Eagle Mountain Mining (ASX:EM2) has added a strategic land package to the Wedgetail Copper Project in Arizona, US.
In February 2024, the company exercised a first right of refusal to purchase 15 acres of the Cochise patented claim adjacent to its existing patented claims.
Under the acquisition, Eagle Mountain paid US$325,000 ($519,734), comprising a US$200,000 down payment and a secured seller’s loan of US$1250,000 over five years at 6% interest per year.
CEO Tim Mason says completing the Cochise claim acquisition is a key milestone for the company.
“We have now acquired the last privately held property between our tailings storage facility and the Oracle Ridge Mine,” Mason says.
“Cochise is important for access and infrastructure between the Oracle Ridge Mine and the tailings facility, along with valuable water rights.
“We are confident this acquisition will have a positive impact on the long-term success and sustainability of the Wedgetail Project.”
Based on the access route, Eagle Mountain owns the remaining piece of private property not already owned or controlled, or on public federal land.
The company notes it does not have mineral rights to Cochise at this time, however exploration activities are being planned to broaden the understanding of the OREX and Golden Eagle targets.
Eagle Mountain Mining is a copper-gold explorer focused on discovering and developing its Wedgetail and Silver Mountain projects in the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Eagle Mountain Mining
