GR057 Combined Annual Report for the Northern Project Area 16 August 2014 to 15 August 2015

Abstract

During the reporting period exploration activities were very limited 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 the NPA. 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 commenced exploration activities centred around the re-evaluation of the potential for gold deep under the historical Gecko Mine. Although the hole was drilled in ML 23969 it has implications for a more regional picture that extends from this ML into EL's of the NPA and will be described below. Emmerson completed a seismic survey over the Historical Gecko Mine, more specifically the K44 ore body aimed at trying to resolve and deep targets previously not seen by other depth limited geophysical techniques and now past deep drilling. The seismic section was interpreted by Emmerson and our JV partners geoscientists and a target was generated, figure 9 displays the plan view of the drilled hole (GODD032) and also a further proposed hole that has not been drilled to date, figure 10 displays the seismic section and the significant intercepts. Emmerson drilled 1 deep diamond (DDH) hole, with an RC precollar under the historical Gecko mine (ML 23969) totalling 1,279m (of which 265m was an RC precollar and 1,014m was DDH). Results from the drilling was mixed with high grade copper intersected in the RC precollar, with best results as below; 7m at 5.98 percent Cu from 123m including 3m at 10.4 percent Cu; 3m at 4.75 percent Cu from 162m including 1m at 10.6 percent Cu; and 1m at 2.37 percent Cu from 221m The deeper results were disappointing but some remain outstanding. The copper intersected in the top part of the hole potentially could be a western strike extension of Emmerson's Goanna discovery located 800m to the east. A proposal for a drill program to confirm this extension will be prepared and tabled at the next JV meeting in late October 2015, for drilling in late 2015 or early 2016..