THE DRILL SERGEANT: Eagle Mountain Mining (ASX: EM2) reported on recent activites at the company’s 100 per cent-owned Oracle Ridge Mine project in Arizona, USA.
Eagle Mountain Mining received assays for three drill holes recently carried out at The Talon Zone.
Very thick mineralised interval was encountered in WT-21-31, including five high-grade zones:
91.5m fully diluted at 1.37 per cent copper, 10.86 grams per tonne silver and 0.38g/t gold, including 9.7m at 3.39 per cent copper, 29.65g/t silver and 0.67g/t gold, and
11.7m at 1.9 per cent copper, 15.22g/t silver and 0.52 g/t gold, and
14.8m at 1.62 per cent copper, 11.93g/t silver and 0.53g/t gold, and
8.7m at 2 per cent copper, 15.2g/t silver and 0.4g/t gold, and
8m at 1.9 per cent copper, 13.92g/t silver and 0.85g/t gold.
High-grade intersections were also encountered in drill hole WT-21-32 (previously reported as visual observation):
28.9m at 2.34 per cent copper, 21.95g/t silver and 0.37g/t gold, including 13.2m at 3.53 per cent copper, 33.89g/t silver and 0.54g/t gold, and
1.4m at 9.99 per cent copper, 147g/t silver, 2.83g/t gold.
“What a week for the Western Talon!” Eagle Mountain Mining CEO Tim Mason said in the company’s ASX announcement.
“WT-21-32 has delivered the best assayed intersection of our resource expansion program so far.
“While we were assessing the significance of these strong results, hole WT-21-31 presented a very thick mineralised interval in the southernmost hole we have drilled at Oracle Ridge.
“The five high-grade zones within this intercept are individually significant in their own right; the fact that they occur in the same hole make for yet a further exciting result.
“The results from drill holes WT-21-32 and WT-21-31 justify our belief in the exploration potential of The Talon zone.
“Recent drilling has provided great insight into the geology of The Talon and suggests a potential strike length of over 500 metres.
“Mineralisation outside of this strike extent remains open within the magnetic geophysical anomaly which defines The Talon.
“We are eagerly continuing to drill this area as we are now driven by a new geological model.
“We are also planning additional drill pads and access roads to reach further to the south and southeast tip of The Talon.
“Twelve months ago, we had just commenced drilling at Oracle Ridge with one rig on a 20 days on, 10 days off roster and a small team.
“Today we have three rigs drilling full time, a large and motivated team and some outstanding results to celebrate with our shareholders following our first year of drilling at Oracle Ridge.”
Eagle Mountain also announced completion of a $16 million raising, funds from which will be used to advance Oracle Ridge.
“We are delighted with the level of support received from prominent institutional and sophisticated investors as well as welcoming new shareholders to the Eagle Mountain share register,” Mason said.
“We would like to thank existing shareholders for their continued support in the Placement.
“In particular, I wish to thank our managing director, Charlie Bass, who continues to financially support the company, testament to his ongoing confidence in the Oracle Ridge project.
“The Placement was very well supported with demand significantly exceeding the funds being sought.”