Eagle Mountain Mining Limited (ASX:EM2) (OTCMKTS:EGMMF) is pleased to provide an exploration update at its 100% owned Oracle Ridge Mine Project ("Oracle Ridge", "Project") in Arizona, USA. Assays have been received for seven drill holes completed in the Western Talon area. Figures 2* and 3* illustrate the location of significant new results at the Talon.

Eagle Mountain Mining CEO, Tim Mason, commented:

"We are delighted that drilling continues to deliver further strong results which supports the upside prospectivity at Oracle Ridge. All these results are outside the existing JORC Mineral Resources Estimate (JORC MRE), further supporting the potential to build our mineral resources. These results are from the Wave Zone, part of the Western Talon, which continues to excite us with a combination of both high-grade mineralisation and broad mineralised zones which may be more amendable to larger scale mining methods with relatively lower mining costs on a unit basis.

To provide improved access to target this prospective area, we are currently constructing two new pads above the historic Leatherwood mine which reported historic production of 12% Cu, 200g/t Ag and 1g/t Au (see ASX announcement 11 November 2021).

The longer turnaround time for assays means we now have 39 holes pending results. This is certainly disappointing, although not unique as these delays are impacting most companies in our sector. We remain on track to deliver an update on our JORC MRE in Q1 2022 which will include these latest results."

WT-21-50

WT-21-50 was drilled at the northern end of the Talon magnetic anomaly. This area is characterised by the eastern end of the Wave with steep geometry cross-cutting the prospective sediments (Figure 4*). WT-21-50 was completed approximately 50 metres to the east of drill hole WT-21-19 (1.4m @ 1.02% Cu, 3.40g/t Ag, 0.04g/t Au) and C-058 (10.1m @ 3.47% Cu, 35.23g/t Ag). Several stacked mineralisation zones were encountered with the best intervals of:

- 14.1m at 1.51% Cu, 12.06g/t Ag and 0.42g/t Au, just below the Leatherwood Q Sill; and

- 7.3m at 1.88% Cu, 12.09g/t Ag and 0.15g/t Au, near the Leatherwood-Sediments contact

The strong spatial correlation between sediment-intrusive contact and mineralisation suggests that the eastern end of the Wave could also represent a favourable location for developing skarn alteration and copper mineralisation. It is believed faulting may have impacted WT-21-19 and C-058, with WT-21-65 drilled to confirm the western extent of these mineralised zones.

WT-21-46

Drillhole WT-21-46 targeting the core of the Wave (Figure 5*), between high-grade mineralisation in WT-21-32 to the north (28.9m at 2.34% Cu, 21.95g/t Ag and 0.37g/t Au) and WT-21-40 to the south (22.5m at 2.84% Cu, 27.46g/t Ag and 0.48g/t Au) and approximately 40 metres to the northwest of WT-21-44. Multiple stacked lodes were intersected with the best result of 12.7m at 1.88% Cu, 15.44g/t Ag and 0.28g/t Au. A broader zone of 43.2m at 1.05% Cu, 8.85g/t Ag and 0.23g/t Au was also defined encompassing the deeper high-grade zones. The results from WT-21-46 confirm the continuity of mineralisation in this area of the Western Talon. They also suggest a minimum east-west extent for the mineralisation exceeding 40 metres.

WT-21-44

WT-21-44 was drilled in the mineralised core of the Wave (Figure 5*), between high-grade mineralisation in WT-21-32 to the north and WT-21-40 to the south. The drill hole confirmed the continuity of the mineralisation with the best interval of 13.4m at 1.98% Cu, 15.96g/t Ag and 0.35g/t Au within a broad zone of 61.5m at 1.07% Cu, 9.87g/t Ag and 0.14g/t Au. These results coupled with strong mineralisation in WT-21-46 to the west confirm the endowment of the Wave on this section with a suggested east-west extent of the mineralised zone exceeding 40 metres. Results are pending for drill hole WT-21-54, which was completed 50 metres to the east of WT-21-44.

WT-21-42

WT-21-42 was drilled in the Western Talon area, testing extensions to mineralisation in hole WT-21-40 (22.5m at 2.84% Cu, 27.46g/t Ag and 0.48g/t Au, see Figure 6*). The drill hole encountered 4.7m at 1.49% Cu, 13.78g/t Ag and 0.15g/t Au at the Leatherwood-Sediments contact.

