Eagle Mountain hits 34.4pc copper outside Oracle Ridge resource
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Eagle Mountain has reported the highest copper grades ever hit at its Oracle Ridge project during drilling outside of the existing mineral resource area.
While drilling the new Leatherwood contact zone at its flagship project in Arizona, Eagle Mountain (ASX:EM2) intersected 12.7m at 3.96% copper, 49.1 grams per tonne silver and 1.4g/t gold from 363.1m in drill hole WT-21-06.
That intersect included 8.7m at 5.2% copper, 66.7g/t silver and 1.98g/t gold, with 34.4% copper, 367g/t silver and 26.2g/t gold over 0.4m in a massive chalcopyrite zone – the highest grade assay ever recorded at the project.
Eagle Mountain also intersected 14m at 2.1% copper and 22.6g/t silver in drill hole WT-21-04, including 7.7m at 3.16% copper and 31.4g/t silver.
The overall mineralised zone struck in this hole was 24.2m long and graded 1.38% copper and 14.8g/t silver.
Eagle Mountain CEO Tim Mason said the results were a fantastic sign for Eagle Mountain, which is currently drilling to enlarge and enhance the Oracle Ridge resource and awaiting assays for a further three holes.
“WT-21-06 followed up the discovery of a high-grade breccia zone in hole WT-20-10 and delivered one of the best intersections recorded at Oracle Ridge, including the highest-grade copper, gold and silver assays ever recorded,” he said.
“We are thrilled by the outstanding grades but also extremely pleased by the thickness of the mineralised zone at the Leatherwood contact.
“Drilling is ongoing in the vicinity of WT- 21-06 to assess further extensions to this new zone.”
Eagle Mountain is now seeking to mobilise a second drill rig to site, and also looking to expand its work at Leatherwood.
“The intersection in holes WT-21-06 and WT-21-04 confirms the potential of the Leatherwood contact to deliver substantial additional resources at Oracle Ridge,” Mason said.
“While drilling continues, we are expediting earthworks to obtain access to new drill pads, particularly in the southern area where strongly mineralised holes drilled in the 1970s have never been followed up.”
The Oracle Ridge copper project has an existing mineral resource of 12.3 million tonnes at 1.51% copper, 16.3g/t silver and 0.19g/t gold for 184,000 tonnes of contained copper, 6.4 million ounces of silver and 73,000 ounces of gold at a 1% copper cut-off.
Acquired by Eagle Mountain in 2019, the project was last mined in the 1990s and features 18km of pre-existing underground workings.
Eagle Mountain hit 12m at 3.47% copper and 50.22g/t silver there in February. The company also announced last month that it had engaged the services of Arizona copper veteran Manuel Ramos to lead its US operations.
Ramos is best known as the former president and COO of ASARCO LLC – the prolific copper miner with a number of assets near Oracle Ridge.
Mason was a guest on The Explorers Podcast with Barry Fitzgerald on March 22 – in case you missed it.
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.