Eagle Mountain Mining Limited: Further High Grade Drilling Results at Oracle Ridge

Perth, Australia - Eagle Mountain Mining Ltd. (ASX:EM2) (OTCMKTS:EGMMF) is pleased to provide an update on its 100% owned Oracle Ridge Mine Project ("Oracle Ridge", "Project") in Arizona, USA.

Assays have been received for seven drill holes, comprising six resource extension holes and one resource infill hole. Figures 2* and 3* illustrate the location of significant new results while Tables 1* and 2* summarises key intercepts.

- Thick high-grade intersections continue in both Resource extension and Infill drilling

- Resource infill drilling in the Mine Area included the following results (WT-21-63):

o 13.2m at 3.50% Cu, 35.46g/t Ag and 0.43g/t Au including
- 1.7m at 7.34% Cu, 78.7g/t Ag and 0.70g/t Au
o 21.7m at 2.85% Cu, 25.85g/t Ag and 0.53g/t Au
o 26.9m at 2.01% Cu, 23.99g/t Ag and 0.23g/t Au
o 24.0m at 2.22% Cu, 19.91g/t Ag and 0.24g/t Au

- Resource extension drilling at the Talon included the following thick and high-grade results:

o 20.7m at 2.06% Cu, 16.43g/t Ag and 0.39g/t Au (WT-21-80) within
- 44.7m at 1.60% Cu, 12.75g/t Ag and 0.32g/t Au
o 6.6m at 3.28% Cu, 27.34g/t Ag and 0.83g/t Au (WT-21-62)

- Very high-grade, though relatively thin, intercepts in extension drilling included:

o 1.3m at 10.40% Cu, 43.80g/t Ag and 0.36g/t Au (WT-21-62)
o 0.9m at 6.85% Cu, 49.20g/t Ag and 0.57 Au (WT-21-74)
o 0.5m at 5.96% Cu, 45.40g/t Ag and 6.66g/t Au (WT-21-79)

- Assays are currently pending for a further 57 holes

Eagle Mountain Mining CEO, Tim Mason, commented:

"On the back of our recent updated JORC resource, which saw a 36% increase in contained copper, these latest results show even further potential to build and upgrade this resource. In addition, each new hole is adding valuable knowledge of the geochemistry, lithology contacts and structures; the combination of which contributed to a new interpretation of a second Wave feature within the Talon - an exciting development which enhances our geological model and drill targeting. These latest drilling results continue to deliver with very high-grade assays; up to 10% copper and 6 g/t gold received.

The team is busy working towards reopening the underground mine to enable underground drilling. Meanwhile we continue to drill with two rigs on a full-time basis and have 57 holes pending assay results."

Resource Infill Results

The main objective of infill drilling is to integrate and confirm historical results and allow Measured Resources, the highest confidence level under the JORC Code, to be declared. Results have been received for one hole, WT-21-63, drilled in the north-west of Oracle Ridge ("main mine area") as part of the Resource Infill program. This drill hole provided very good support to nearby historical intercepts.

Interestingly, mineralisation continued to be intersected between the main mineralised lodes in historically unsampled areas. While more work is required, these results are encouraging and could have favourable implications for reducing mining costs in a potential production scenario.

A second goal of the Resource Infill program is to collect samples for upcoming metallurgical studies.

For this reason, WT-21-63 was drilled using a larger diameter to collect larger samples for metallurgical testwork. A summary of key intercepts from infill drilling is outlined in Table 1* below.

Resource Expansion Results

The results for six resource expansion holes (WT-21-61, WT-21-62, WT-21-74, WT-21-78, WT-21-79 and WT-21-80) have been received. These holes were drilled in the Talon with the exception of the hole WT21-79 which was drilled in southern main mine area. The results continue to support potential further extensions and growth of the recently updated MRE. Key observations from the results of resource expansion drilling include:

- Drilling in the southern Talon (WT-21-80) intersected a strongly mineralised zone, with mineralisation interpreted to be subvertical, dipping very steeply to the east (Figure 3*, Figure 8*).

Geology logs from surrounding holes (with assays pending) suggest that the rich intersection in WT-21-80 abuts an upright section of Leatherwood intrusive to the west (Figure 8*). This intrusion joins the Leatherwood Q-Sill (The Wave) above to the main Leatherwood at depth. Preliminary interpretation has this feature representing a second Wave-like structure striking in a northnorthwest-south southeast direction, sub parallel to the main Wave further to the west. Results include:

o 20.7m at 2.06% Cu, 16.43/t Ag and 0.39g/t Au from 179.9m (WT-21-80) within
o 44.7m at 1.60% Cu, 12.75g/t Ag and 0.32g/t Au from 176.8m

- Drilling in a scarcely drilled area just south of the main mine area confirmed multiple, thin mineralised horizons (Figure 2*, Figure 5*). Assays from several holes are still pending in this area.

Results from WT-21-78 include:

o 2.5m at 2.08% Cu, 32.18g/t Ag and 0.46g/t Au from 153.5m (WT-21-78).

- Drilling in the northern Talon confirmed the existence and continuation of stacked lodes along the northern extension of the Wave feature (Figure 3*, Figure 6*). Results for the northern Talon area included:

o 6.6m at 3.28% Cu, 27.34g/t Ag and 0.83g/t Au from 278.9m (WT-21-62)
o 3.3m at 5.33% Cu, 27.37g/t Ag and 0.23g/t Au from 328.4m (WT-21-62)
o 4.5m at 2.37 % Cu, 27.64g/t Ag and 0.26g/t Au from 318.0m (WT-21-74)
o 6.0m at 1.57% Cu, 6.67g/t Ag and 0.05g/t Au from 336.6m (WT-21-74)
o 0.5m at 5.96% Cu, 45.40g/t Ag and 6.66g/t Au from 231.9m (WT-21-79) within
o 1.7m at 3.12% Cu, 22.35g/t Ag and 2.09g/t Au from 266.9m

- Drilling in the eastern Talon intersected thin mineralised layers confirming the tenure of mineralisation encountered in previous drilling (Figure 3*, Figure 7*):

o 2.3m at 2.16% Cu, 17.39g/t Ag and 0.86g/t Au from 231.9m (WT-21-61)
o 1.9m at 2.05% Cu, 40.80g/t Ag and 0.62g/t Au from 273.5m (WT-21-61)

- Preliminary geological interpretations suggest that a second mineralised "Wave" feature with a strike extent of approximately 150 metres may exist in the southern Talon. This feature remains open to the south.

A summary of key intercepts from Resource Expansion drilling is outlined in Table 2* below.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/T4DG9I88

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