Oracle Ridge assays add weight to EM2’s Iceberg-in-Arizona theory

Eagle Mountain has flagged more high-grade assays from Western Talon at the copper-gold explorer’s Oracle Ridge copper mine in Arizona, USA.

Eagle Mountain Mining (ASX:EM2) assays are insanely thorough – and all of these are outside of the existing JORC Mineral Resource of 12.2Mt at 1.51% copper for 184kt contained copper.

Arizona iceberg

Eagle’s CEO Tim Mason says the latest batch highlight just how much resource expansion potential there is at Western Talon.

“It’s an iceberg and we’re not even at the tip,” he told Stockhead.

Here are the headlines from seven drillholes:

0.8m at 7.75% copper, 258 g/t silver and 2.54 g/t gold (WT-21-43);
13.4m at 1.98% copper, 15.96 g/t silver and 0.35 g/t gold (WT-21-44) within 61.5m at 1.07% copper, 9.87 g/t silver and 0.14 g/t gold;
3.1m at 6.85% copper, 32.23 g/t silver and 0.13 g/t gold (WT-21-45) within 74.4m at 0.93% copper, 6.92 g/t silver and 0.10 g/t gold
12.7m at 1.88% copper, 15.44 g/t silver and 0.28 g/t gold (WT-21-46) within 43.2m at 1.05% copper, 8.85 g/t silver and 0.23 g/t gold
14m at 1.51% copper, 12.06 g/t silver and 0.42 g/t gold (WT-21-50); and
7.3m at 1.88% copper, 12.09 g/t silver and 0.15 g/t gold (WT-21-50) including 2.3m at 3.57% copper, 20.82 g/t silver and 0.21 g/t gold.

Upside prospectivity at the Wave Zone

Mason told Stockhead the results speak to the ‘upside prospectivity’ at Oracle Ridge

“All these results are outside the existing JORC mineral resources estimate (MRE), further supporting the potential to build our mineral resources,” Mason said.

“These results are from the Wave Zone, part of the Western Talon, which continues to excite us with a combination of both high-grade mineralisation and broad mineralised zones which may be more amendable to larger scale mining methods with relatively lower mining costs on a unit basis. “

“To provide improved access to target this prospective area, we are currently constructing two new pads above the historic Leatherwood mine which reported historic production of 12% copper, 200 g/t silver and 1 g/t gold.”

Mason said the longer turnaround time for assays – which are impacting most companies in the sector – means there’s still 39 holes pending results.

“We remain on track to deliver an update on our JORC MRE in Q1 2022 which will include these latest results,” he said.

Plan view of the Talon target showing the Wave Zone, including selected results.

Ongoing drilling at Talon

Mason, whose vision is to develop Oracle Ridge as a low-emission – one day even zero-emission – mine, says two rigs will continue drilling at the Talon, focussing on the Western Talon and potential mineralisation between WT-21-31 and the Leatherwood Mine.

A third rig is testing for expansions to the existing resource in the central part of the mine area.

The company is also establishing two additional drill pads to facilitate better drill positions and has also undertaken works to minimise disruption to drilling activities during the Northern hemisphere winter, with low temperatures and potential snowstorms. Or icebergs.

This article was developed in collaboration with Eagle Mountain Mining Limited, 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.