Eagle Mountain Mining Limited (ASX:EM2) (OTCMKTS:EGMMF) is pleased to provide an exploration update at its 100% owned Oracle Ridge Mine Project in Arizona, USA.
Eagle Mountain Mining CEO, Tim Mason, commented:
"The recently discovered Wave Zone within The Talon target continues to demonstrate strong potential to increase Eagle Mountain's JORC resource with thick zones of high-grade mineralisation. The Wave Zone is interpreted to extend well over 500 metres with outcropping mineralisation at the surface at the southern end. Large portions of the Wave Zone remain untested, with the mineralisation also being open to the east. Due to these consistently strong results, drilling is focused along the Wave and we eagerly await further assay results in this prospective area.
The Wave Zone represents part of the broader Talon anomaly which remains a prime exploration target supported by multiple strong results from drilling by both the Company and historic assays.
Our entire geology team has worked diligently, completing remarkable work to identify the potential of this new zone, with the results to be incorporated into an updated JORC Resource planned to be completed in Q1 next year."
Assays have been received for four drill holes completed in the Western Talon area. Figures 1 and 2 illustrate the location of significant new results at the Talon.
WT-21-40 was drilled in the Western Talon area, testing extensions to mineralisation in hole WT-21-25 and following up on the positive results in WT-21-39, approximately 50 metres to the south (Figure 2, Figure 3*). The drill hole encountered a thick mineralised zone (69.5m at 1.60% Cu, 15.37g/t Ag and 0.30g/t Au) including a high-grade core of 22.5m at 2.84% Cu, 27.46g/t Ag and 0.48g/t Au. Results from WT-21-40 significantly improve both continuity and grade from those in WT-21-25, approximately 50 metres to the east.
WT-21-42 was drilled to the west of WT-21-40 and intersected mostly Q Sill and Leatherwood intrusives, suggesting that WT-21-40, similar to WT-21-39, was drilled "through" the Wave while WT-21-42 was drilled on the back side of the Wave with weak mineralisation encountered (similar to WT-21-43, see Figure 5*).
Observations from WT-21-40 also support the current geological model for the Western Talon showing the Wave as a key feature in controlling alteration and mineralisation in the area.
WT-21-39 was drilled in the Western Talon area, testing extensions to mineralisation in historical holes C-113 and C-115 (Figure 5*). The drill hole intersected two thick zones of skarn-hosted mineralisation interpreted to be the western extension of mineralisation in the historical holes.
WT-21-43 (assays pending) was drilled to the west of WT-21-39 and intersected thinner mineralised intervals than those in WT-21-39 and contains large sections of Q Sill and Leatherwood intrusives. These results suggest that WT-21-39 was drilled "through" the Wave while WT-21-43 was drilled mostly on the back side of the Wave and is thus less mineralised (Figure 5*).
Observations from WT-21-39 support the current geological model for the Western Talon showing the Wave as a key feature in controlling alteration and mineralisation in the area.
WT-21-38 was drilled approximately 50 metres to the east of WT-21-29, targeting western extensions to mineralisation at the upper contact between the Wave and Sediments and steeper lodes hosted by the Sediments at depth. Four mineralised zones were intersected including 1.6m at 5.23% Cu, 2.42g/t Ag and 0.06g/t Au. The lower concentration of silver and gold in the assays, together with geological observations by the Company, suggest that this mineralisation could be different, and possibly later in the geological history than the main event producing the skarn-hosted copper-silver-gold mineralisation. WT-21-38 also confirmed the steep geometry of the sediments in the area, dipping to the east at a high angle.
A mineralised zone of 9.8m at 1.26% Cu, 11.34g/t Ag and 0.35g/t Ag was encountered in hole WT-21-37, which was drilled approximately 60 metres to the northwest of WT-21-31 (Figure 2, Figure 6*), targeting extensions to the mineralisation adjacent to the Wave. The drill hole intersected approximately 30 metres of prospective sediments between the Q Sill and Leatherwood intrusives. This observation suggests that WT-21-37 was drilled close to the eastern side of the Wave and did not intersect the full thickness of the prospective sediments. Further drilling is planned in this area targeting the north-western and eastern extension to the mineralisation near the Wave.
Implications for the prospectivity of the Western Talon
Recent results have confirmed the strongly mineralised nature of the sediments located within the Wave structure. This area is bounded by an upper intrusive, locally named the Q Sill, which represents the Wave proper and the contact between sediments and the Leatherwood at depth. Extensive mineralised skarn occurs in the sediments between the two intrusions with a cumulative downhole thickness ranging between 30 and 100 metres. The interplay between stratigraphy, intrusions and structure is interpreted to create a favourable location for skarn alteration and concentration of copper, silver and gold to occur.
The Wave Zone is interpreted to extend well over 500 metres with mineralisation open to the east and north. The Wave is a priority drill target due to its potential to add significant tonnes to the existing Mineral Resource.
Three rigs are currently operating at the Oracle Ridge mine area with two at The Talon and one continuing the resource upgrade program in the northern part of the mine area.
Drilling at the Talon will continue to focus on the Western Talon with the goal of drilling the entire length of the Wave to a spacing suitable for the estimation of an inferred resource.
The most recent resource upgrade holes were drilled using a larger core diameter (PQ). The additional material collected will be used in upcoming metallurgical studies. After the conclusion of the resource upgrade program, the rig will then remain in the area to complete a small program designed to convert the existing Inferred resource to an Indicated resource after the next mineral resource update. The mineral resource update is planned for completion by the end of Q1 2022.
Assay results are pending for 18 holes at the mine area and 11 holes at Golden Eagle. The new core cutting saw has been installed and is currently operational at the Company's logging facility in Tucson, Arizona (Figure 7*). Significant time and cost savings are expected from the operation of the dedicated core cutting saw when compared to outsourcing the same work to the assay laboratories.
*To view tables and figures, 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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