Eagle Mountain Mining Hits Visible Mineralisation at Oracle Ridge

THE DRILL SERGEANT: Eagle Mountain Mining (ASX: EM2) updated market watchers on recent drilling activities undertaken at the company’s 80 per cent-owned Oracle Ridge Mine project in Arizona in the United States.

The company provided details of four holes that were drilled and logged from a recent six hole program.

These holes, WT-20-02 to WT-20-05, were positioned to test potential mineralisation outside of the current known resource.

WT-20-02 was drilled to test the eastern extension of mineralisation and the previously untested Geesman Fault, which is a major structure that bounds Oracle Ridge to the north, intersecting several zones of sheared Leatherwood granite.

WT-20-03 tested a poorly drilled area the company considers to have potential for extensions of high-grade copper intersections encountered by historical underground drilling.

Extension to the mineralisation was encountered, although further drilling is required to establish continuity, tenor and thickness of the mineralisation between WT-20-03 and the historical underground holes.

WT-20-04 was drilled to provide a better assessment of mineralisation true width encountered in a nearby historical drill hole.

WT-20-04 was extended at depth to also confirm intersections in a historical hole in a scarcely drilled area of the deposit.

Both zones were intersected.

WT-20-05 tested the western extension of mineralisation in historical holes and was extended at depth to test the contact between limestone sediments and Leatherwood granite intrusive.

This drill hole intersected both targets with copper sulphides observed.

“We are excited by what we have seen in the first six holes at Oracle Ridge and we are eagerly awaiting assay results,” Eagle Mountain Mining CEO Tim Mason said in the company’s announcement to the Australian Securities Exchange.

“As all the holes are located outside the existing mineral resource, any positive results from the assays are likely to increase the quantity of the known mineralisation.

“In addition, the mineralised zone within the ‘Leatherwood’ at the bottom of WT-20-05 is particularly interesting as it changes our interpretation of the local geology and increases the prospectivity of the area.

“Following the positive observations from the drill core, along with our recently completed capital raise and conversion of options by our managing director, Charles Bass I am pleased that we have extended our drilling program to at least December 2020.”







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.”






Eagle Mountain Mining Funded for Oracle Ridge Drilling

THE DRILL SERGEANT: Eagle Mountain Mining is set to extend the current surface diamond drilling program underway at the company’s high-grade Oracle Ridge copper mine project, located just north of Tucson, Arizona in the United States.

Eagle Mountain Mining is funding the extended program by way of a recent placement that received firm commitments to raise $1.5 million from Australian and European institutional investors.

“The diamond drilling program at Oracle Ridge is progressing well and we are keen to keep the Boart Longyear team onsite beyond this current drill program,” Eagle Mountain Mining managing director Charles Bass said in the company’s announcement to the Australian Securities Exchange.

“The Placement together with my decision to early exercise options will allow us to do just that.

“I am excited about not only the potential for increasing the existing mine resource base, but also adding further resources in the near-mine area.

“We look forward to updating the market as results from the drilling campaign are received.”








Eagle Mountain Mining seeks geological wisdom for Oracle Ridge

THE CONFERENCE CALLER: ASX-listed Western Australian junior Eagle Mountain Mining (ASX: EM2) could well be on the way to making its mark on the American copper sector. By Mark Fraser

The Perth-based company has just started a 2,000 metres diamond drilling program at its 80 per cent-owned Oracle Ridge project just north of Tucson in the US state of Arizona, where it is initially looking to substantially grow an historic close-to-surface underground skarn-hosted polymetallic deposit which hasn’t received much attention since mining of the ore body ceased during the 1990s.

This field program has been funded via a $3 million capital raising conducted on the ASX earlier this year.

As it stands Oracle Ridge has an NI43-101-compliant measured, indicated and inferred resource estimate of 11.76 million tonnes of ore grading 1.57 per cent copper, 17.47 grams per tonne silver and 0.18g/t gold for a contained 409 million pounds of copper, 6.8 million pounds of silver and 68,000 gold ounces.

While one of the key aims of the current field program is to boost this resource two-to-three fold, past drilling in the area has also indicated there is further mineralisation outside of the resource’s footprint – with results like:

7.7 metres at 5.11 per cent copper, 0.72g/t gold and 55.8g/t silver, and
7.6m at 4.63 per cent copper, 0.74 per cent gold and 43.06g/t silver, catching the company’s eye.

In addition, the exploration house is trying to determine if there is a copper porphyry located beneath Oracle Ridge – a proposition not out of the question given the geological profile of the other major copper deposits found along the Arizonan section of the Laramide Arc.

Speaking before his presentation at the RIU Resurgence Conference, Eagle Mountain chief executive Tim Mason told Resources Roadhouse that many of the high-grade skarn-based mines found around Oracle Ridge had porphyries sitting beneath them.

“In our case the porphyry has never been found – and the reason for this is there is an intrusion just below the deposit, which would effectively have masked any geophysics conducted in the area,” Mason noted.

“This alone presents us with some really big exploration potential.”

Also working in Oracle Ridge’s favour is the fact the project already has underground mining infrastructure in place, it is located in an established and vibrant mining jurisdiction and its current ore reserve is actually close-to-surface, being located near the side of a hill.

“Because it is a stacked zone, it lends itself to being opened up to multiple production fronts … (which means) we can achieve higher production rates,” Mason later said during his RIU Resurgence Conference presentation.

“It is amenable to a lower cost mining operation compared to, say, a deeper ore body when you have to get the ore up from depth.

“So higher production rates and lower costs certainly bode well for our mining studies going forward.”

Eagle Mountain’s second Arizona project is the greenfields Silver Mountain, which sits north west of Phoenix and where previous drilling has identified highly anomalous assay values as well as the presence of porphyry indicator minerals – including molybdenum and bismuth.

Mason said while the company was focused on advancing Oracle Ridge over the next 12 months, it would not lose sight of Silver Mountain as this project obviously had plenty of potential.

“We’ve just finished off a geophysics program there,” he added.

“Eagle Mountain has also been doing a raft of mapping, it’s been following up on old targets and we’ve had crews out there in the last few weeks. But we have yet to start drilling it.”



Eagle Mountain Mining Cashed-up for Oracle Ridge Exploration

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.”