Emmerson Resources forms strategic alliance to share technology and fast-track gold-copper discoveries
Emmerson Resources Ltd (ASX:ERM) has formed a strategic alliance with Longreach Mineral Exploration to share new technology and fast-track discovery of gold-copper projects in Australia.
This alliance complements Emmersons existing capabilities and provides a path to accelerating project generation and early-stage exploration.
Alliance terms[hhmc]
Either party can submit a project to the project working group and if unanimously accepted, it becomes a strategic alliance project (SAP).
Each party will contribute 50% of the costs to the agreed work program, which will be undertaken by the nominated manager who will receive a 6% management fee.
Providing the SAP meets the agreed milestone, the project then becomes the subject of a joint venture between the parties.
The Sebastopol Gold Project in NSW is the first alliance project to be drill tested in 2020, with Emmerson to undertake the agreed work program and receive the management fee.
“Applying new techniques and technology”[hhmc]
Emmerson managing director Rob Bill said: “This strategic alliance with Longreach Mineral Exploration furthers our aim of applying new techniques and technology to minerals discovery.
“The Longreach group consists of highly successful oil and gas exploration and service companies, with great capacity and capability in the application of machine learning across big data sets such as 3D seismic imaging and interpretation, airborne geophysics and deep learning tools.
“This combined with Emmersons systematic science-based track record of discoveries in the mineral industry provides a powerful partnership to generate or identify new gold and copper opportunities.”
“Favourable setting”[hhmc]
Bill continued: “Sebastopol was identified by Emmerson and Kenex in 2016 as part of a bigger gold-copper project and whilst the potential for porphyry gold-copper was downgraded, the historic Sebastopol goldfield was retained given its lack of modern exploration and favourable setting for orogenic gold deposits.
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