Emmerson Resources announced to the ASX on 24 June 2020 a Strategic Alliance with Longreach Mineral Exploration. The aim of the Strategic Alliance is to apply new technology such as machine learning, green rock and seismic geophysics to the identification of new gold and copper opportunities.
Longreach Mineral Exploration Pty Ltd is a subsidiary of Longreach Capital Investment Pty Ltd, based in Perth, Western Australia. Established in 2005, Longreach Capital Investment has earned a strong reputation in the global petroleum industry through the success of its numerous subsidiaries focused on oil and gas exploration, seismic services, and machine learning technologies.
The strategic alliance with Longreach Mineral Exploration compliments Emmerson’s existing capabilities and will provide a further path to accelerating project generation and early stage exploration.
Either party can submit a project to the project working group and if unanimously accepted, becomes a strategic alliance project (SAP). In accordance with the strategic alliance agreement each party contributes 50% costs to the agreed work program with the work program undertaken by the nominated Manager who will receive a 6% management fee. Providing the SAP meets the agreed milestone, the project then becomes the subject of a Joint Venture between the parties.
The Sebastopol gold project (NSW) will be the first Alliance project to be drill tested in 2020, with Emmerson to manage and undertake the agreed exploration program.