Eagle Mountain Mining Limited (ASX:EM2) ("Eagle Mountain," or "the Company") is delighted to announce that recent channel sampling at its 100% owned Oracle Ridge Copper Mine Project ("Oracle Ridge," or "the Project") in Arizona, USA, demonstrates an increase in grade quality beyond prior estimations, signifying a promising upside potential.
The updated results, which surpassed the existing Mineral Resource Estimate (MRE), highlight an improved average grade than historical drilling. Notable channel sample assay results include 32.6m at 2.23% Cu, 26.13g/t Ag and 0.28g/t Au, including 1.6m at 9.47% Cu, 100g/t Ag and 1.01g/t Au (6500-NW-002)1 and 2.1m at 5.50% Cu, 19.00g/t Ag and 0.15g/t Au (6500-NW-001)1.
These results have sparked optimism for an increase in both the resource size and quality of the estimate, supported by results from multiple drill holes. In light of these promising findings, a new Mineral Resource Estimate is expected to be completed in Q4, 2023, encompassing a revised geological model and all assays received since the last MRE in October 2022.
"We are delighted to see further resource upside from our second set of underground channel sampling results at Oracle Ridge," commented Eagle Mountain Mining's CEO, Tim Mason. "The channels have returned high-grade mineralisation, which we believe has the potential to further increase the grade of the higher-grade portions of the resource."
Mason added: "We are looking forward to incorporating these results into our next resource update, which we expect to release in Q4 2023. The inclusion of these channels, in addition to positive results from our surface expansion and underground upgrade drilling, will provide us with an improved resource model to underpin a range of mining and processing options as part of ongoing technical evaluations."
The recent results also substantiate the company's plans for additional channel sampling, aimed at evaluating the upside potential in other areas of the extensive underground mine workings.
As the company moves forward, a new resource model is being prepared based on the essential information obtained from the underground drilling and channel sampling work. This data will play a critical role in the ongoing technical studies and will guide the various mining and processing options that Eagle Mountain is exploring.
About us:
Eagle Mountain is a copper-gold explorer focused on the strategic exploration and development of the Oracle Ridge Copper Mine and the highly prospective greenfields Silver Mountain Project, both located in Arizona, USA. Arizona is at the heart of America’s mining industry and home to some of the world’s largest copper discoveries such as Bagdad, Miami and Resolution, one of the largest undeveloped copper deposits in the world.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au