- Eagle Mountain Mining (EM2) has received encouraging assay results for seven drill holes completed in the Western Talon area of its Oracle Ridge project in Arizona
- The latest high-grade copper assays are from outside the existing JORC Mineral Resource
- The company says the results provide potential for larger scale and lower cost mining methods to be considered
- Assays are pending for another 28 holes
- Company shares closed Tuesday trading down 3.6 per cent at 56 cents
Copper focused exploration and development company Eagle Mountain Mining (EM2) has received encouraging assay results for seven drill holes completed in the Western Talon area of its Oracle Ridge project in Arizona.
The company says high-grade copper assays continue to be received from the Western Talon, outside the existing JORC Mineral Resource of 12.2Mt at 1.51 per cent Cu for 184kt contained copper.
The latest assays include 0.8 metres at 7.75 per cent Cu, 258g/t Ag and 2.54g/t Au, with multiple thick zones of mineralisation intersected, providing potential for larger scale and lower cost mining methods to be considered.
CEO Tim Mason said the company was delighted that drilling continued to deliver further strong results supporting the upside prospectivity at Oracle Ridge.
“All these results are outside the existing JORC Mineral Resources Estimate (JORC MRE), further supporting the potential to build our mineral resources,” said Mr Mason.
“These results are from the Wave Zone, part of the Western Talon, which continues to excite us with a combination of both high-grade mineralisation and broad mineralised zones which may be more amendable to larger scale mining methods with relatively lower mining costs on a unit basis.”
Drilling recommenced at the project with three drill rigs following a short break over the Christmas period, and assays are pending for 28 holes in the mine area and 11 holes at Golden Eagle.
“The longer turnaround time for assays means we now have 39 holes pending results. This is certainly disappointing, although not unique as these delays are impacting most companies in our sector. We remain on track to deliver an update on our JORC MRE in Q1 2022 which will include these latest results,” said Mr Mason.
Eagle Mountain Mining shares closed Tuesday trading down 3.6 per cent at 56 cents.