- Eagle Mountain Mining (EM2) has delivered a mineral resource estimate update for the Oracle Ridge project in Arizona, US
- Oracle Ridge’s MRE sits at 17 million tonnes at 1.48 per cent copper, 15.09 g/t silver and 0.17 g/t gold for 251,000 tonnes copper, 8.2 million ounces silver and 93,000 ounces gold
- The updated MRE marks a 36 per cent increase in contained copper and a 39 per cent increase in tonnes from the maiden MRE announced at the end of 2020
- Eagle Mountain Mining plans to deliver another resource update at the end of this year
- Company shares are trading in the red, down 1.75 per cent to 56 cents
Eagle Mountain Mining (EM2) has updated the mineral resource estimate (MRE) for the Oracle Ridge project in Arizona, US.
The Oracle Ridge MRE sits at 17 million tonnes at 1.48 per cent copper, 15.09 grams per tonne (g/t) silver and 0.17 g/t gold for 251,000 tonnes of contained copper, 8.2 million ounces of silver and 93,000 ounces of gold at a one per cent copper cut-off grade.
The updated MRE marks a 36 per cent increase in contained copper and 39 per cent increase in tonnes from the maiden MRE which was announced in December 2020.
Importantly, it also includes the first-ever measured resources, with 2.1 million tonnes in this category.
“Our first MRE update is a significant milestone on the pathway to recommence mining at Oracle Ridge. These results demonstrate the growth potential of our resource and we are confident that further drilling will continue to build tonnes and improve quality,” CEO Tim Mason said.
The measured, indicated and inferred resource update is based on 59 drill holes, for nearly 20,800 metres, completed between September 2020 and October 2021.
A further 60 holes were drilled following this period which haven’t been incorporated into today’s update, however the company plans to use the results for the next MRE update which is targeted for the December 2022 quarter.
Company shares were trading in the red, down 1.75 per cent to 56 cents at 2:30 pm AEDT.