Emmerson, Evolution diverge in 'smart' deal

EVOLUTION Mining and Emmerson Resources have restructured their Tennant Creek joint venture in Northern Territory such that Evolution will now own outright the Gecko, Goanna, and Orlando prospects (and associated ground), with Emmerson the 100% owner of the rest.

Emmerson, Evolution diverge in 'smart' deal Emmerson, Evolution diverge in 'smart' deal Emmerson, Evolution diverge in 'smart' deal Emmerson, Evolution diverge in 'smart' deal Emmerson, Evolution diverge in 'smart' deal

The restructure means Emmerson can look to monetise its small mines portfolio – as per the tribute mining arrangement it has in place at the Edna Beryl mine – while it continues to seek a big find in the high grade field.

The ground Evolution’s retaining 100% interest-in is “predominantly copper rich but (with) potential for gold grades to increase at depth”.

Further exploration of these prospects will require deep drilling, with Evolution intending to test these prospects for potential new discoveries of scale at depth and along strike.

The restructure concludes a joint venture that was signed in mid-2014 involving Evolution spending A$15 million over three years to earn a 65% stake.