- Eagle Mountain Mining (EM2) has entered a trading halt for the purpose of an upcoming capital raising
- The company will remain in the halt until February 22 or when an announcement is made, whichever occurs first
- Earlier in the month, Eagle Mountain intercepted broad copper mineralisation at the Oracle Ridge Mine Project in Arizona
- Two skarn intercepts were encountered with grades peaking at 2.59 per cent copper, 32.37g/t silver and 0.26g/t gold
- Two additional holes were drilled to follow-up these results, however, results are pending
- Shares in Eagle Mountain last traded at 35 cents on February 17
Eagle Mountain Mining (EM2) has entered a trading halt for the purpose of an upcoming capital raising.
The company will remain in the halt until February 22 or when an announcement is made, whichever occurs first.
Eagle Mountain is yet to disclose how much it intends to raise or what it will use the money for.
Earlier in the month, Eagle Mountain intercepted broad copper mineralisation at the Oracle Ridge Mine Project in Arizona.
Results were received from hole WT-20-16 which was drilled to target extensions to the mineralisation.
Two skarn intercepts were encountered with grades peaking at 2.59 per cent copper, 32.37g/t silver and 0.26g/t gold.
Two additional holes were drilled to follow-up these results, however, results are pending.
Taking a look at its financials, Eagle Mountain burnt through just over $2 million with the majority going towards exploration and evaluation.
The company also invested $145,000 in environmental bonds and deposits.
As of December 31, Eagle Mountain had just over $1.43 million in funding available, representing ample quarters of use if spending levels remain the same.
Shares in Eagle Mountain last traded at 35 cents on February 17.