Eagle Mountain Mining Limited: Oracle Ridge Resource Update - 36% Increase in Copper
Perth, Australia - Eagle Mountain Mining Ltd. (ASX:EM2) (OTCMKTS:EGMMF) is pleased to provide an update relating to its 100% owned Oracle Ridge Mine Project ("Oracle Ridge", "Project") in Arizona, USA.The Company has recently finalised an updated and interim JORC Code-compliant Mineral Resource Estimate ("MRE") at the Project. The MRE was completed by Eagle Mountain personnel in conjunction with SRK Consulting Pty Ltd ("SRK"), a well-respected international mining consultancy with extensive experience in Resource estimation. Mr Rodney Brown, Principal Consultant at SRK, is the Competent Person for the new MRE.
Eagle Mountain Mining CEO, Tim Mason, commented:
"Our first MRE update is a significant milestone on the pathway to recommence mining at Oracle Ridge. These results demonstrate the growth potential of our Resource and we are confident that further drilling will continue to build tonnes and improve quality. We have expanded the Resource tonnes by more than 39% by adding only 59 holes to the 529 holes drilled by previous owners. I consider this an excellent return on investment.
We see even more growth potential with some very strong results already received which are not included in this MRE.
Today we are declaring our first "Measured" Resource category; the highest level of confidence under the JORC Code and a requirement to declaring a Proven Reserve after completion of a feasibility study. More infill drilling will be undertaken with the aim to further increase the size of the Measured and Indicated Resource. We are planning to re-open the existing mine to enable drilling from underground. This will be far more efficient compared to surface drilling due to shorter hole lengths and it also enables various bulk samples required for metallurgical test work and other studies.
This year, we plan to keep building and upgrading our resources to provide a critical mass to underpin future feasibility studies. We have already drilled 60 holes which will be included in the next JORC MRE planned to be undertaken later this year. I expect that we will have over 100 new holes in that update, which is about double the number of new holes compared to this update. In addition, we plan to drill other prospective targets, such as OREX and Golden Eagle which have the potential to add further tonnes to the overall Oracle Ridge Project.
We look forward to the next planned MRE update in late 2022."
At a 1% Copper cut-off grade, the Resource at Oracle Ridge now stands at 17.0 Mt at 1.48% Cu, 15.09g/t Ag and 0.17 g/t Au. A summary of the Resource is presented in Table 1* below.
Significantly greater tonnages occur at lower copper cut-off grades, or higher grades are estimated with higher cut-offs, providing optionality for future mining and processing studies.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/XT649UT7
About Eagle Mountain Mining Limited:
Eagle Mountain Mining Ltd. (ASX:EM2) (OTCMKTS:EGMMF) is a copper-gold explorer focused on the strategic exploration and development of the Oracle Ridge Copper Mine and the highly prospective greenfield (Silver Mountain) project, both located in Arizona, USA.
Arizona is at the heart of America's mining industry and home to some of the world's largest copper discoveries such as Bagdad, Miami and Resolution, one of the largest undeveloped copper deposits in the world.
Source:
Eagle Mountain Mining Ltd.
Contact:
Tim Mason BEng, MBA, GAICD Chief Executive Officer tim@eaglemountain.com.au Mark Pitts B.Bus, FCA, GAICD Company Secretary mark@eaglemountain.com.au Jane Morgan Investor and Media Relations jm@janemorganmanagement.com.au
