Emmerson Resources (ASX:ERM) established the maiden mineral resource estimate of the White Devil gold deposit within the Tennant Creek project in the Northern Territory, according to a Wednesday Australian bourse filing.
The deposit's maiden resource stands at reported 3.63 million tonnes at 4.2 g/t gold for 489,900 gold ounces. Almost 90% of the deposit is classified as indicated resources.
The estimate expanded the project's resource base by 130% to 5.9 million tonnes at a grade of 4.6 grams per tonne of gold for 866,000 ounces of gold.
The White Devil deposit may become the first deposit to be classified as a "Major Mine Deposit" under a joint venture between the firm and TCMG, a wholly-owned unit of Pan African Resources on the conclusion of additional development studies.
This will allow Emmerson to retain up to a 40% contributing ownership of the deposit rather than receiving a 6% gross production royalty, according to its managing director, Mike Dunbar said.
The miner's shares rallied 11% on market close on Wednesday.
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