THE DRILL SERGEANT: Eagle Mountain Mining (ASX: EM2) has completed a new Mineral Resource Estimate (MRE) on the company’s 100 per cent-owned Oracle Ridge copper project in Arizona, USA.

Eagle Mountain Mining completed the new MRE using the revised geological model that was completed by incorporating drilling and channel sampling data acquired since the October 2022 resource update.

The company consider this revised geological model better reflects the style of mineralisation observed from the new data and underground mapping.

The revised MRE for Oracle Ridge has increased substantially to 28.2 million tonnes at 1.35 per cent copper, 11.06 grams per tonne silver and 0.16g/t gold using a 0.8% copper cut-off grade for 380,000 tonnes of contained copper.

Measured and Indicated Resources account for over half of the new MRE and better grades exist in higher confidence categories of the new MRE.

“The new Mineral Resource Estimate reflects a 27 per cent increase in contained copper on a like-for-like basis from the previous resource and is on track to surpass more than 400 thousand tonnes of contained copper,” Eagle Mountain Mining CEO Tim Mason said in the company’s ASX announcement.

“This update is a key milestone on our path to become a significant producer of copper, with a strong focus on low emission production.

“Our recent refurbishment of the underground mine was instrumental to this latest update, as it provided us with previously unrecognised insight into the geology and mineralisation and has confirmed the mining and processing optionality of the project.

“In particular, we see a greater opportunity for a much larger mining operation at Oracle Ridge than previously contemplated, leveraging off recent advancements in processing and mining technologies to reduce both costs and our impact on the environment.

“Our activities are currently focusing on processing pathways for a lower grade, larger tonnage operation.

“The resource remains open in multiple areas, and we are confident that further resources will be defined.

“We are currently assessing and prioritising resource extension targets, along with upgrades of existing Inferred resources to further de-risk production in the first five years of mine life.

“Taking all this into consideration, I am optimistic that we have the foundations to become a mid-tier copper producer at Oracle Ridge.”

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

THE DRILL SERGEANT: Eagle Mountain Mining has commenced underground drilling at the company’s 100 per cent-owned Oracle Ridge copper mine project in Arizona, USA.

Eagle Mountain Mining kicked off the drilling at Oracle Ridge following completion of initial refurbishment of the underground mine.

The program is serious with thirteen drill stations established to allow Resource upgrade and metallurgical drilling to occur from within the mine.

From the first drill station alone, the company plans to have 17 holes drilled.

Eagle Mountain expects drilling from underground to be far more efficient than drilling from surface due to shorter hole lengths and less impact from weather events.

Underground drilling will prioritise the upgrading of existing Indicated and Inferred Resources into Measured and Indicated Resources respectively, with a focus on those areas of the deposit expected to be mined in the first five years of potential production.

The additional confidence achieved will assist in technical and economic studies.

An underground wall sampling program was also commenced targeting the large exposure of copper mineralisation in the underground workings to generate high-quality underground geological maps and semi-continuous samples across the exposed mineralisation.

From this, Eagle Mountain hopes to better understand small scale grade variability, assess the representativity of the existing Mineral Resource Estimate and identify suitable areas for additional metallurgical work such as bulk sampling.

“With the completion of the initial underground refurbishment at Oracle Ridge, we are now ramping up the underground activities,” Eagle Mountain Mining CEO Tim Mason said.

“It is unique to access in-situ mineralisation compared to drill core and we are committed to make the most of this significant advantage.

“We recently kicked-off a drilling program to upgrade our existing resource to higher confidence categories.

“Drilling from underground is a game changer for the project due to improved efficiencies with shorter hole lengths and less impact due to inclement weather.

“The program is focused on those mine areas where production is expected to occur in the first five years of the potential mine life.

“We have also recently commenced an extensive wall mapping program targeting approximately four kilometres of mineralisation exposed underground.”

THE DRILL SERGEANT: Eagle Mountain Mining (ASX: EM2) reported on assays recent drilling completed at the company’s 100 per cent-owned Oracle Ridge mine project in Arizona, USA.

Four holes were drilled in the north-west of Oracle Ridge at the main Mine Area as part of the company’s Resource Infill program, while six holes were drilled as part of its Resource Expansion program.

