Evolution Mining and Emmerson Resources will move forward with the proposed restructure of their joint venture in the Northern Territory.
Emmerson has confirmed that the plan to restructure the Tennant Creek mineral field farm-in and JV agreement with Evolution has been approved by shareholders.
Under the restructure, Emmerson retains 100 per cent ownership of the around 94 per cent of the entire tenement package, which includes gold-dominant projects, small mines and exploration ground for new discoveries.
Emmerson will also hold ownership of a tribute mining agreement at the Edna Beryl site and other small mine projects.
Evolution will own tenements that contain the Gecko, Goanna and Orlando gold-copper prospects, around 6 per cent of the entire package.
These tenements are predominantly copper rich, but also have potential for gold grades to increase at depth.
Emmerson managing director Rob Bills said the restructure was a logical and value accretive outcome.
“Emmerson has wasted no time in capitalising on the opportunity of generating new projects in what is now 100 per cent Emmerson ground,” Bills said.
“We are currently working to build on this discovery momentum with extensional drilling of several high-grade gold projects and a helicopter-borne geophysical survey searching for new gold, copper and cobalt deposits.”
The restructure enables both companies to divest their respective interests in the Tennant Creek tenements, which they consider non-core to their strategic objectives.