Emmerson Resources : Visual gold and copper intersected in drilling at Hermitage

ASX Announcement

14 June 2022

Visual gold and copper intersected in drilling at Hermitage project in Tennant

Creek

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Four main zones of mineralisation intersected in HERCDD010 (from shallow to deep):
personal	Photo 1: Top - malachite (copper carbonate) in hematite ironstone with voids/vugs (from 83m).
Photo 2: Right - native copper (dark brown and brassy color) in hematite-magnetite ironstone and vugs (from 129.6m).
Photo 3: Far right - free disseminated gold in hematite-magnetite-quartz ironstone (from 164.7m).
Photo 4: Bottom left - new zone (below the fault) of chalcopyrite (yellow) and bornite (purple/brown) in quartz stockwork
veins (from 190m).
Key highlights include:
For	• The latest drillhole completed at Hermitage (HERCDD010) intersects:

o Extensive malachite in voids and vugs within hematite ironstone (from 74m down hole); o Native copper both in the ironstone and as vug fill;

o Visible gold in massive hematite-magnetite-quartz that is terminated by a 10m wide fault/shear zone (at 171m);

1. Chalcopyrite as veins, fractures, and cement in quartz-dolomite-hematite hydrothermal breccia (below the fault) and as blebs (to 190m) before finally intersecting;

1. Chalcopyrite and bornite in stockwork quartz veins, fractures and stringers that gradually grade to minor blebs/specks of chalcopyrite (at 222m down the hole).

Emmerson Resources Limited

ABN 53 117 086 745

1. [phone] | e: [e-mail] | w: www.emmersonresources.com.au 3 Kimberley St, West Leederville 6007 WA

• HERCDD010 was drilled as an angled scissor hole in the opposite direction to previous drilling to test below the fault that was encountered in discovery drill hole HERC003 (116m at 3.4% copper and 0.88g/t gold. ASX 28 March 2022) and confirms that copper mineralisation continues at depth.
• Drilling continues and first assay results expected in July 2022.

onlyEmmerson's Managing Director, Rob Bills commented:

"Hermitage is shaping up as one of our most exciting projects and continues to exhibit hallmarks of a significant gold-copper discovery. New zones of mineralisation continue to be intersected with this latest drill hole intersecting visible gold, plus a new zone copper mineralisation below the fault that truncated the previous high-grade gold and copper in discovery drill hole HERCDD003.

This new zone of copper mineralisation consists of bornite-chalcopyrite hosted by breccias and stockwork quartz veins - interpreted to be the feeder conduit to the overlying hematite-magnetite ironstones. The mineralisation is hosted in multiple, east-west striking structurally controlled, ironstone bodies that are steeply north plunging, and now with this intersection, are also open down plunge. Whilst the tabular to pipelike geometry of the mineralisation constrains the surface (horizontal) footprint as is typical in most of the

useT nnant Creek iron-oxidecopper-gold deposits, the grade and plunge extent are the main determinants of the future potential. Furthermore, there are now three distinct targets at Hermitage that include: shallow copper in the oxide zone; gold associated with massive hematite and, primary copper mineralisation below the fault hosted in breccias, stockwork veins and fractures.

This has important exploration implications both at Hermitage in terms of further potential but also in the region where the stockwork and fracture-controlledchalcopyrite-bornite mineralisation represents a new target."

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Photo 5: Emmerson team and UDS Drill Contractors completing the final day of drilling at Hermitage.

EMMERSON RESOURCES LIMITED

Page 2 of 17

Visual Gold and Copper Mineralisation in Phase 2 Drilling

Hermitage is one of a cluster of prospects that occurs within the northern corridor at Tennant Creek on 100% Emmerson owned tenements. The Hermitage, North Star, Jasper Hills, Katherine Star and Northern Star prospects are located in mining lease (ML) 30177 and the Edna Beryl, Thrace and Macedon prospects are located in ML 705 (Figure 1). These prospects occur along the northern gravity corridor, within denser, hematitic shales, jasper, and ironstones which are the typical host to the high-grade

onlymineralisation (Figure 2). This area has seen little modern exploration and some areas have restricted access which we hope to unlock in the future.

