A mineral resource estimate is on the cards for the July quarter, which will include around 100 new holes on the back of positive drilling rates and improved assay turnaround.

Assays have been received for 15 drill holes, comprising 11 resource extension holes and four resource infill holes at Eagle Mountain’s (ASX:EM2) Oracle Ridge Project in Arizona, USA.

These latest results will contribute to the next mineral resource estimate (MRE), another key step towards providing a resource base for a Preliminary Feasibility Study (PFS).

Drilling is planned to continue after the updated MRE to further build and update resources while a Preliminary Feasibility Study is undertaken in parallel.

Drilling highlights

Highlights from resource expansion drilling include the following thick zones:

  • 55.3m at 2.16% copper, 17.15 g/t silver, 0.54 g/t gold, and 0.024 molybdenum, including 21.3m at 3.28% copper, 26.16 g/t silver, 0.76 g/t gold and 0.038% molybdenum
  • 12.2m at 2.35% copper, 24.46 g/t silver, 0.57 g/t gold
  • 6.2m at 3.19% copper, 44.94 g/t silver, 0.61 g/t gold, including 0.8m at 15.55% copper, 240 g/t silver, and 2.30 g/t gold.

Elevated molybdenum grades of 0.038% were returned in drill hole WT-22-94 over an intersection of 21.3m, with molybdenum common in copper skarns elsewhere in Arizona.

The surrounding 55.3 metre intercept included an impressive 0.54g/t gold which is 220% higher than the MRE grade at a 1% copper cut-off.

Resource infill drilling included 9.8m at 2.78% copper, 31.57 g/t silver and 0.48 g/t gold, including 0.7m at 10.05% copper, 140 g/t silver and 1.90 g/t gold.

Chance to unlock further value with new molybdenum zone

EM2 chief executive officer Tim Mason said resource extension drilling at the Talon Zone is delivering the goods, including the spectacular intersection of 55 metres at 2.16% copper, which is outside the recently updated MRE.

“Significantly, this broad intersection also included strong gold grades.

“The discovery of an elevated molybdenum zone within the Talon is an exciting development and raises the opportunity to unlock further value from Oracle Ridge and identify prospective new target areas.”

Foot on pedal to MRE

Drilling rates with two surface rigs are “progressing very well”, EM2 says, and assay turnaround times have improved since November last year.

These excellent operational results, along with a continuous stream of strong assays results, have contributed to the company’s decision to accelerate the timing of the next mineral resource update to Q3 from the previously announced Q4.




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.