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EMU (ASX:EMU) jumps on first assays from Gnows Nest
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  • EMU (EMU) shares soared this morning after reporting its first assay results from its drilling program at the Gnows Nest Project in WA
  • The initial results have confirmed and extended the high-grade gold mineralisation at Monte Cristo gold prospect
  • Gold mineralisation remains open at depth and along strike at both the Gnows Nest and Monte Cristo prospects
  • Further assay results are expected over the next six weeks
  • On the market this morning, EMU is up 54.6 per cent and is trading at 8.5 cents per share

EMU (EMU) shares soared this morning after reporting its first assay results have been received from its drilling program at the Gnows Nest Project in WA.

The company has received results from 33 reverse circulation drill holes.

Results have successfully confirmed and extended the high-grade gold mineralisation at the previously identified Monte Cristo gold prospect.

Significant intersections include four metres at 20.40g/t of gold from 51 metres including one metre at 57.41g/t of gold from 52 metres and three metres at 13.35g/t of gold from 67 metres.

Notably, gold mineralisation remains open at depth and along strike at both the Gnows Nest and Monte Cristo prospects.

Chairman Peter Thomas is pleased with the early results from the maiden drilling program.

"These results provide early and strong encouragement for the potential of a materially large gold deposit emerging at Gnows Nest and could be the catalyst for the company to transition from explorer to producer near term," he said.

"Whilst we just might have a cub by the tail at the Gnows Nest Gold Project, we are excitedly awaiting the outcome of active programmes at all our projects during the remainder of the year," he added.

Further assay results from the drilling program are expected over the next six weeks.

On the market this morning, EMU is up 54.6 per cent and is trading at 8.5 cents per share at 11:37 am AEDT.

EMU by the numbers
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