THE BOURSE WHISPERER: Eagle Mountain Mining (ASX: EM2) has received firm commitments to raise $3 million via a share placement.
Eagle Mointain Mining will use the funds to carry out exploration drilling at the company’s high-grade Oracle Ridge copper project in Arizona, USA.
The company will put the funds towards a surface diamond drilling program at the Oracle Ridge project, and to potential acquisitions of prospective ground in the vicinity.
The initial drilling program at Oracle Ridge will target extensions to high-grade portions of the existing Mineral Resource Estimate (MRE) in three priority zones.
“The successful completion of this placement sees the company being well funded to conduct a maiden diamond drilling program at our high-grade Oracle Ridge copper project in Arizona,” Eagle Mountain Mining chief executive officer Tim Mason said in the company’s announcement to the Australian Securities Exchange.
“Priority drill targets have been defined in prospective zones for higher-grade copper mineralisation as extensions to the existing mineralisation.
“We look forward to updating the market as results arise in the coming months.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE