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Mining
Recent drilling at the ‘Talon’ zone — part of the Oracle Ridge mine project in Arizona — delivers the best assayed copper intersection of Eagle Mountain Mining’s resource expansion program so far.
Assays have been received for three drill holes at Talon, which includes a very thick 91.5m-long, fully diluted interval grading 1.37% copper, 10.86g/t silver and 0.38g/t gold mineralised interval in WT-21-31.
This includes five high-grade zones:
This 91.5 metre zone is significantly thicker than any mineralisation encountered in nearby holes, Eagle Mountain (ASX:EM2) says.
Further assays for the upper part and the lower part of WT-21-31 (above and below the high-grade zone) remain outstanding.
There were also exceptionally high-grade intersections in drill hole WT-21-32 – 28.9m at 2.34% copper, 21.95g/t silver and 0.37g/t gold, including a 1.4m chunk at 9.99% copper, 147g/t silver, and 2.83g/t gold.
These results are some of the best-ever at Oracle Ridge, Eagle Mountain says.
Assays for some of the upper and lower parts of WT-21-32 are still awaited.
Importantly, both these holes occur at the southern and northern end respectively of a 500m-long corridor with highly prospective geology and limited previous drilling:
“WT-21-32 has delivered the best assayed intersection of our resource expansion program so far,” Eagle Mountain chief exec Tim Mason says.
“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.”
New info gathered through drilling has significantly improved the understanding of the geology and mineralisation of the Talon target.
The technical team has developed a new geological model that is currently being used to guide drill targeting in the area. Two drill rigs are now testing this strong mineralisation trend.
A third rig is still busy at ‘Golden Eagle’, a gold target ~2km the east of the Oracle Ridge mine portals, currently drilling the 11th hole in this exciting new area.
Two further holes are planned at Golden Eagle before the rig is due to recommence resource upgrade drilling at the mine area.
Further drilling at Golden Eagle will be planned following receipt of assay results and a thorough interpretation of the new drilling data.
Assays are still outstanding for 16 holes and will be reported in due course.
“Recent drilling has provided great insight into the geology of The Talon and suggests a potential strike length of over 500m,” Mason says.
“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, Eagle Mountain had just commenced drilling at Oracle Ridge with one rig on a 20 days on, 10 days off roster and a small team, Mason says.
“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 Mining recently announced that it has received firm commitments for $16 million via a placement priced at $0.65 per share.
This placement included $1 million from managing director Charles Bass, which will settle subject to shareholder approval.
This article was developed in collaboration with Eagle Mountain Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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