Emerald Resources Expands Memot Gold Project Resource to 1.03Moz

2 min read | December 12, 2024 07:42 PM PST | By Team Kalkine Media

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Emerald Resources Expands Memot Gold Project Resource to 1.03Moz — Image source: shutterstock

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Highlights:

Emerald Resources (ASX:EMR) increases Memot Gold Project resource by 120% to 1.03Moz, with 19.5Mt of ore at 1.65g/t gold.

70% of the resource is classified as ‘Indicated’, with mineralisation open in all directions, supported by active drilling.

Feasibility studies for the project continue, with development plans targeting a 2025 start date for what could become the company’s second Cambodian gold operation.

Emerald Resources (ASX:EMR) has announced a significant upgrade to its Memot Gold Project (MGP) resource, bringing the total to 1.03 million ounces (Moz) of gold, a 120% increase from previous estimates. The new resource calculation is based on 19.5 million tonnes of ore with an average grade of 1.65 grams per tonne (g/t) gold. Nearly 70% of this resource is classified at the ‘Indicated’ confidence level, providing a strong foundation for future development.

The MGP is showing promising potential as mineralisation remains open in all directions, with ongoing drilling operations expected to further extend the resource. Four diamond drill rigs are actively working on-site as part of the ongoing Stage 2 drilling program, with another resource upgrade anticipated in mid-2025.

In parallel with drilling, feasibility studies for the project are progressing, including metallurgical tests that suggest a conventional CIL (carbon-in-leach) process could be economically optimal due to the high gravity component of the ore. Emerald's management is confident that the Memot Gold Project will become a standalone gold operation in Cambodia, with development planned for 2025, contingent on successful licensing and permitting.

Despite the positive resource upgrade, Emerald's share price saw a decline of approximately 4% on the announcement day, reflecting the market’s cautious sentiment. However, the company remains focused on advancing the project towards potential production.

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