WT-21-43

WT-21-43 was drilled in the Western Talon area, testing extensions to mineralisation in hole WT-21-39 (28.0m at 1.62% Cu, 12.44g/t Ag and 0.23g/t Au, see Figure 7*). The drill hole encountered two narrow mineralised zones at the Leatherwood-Sediments contact with a high-grade intercept of 0.8m at 7.75% Cu, 258g/t Ag and 2.54g/t Au. These two zones are interpreted as extensions to recent intersections in WT-21-39 and historical intersections in C-115 (1.8m @ 3.49% Cu, 21.26 g/t Ag, see Figure 7*) although further drilling is required to refine the local geological model. Similar to drill hole WT-21-42, WT-21-43 appears to have intersected the western side of the Wave, explaining the relatively narrow intercept received.

WT-21-45

WT-21-45 was drilled in the mineralised core of the Wave (Figure 3*), approximately 70 metres to the south of drill hole WT-21-39 (28.0m at 1.62% Cu, 12.44g/t Ag and 0.23g/t Au, see Figure 7*). The drill hole intersected a 74.4m zone of mineralisation at 0.93% Cu, 6.92g/t Ag and 0.1g/t Au including multiple high-grade zones up to 3.1m at 6.85% Cu, 32.23g/t Ag and 0.13g/t Au (Figure 9*). While the tenor of mineralisation is marginally lower than that in drill holes just to the north (such as WT-21-39), its thickness is highly encouraging. Significant potential exists to extend this mineralisation to the east, towards C-113 (7.9m @ 1.53%Cu, 14.44 g/t Ag) and to the southeast, towards the southern Talon area.

WT-21-49

WT-21-49 was drilled approximately 50 metres to the south-southwest of WT-21-45. The drill hole intersected only minor mineralisation within the sediments below the Wave while localised moderate to high-grade intersections up to 0.5m at 3.54% Cu, 42g/t Ag and 0.64g/t Au were encountered above the Wave/Leatherwood Q Sill. The absence of significant mineralisation below the Wave is interpreted as a combination of a lack of favourable host rocks as well as local changes to the geometry of the Q Sill in this area. The Western Talon showed an inflection point in this area with the magnetic anomaly trending almost north-south to the north and northwest-southeast to the southeast. Importantly, the magnetic anomaly is continuous along the entire Western Talon supporting the concept of continuous magnetite-rich skarns being present throughout the area.

Discussion

As discussed in previous announcements (refer ASX announcement 1 December 2021), recent results have enhanced the prospectivity of the Western Talon and the potential for this area to host further mineralisation. New results presented in this announcement support the interpretation of continuous mineralisation over 250 metres in a northwest-southeast direction between drill holes WT-21-32 and WT-21-45.

Mineralisation is open to the southeast of hole WT-21-45 for a further 250 metres to hole WT-21-31 (91.5m at 1.37% Cu, 10.86g/t Ag and 0.38g/t Au) and to the historical Leatherwood Mine where mineralisation daylights at the surface. Several drill holes have been designed to test this gap between WT-21-31 and WT-21-45.

Next steps

Drilling recommenced at Oracle Ridge on 3 January 2022 after a short break over Christmas. Two rigs will continue drilling at the Talon, focussing on the Western Talon and potential mineralisation between WT-21-31 and the Leatherwood Mine. Two additional drill pads are currently being established to facilitate better drill positions (Figure 11*).

The third rig is testing for expansions to the existing Resource in the central part of the mine area. After this stream of work is completed, the rig will move towards the northern part of the mine area where several targets have been delineated with strong potential to add mineralisation through step-outs as well as infill of broadly spaced historical holes.

Northern hemisphere winter conditions will be encountered during the upcoming weeks with low temperatures and potential snowstorms. The Company has implemented a series of contingency measures to minimise the disruptions to drilling activities. Earthmoving equipment will be available at the site to clear access and for road maintenance purposes. Additional drill pads at lower elevations with easier access have been established and preparatory work completed to ensure minimal disruption to drilling activities.

Assays are currently pending for 28 holes in the mine area and 11 from Golden Eagle.

SRK Consulting Australasia (SRK), a reputable mining consultancy, has been formally engaged to assist the Company with the next update to the JORC MRE. SRK is familiar with the Oracle Ridge Project following their involvement in the preparation of the existing JORC MRE released in December 2020. The update is on track to be completed during Q1 2022.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/2ND887JS


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.

   

Contact

Tim Mason
BEng, MBA, GAICD
Chief Executive Officer
tim@eaglemountain.com.au

Mark Pitts
B.Bus, FCA, GAICD
Company Secretary
mark@eaglemountain.com.au

Jane Morgan
Investor and Media Relations
jm@janemorganmanagement.com.au



Link: High-Grade Assays Underline Resource Expansion Potential


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