Eagle Mountain Mining Limited (ASX: EM2) ("Eagle Mountain" or "the Company"), an ASX listed copper-gold explorer, is thrilled to announce the successful acquisition of the Cochise patented claim, a pivotal piece of land that promises to significantly bolster the longevity and potential of its 100% owned Oracle Ridge Copper Project in Arizona, USA.
In a strategic move to secure the future of Oracle Ridge, Eagle Mountain has exercised its right of first refusal to purchase approximately 15 acres of the Cochise claim, which is strategically nestled between the Oracle Ridge mine and its tailings storage facility. This acquisition not only secures critical access to the mine beyond the current lease's expiration in 2036 but also opens up new avenues for infrastructure development and exploration.
The terms of the acquisition are notably advantageous, with the Company agreeing to a purchase price of US$325,000, which includes a down payment of US$200,000 and a secured seller’s loan of US$125,000 over a five-year period at an interest rate of 6% per annum. This astute financial move allows the Company to avoid approximately US$190,000 in further lease payments under the existing agreement, highlighting the acquisition's attractive price point and long-term financial benefits.
Cochise's strategic location offers the potential for the development of essential infrastructure such as a mine camp or processing facilities, further enhancing the operational capabilities at Oracle Ridge. Additionally, owning the claim provides Eagle Mountain with the opportunity to establish drill sites targeting the promising Golden Eagle and OREX mineral systems, potentially unlocking new resources and extending the mine's life.
While Eagle Mountain currently does not hold mineral rights to Cochise, the acquisition paves the way for future exploration activities aimed at broadening the understanding of the area's geology and mineral potential. Notably, Cochise is home to the historic Sanderson gold mine, indicating the claim's rich mineral legacy and potential.
This acquisition is a testament to Eagle Mountain's commitment to the Oracle Ridge Copper Project and its strategy to ensure the project's success and sustainability. The Company is currently finalising various legal agreements to complete the acquisition and is looking forward to incorporating Cochise into its ongoing Scoping Study for Oracle Ridge, with completion expected in Q3 2024.
Eagle Mountain Mining Limited is excited about the opportunities this strategic acquisition presents and is committed to continuing its efforts to maximise the value and potential of the Oracle Ridge Copper Project for its stakeholders and the broader community.
Commenting on the acquisition, Eagle Mountain Mining’s CEO, Tim Mason, said:
“The acquisition of the Cochise claim is a positive development for the Oracle Ridge Copper Project. Ownership of this land assists future haulage access and infrastructure between the mine and the tailing storage facility. As a future operation at Oracle Ridge is likely to extend beyond the term of the current access agreement to 2036, it is important as part of our development strategy to acquire key landholdings ahead of a decision to restart operations.“
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