Pic: Krystyn Radek/500px via Getty Images.
Mining
A new polymetallic vein system and gold rich iron oxide system identified in drilling at the Golden Eagle prospect could point the way to a larger system, Eagle Mountain Mining says.
Eagle Mountain (ASX:EM2) already has a known skarn hosted copper resource of 12.2Mt at 1.51% Cu for 184,000t at the Oracle Ridge mine in Arizona.
Early drilling results from a major exploration campaign at the nearby Golden Eagle prospect show it has potential gold and polymetallic mineralisation on its hands as well.
Best results from the gold rich iron oxide system at Golden Eagle over 650m of strike reported 21.2m at 1.88g/t gold, including 8m at 3.80g/t Au and 7.2m at 1.26g/t Au. Large zones of brecciation are open to the west and at depth.
This hit confirms the gold endowment of the Golden Eagle prospect and indicates its strong potential to host significant gold and copper mineralisation.
The mineralised structure remains open at depth and to the north-west and the magnetic anomaly suggests the feature potentially continues for over 2km of strike length.
The polymetallic system is characterised by pyrite and silica alteration prospective for zinc, lead and copper sulphides over 500m of strike, with localised veining increasing in intensity and prospectivity to the west and at depth.
Eagle Mountain CEO Tim Mason said the early results demonstrate there could be richer, deeper porphyry systems hosting mineralisation at depth.
“Our maiden drill program at Golden Eagle has uncovered extensive alteration with vein-hosted polymetallic mineralisation,” he said.
“This is exciting because it could represent a distal mineralisation of a larger and deeper porphyry system.
“The same system could also be driving the copper mineralisation at the Oracle Ridge mine.”
The first results from Golden Eagle are just the tip of the iceberg.
There are results from 11 holes at Golden Eagle, drilled at a depth of up to 650m, still pending.
Assays from a further 13 holes at Oracle Ridge are also on their way.
Mason said it was pleasing to see initial visual results of polymetallic mineralisation with assays from the bulk of the program still to be delivered and assessed.
Oracle Ridge is showing geological similarities with other large deposits in the southwest US and Mexico, enhancing its prospectivity to deliver additional mineralisation.
Copper and gold porphyries like the giant Resolution mine owned by BHP and Rio Tinto are common in Arizona and throughout the southwest.
“Based on the size and abundance of the veins, we are optimistic about how the mineralisation could evolve laterally with multiple observations suggesting an increase in intensity to the west and at depth,” Mason said.
“These geological observations share many similarities with other mineralised systems in the southwest United States and into Mexico.
“Adding to the polymetallic system, the strong gold assays are a positive indicator of the existence of either separate or associated gold mineralisation.”
Next steps
With a number of assays pending, the drill rig at Golden Eagle has moved to Oracle Ridge to finish the remaining holes in Eagle Mountain’s resource upgrade program.
Assay results, geological interpretation and potentially a new geophysical survey, will help vector toward more prospective zones at Golden Eagle.
New drill holes will be planned once all drilling data from the current program has been received and assessed.
“We have just completed our thirteenth hole at Golden Eagle and have moved that rig back to the mine area to continue resource upgrade drilling,” Mason said.
“It is prudent that we wait until further assay results are received to enable improved drill planning for the next set of holes. As soon as the new targets are defined, we will be back at Golden Eagle.
“These results are a major leap forward in our ongoing search for the major system feeding the copper skarn mineralisation at Oracle Ridge.”
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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