Join our daily newsletter At The Bell to receive exclusive market insights
- A third drill rig has arrived at Eagle Mountain Mining’s (EM2) Oracle Ridge Project in Arizona
- The rig will help speed up exploration on the copper, silver and gold mine to increase its confidence to define a potential measured resource
- Eagle Mountain plans to mobiles a further two drills this year as part of the ongoing exploration program
- Eagle Mountain is trading in the grey at 84.5 cents per share just after the start of the day’s trading at 10:05 am AEST
Eagle Mountain Mining’s (EM2) third drill rig has arrived at the Oracle Ridge Project in the US state of Arizona.
The rig aims to speed up exploration at the copper, silver and gold mine, following strong previous results extending more than two kilometres outside the JORC Mineral Resource.
The third drill rig will be initially focusing on a resource upgrade program, aiming to increase the confidence of a mineral resource thus allowing the potential definition of a measured resource in the future.
Notably, this new rig has arrived just six weeks after the second rig.
CEO Tim Mason said the goal was to support a potential mining operation.
“We are currently drilling the eastern side of The Talon zone where we previously received some of the highest-grade copper assay recorded at the mine. We are also drilling at Golden Eagle, targeting structures and alteration to improve the broader geological understanding of the region,” Mr Mason said.
“The third diamond drill rig will initially undertake infill drilling to improve the confidence of the Mineral Resource with the aim of defining resources in the ‘Measured’ category.”
Eagle Mountain plans to mobilise a further two drills later in 2021, as part of the ongoing exploration program.
All drilling during this period is planned to be undertaken from surface given the location of the drill targets.
Eagle Mountain was trading in the grey at 84.5 cents per share just after the start of the day’s trading at 10:05 am AEST.
