Eagle Mountain’s recent resource upgrade at Oracle Ridge project in Arizona is unlikely to be its last with drilling continuing to return high-grade copper hits.

These included infill hole WT-21-63 that intersected multiple thick intersections such as 21.7m grading 2.85% copper, 25.85 grams per tonne (g/t) silver and 0.53g/t silver and extensional drilling at the Talon area also returned thick, high-grade hits containing some relatively thin but very high-grade intercepts.

With more assays pending, there is every reason to believe that there are further upgrades coming on top of Eagle Mountain’s (ASX:EM2) recent 17Mt estimate grading 1.48% copper, 15.09g/t silver and 0.17g/t gold for 251,000t of copper, 8.2Moz silver and 93,000oz in gold.

“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,” chief executive officer Tim Mason noted.

“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.”

Drilling at Oracle Ridge is continuing with the company working to reopen the historical underground mine to enable underground drilling.

Drill results

The latest batch of assays received comprised results from six resource extension holes and one resource infill hole.

Besides the highlighted intercept, infill hole WT-21-63, which was drilled in the northwest of the Oracle Ridge mine area, also returned intercepts such as:

  • 13.2m at 3.50% copper, 35.46g/t silver and 0.43g/t gold including 1.7m at 7.34% copper, 78.7g/t silver and 0.70g/t gold;
  • 26.9m at 2.01% copper, 23.99g/t silver and 0.23g/t gold; and
  • 24.0m at 2.22% copper, 19.91g/t silver and 0.24g/t gold.

The results not only provide strong support to nearby historical intercepts but also continue the trend of intersecting mineralisation between the main mineralised lodes in historically unsampled areas.

Eagle Mountain believes this could have “favourable implications” for reducing mining costs in a potential production scenario.

Meanwhile, extensional drilling continues to support the potential for further resource growth.

Drilling in the southern Talon intersected a strongly mineralised zone, with mineralisation interpreted to be subvertical, dipping very steeply to the east.

Notable results from this area include 20.7m grading 2.06% copper, 16.43/t silver and 0.39g/t gold from a depth of 179.9m within a broader 44.7m zone at 1.60% copper, 12.75g/t silver and 0.32g/t gold from 176.8m (WT-21-80).

Drilling in a scarcely drilled area just south of the main mine area confirmed multiple, thin mineralised horizons with WT-21-78 returning a 2.5m interval grading 2.08% copper, 32.18g/t silver and 0.46g/t gold from 153.5m.

Over in the northern Talon, drilling confirmed the existence and continuation of stacked lodes along the northern extension of the Wave feature.

This returned results such as:

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

Finally, drilling in the eastern Talon intersected thin mineralised layers confirming the tenure of mineralisation encountered in previous drilling with the top hit of 2.3m at 2.16% copper, 17.39g/t silver and 0.86g/t gold from a depth of 231.9m (WT-21-61).

Next up on the agenda

The company has contacted several contractors to provide work proposals and cost estimates to refurbish the historical workings, which were last open in 2014 when the previous operators completed a 63-hole underground drilling program.

It will also continue to focus on resource extensions at Talon with two rigs.

One of these two rigs is expected to be moved to the OREX area once drill permits are received in the coming months.

Drilling at OREX will test potential repetition of the skarn-hosted mineralised system at Oracle Ridge below the Leatherwood intrusion, which could substantially increase the Resource base at the project in the medium to long term.




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.