Emmerson Resources' (ASX:ERM) indicated resources at its White Devil gold project in the Northern Territory, bodes well for future mining and development, according to a Tuesday note by Euroz Hartleys.

The company recently reported a 25% increase in the White Devil resource to 4.6 million tonnes at 4.2 grams per tonne grade of gold for 611,400 ounces.

Around 87% of the resource, equating to 530,500 ounces, is now classified as indicated, Euroz said, strengthening confidence in future project economics.

The near-surface, high-grade nature of the deposit presents a "capital-light mining opportunity" and could be further developed through staged pit expansion, Euroz noted.

Given White Devil's scale, Euroz Hartleys believes the project could be included in Emmerson's major mine agreement, letting Emmerson keep a 40% stake in the project, much more than the 6% royalty it would get under the small mines agreement.

Eruoz maintained Emmerson Resources' speculative buy rating.

Shares of the company rose 8% at market close.