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- Emmerson Resources (ERM) enters a trading halt ahead of a capital raise
- The gold and copper explorer hasn’t indicated how much it will raise nor how it will spend the funds once received
- Emmerson and its JV partner TCMG recently announced a maiden MRE of 256,216 tonnes at 3.5 g/t gold for 28,974 ounces of gold for the Mauretania deposit in the NT
- The company expects to come out of the trading halt on Thursday, April 14, by which time the details of the capital raise would have likely been released
- Emmerson last traded at 14 cents on April 11
Emmerson Resources (ERM) has entered a trading halt pending the release of a capital raise.
Emmerson is a gold and copper explorer with a portfolio of projects spanning 1706 square kilometres in the Northern Territory and 659 square kilometres in the Macquarie Arc belt of New South Wales.
It isn’t clear how much the company expects to raise nor how it will spend the funds once received.
In terms of recent newsflow, Emmerson announced a maiden mineral resource estimate (MRE) for the Mauretania gold deposit which is situated in the Northern Territory’s Tennant Creek mineral field.
The MRE stands at 256,216 tonnes at 3.5 g/t gold for 28,974 ounces of gold and the resource remains open and unexplored at depth.
Mauretania is held in a joint venture with Tennant Consolidated Mining Group (TCMG) who is funding $10.5 million worth of exploration over five years. Emmerson is entitled to a free-carried 6 per cent gold revenue royalty at the Mauretania deposit.
The company expects to come out of the trading halt on Thursday, April 14, by which time the details of the capital raise would have likely been released.
Emmerson last traded at 14 cents on April 11.
