Emerald Resources announces high-grade gold discovery at the North Laverton Gold Project

About Emerald Resources

Emerald Resources NL (Emerald, the Company, ASX: EMR) has its headquarters in Perth and has been listed on the ASX since July 1994. The Company is a developer and explorer of gold projects with the Company’s key project being the Okvau Gold Mine in Cambodia which has been in full production since September 2021. The Company’s other Cambodian project is the high-grade Memot Gold project. Emerald’s interest in Cambodia extends over a combined area of about 1239 square kilometres. Emerald also has a 78 percent controlling interest in Bullseye Mining Limited, an unlisted Australian public company with two Western Australian gold projects totalling more than 1200 square kilometres of highly prospective gold tenure including the North Laverton Gold Project in the Dingo Range Greenstone Belt. Directors and management own 20 percent and institutional investors own 47 percent of Emerald Resources.

High grade gold discovery at the North Laverton Gold Project

Latest drilling results from the Freeman’s Find Prospect at the highly prospective North Laverton Gold Project (the Project) indicate a high-grade gold discovery from the maiden reconnaissance drill program, with more drilling activity planned for the near-term. To date, 1,637 metres have been drilled of a planned 2,560 metres first pass drill program, suggesting more mineralisation is likely to be identified, pending further drilling activity. The economics of this recent discovery are enhanced by its proximity to a central milling location, implying the Project has the potential to host multiple standalone deposits and soon become a second producing asset along with the Okvau Gold Mine located in Cambodia.

Emerald Resources are looking to build on this most recent discovery as the Company proceeds with its initial resource definition program ahead of releasing to the market a Maiden Gold Resource estimate for North Laverton since it gained control of Bullseye Mining Limited. Releasing a Maiden Gold Resource estimate will be the final step before ultimately commencing mining at the North Laverton Gold Project. The North Laverton Gold Project is owned by Bullseye Mining Limited, in which Emerald Resources owns a 78 percent controlling interest, with a bid for 100 percent of Bullseye currently open.

Next Step

Emerald Resources moving to 100 percent ownership of Bullseye Mining will be a meaningful share price catalyst, although the likely date on which this will occur remains unclear. This is despite

Emerald’s takeover offer being unconditional and having the unanimous support of the Independent Board Committee of the Bullseye Board and the Independent Expert concluding that the Emerald all scrip Offer is both fair and reasonable. Bullseye Mining shareholders will own 20 percent of the enlarged Emerald Resources capital structure and be entitled to receive dividends from Emerald Resources once the takeover has been concluded.

Meanwhile, Emerald’s second Cambodian operation, the Memot Gold Project, is showing promising early-stage resource estimates as ramp up drilling activities continue, building confidence in the existing gold resource to underwrite potential project development in 2025.

With the existing Okvau Gold Mine currently being a 100,000 oz gold producing asset, and two new gold mines likely to commence development activities in 2024 (North Laverton Project) and 2025 (Memot Gold Project), Emerald Resources appears set to become a 300,000-ounce per annum producer from 2025. This existing and planned gold production is likely to support Emerald share price appreciation in the medium-term.