Emmerson Resources has commissioned a notice of termination for its joint venture (JV) with Tennant Creek over the south project area in the Northern Territory.
The JV has ended effective immediately following the serving of the notice, and as a result the small mines joint venture with Tennant Creek has also been cancelled.
According to Emmerson, the decision will assist its business model.
“The company has taken this action to clear a path to delivery our royalty business model and accelerate exploration to continue top build a high-grade gold pipeline,” Emmerson said.
The Southern project area hosts the Eldorado, Susan, Black Snake, TC8, Malbec West and Chariot gold projects, with Emmerson holding complete ownership.
TRL have also received a default notice for the Edna Beryl gold mine, also located in the Northern Territory.
In April, Emmerson partnered with NT Bullion to improve gold mining prospectes in the Tennant Creek area, which included a $2 million investment of Emmerson shares from NT Bullion.
Emmerson also holds 100 per cent ownership of the Northern project area at Tennant Creek, which includes Edna Beryl and the Mauretania project.
High grade gold was recently discovered at Mauretania, with drilling to commence this month.