Eagle Mountain’s (ASX:EM2) 184,000 tonne Oracle Ridge copper resource is about to get a whole lot bigger.

Eagle Mountain Mining plans to ride the emerging copper super cycle by reviving Oracle Ridge, a historic, high-grade copper mine in Arizona.

This region is home to some mammoth deposits such as Bagdad, Miami, and Resolution; one of the largest undeveloped copper deposits in the world.

Crucially – despite an abundance of high-grade intercepts and a maiden JORC resource — the ‘source’ of mineralisation at Oracle Ridge has still not been found.

This remains a key exploration focus for Eagle Mountain.

The explorer is now drilling to expand the recently released maiden JORC resource estimate of 12.2 million tonnes grading 1.51 per cent copper for 184,000 tonnes of contained copper.

Latest results include a high grade 12m at 3.47 per cent copper and 50.22g/t silver about 40m west of the existing resources, and at a depth of only 70m directly below surface.

This intersection potentially extends mineralisation encountered in historical drill holes by 100m, the company says.

“This area is sparsely drilled and shows significant potential to expand the resource to the west of this hole,” Eagle Mountain chief exec Tim Mason says.

“Following on from this hole, WT-21-03, we have seen visible copper mineralisation over a 10m zone in WT-20-04, with assays pending.”

Eagle Mountain hits 12m at 3.47pc copper and 50.22g/t silver in Arizona
Caption: Strong copper mineralisation (chalcopyrite, yellow) in core from WT-21-04. The high-grade zone is approximately 10m in downhole length. Assays pending.

The northern area of the deposits also retains significant upside and further drillholes will be planned after all assays have been received.

This article was developed in collaboration with Eagle Mountain, 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.