Resource infill drilling in the Mine Area included:

WT-21-55
17.3 meters at 2.23 per cent copper, 25.34 grams per tonne silver and 0.21g/t gold, and 10.5m at 1.95 per cent copper, 26.04g/t silver; and

WT-21-58
0.28g/t gold within a fully diluted 46m at 1.49 per cent copper, 17.91g/t silver, 0.2g/t gold.

Resource extension drilling at the Talon returned:

WT-21-56
30.7m at 2.54 per cent copper, 21.84g/t silver, 0.42g/t gold within 63.1m at 1.84 per cent copper, 15.68g/t silver, 0.3g/t gold.

Eagle Mountain Mining explained the first JORC Mineral Resource Estimate (MRE) update including drilling completed since its Oracle Ridge acquisition is on track for completion this month.

However, assays for these recent 10 holes have not been included in the MRE update and will be included in the next MRE update the company has planned for Q4 2022.

“The Western Talon has delivered some of the thickest and highest-grade intersections to date with mineralisation getting richer to the south,” Eagle Mountain Mining CEO Tim Mason said in the company’s ASX announcement.

“We are delighted that these results continue to add confidence to the historical drilling and demonstrate the Resource growth potential at Oracle Ridge.

“The resource infill drilling is designed to allow us to declare Measured Resources for the first time under the JORC Code and increase tonnes in the Indicated category in the MRE update, which is scheduled for completion in a few weeks.

“Expanding the resource base in the Measured and Indicated categories is critical, as following completion of successful feasibility studies, we aim to translate these to Proven and Probable Reserves.

“These exceptional results will be included in a further MRE revision later this year which will benefit from the strong results reported in this announcement plus all other assays received up to the time of finalising that revision.

“By that time, we are planning to have re-opened the existing mine and have an underground rig conducting infill drilling to increase the Measured and Indicated Resource with more efficient drilling.

“At the current and expected rate of drilling, we should have well over 100 new drillholes to be incorporated into that MRE revision.”

Email: info@eaglemountain.com.au

Web: www.eaglemountain.com.au

THE DRILL SERGEANT: Eagle Mountain Mining (ASX: EM2) reported assays it has received for seven drill holes completed at the company’s 100 per cent-owned Oracle Ridge Mine project in Arizona, USA.

Eagle Mountain reported the high-grade copper assays were achieved at the Western Talon area, which sits outside the existing JORC Mineral Resource of 12.2 million tonnes at 1.51 per cent copper for 184,000 tonnes contained copper.

New assay results received include:

WT-21-43
0.8m at 7.75 per cent copper, 258 grams per tonne silver and 2.54g/t gold;

WT-21-44
13.4m at 1.98 per cent copper, 15.96g/t silver and 0.35g/t gold, within 61.5m at 1.07 per cent copper, 9.87g/t silver and 0.14g/t gold; and

WT-21-45
3.1m at 6.85 per cent copper, 32.23g/t silver and 0.13g/t gold, within 74.4m at 0.93 per cent copper, 6.92g/t silver and 0.1g/t gold.

Drilling recommenced at Oracle Ridge on 3 January 2022 after a short break over Christmas. Two rigs will continue drilling at the Talon, focussing on the Western Talon and potential mineralisation between WT-21-31 and the Leatherwood Mine. Two additional drill pads are currently being established to facilitate better drill positions.

The third rig is testing for expansions to the existing Resource in the central part of the mine area. After this stream of work is completed, the rig will move towards the northern part of the mine area where several targets have been delineated with strong potential to add mineralisation through step-outs as well as infill of broadly spaced historical holes.

“We are delighted that drilling continues to deliver further strong results which supports the upside prospectivity at Oracle Ridge,” Eagle Mountain Mining CEO Tim Mason said in the company’s ASX announcement.

“All these results are outside the existing JORC Mineral Resources Estimate (JORC MRE), further supporting the potential to build our mineral resources.

“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.

“To provide improved access to target this prospective area, we are currently constructing two new pads above the historic Leatherwood mine which reported historic production of 12 per cent copper, 200 grams per tonne silver and one gram per tonne gold.

“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.”

Email: info@eaglemountain.com

Web: www.eaglemountain.com

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.”

Email: info@eaglemountain.com.au

Web: www.eaglemountain.com.au