- Eagle Mountain Mining (EM2) enters a trading halt while it plans a capital raise
- The company hasn’t said how much it will raise or how the money will be spent but these details should be revealed by September 28
- EM2 recently encountered strong mineralised zones at the Talon areas within its Oracle Ridge Mine Project in Arizona
- Based on the positive findings, the company is continuing drilling but whether the funds will support exploration in Arizona is not yet known
- Company shares last traded at 72 cents on September 23
Eagle Mountain Mining (EM2) has entered a trading halt while it plans a capital raise.
The company hasn’t said how much it will raise or how the money will be spent but these details should be revealed once EM2 comes out of the trading halt on September 28.
Yesterday, Eagle Mountain Mining announced some positive findings from the western and eastern Talon areas within its wholly owned Oracle Ridge Mine Project in Arizona.
Multiple holes at Western Talon encountered strong mineralised zones. One hole in particular, WT-21-32, intersected 13.2 metres of disseminated to semi-massive copper sulphides within 28.9 metres of moderate to strong disseminated and banded copper sulphides.
The company believes mineralisation at Western Talon potentially extends over 500 metres in an area with minimal historical drilling.
CEO Tim Mason said the mineralisation in WT-21-32 was “spectacular”.
“Based on these strong visuals, we are confident WT-21-32 will return some of the best copper values of our resource expansion program so far. We are eagerly waiting for the assay results!”
Drilling at Eastern Talon also continued to extend mineralisation with results including 12.4 metres at 1.44 per cent copper, 12.41 grams of silver per tonne (g/t) and 0.45g/t gold, including 4.6 metres at two per cent copper, 18.17g/t silver and 0.56g/t gold.
The company has two rigs at the Talon areas and these observations have led the company to continue drilling.
Whether or not the capital raise will support exploration at the Oracle Ridge Mine Project is not yet clear.
Company shares last traded at 72 cents on September 23.