Eagle Mountain Mining Limited (ASX:EM2) (OTCMKTS:EGMMF) is pleased to provide an exploration update at its 100% owned Oracle Ridge Mine Project ("Oracle Ridge", "Project") in Arizona, USA.
Assays have been received for four drill holes and the remainder of one hole, completed in the Western Talon area. Significant assays are summarised in Table 1*. Figure 1 and 2* illustrates the location of these new results at the Talon.
- Further high-grade copper assays have been received along the Western Talon at Oracle Ridge
- Results occur outside the existing JORC Resource and within a strong geophysical anomaly stretching over 750m. Assays include:
o 5.8m at 2.72% Cu, 29.59g/t Ag and 0.72g/t Au (WT-21-33); within
o 16.6m at 1.87% Cu, 18.53g/t Ag and 0.51g/t Au
o 7.6m at 2.20% Cu, 20.70g/t Ag and 0.25g/t Au (WT-21-34); and
o 3.3m at 2.06% Cu, 22.48g/t Ag and 0.56g/t Au (WT-21-34).
- The results are within the recently defined 'Wave' zone, now interpreted to connect to the historic Leatherwood Mine (production included 12% Cu, 200g/t Ag and 1g/t Au)
- Enhanced potential to expand the existing JORC Resource with the Wave zone which remains open to the east and along strike
- Three drill rigs operating with two testing the Wave zone and one completing resource upgrade drilling
- Assays pending for 13 holes in the Mine Area and further 11 holes at Golden Eagle
Eagle Mountain Mining CEO, Tim Mason, commented:
"These latest drilling results are significant as they not only provide further support for expanding our JORC Resource, but they confirm the prospectivity of the 'Wave' structure which hosts some of the thickest intercepts at Oracle Ridge. Furthermore, the Wave zone, which is a feature within the Talon, is now interpreted to connect recent high-grade intercepts to the historic Leatherwood mine where mineralisation outcrops at the surface at the southern end of the mine area. While the Leatherwood mine is relatively small, the reported mined grades are spectacular suggesting potential for very high-grade copper mineralisation to also occur along the Wave zone. We have assays pending for 11 drill holes from the northern part of the Wave zone and further holes will be drilled as roads are established in this area.
Unfortunately, assays have recently been delayed due to a crusher outage at the laboratory. The crusher has since been fixed and our results from the Wave are being expedited through to the assay. Our own modern core saw has been delivered to our Tucson facility and is being commissioned this week. We look forward to receiving further assays from the Talon which has continued to show strong potential to build our JORC Resource."
The Wave Zone and Leatherwood Mine
The Wave zone is a recently defined feature which the Company has intersected in recent drill holes at the Western Talon. Some of the best intercepts at Oracle Ridge have been observed in sediments adjacent to, and within, the Wave zone. Previously reported intercepts along the Wave include (see announcement 28 September 2021):
- 28.9m at 2.34% Cu, 21.95g/t Ag, 0.37g/t Au in WT-21-32; and
- 91.5m at 1.37% Cu, 10.64g/t Ag and 0.38 g/t Au in WT-21-31.
The Wave feature is defined by the Leatherwood intruding along a gently dipping fault structure (Wave Fault) which has created favourable conditions for the precipitation of minerals from hydrothermal fluids. Thick zones of mineralisation are observed within the Wave feature and remain open to the east.
A new interpretation extends the Wave zone for over 500 metres to the historical Leatherwood mine (Figure 1 & 2*) at the southern end of the Talon area, where copper, silver and gold mineralisation outcrops at the surface (Figure 3*).
The Leatherwood mine includes two tunnels extending for approximately 50 metres connected by an internal shaft. Mineralisation is contained within skarn and breccias, with magnetite being present. Copper-bearing sulphides include bornite, chalcopyrite, chalcocite and covellite, listed in order of decreasing abundance. A shipment of ore in 1969 consisted of about 45 tonnes of hand-sorted ore composed of approximately 12% copper, 200g/t silver and 1g/t gold (Figure 4*). No other production records are known.
The combination of both the thickness and grade of drill intercepts within the Wave, combined with the interpreted strike extent of this feature for over 500 metres significantly enhances the prospectivity of this area.
Three rigs are currently operating at Oracle Ridge with two at the Talon and one continuing the Resource Upgrade program in the northern part of the resource area. The Company is continuing the establishment of new roads and drill pads, as well as improving existing access to various parts of the Project. A new road connection is being completed on the eastern side of Marble Mountain which will improve safety, reduce travel time for the Company's crew and will allow two rigs to be deployed contemporaneously at the southern end of the Talon.
Assay results are pending for 13 holes at the Mine Area and 11 holes at Golden Eagle. Laboratory turnaround times have increased again over the last few weeks partly because of longer than expected core cutting, sample preparation and crushing times. The Company is installing a modern core cutting machine at its office in Tucson to allow core cutting and sampling to be completed in-house, thus avoiding some of the delays experienced at the laboratories. The core saw is expected to be brought online in mid-November.
*To view detailed drill results, please visit:
Tim Mason BEng, MBA, GAICD Chief Executive Officer firstname.lastname@example.org Mark Pitts B.Bus, FCA, GAICD Company Secretary email@example.com Jane Morgan Investor and Media Relations firstname.lastname@example.org
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