Golden Eagle spreading wings for Eagle Mountain Mining with alteration zones pointing to deep, big system
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Eagle Mountain Mining’s Golden Eagle project just 2km to the east of its Oracle Ridge copper mine is starting to reveal its potential for deep gold and copper mineralisation after a mapping and sampling program unveiled two major alteration systems, one with strong gold assays as well.
While Eagle Mountain Mining (ASX:EM2) hasn’t quite found the system itself yet, early exploration efforts show the ground could be prospective for porphyry style gold and copper mineralisation.
That makes it an entirely different kettle of fish to the skarn-hosted Oracle Ridge, where resource drilling is enhancing the confidence around Eagle Mountain’s JORC resource of 12.2Mt at 1.51% copper, 16.3g/t silver, 0.19g/t gold for 184kt copper, 6.4Moz silver and 73,000oz gold.
One alteration system includes silica flooding, quartz stockwork veining and pyritization along a major fault system and at 1km by 300m it remains open.
Another 1.5km long structure contains gold samples as high as 10.45g/t.
Drilling began at Golden Eagle in July, and Eagle Mountain has wasted no time in staking another 27 unpatented claims around the area to bolster its control of what could be a large mineralised gold-copper system at depth.
On top of that, EM2 has also grown its footprint at the skarn-hosted OREX prospect by staking a further 12 claims there, after samples from along the prospective Leatherwood-Sediments contact delivered results of up to 3.63% copper.
“These two new systems have the potential to dramatically alter the scope of any future mining operation, along with the addition of further copper skarn mineralisation at OREX,” CEO Tim Mason said.
“We are all very excited by the recent results at Golden Eagle and initial drilling has already commenced on these two systems.
“Resource extension drilling at the Oracle Ridge mine to enlarge and improve the current JORC resource continues and remains a priority focus for us.”
The Golden Eagle project has a history of small scale mining. The largest is the Sanderson mine, which is not on Eagle Mountain’s ground, but which churned out ore between 1936 and 1941 grading 13.7g/t of gold, 22.3g/t silver and 0.4% copper.
That included some bonanza grades of up to 8% copper, 212g/t gold and 250g/t silver.
But there is reason to believe Golden Eagle could hold the ingredients of a larger, more substantive gold and/or copper system, with alteration at Sanderson lacking the pervasive silica and pyrite mineralisation seen in the new target areas.
Those are good indicators, and there is the potential that a couple of major faults, the Geesaman and Pidgeon Tank Faults, act to hide the true magnitude of the alteration systems.
A NW-SE crossing magnetic high identified in geophysical surveys also shows a good correlation with the highest grade gold samples at Golden Eagle and the Sanderson mine.
“Recent mapping and sampling by Dr. Linus Keating has identified extensive alteration zones, which combined with structural complexity and several high-grade gold samples demonstrate the potential of the Golden Eagle project,” Mason said.
“These are all favourable ingredients for a potential mineralised system at depth. This area has had a history of small-scale historical mining, predominantly gold but also some copper.”
Since Eagle Mountain acquired a third rig to accelerate its drilling efforts around Oracle Ridge in July, seven holes have been drilled at Golden Eagle.
Assays are pending for six holes testing part of the gold zone and a seventh investigating the major Pidgeon Tank Fault structure and Oracle Granite alteration system.
The full scale of the opportunity is likely to grow even further as well. Drilling can only be completed from Eagle Mountain’s patented claims, with a number of high quality drill targets to be opened up if and when the new unpatented claims are granted.
“Golden Eagle showed great potential, so we wasted no time: additional claims have been staked to secure our land position over prospective areas and a rig has been drilling on our patented claims since July,” Mason said.
Eagle Mountain is also planning an IP-Resistivity survey.
The goal will be to better define the depth and areal extent of the alteration system by mapping sub-surface zones of higher pyrite content or more pervasive silica alteration.
These are both factors which could correlate with gold mineralisation or as a vector to a deeper porphyry system.
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.