Join our daily newsletter At The Bell to receive exclusive market insights
- Eagle Mountain Mining (EM2) delivers some of the thickest and highest-grade intersections to date at its Oracle Ridge Mine Project in Arizona, USA
- Assays have been received for ten drill holes, including six resource extension holes and four resource infill holes
- Assays are currently pending for a further 56 holes
- The first JORC Mineral Resource Estimate (MRE) update is on track for completion this month
- On market close, Shares in EM2 were trading 10.5 per cent at 58 cents each
Eagle Mountain Mining (EM2) has delivered some of the thickest and highest-grade intersections to date at its Oracle Ridge Mine Project in Arizona, USA.
Assays have been received for ten drill holes, comprising of six resource extension holes and four resource infill holes.
Resource extension drilling at the Talon target intersected 30.7 metres at 2.54 per cent copper, 21.84 grams per tonne of silver (g/t Ag) and 0.42 grams per tonne of gold (g/t Au) within 63.1 metres at 1.84 per cent copper, 15.68g/t Ag and 0.30g/t Au, as well as 38.1 metres at 1.97 per cent copper, 20.64g/t Ag and 0.51g/t Au including 11 metres at 2.55 per cent copper, 28.84g/t Ag and 0.81g/t Au.
Resource infill drilling in the Mine Area included 17.3 metres at 2.23 per cent copper, 25.34g/t Ag and 0.21g/t Au, and 10.5 metres at 1.95 per cent copper, 26.04g/t Ag and 0.28g/t Au within a fully diluted 46 metres at 1.49 per cent copper, 17.91g/t Ag and 0.20g/t Au.
Assays are currently pending for a further 56 holes.
The first JORC Mineral Resource Estimate (MRE) update is on track and is expected to be completed this month.
The MRE will include drilling completed since the Oracle Ridge acquisition, but not the recently received assays.
The assays for ten drill holes will be part of the next MRE update planned for the last quarter of the year.
Eagle Mountain Mining Chief Executive Officer Tim Mason said by that time, the company plans to have re-opened the existing mine and have an underground rig conducting infill drilling to increase the measured and indicated resource with more efficient drilling.
“At the current and expected rate of drilling, we should have well over 100 new drillholes to be incorporated into that MRE revision,” he said.
On market close, Shares in EM2 were trading 10.5 per cent higher at 58 cents each.
-1200x645-380x200.jpg)
