Emmerson Resources Limited announced the Golden Forty (G40) project is within the 100% Emmerson owned Southern Project Area (SPA) where JV partner TCMG are earning an interest by funding the exploration. These first three drill results from the 26-hole program confirm the high-grade gold mineralisation at the historic Golden Forty mine extend to the north, where it is hosted in the G40N ironstone. The results add to the potential for increasing the gold inventory and for shallow open pit mining given the mineralisation is shallow and remains open up-plunge to the south.

The Phase 1 drilling at G40 is now complete and consisted of 20 RC and six diamond drill holes, totaling 4,455m. All drill holes intersected magnetite-hematite ironstones which are typically the host to the mineralisation. Whilst the thickness of ironstone was variable, some intersections exceeded what has historically been intersected in the G40 mine.

Subject to receiving the assay results, this may indicate further extensions of the mineralising envelope. All RC samples have been dispatched to the laboratory with next results expected in late December 2022. The diamond drill holes, two of which were drilled at G40E as part of the collaborative funding with the NTGS (under the NT Government Resourcing the Territory initiative) are being processed this week, with assay results expected in February 2023.

In addition, work is underway with the CSIRO on refining the processing of the drone magnetics to better pinpoint potential targets at Golden Forty South­ where the magnetic anomaly associated with the G40 Mine continues to the south but to date remains unexplained by the historic drilling. This project has been awarded co-funding by the NTGS through the Geophysics and Drilling Collaboration and is pivotal to future drill testing of what is one of the larger magnetic anomalies in the Tennant Creek Mineral Field. The historic Golden Forty Mine briefly commenced operations in 1938, however it was not until 1969 that the mine operated as a productive underground operation.

Mining was via a vertical shaft to a depth of 150m and from cross-cut development and open-hole stoping on four east-west levels. Production ceased abruptly when failing ground conditions and increased water ingress prevented the safe extraction of ore. The mine was decommissioned in 1983 due to these issues ­ not due to a lack of ore nor declining grades.

The Golden Forty Mine produced 144,056 tonnes of ore at a recovered head grade of 11.9g/t gold between 1969 and 1983.