Join our daily newsletter At The Bell to receive exclusive market insights
- Drill results from Eagle Mountain Mining’s (EM2) Oracle Ridge project in Arizona shows potential to extend mineralisation in the Western Talon area
- The company has been undertaking the resource expansion program to identify new mineralisation that could bolster the mineral resource estimate
- Latest results have reportedly encountered four strongly mineralised lodes, with grades up to 6.8 per cent copper, 25.38 grams of silver per tonne (g/t) and 0.7 g/t gold
- Results are pending for a number of holes, but EM2 says with mineralisation remaining open there is significant potential for resource expansion
- Shares have been trading 4.65 per cent lower at 82 cents at 3:46 pm AEST
The latest results from drilling at Eagle Mountain Mining’s (EM2) Oracle Ridge project in Arizona have shown potential to extend mineralisation in the Western Talon area.
The company’s ongoing resource expansion program is aiming to identify new mineralisation of a significant grade to increase the mineral resource estimate (MRE) and CEO Tim Mason said the latest results were a meaningful step in that direction.
Drill hole WT-21-25 was drilled between two historic holes and has reportedly encountered four strongly mineralised lodes, including up to 6.8 per cent copper, 25.38 grams per tonne (g/t) silver and less than 1g/t gold.
EM2 is awaiting results from a number of other holes and with mineralisation remaining open, the company said there was significant potential for resource expansion.
Specifically, Tim Mason said the results suggested high-grade mineralisation could be continuous for over 190 metres, with strong potential for further extensions to the south.
“The stacked nature of the lodes at the Western Talon means that every successful hole could add significant tonnage to the MRE,” Mr Mason said.
Two additional rigs are operating at the project and the company plans to continue to infill drill to a data density sufficient to declare an inferred resource for the new mineral resource update.
Shares were trading 4.65 per cent lower at 82 cents at 3:46 pm AEST.
