Annual Report for ML 29917 1 October 2014 to 30 September 2015

Abstract

During the reporting period no exploration activities were conducted due to corporate reasons, which entailed the seeking of a Joint Venture (JV) Partner or further funds to continue exploration in the Tennant Creek area and more specifically ML 29917. Emmerson succeeded in securing Evolution as a Joint Venture Partner who has committed to spend $25M over the next 5 years. Following the formation of this JV, Emmerson has commenced exploration activities and will evaluate the prospectivity and then rank work for the title as per its prospectivity in comparison to the other 476 titles Emmerson explores in Tennant Creek. It is expected that ML 29917 ranks highly for prospectivity therefore exploration activities should resume in the near future. Mineral Lease 29917 was granted on the 1st of October 2013 as a replacement and amalgamated title for the now expired MLC 668 and MLC 693 (part only), to search for Tennant Creek style iron oxide copper-gold deposits (IOCG). Giants Reef Exploration Pty Ltd (Giants Reef) is a wholly owned subsidiary of Emmerson Resources Ltd (Emmerson). This annual report records any activities completed on this title during the reporting period from 1st October 2014 to the 30th September 2015. Further exploration of the title area, more specifically the historical workings and identified anomalous zone around the Havelock Mine area, will be dependent on future access granted by Traditional Owners. Currently the most prospective areas remain off limits or are heavily restricted, but Emmerson will continue to operate with best practices and continue consultation and dialogue with the Traditional Owners with the aim of gaining some form of access in the future. As described above the HeliTEM anomalism is coincident with the strong VRMI anomalism in the south western half of the group, the most south west HeliTEM anomaly coincides directly with the very strong olivewood VRMI anomaly and given the historical high grade gold produced from Olivewood this clearly is an anomalous zone and would be a very high priority target, if it were not be for the cultural sensitivity of the area. The HeliTEM anomaly north of olivewood trends north west, coincident with the major structures of the Tennant Creek Filed and trend of ironstone outcropping in the region, it also coincides with the edge of the VRMI anomaly and may represent a major structure, this would require closer structural examination to identify areas of dilation as zones for possible mineralisation, but is also limited by cultural exclusion and restricted zones. The two HeliTEM anomalies associated in the north east of the title area are not associated with VRMI anomalism, and previously would have been interpreted as major structures with no prospectivity, but following the Goanna and Monitor discoveries, as detailed above, these areas now warrant greater exploration and detailed analysis with the aim of identifying Non-Magnetic shear hosted mineralisation.