Eagle Mountain Limited intends to develop a low-cost mining operation which means increasing the resource base both within its 80 per cent owned Oracle Ridge Mine Project in Arizona, USA and in the near-mine vicinity.
Diamond drilling commenced at Oracle Ridge in early September and was designed primarily to target extensions of the high-grade portions of the existing Mineral Resource Estimate (MRE). Five of the six drill holes completed intersected skarn-hosted copper mineralisation. Additionally, mineralisation has been encountered in the Leatherwood granite, which opens up the prospectivity of this rock unit.
Samples have been submitted to the laboratory and assay results are expected in the coming weeks. Eagle Mountain CEO, Tim Mason, said they are excited by what they have seen in the first six holes at Oracle Ridge and are eagerly awaiting assay results.
“As all the holes are located outside the existing mineral resource, any positive results from the assays are likely to increase the quantity of the known mineralisation. In addition, the mineralised zone within the ‘Leatherwood’ at the bottom of WT-20-05 is particularly interesting as it changes our interpretation of the local geology and increases the prospectivity of the area,” Mr Mason said.
“Following the positive observations from the drill core, along with our recently completed capital raise and conversion of options by our Managing Director, Charles Bass I am pleased that we have extended our drilling program to at least December 2020,” he detailed.