Emmerson Resources is a well regarded gold exploration play - employing innovative exploration techniques in the hunt for sizeable gold discoveries within the Tennant Creek mineral field. Most of this exploration is fully-funded via a lucrative $29m corporate/exploration joint venture with one of Australia's most successful mid-cap gold companies, Evolution Mining (ASX: EVN). Evolution is required to spend $15m in order to earn a 65% stake in the Tennant Creek project and to date has spent ~$9.5m. Concurrently with its hunt for 'elephants', Emmerson is also strongly focused on its 'small mines' strategy, aimed at developing advanced smaller regional deposits into near-term cashflow. Emmerson is fully-funding its 'small mines' exploration activity and to this end recently reported near-surface and high-grade drilling results comprising 5m at 27g/t gold, 6m at 13.2g/t gold and 9m at 5.33g/t at its Edna Beryl mine. The mineralisation at Edna Beryl remains open both along-strike and down-plunge, with good potential for repeats at depth. The company’s dual appraisal strategy is definitely kicking goals from a market perspective, as evidenced by its strong price performance.