resources has completed raising $1.87 million through a 49 million share placement to Evolution Mining, satisfying all conditions precedent to the joint venture agreement. 

Emmerson has also received 2.5 million Evolution shares, valued at about $2 million.

In June, Emmerson announced that it had entered into a joint venture agreement with Evolution for the exploration of gold and copper deposits at the Tennant Creek mineral field in the Northern Territory. 

Evolution agreed to fund $15 million of the exploration costs for a 65 per cent interest in Tennant Creek.

“Diamond drilling is progressing as planned at the Eldorado deposit within the Tennant Creek project,” Emmerson said in a statement.

“The second drill rig will commence reverse circulation drilling at both Eldorado and Chariot, which will test a combination of brownfields and near mine targets with the aim of rapidly expanding the existing high grade JORC resources.” 

Emmerson shares rose by 12.8 per cent to 4.4 cents at 3:10pm. 

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