Eagle Mountain Mining Limited (ASX:EM2) has obtained positive assay results which have opened the door to a number of potential development opportunities at its 100% owned Oracle Ridge Copper Mine Project in Arizona, USA.
Highlights
• Assay results and observations from a detailed maiden underground sampling and mapping
programme at Oracle Ridge have identified multiple high-grade copper zones in channel sampling, surrounded by broader lower grade ‘halos’
• The presence of extensive lengths of mineralization containing higher-grade sections enhances the optionality of Oracle Ridge, supporting either bulk mining or selective high-grade mining scenarios
• Current mineral resource estimates have likely underestimated block grades in higher grade areas as the channel samples are generally higher grade than nearby drill holes, providing potential grade upside in the mineral resource
• These results will be used to inform detailed geological and grade modelling and guide future bulk sampling for metallurgical test work, including defining future drill targets
“The strong assay results from our maiden underground channel sampling programme at the Oracle Ridge Project are highly significant as they support various potential scenarios for development, including bulk mining or selective high-grade mining scenarios,” CEO, Tim Mason, said.
“The channel sampling results indicate potential upside to the current resource model with higher-grade zones and resource extensions and we are now investigating how to model and incorporate these localized, high-grade areas that were not previously identified from wider-spaced drill hole data. They are surrounded by broader lower grade ‘halos’ that could provide the scale for bulk mining. The results will also help guide future bulk sampling for metallurgical test work, including refining future drill targets.”
In addition to the underground drill results, the channel samples will help upgrade resources from Indicated to Measured and Inferred to Indicated resource categories in the North West mine zone where this work was carried out. The North West is expected to be mined early in the mine life and its very important that as much detail as can be defined is incorporated in the ongoing technical evaluations.
“Since the company acquired Oracle Ridge in late 2019, we have focused on establishing a resource base of sufficient critical mass allowing the commencement of technical studies to evaluate various production scenarios. This has included drilling approximately 200 new holes around the main mine area and the Talon, the recent initial refurbishment of the underground mine, and the channel sampling program. These activities have revealed significant insights into the mineralization and potential upside in grade in the mineral resource.
“Technical studies will increasingly feature in the development of the project with current studies in progress including mining, processing, infrastructure, environmental and tailings designs.
“The recent $3M loan facility from an entity related to Managing Director Charlie Bass will be used primarily to fund the expansion of the initial technical studies to include ore sorting, heap leach test work and further mineral processing. As is common with many junior resource companies moving to technical studies, exploration and non-essential work is being curtailed until such time as further resource definition is required.”
For further information please visit: https://eaglemountain.com.au/
