Mining Minister Nicole Manison announced on Wednesday that WA mining company Emerson Resources Limited had found "high-grade gold deposits" at its exploration sites near Tennant Creek and had teamed up with Tennant Consolidated Mining Group in the venture.

Ms Manison said the venture could provide a major boost for the local and Territory economy.

"At the moment we have around 20 mines that are working towards different approvals processes, getting financial investment decisions made," she said.

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"But if we pull off these 20 mines, that will be worth $6.2 billion to the Northern Territory, there will be almost 6000 jobs in construction, and importantly, three and a half thousand ongoing jobs there."

"We have the real potential to bring Tennant Creek back to its glory days of being a thriving mining town, which is going to be wonderful for the people of Tennant Creek, great for the Barkly region and just fantastic for the Northern Territory."

She said the budget for mineral exploration had been increased by around $3m.

"We know our resources sector is playing a huge role in our economic come back, which is why we announced record funding of $9.5 million for more mineral exploration."

Emmerson Resources Limited CEO Rob Ellis said the company had partnered with Traditional Owners of the area.

"Emmerson has partnered with the Traditional owners in striking a landmark Joint Venture over the Jasper Hills area, whereby the Traditional owners have a direct equity, plus employment and training opportunities."

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