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- Eagle Mountain Mining (EM2) has updated the mineral resource estimate (MRE) at its Oracle Ridge Copper Mine project in Arizona
- The measured and indicated resource tonnes increased by 12 per cent to 10.8 million tonnes at 1.5 per cent copper, 15.23 g/t silver and 0.21 g/t gold at a one per cent cut-off
- The total MRE now sits at 16.5 million tonnes at 1.45 per cent copper, 15.1 g/t silver and 0.19 g/t gold for 240,000 tonnes of copper, eight million ounces of silver and 102,000 ounces of gold
- Underground mapping and sampling are now underway to provide a better definition of the measured and indicated resources
- Eagle Mountain is up 4.76 per cent to 21.5 cents at 1:31 pm AEDT
Eagle Mountain Mining (EM2) has updated the mineral resource estimate (MRE) at its Oracle Ridge Copper Mine project in Arizona.
The company increase the measured and indicated resource tonnes at the project by 12 per cent to 10.8 million tonnes at 1.5 per cent copper, 15.23 g/t silver and 0.21 g/t gold at a one-per-cent cut-off.
At a 0.8 per cent cut-off, this increases to 16 million tonnes at 1.3 per cent copper, 13.22 g/t silver and 0.19 g/t gold.
The total mineral resource now sits at 16.5 million tonnes at 1.45 per cent copper, 15.1 g/t silver and 0.19 g/t gold for 240,000 tonnes of contained copper, eight million ounces of contained silver and 102,000 ounces of contained gold.
Results from 95 new diamond holes were included in the MRE update — a 14 per cent increase on the total number of holes drilled in the area since the last MRE.
Underground mapping and sampling are now underway to provide a better definition of the measured and indicated resources.
Further, the mine is continuing to be refurbished, with diamond drilling to be undertaken once complete, and metallurgical testwork will begin shortly to optimise the processing flowsheet.
“The updated resource was based on 14 per cent more holes compared to the previous resources and this resulted in a 12 per cent upgrade to resources in the measured and indicated categories,” Eagle Mountain CEO Tim Mason commented.
“While additional discoveries did not ‘backfill’ the combined impact of the upgraded inferred tonnes and the updated geological model, it has vastly improved our understanding of the mineralisation which will assist in future drill targeting.”
Eagle Mountain was up 4.76 per cent to 21.5 cents at 1:31 pm AEDT.
