Eagle Mountain Mining Ltd is focused on its Oracle Ridge Project in Arizona and currently owns 3 drilling rigs. A fourth will be on site on the next month or two. Some highlights of EM2 include:
- Resource grade of 1.5% - Drilling repeatedly hits intersections higher than this.
- Copper at +$4.20/lb - Set to be one of the better performed commodities of the decade with the re-electrification of the world.
- Look at SFR, just spent ~$2.5bn on a copper project in Spain. Grade of 1.5% Cu but with Zn, Pb, Ag credits works out at 3.2% Cu equivalent.
- Expanding a known resource.
- The historic resource is in the north of Oracle Ridge. EM2 are infill drilling to shore up the known resource of 12mt
- In the south Talon, they are following up a few sporadic historic holes in a well-defined magnetic anomaly (similar signature to the known resource in the north)
- It’s the Talon where they are getting these super high-grade copper and visuals like today.
- The company has issued a resource target of an additional 14-30mt at a grade of between 1.1-1.9% Copper. Likely to be ~1.5%. It looks like they will hit the higher end of this target. Top end would give them ~700kt of contained copper at Oracle Ridge, making it a significant deposit given the grade.
- OREX is lower down the mountain and displays all the characteristics as Oracle Ridge. Same geophysics, same skarn mineralisation. Rock chips at the leatherwood contact show high grade copper.
- OREX is twice as large in area as Oracle Ridge. Potential to host just as much if not more copper.
- No holes ever drilled into it so still theoretical. When they start drilling, if they find similar mineralisation will be a significant milestone.
- Out of the Blue came the Golden Eagle prospect.
- This prospect is on the flat to the east of Oracle Ridge.
- The lease surrounds an old historic gold mine which last operated in the 1940’s in a very small scale
- So far the company has drilled 10 (#11 about to start) holes here. Some are deep +650m
- They have noted visually lots of alteration in the core.
- For a conservative management team, they are unlikely to have done all this drilling away from the main Oracle Ridge project if they didn’t think they had a discovery on their hands.
- Assays are due to start coming back to the company now. Results from first holes made public in the next fortnight I would say.
- I haven’t heard management so excited before, and I have been close to them for 18 months now. Perhaps they have a significant gold discovery? Only time will tell.
- Charlie Bass, a canny operator, made himself and his investors a lot of money previously. A good geologist and does things the right way and in a methodical fashion. Holds ~30% of the company.
- Tim (CEO) and Fabio (Head Geo) both youngish lads. Very well credentialled and giving it everything they have.
- 3 drill rigs spinning 24/7. A fourth will be on site in the next month or 2.
- Assays are coming in more regularly now. Seem to be getting assays at least fortnightly, been weekly last few weeks.
- Golden Eagle assays will be eagerly anticipated
- Drilling hasn’t started at OREX yet. Hopefully will be this year
- We may see a new resource by the end of the year but will likely only be an upgrade of inferred/indicated to measured at Oracle Ridge. Bigger resource including the Talon drilling probably mid next year
