Eagle Mountain Mining Limited (ASX: EM2), a copper-gold explorer, is excited to announce the initiation of a formal Scoping Study for its wholly-owned Oracle Ridge Copper Project located in Arizona. This decision follows encouraging results from recent metallurgical and mining studies.
The Scoping Study will be grounded on the latest Mineral Resource Estimate (MRE) which indicates significant potential with 28.2 million tonnes at 1.35% copper, 11.06g/t silver, and 0.16g/t gold. This robust resource base sets the stage for a comprehensive evaluation of the project's economic and technical viability.
A key aspect of the Study will be the incorporation of a simplified flow sheet, which includes concentrate leaching and Solvent Extraction-Electrowinning (SX/EW) processes. This innovative approach aims to produce London Metal Exchange (LME) grade copper cathode, aligning with domestic decarbonization goals.
Eagle Mountain is committed to environmental stewardship. The Study will emphasize minimizing the environmental footprint by integrating low energy and emissions processes and reducing surface disturbance. This approach underscores the Company's dedication to sustainable and responsible mining practices.
The Oracle Ridge Copper Project, located in a vibrant mining region of Arizona, boasts a history of mining activities, last operational in the early 1990s. The new Study aims to explore significantly higher production rates than the historical average of 250k tons per year, positioning Eagle Mountain as a potential midtier copper producer.
The project area also presents substantial exploration targets, suggesting a mine life that could extend well beyond the current Scoping Study's focus. This potential for expansion adds an exciting dimension to the project's prospects.
Leading the Study is a highly experienced team based in Perth and Tucson, bringing over 100 years of combined expertise in operations, design, studies, and optimization. This depth of experience is a critical asset in navigating the project towards a successful and sustainable future.
Eagle Mountain anticipates the completion of the Scoping Study by the third quarter of 2024. This milestone will mark a significant step forward in the Company's journey to unlocking the value of the Oracle Ridge Copper Project and contributing to the global copper supply.
Commenting on commencement of the Study, Eagle Mountain Mining’s CEO, Tim Mason, said:
“Our team has identified a simplified ore processing method for Oracle Ridge providing significant cost and environmental benefits. Following on from this, the board has approved a formal Scoping Study on the technical and economic development of Oracle Ridge Copper Project. While the Project was previously operated in the 1990’s, the increase of the Mineral Resource to nearly 30Mt means that we can now consider materially higher production rates and longer mine life.
It is a fantastic time to be developing a copper project, with global decarbonisation targets driving strong demand forecast, especially for the second half of this decade. Importantly, the recent inclusion of copper on the US critical materials list means that production of LME grade copper onsite at Oracle Ridge supports supply of copper for domestic use.
I am very excited by these latest developments which support our goal to become a mid-tier copper producer in the USA.“
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.