Eagle Mountain Mining (ASX:EM2) has ‘substantially’ increased the Mineral Resource Estimate (MRE) of its Oracle Ridge Copper Project in Arizona, US.
The $18.29 million market capitalisation company reports the MRE — reviewed by SRK Consulting — now stands at 28.2 million tonnes (Mt) @ 1.35% copper, 11.06 grams per tonne (g/t) silver, and 0.16g/t gold using a 0.8% copper cut-off grade for 380,000 tonnes of contained copper.
This update represents a 27% increase in the contained copper at a 1% cut-off grade compared to the previous MRE, with a 20% increase in tonnes and a 6% increase in copper grade.
Eagle Mountain will be incorporating this new MRE into ongoing technical evaluations to guide further geological modelling and metallurgical work.
Further, the company plans to assess resource expansion targets generated from an updated sampling, mapping, geology model, and resource estimate.
A deposit-wide surface mapping program is also planned, which is expected to generate surface drill targets outside of the existing MRE.
Eagle Mountain Mining Chief Executive Officer (CEO) Tim Mason says this update represents a milestone for the company to become a ‘significant’ copper producer, with an opportunity for a ‘larger’ mining operation at Oracle Ridge than previously contemplated.
“Our recent refurbishment of the underground mine was instrumental to this latest update, as it provides us with previously unrecognised insight into the geology and mineralisation and has confirmed the mining and processing optionality of the project.
“The resource remains open in multiple areas, and we are confident that further resources will be defined”
The resource remains open in multiple areas, and we are confident that further resources will be defined. We are currently assessing and prioritising resource extension targets, along with upgrades of existing Inferred resources to further de-risk production in the first 5 years of mine life.”
Since the previous MRE update in October 2022, 50 new diamond drillholes for 11,792m were included in the new MRE.
Eagle Mountain says this represents an 8% increase in the number of holes drilled at Oracle Ridge by current and previous owners.
Eagle Mountain Mining is a copper-gold-focused explorer and developer of its Oracle Ridge Copper Mine and the ‘highly prospective’ greenfields Silver Mountain Project in the US.
As of 30 September 2023, the company had $1.6 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Eagle Mountain Mining