The Northern Territory (NT) has seen an eruption of excitement about the new gold rush outlook after believing that the exploration team has unearthed an unusually high-grade deposit of precious metals.
Emmerson Resources (ER), a mineral exploration organization, encountered a very rare discovery in the heart of Tennant Creek’s Mauritanian territory as a result of a drone survey with a magnetic field detector.
“There is absolutely a lot of activity around the town,” NT Mining Minister Nicole Manison told reporters Wednesday. “There are companies that are making great discoveries. There is real potential to bring Tennant Creek back to the glorious era of a thriving mining town.”
The condominium said NT currently has 20 mining projects working towards a final investment decision, worth a total of $ 6.2 billion (US $ 4.5 billion).
Previous surveying techniques used to fly an airplane at a height of 30 meters and measure the magnetic field every 50 to 100 meters. This data was used to find magnetite, iron ore commonly found near gold deposits, and the world’s most magnetic, naturally occurring minerals.
The new technology, on the other hand, uses a flying drone with the same type of magnetometer, but at 15 meters above the ground, measuring every 10 meters gives a much more detailed picture of the underground landscape.
ERCEO Rob Bills explained that the drone helped discover shallow sediments near the surface. The gold grade found reached about 40-50 grams (g / t) per ton, one of Australia’s highest concentrations.
“Australia’s average performance is probably at most 5, 5 to 10,” Bills told The Epoch Times.
However, Bills said the shallow deposits, known as gold oxide reserves, are another major source of gold.
“The shallow part of Mauritania is amazing,” Bills said. “There must be a cause. Somewhere in the area there must be a source to withdraw the money.”
He said deeper drilling began to find the actual roots of the deposit and then continued to find more of the very high grade gold.
“And with that deep drilling, I think we found the source.”
The samples obtained at the new location were even more appreciated and found that one particular region contained a gold concentration of 57 g / t.
Deposits near the surface are extracted using open pit mines, requiring more expensive underground work in deeper areas. Bills said the results looked promising, although further investigation of the deeper zones was needed.
Currently, Mineral Hunters own approximately 90 percent of the 1,700 square kilometers or Tennant Creek field exploration rights.
After partnering with the Hong Kong-based debt fund Tennant Consolidated Mining Group (TCMG), which is responsible for processing mining operations, ER will earn 6% of all royalties.
TCMG also plans to build a gold processing plant in the area, which will significantly increase the value of the state’s exploration sector, Bills said.