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- Boart Longyear contracted for Oracle Ridge campaign
- 6,000m of drilling planned
- IP trials also to be undertaken
- Earthmoving contractor on site preparing drill pads
Eagle Mountain Mining (ASX:EM2) reports that Boart Longyear has been contracted for drilling services at the historic Oracle Ridge project in Arizona.
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Approximately 6,000 metres of drilling has been planned to test near-mine extensions to the existing mineralisation in the project held in joint venture (JV) with Nittetsu Mining of Japan.
Boart Longyear, which conducted all of Eagle Mountain’s previous drilling at Oracle Ridge and is familiar with the local conditions, is scheduled to mobilise its surface rig in Q3 2026.
The drilling program is expected to last four to five months.
Executive director, Fabio Vergara, said subject to the outcome of this program, the JV will continue exploration drilling or prioritise development studies.
The JV has also engaged a geophysical contractor to complete a trial induced polarisation (IP) survey, the first deep IP program at the project.
The trial will assess if the IP technique can identify new copper mineralisation with a different geophysical signature from the main Oracle Ridge deposit. Should the survey be successful, the IP survey will be expanded and new targets potentially tested by drilling.
Mr Vergara also reported that the administrative transition and handover from the company to the JV is close to finalisation with employees, assets and contracts currently being transferred.
“We have been busy assisting Nittetsu in this initial phase of the JV. The team in Arizona has already doubled in size after re-engagement by the JV of geologists that previously worked at the project,” Mr Vergara said.
“Their knowledge and proven skills will be invaluable going forward. Exploration plans are also well advanced: the upcoming drilling program is designed to test new exploration concepts and it is pleasing to see contractors already on site. We are looking forward to seeing a drill rig on Marble Peak after almost three years!”
Oracle Ridge is an advanced exploration asset with a mineral resource estimate (MRE) of 28.2 million tonnes (Mt) at 1.35% copper, 11.06 grams per tonne (g/t) silver and 0.16 g/t Au for approximately 380,000 tonnes of contained copper metal. The project was mined in the 1990s and benefits from significant underground and surface infrastructure.
In April 2026 the company entered a JV with Nittetsu, with the Japanese company set to become the 80% owner and operator of the JV. Eagle Mountain retains a 20% interest, free- carried until a US$20 million expenditure milestone is met.
Nittetsu is a base metals and limestone producer with operations in Chile, Peru and Japan, including an interest in the Hibi copper smelter.
EM2 was steady at 0.6¢ with a Mkt cap of $9.232M prior to markets opening
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