Discovery RC drill hole HERC003 (the Phase 1 drill program) intersected 116m at 3.4% copper and 0.88g/t gold (Figure 3) (ASX: 28 March 2022). Follow up Phase 2 diamond drilling has extended this discovery hole a further 0.5m, intersecting massive hematite- magnetite ironstone with blebs of chalcopyrite (up to 2% of volume) before encountering broken ground likely associated with a late fault (ASX: 10 May 2022). This hole was eventually abandoned due to drilling difficulties.

Drill hole HERCDD005 (Phase 2 program) intersected a previously unknown ironstone (Figure 3) that contains a 38m interval of mineralisation consisting of malachite, native copper, and chalcopyrite ± bornite(?) (ASX: 10 May 2022). This mineralisation occurs 38m down the drill hole and has been dispatched for assay with expected results in July 2022.

useSignificantly, it has revealed that the upper copper zone grades to disseminated gold (with visible gold, Photo 3) hosted in massive and brecciated hematite-magnetite-quartz before encountering the fault/shear zone from 171m to 180m (down the drill hole).

The most recent diamond drill hole HERCDD010 was an angled (-73 degree) scissor hole designed to test beneath the post mineral fault that was encountered in HERC003 and HERCDD005 (Figure 4).

Beneath the fault, this is followed by an 11m wide zone of quartz-dolomite-hematite hydrothermal breccia that hosts chalcopyrite as both blebs and matrix fill (up to 2% volume). Then a new style of mineralisation consisting of stockwork, chalcopyrite-bornite quartz veins (up to 2% volume) and fractures that gradually grade out to minor blebs/specks of chalcopyrite at 222m (down the hole).

All visual volume percentage estimates are approximate only and accurate values will be reported once assay results are returned from the laboratory. First assay results from Hermitage are expected in July 2022.

Other drill holes now completed in phase 2 drilling include:

personal	• HERCDD006 which intersected hematite-jasper-quartz ironstone from 127m to 184m (downhole) with visible malachite
indicating the mineralisation and ironstone is still open to the east.
	and native copper in the oxide zone and chalcopyrite blebs/stringers at depth;
	• HERC008 intersected ironstone from 53 to 103m (down the hole) with visible malachite grading to chalcopyrite;
	• HERC009 intersected the main ironstone at 96m and traversed vuggy hematite and jasper-hematite with malachite blebs
	until the hole was terminated due to drilling difficulties at 137m;
	• HERC011 intersected the main ironstone from 70m to 131m (down the hole) with malachite blebs from 70m-75m; and
	• HERC012 intersected the main ironstone from 88m to 137m with visible disseminated blebs of malachite and chalcopyrite

The faults encountered in this drilling are common across the Tennant Creek Mineral Field and are likely post mineral thrust faults as seen at the nearby North Star and Jasper Hills projects. Typically, they have relatively small displacements and the ironstones and mineralisation continue at depth, which has now been confirmed in drill hole HERCDD010.

The mineralisation encountered to date is hosted in multiple, east-west striking, structurally controlled, ironstone (hematite- magnetite) bodies that are steeply north plunging and remain open in all directions. Their tabular to pipelike geometry constrains

	their surface (horizontal) footprint, with the grades and likely plunge extent the subject of the pending assay results and further
	drilling. Noting that some of the major historical deposits in the Tennant Creek Mineral Field had similar surface/plan dimensions
Foras Hermitage, with the largest being Warrego (1.5moz gold and 173,000t copper) where the host ironstone had dimensions in plan
	view of approximately 200m by 50m, and a plunge of +600m.
	For further information, please contact:
	Rob Bills	Media enquiries
	Managing Director and CEO	Michael Vaughan, Fivemark Partners
	E: [e-mail]	E: [e-mail]
	T: [phone]	T: [phone]
	This release has been authorised by the Board of Emmerson Resources Limited.
	EMMERSON RESOURCES LIMITED	Page 3 of 17

About Emmerson Resources, Tennant Creek and New South Wales

Emmerson has a commanding land position and is exploring the Tennant Creek Mineral Field (TCMF), one of Australia's highest- grade gold and copper fields that has produced over 5.5Moz of gold and 470,000t of copper from deposits including Warrego, White Devil, Orlando, Gecko, Chariot, and Golden Forty. These high-grade deposits are highly valuable exploration targets, and to date, Emmerson's discoveries include high-grade gold at Edna Beryl and Mauretania, plus copper-gold at Goanna and Monitor.

onlyThese discoveries were found utilising new technology and concepts and are the first discoveries in the TCMF for over two decades.

