Emerald Resources NL (ASX:EMR) Memot Gold Project Resource Update
Emerald Resources NL (ASX:EMR) has announced a significant update to its Memot Gold Project, with the indicated and inferred mineral resource now estimated at 19.5 million tonnes at 1.65 grams per tonne, totalling 1,030,000 ounces of gold. This represents a remarkable 120% increase from the prior estimate released in December 2023, with 68% of the resources classified as “indicated.”
Drilling Success and Future Development
The recent drill program, comprising 50,000 metres, confirms the continuity of mineralisation, remaining open in all directions and at depth. Four diamond drill rigs are actively exploring targets to expand resources further, with a resource update expected by mid-2025. The anticipated metallurgical recoveries exceed 85%, highlighting the efficiency of the conventional Carbon-in-Leach (CIL) process being developed.
Emerald’s Managing Director, Morgan Hart, remarked, “Emerald is pleased to announce the updated Gold Resource at our 100% owned Memot Gold Project following the completion of the 50,000m Stage 2 drill program. Results from this program have seen the resource ounces double, reinforcing our confidence that the Memot Gold Project will evolve into our second operation in Cambodia.”
Pathway to Expanded Production
Emerald continues its commitment to developing the Memot Gold Project alongside its operations at the Okvau Gold Mine, which has produced approximately 350,000 ounces of gold since commissioning. The company is focused on becoming a multi-mine producer with a target of 300,000 ounces per annum across its operations in Cambodia and Australia.
Recent drilling has delivered impressive intercepts, including 6 metres at 348.76 grams per tonne from 125 metres, showcasing the potential high-grade zones within the deposit. Emerald Resources NL anticipates commencing development in 2025, following ongoing feasibility studies and licencing processes.
Emerald Resources NL demonstrates considerable growth potential within its operational portfolio, underlined by its dedicated exploration efforts in Cambodia and Australia.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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