Emerald Resources' (ASX:EMR) recent exploration success at the Dingo Range gold project in Western Australia and elsewhere underpins the company's multi-asset growth and production expansion pathway, Euroz Hartleys said in a Tuesday note.
Drilling at Dingo Range has confirmed strong mineralization, supported by positive infill results within open-pit resources, and the Freeman's Find deposit continues to extend with strong intercepts, Euroz Hartleys said.
Meanwhile, close-spaced reverse circulation infill drilling at the Memot gold project in Cambodia is expected to support reserve conversion while assessing potential ore loss and dilution, and the resource remains open for growth to come.
Drilling at the Okvau gold mine continues to show underground upside, supporting mine life extensions and future production beyond the current base of roughly 100,000 to 120,000 ounces per year, which is critical given that the company is already generating significant cash, the equity research firm said.
Euroz Hartleys maintained its buy recommendation on the stock with a price target of AU$8.10.
Emerald Resources' shares were down 2% in recent Wednesday trade.