Emmerson backed by Territory as Tennant Creek gold venture finalised

EMMERSON Resources has finalised Tennant Creek deals with operator Territory Resources including a A$2 million investment being made in the ASX-listed company by Territory at a 57% premium to recent trading levels.

Emmerson backed by Territory as Tennant Creek gold venture finalised Emmerson backed by Territory as Tennant Creek gold venture finalised Emmerson backed by Territory as Tennant Creek gold venture finalised Emmerson backed by Territory as Tennant Creek gold venture finalised Emmerson backed by Territory as Tennant Creek gold venture finalised

Territory will pay 10.35c per share and hold about 4.55% of Emmerson after the deal.

Territory will also contribute $5 million over five years to earn a 75% stake in Emmerson's so-called "Southern Project Area", and is to refurbish and operate the Warrego processing plant after Emmerson sold it the mothballed mill and mining lease.

The latter deal will then involve Emmerson receiving royalties from planned mining at the Edna Beryl and Chariot mines - the latter which contains current resources of around 140,000oz - while a profit share agreement will kick-in for other potential small mines on Emmerson's books in the SPA.

Meanwhile, exploration on Emmerson's 100% owned NPA (northern project area), is awaiting ground clearance of drill pads at Jasper Hills and f...

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