Perth, Australia – 9 July 2024 | Eagle Mountain Mining Limited (ASX: EM2) is pleased to announce the identification of significant copper porphyry-style targets at its 100% owned Silver Mountain Project in Arizona, USA. These findings, derived from a recent 3D seismic survey, represent a major advancement in the exploration potential of this project.
Key Highlights:
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Porphyry-Style Targets: Large high-priority porphyry-style targets have been defined beneath tertiary cover, with a modelled strike length of approximately 2 kilometres and a depth to the top of targets from about 300 metres.
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3D Seismic Survey Success: The 3D seismic survey, completed using Fleet Space’s ExoSphere solution, has identified these targets, supported by previous aeromagnetic and gravity surveys.
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Geological Correlation: The structural setting and surface mapping of Silver Mountain align with other major porphyry deposits in Arizona, enhancing the project's exploration strategy.
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Strategic Review at Oracle Ridge: Following unsolicited market approaches, Argonaut PCF has been appointed to conduct a strategic review of the Oracle Ridge project to maximize shareholder value.
Tim Mason, CEO of Eagle Mountain Mining, stated:
“The recent 3D seismic survey at our Silver Mountain Project has been a resounding success, significantly enhancing our geological understanding and propelling the project to a top priority for exploration activities.
While historical indicators suggested the potential for large mineralised systems at Silver Mountain, younger rock cover hampered our ability to pinpoint deeper targets. The new seismic data has effectively unlocked this geological potential.
These new findings highlight an unexplored, western target zone, well beyond the past exploration efforts that were focussed on the eastern volcanogenic massive sulphide horizon. Extensive mapping has identified encouraging alteration zones along with structures that may have acted as pathways for mineralised fluids originating from a large, buried, heat source and showing themselves as the extensive copper, gold and silver surface occurrences.
Propyllitic alteration, found on the outer edges of porphyry deposits, was found at the bottom of previously drilled diamond holes in the area. These holes were terminated about 100 metres above one of the porphyry-style targets.
The Silver Mountain property is exceeding expectations and has solidified its place in our exploration strategy moving forward.”
Project Overview:
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Silver Mountain Project: Located northwest of Phoenix on the Laramide Arc, the project is positioned among world-class porphyry copper mines such as Bagdad, Miami, and Resolution. It lies on a prospective metallogenic belt that hosts high-grade historical mines like United Verde and Iron King.
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Geophysical Support: The identified porphyry-style alteration zones and their correlation with previously developed geophysical datasets, including magnetics and gravity, provide robust targets for further exploration.
Next Steps:
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Geophysical Data Enhancement: Existing magnetic and gravity data will be reprocessed to refine the depth and cause of anomalies, aiding target definition.
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Geochemical Analysis: Pending assays from a suite of prospective samples, including those from precious/base metal veins, pegmatites, breccias, and gossans, will help identify areas with anomalous metal concentrations.
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Age Dating and Petrographic Analysis: Planned to establish a chronological framework and identify key minerals, aiding in vectoring towards the source of the interpreted porphyry alteration system.
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Geological Mapping: Ongoing detailed mapping and sampling of porphyry-style alteration and high-grade veining will be evaluated for potential connections to the porphyry heat source.
Strategic Review Process:
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Oracle Ridge Project: In response to recent interest, the Company has initiated a strategic review of the Oracle Ridge Project, led by Argonaut PCF. The review aims to explore all options to maximize shareholder value while continuing the Scoping Study, which is due for completion in Q4 2024
About us:
About Eagle Mountain Mining Limited:
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.
For more information, visit Eagle Mountain Mining.
Contact details:
Jane Morgan
Investor and Media Relations
+61 405 555 618
jm@janemorganmanagement.com.au
