Quarterly Activities Report
Perth, Oct 29, 2021 AEST (ABN Newswire) - Eagle Mountain Mining (
ASX:EM2) (EGMMF:OTCMKTS) is pleased to provide shareholders and investors with an exploration and operations overview to accompany the Appendix 5B for the quarter ending 30 September 2021.
HIGHLIGHTS
- Drilling outside the JORC Resource continues to show potential for resource extensions with strong assay results including:
o 28.9m at 2.34% Cu, 21.95g/t Ag and 0.37g/t Au (WT-21-32), including
13.2m at 3.53% Cu, 33.89g/t Ag and 0.54g/t Au, with
1.4m at 9.99% Cu, 147g/t Ag, 2.83g/t Au
o 91.5m at 1.37% Cu, 10.86g/t Ag and 0.38g/t Au (WT-21-31), including
9.7 at 3.39% Cu, 29.65g/t Ag and 0.67g/t Au
- High grade stacked lodes on the Western Talon enhance the potential to expand the existing JORC Resource
- Discovery of two large prospective alteration systems at Golden Eagle
- Third diamond drill commences on site as part of accelerated exploration program
- Resource infill drilling supports existing MRE and identifies mineralisation in previously unassayed areas. Results include:
o 110.1m at 1.06% Cu, 9.64g/t Ag and 0.16g/t Au (WT-21-24), ending in mineralisation and including
18.4m at 3.12% Cu, 27.83g/t Ag and 0.51g/t Au, within
50.5m at 1.73% Cu, 14.31g/t Ag and 0.26g/t Au
- Drilling results on the Western Talon show a 500 metre long corridor with highly prospective geology and limited previous drilling
- Land holdings increase with 39 new claims staked over Golden Eagle and OREX
- Drilling ongoing with three drill rigs and assays pending for 24 holes
Corporate
- Repayment of US$1 million loan to director related entity by issue of shares at a 10% premium to 20 day VWAP
- $16 million placement completed, including $1 million investment from Managing Director, Charles Bass, yet to be received pending shareholder approval
- $16.5 million in cash held at the end of the quarter
Eagle Mountain Chief Executive Officer, Tim Mason, commented:
"We have achieved significant growth and success this quarter on a number of fronts at Oracle Ridge.
The discovery of two strong alteration systems at Golden Eagle is beginning to show us the potential for a much larger mineralised system at the Project - this is truly exciting. Drilling continued throughout the quarter with some of the longest holes drilled at the project.
Resource expansion drilling intersected high-grade, thick intercepts outside the JORC Resource including some of the best intercepts recorded at Oracle Ridge so far. Geological interpretation has identified a potential channel system, which we call 'The Wave', over 500 metres long in a sparsely drilled area. This has now become a priority exploration target.
The results of infill drilling surprised us with the discovery of mineralisation in areas that had previously been unassayed. Three holes intersected mineralised zones of around 100 metres which, from a mining perspective, provides the potential for bulk mining scenarios or the use of ore sorting technology to separate barren rocks from copper-bearing ores to reduce processing costs. We expect that the results of the infill drilling will enable resources in the 'Measured' category to be defined in the next JORC Resource update.
We now have three drill rigs operating full time with the aim of increasing the size and confidence of existing resources, while also exploring other prospective targets which have the potential for a 'step change' to the project. Unfortunately, we have seen a recent increase in the laboratory time for assays, however we have taken delivery of a new saw in our Tucson facility which will reduce this turn-around time.
The successful capital raising of $16 million during the quarter was strongly supported, so we are well funded to continue to advance exploration activities at Oracle Ridge. We thank existing and new shareholders who participated in the capital raising. In particular, I wish to thank our Managing Director Charles Bass who showed his ongoing support by subscribing an additional $1 million as part of this placement. Separately, Mr Bass also agreed during the quarter to accept equity for a US$1 million loan, in lieu of repayment due at the end of 2021, a strong sign of commitment and confidence from our Managing Director and largest shareholder."
To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/7X13VPHZ
About Eagle Mountain Mining Limited
Eagle Mountain Mining Limited (ASX:EM2) (OTCMKTS:EGMMF), is a copper-gold explorer focused on the strategic exploration and development of the Oracle Ridge Copper Mine and the highly prospective greenfield (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.
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