Emmerson's Managing Director, Rob Bills commented: 'These latest assays indicate a significant expansion of the high-grade gold mineralisation to the north of the historic, Golden Forty Mine. The host to this mineralisation has also been intersected at Golden Forty 40 East (G40E) and within the mine environment. Which depending on the results of the next batch of assays suggest an emerging and larger, high grade gold project. Particularly as the mineralisation remains open in all directions. We await with anticipation the remainder of the assay results, in particular the diamond drill holes which indicate thickening of the magnetite-hematite alteration within the unmined portions of the G40 mine and continuation to G40 East.

Golden Forty Phase 1 Drill Program - drill testing intersects high-grade gold and bismuth The Golden Forty (G40) project is within the 100% Emmerson owned Southern Project Area where JV partner TCMG is earning an interest by funding the exploration (Figure 1). Production records from the G40 mine indicate a head grade of 11.9g/t gold until cessation of mining in 1983 due to ground conditions and incursion of ground water - not due to a lack of high-grade gold ore. Drill hole GFRC063 intersected 28m of high-grade gold mineralisation corresponding with intense brecciation and alteration. This drill result extends the high-grade gold mineralisation at least a further 50m north of the historic Golden Forty mine (Figure 2 and 3). Drill hole GFRC066 intersected a 12m zone of hematite - magnetite - chlorite alteration a further 15m down plunge to the north of GFRC063. Assays for this intersection are expected in early 2023 and indicate a very favourable zone of dilation within the east-northeast trending shear zones and fold closure (Figure 3). This phase 1 drill campaign at G40 consisted of 20 RC and 6 diamond drill holes, totalling some 4,500m. Assay results have now been received from eight (8) of the RC drill holes, with all intersecting hematite-magnetite-chlorite alteration. The diamond drill holes, two of which were drilled at G40 East as part of the collaborative funding with the NTGS (under the NT Government Resourcing the Territory initiative) are still being processed, with assay results expected in late February 2023. Mineralisation remains open in all directions, and further drilling will be required to inform conceptual studies as to potential for both high grade open pit and underground mining. These positive results support an emerging larger project that is centred on the historic G40 mine and encompass a large aeromagnetic anomaly that includes Golden Forty South (Figure 2). Work is underway with the CSIRO on refining the processing of the magnetics to better define potential drill targets and resolve ambiguities associated with the source of the anomaly. A significant portion of the G40 magnetic anomaly remains unexplained and untested by historic drilling. This cutting-edge research project aims to accurately locate the magnetic source relative to that measured by the drone and as such has been awarded co-funding with the NTGS through the Geophysics and Drilling Collaboration (ASX: 10 June 2022).

Contact:

Media

Rob Bills

Managing Director and CEO

E: rbills@emmersonresources.com.au

T: +61 8 9381 7838

Michael Vaughan

Fivemark Partners

E: michael.vaughan@fivemark.com.au

T: +61 422 602 720

This release has been authorised by the Board of Emmerson Resources Limited.

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