Eagle Mountain Mining Expands Oracle Ridge Tenure
THE BOURSE WHISPERER: Eagle Mountain Mining (ASX: EM2) has staked 105 Unpatented Mining Claims surrounding the company’s 80 per cent-owned Oracle Ridge copper mine project in Arizona in the United States.
Eagle Mountain Mining identified the claims via follow-up of geophysical anomalies in the near-mine area, in its pursuit of expanding its potential mineable resource base.
The new claims are within five kilometres of mine portals and cover two prospective areas named OREX and Red Hawk.
OREX is prospective for skarn-hosted high-grade copper-silver-gold mineralisation while Red Hawk is potentially prospective for porphyry copper mineralisation.
The areas for the claims were selected following a systematic exploration program completed by Eagle Mountain’s technical team over the past nine months.
The program included regional geophysics, multi-spectral image analysis, historical data review and geological mapping and sampling.
“While the drill rig is currently testing extensions to the Oracle Ridge orebodies, it is pleasing to see the results of the regional work that the team has been involved with over the past nine months,” Eagle Mountain Mining CEO Tim Mason said in the company’s announcement to the Australian Securities Exchange.
“The second pillar of our exploration strategy at Oracle Ridge is to identify near-mine opportunities for expanding our resource base and expand our footprint in areas prospective for porphyry copper mineralisation, and it is exciting to see this coming to fruition.
“With the recently completed ground staking we have secured a strong land position over three high-quality targets, and I am also excited to see the regional work confirming our conceptual model for the greater Oracle Ridge mineralisation system.
“While there is a lot more work to do, new evidence supports our model for a deeper source for the copper, silver and gold at Oracle Ridge.”