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.
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.
