Emmerson Resources Limited has been successfully awarded co-funding grants through the Geophysics and Drilling Collaborations (GDC) program administered by the Northern Territory Geological Survey (NTGS). The GDC is a competitive grants program funded by the Northern Territory (NT) Government's $9.5 million per annum Resourcing the Territory initiative. The program will allocate up to $3 million to co-fund projects that address geoscientific knowledge gaps, advance exploration activity, and support the discovery and development of resources in the Territory Emmerson took part in the Round 15 Geophysics and Drilling Collaborations program, with three submissions successfully made and awarded for the Golden Forty South ­ Brownfields Remanence and Petrophysics Targeting, Golden Forty East ­ Brownfields Diamond Drilling and High-Definition Magnetic Drone Survey ­ Brownfields Targeting.

Emmerson's recent discovery drill hole at Hermitage (116m at 3.4% copper and 0.88g/t gold in drill hole HERC003) (ASX: 28 March 2022) is testament to the potential of applying new technology and ideas to reinvigorate discovery across the Tennant Creek Mineral Field (TCMF). All three high impact programs will get underway shortly and be of direct benefit to advancing its understanding of these high-grade gold-copper-cobalt, iron-oxide deposits. Golden Forty South (G40S) ­ targeting gold mineralisation in the vicinity of a large and unexplained magnetic anomaly: This project will focus on enhancing its target detection and data processing methodologies.

G40S is associated with one of the largest and intense magnetic anomalies in the TCMF (second only to the magnetic anomaly associated with the historic high grade gold, White Devil Mine). The aim of this project is to collaborate with the best research and industry practitioners to refine its high resolution drone aeromagnetics, enabling more precise definition of the source of the G40S magnetic anomaly. Given there has been some high grade gold intersected in the general vicinity, The company anticipates that the source of the magnetic anomaly relates to a yet to be intersected, gold bearing magnetite ironstone.

If successful, this will have economic implications given the nearby G40 mine (historical production of 57,000oz at 12g/t gold) is also the subject of further drilling and future resource estimations. Golden Forty East (G40E) ­ targeting extensions to the gold mineralisation at the G40 mine: The G40E target is associated with minor surface prospecting and mining, and is within the same structural corridor as the G40 mine. Two diamond drill holes are planned to test for alteration and further mineralisation hosted by magnetite-hematite ironstones within the G40 fold closure.

High Definition aeromagnetic drone survey ­ aimed at better defining magnetite-hematite ironstones associated with gold-copper and cobalt: Three mineralized corridors in the TCMF will be flown with the drone survey including the Hermitage prospect in the northern project area. Emmerson is currently drilling the Hermitage project, where the discovery drill hole HERC003 intersected 116m at 3.4% copper and 0.88g/t gold. Hermitage is one of a cluster of prospects that occurs within the northern gravity corridor ­ and where the source of these anomalies is the relatively dense, hematite shales and jasper that can mask the more subtle hematite ironstones.

The aim of flying high resolution drone magnetics is twofold to enhance its predictive capability through refining the structural interpretation and to detect discrete magnetic anomalies associated with the predominantly hematite associated ironstones. These ironstones have been shown to host high grades of gold, copper, and cobalt mineralisation and, because of their subdued signature, have seen little previous exploration.