Eagle Mountain Mining Limited (ASX:EM2) (“Eagle Mountain”, the “Company”) is pleased to announce that subsequent to field follow-up of geophysical anomalies in the near-mine area, in pursuit of expanding its potential mineable resource base, the Company has staked 105 Unpatented Mining Claims (“Claims”) surrounding Eagle Mountain’s 80% owned Oracle Ridge Copper Mine Project (“Oracle Ridge”) in Arizona.
Highlights:
- Eagle Mountain has staked 105 new Claims surrounding the Oracle Ridge Copper Mine Project
- Potential to extend the Oracle Ridge skarn mineralisation by 3 kilometres
- The new Claims are within 5 kilometres of mine portals and cover two prospective areas named OREX and Red Hawk, with OREX prospective for skarnhosted high-grade Cu-Ag-Au mineralisation, and Red Hawk potentially prospective for porphyry copper mineralisation
- The new Claims follow a field mapping program:
- Mineralisation found within the Leatherwood intrusive; up to 9.15% Cu and 192 g/t Ag in dump grab samples
- Skarn-hosted mineralisation found below the Leatherwood intrusive; up to 2.38% Cu, 721 g/t Ag, 0.44 g/t Au in grab samples
- Mineralisation in same limestone formations as at Oracle Ridge
- Strong geophysical anomalies in VTEMTM Plus regional survey
- Field observations support the concept of a potential deep copper porphyry as source of mineralisation
The new Claims are within five kilometres of mine portals and cover two prospective areas named OREX and Red Hawk. OREX is prospective for skarn-hosted high-grade Cu-Ag-Au mineralisation while Red Hawk is potentially prospective for porphyry copper mineralisation.
The areas for the Claims were selected following a systematic exploration program completed by Eagle Mountain’s technical team over the past nine months. The program included regional geophysics, multi-spectral image analysis, historical data review and geological mapping and sampling.
Eagle Mountain Mining CEO, Tim Mason, commented, “While the drill rig is currently testing extensions to the Oracle Ridge orebodies, it is pleasing to see the results of the regional work that the team has been involved with over the past nine months. The second pillar of our exploration strategy at Oracle Ridge is to identify near-mine opportunities for expanding our resource base and expand our footprint in areas prospective for porphyry copper mineralisation, and it is exciting to see this coming to fruition.”
With the recently completed ground staking we have secured a strong land position over three high-quality targets, and I am also excited to see the regional work confirming our conceptual model for the greater Oracle Ridge mineralisation system. While there is a lot more work to do, new evidence supports our model for a deeper source for the copper, silver and gold at Oracle Ridge.
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