Eagle Mountain Mining Limited (ASX: EM2), 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, is thrilled to announce a significant update to the Mineral Resource Estimate (MRE) for its wholly-owned Oracle Ridge Copper Project in Arizona, USA. The updated MRE showcases a substantial increase in resources, reflecting the company's commitment to expanding and enhancing the project's potential.
Key Highlights of the Updated MRE:
- Substantial Increase in Resources: The new MRE reveals a remarkable increase to 28.2 million tonnes at 1.35% copper, 11.06g/t silver, and 0.16g/t gold, using a 0.8% copper cut-off grade. This translates to an impressive 380,000 tonnes of contained copper.
- Enhanced Quality of Resources: Over half of the new MRE is categorized under Measured and Indicated Resources, indicating higher confidence in these estimates. The new MRE also shows better grades in these higher confidence categories.
- Foundation for Future Studies: This expanded mineral resource lays the groundwork for further technical studies, including those focused on metallurgy, processing, and mining evaluations.
- In-depth Geological Insights: The new MRE benefits from extensive geological data obtained from 50 additional drillholes and nearly 1 kilometer of detailed underground channel sampling. This data has provided 3D insights into mineralization and its controls, leading to an updated geological model.
- Significant Growth in Contained Copper: Compared to the previous MRE, there's a 27% increase in contained copper at a 1% cut-off, with a 20% increase in tonnes and a 6% increase in copper grade.
- Prospects for Further Expansion: The new MRE does not yet include several promising targets, such as up to 10% Cu from surface samples and up to 4% Cu from samples near the historical Hartman-Homestake mine, indicating considerable potential for further growth.
A New Chapter in Oracle Ridge's Story
The updated geological model, incorporating recent drilling and channel sampling data, offers a more accurate representation of the mineralization style. This model has been meticulously reviewed by SRK Consulting Pty Ltd, ensuring the highest standards of accuracy and reliability.
Improvements and Innovations in Resource Estimation
The new MRE reflects significant advancements in geological modelling and domaining methodologies. The insights gained from detailed underground mapping and high-density drilling have been instrumental in understanding the local scale geometry of mineralization. This has led to improved grade estimation control and a better reconciliation of mapped and sampled mineralization to resource block grades.
A Forward-Looking Approach
Eagle Mountain Mining Limited continues to focus on expanding and improving the Oracle Ridge Copper Project. The lowered cut-off grade to 0.8% Cu, based on internal mining and metallurgical studies, aligns with the company's strategy to maximize the project's value and potential.
Commenting on the new Mineral Resource Estimate, Eagle Mountain Mining’s CEO, Tim Mason, said:
“The new Mineral Resource Estimate reflects a 27% increase in contained copper on a like-for-like basis from the previous resource and is on track to surpass more than 400 thousand tonnes of contained copper. This update is a key milestone on our path to become a significant producer of copper, with a strong focus on low emission production.
Our recent refurbishment of the underground mine was instrumental to this latest update, as it provided us with previously unrecognised insight into the geology and mineralisation and has confirmed the mining and processing optionality of the Project. In particular, we see a greater opportunity for a much larger mining operation at Oracle Ridge than previously contemplated, leveraging off recent advancements in processing and mining technologies to reduce both costs and our impact on the environment. Our activities are currently focusing on processing pathways for a lower grade, larger tonnage operation.
The resource remains open in multiple areas, and we are confident that further resources will be defined. We are currently assessing and prioritising resource extension targets, along with upgrades of existing Inferred resources to further de-risk production in the first five years of mine life.
Taking all this into consideration, I am optimistic that we have the foundations to become a mid-tier copper producer at Oracle Ridge.”
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.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au