A recent rush of new tenement applications by major and junior explorers in the Tennant Creek district, not only highlights the prospectivity of the region for copper and gold but also Emmerson's strategic 1,700km2 land holding.

In addition, Emmerson is exploring across four early-stagegold-copper projects in NSW, identified (with our strategic alliance partner Kenex/Duke Exploration) from the application of 2D and 3D predictive targeting models - aimed at increasing the probability

f discovery. Duke can earn up to 10% (to pre BFS) of any project generated providing certain success milestones are met.

The highly prospective Macquarie Arc in NSW hosts >80Moz gold and >13Mt copper with these resources heavily weighted to areas of outcrop or limited cover. Emmerson's four exploration projects contain many attributes of the known deposits within the useMacquarie Arc but remain underexplored due to historical impediments, including overlying cover (farmlands and younger rocks)

and a lack of effective exploration.

Regulatory Information

The Company does not suggest that economic mineralisation is contained in the untested areas, the information contained relating to historical drilling records have been compiled, reviewed, and verified as best as the Company was able. As outlined in this announcement the Company is planning further drilling programs to understand the geology, structure, and potential of the untested areas. The Company cautions investors against using this announcement solely as a basis for investment decisions without regard for this disclaimer.

personalCompetency Statement

The information in this release on Exploration Results is based on information compiled by Dr Ana Liza Cuison, MAIG, MSEG. Dr Cuison is a Member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Cuison is a full-time employee of the Company and consents to the inclusion in this report of the matters based on her information in the form and context in which it appears.

Cautionary Statement

The Exploration Targets described above are conceptual in nature. It must be noted that that there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Emmerson Resources Limited's anticipated future events, including future resources and exploration results, and other statements that are not historical facts. When used in this document, the words such as "could, "estimate", "plan," "expect," "intend," "may", "potential," "should," and similar expressions are forward-looking statements. Although Emmerson believes that its Forexpectations reflected in these forward- looking statements are reasonable, such statements involve risks, assumptions, uncertainties, and other important factors, many of which are beyond the control of the Company, and which may cause actual

results, performance, or achievements to differ materially from those expressed or implied by such statements.

The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Given these uncertainties, investors should not place undue reliance on forward-looking statements. The Company cautions investors against using this announcement solely as a basis for investment decisions without regard for this disclaimer.

EMMERSON RESOURCES LIMITED

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Table 1: Hermitage Drilling Collar Details

HoleID

Hole Type

only			HERCDD003		Diamond tail
			HERCDD005		RC/Diamond
			HERCDD006		RC/Diamond
			HERCDD010		RC/Diamond
use			HERC007		RC
		HERC008		RC
			HERC009		RC
			HERC011		RC
personalr			HERC012		RC
EMMERSON RESOURCES LIMITED

MGA94_z53		MGA94_z53			RL			Dip			Azi_ Mag			Total drilled			Date Drilled			Tenure
Easting		Northing									(m)
411229.7	7864303.1		312.4		-88		99.6		4.8		14/04/2022			ML30177
411236.7	7864379.0		311.9		-72		164.8		220.0		19/04/2022			ML30177
411180.9	7864336.6		312.1		-75		149.4		196.5		30/04/2022			ML30177
411258.0	7864263.3		312.0		-73		333.0		234.5		14/05/2022			ML30177
411152.4	7864369.6		311.9		-65		164.4		106.0		6/05/2022			ML30177
411183.0	7864331.6		312.2		-69		152.6		168.0		9/05/2022			ML30177
411238.6	7864368.6		312.0		-65		171.8		137.0		10/05/2022			ML30177
411254.9	7864351.8		312.0		-62		165.1		155.0		2/06/2022			ML30177
411262.0	7864252.8		312.0		-68		352.2		215		6/06/2022			ML30177

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