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Eagle Mountain Mining (ASX:EM2) secures $11M to accelerate work at Oracle Ridge
A logging facility at Eagle Mountain’s Oracle Ridge Copper Mine. Source: Eagle Mountain Mining
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  • Eagle Mountain Mining (EM2) has received field mapping results from the OREX prospect at the Oracle Ridge Mine Project in Arizona
  • Following encouraging results from a field mapping program at OREX last year, the explorer has now completed a more detailed mapping program
  • EM2 collected more than 100 grab samples with many returning high-grade mineralisation
  • In fact, the limestone formations and resulting skarn resemble those encountered at the Oracle Ridge mine, which hosts the existing JORC resource
  • High-grade rock chip samples along the contact included 10.6 per cent copper and 29.5 grams per tonne silver
  • The work confirms extensive occurrences of outcropping skarn-hosted copper-silver-gold mineralisation along the lower contact of the Leatherwood intrusive and skarn horizon
  • Meanwhile, a drone aeromagnetic geophysical survey is now underway over the OREX prospect to highlight areas with high-magnetite content
  • Eagle Mountain shares are up 4.88 per cent, trading at 86 cents each

Eagle Mountain Mining (EM2) has received field mapping results from the OREX prospect, located within its 80-per-cent-owned Oracle Ridge Mine Project in Arizona.

Following encouraging results from a field mapping program at OREX last year, the explorer has now completed a more detailed mapping program.

EM2 collected more than 100 grab samples with many returning high-grade mineralisation.

In fact, the company says that the limestone formations and resulting skarn resemble those encountered at the Oracle Ridge mine, which hosts the existing JORC resource.

The mapping encountered significant alteration and mineralisation along roughly four kilometres of the exposed lower contact, suggesting the geological feature is an important locus for mineralisation.

High-grade rock chip samples along the contact included 10.6 per cent copper and 29.5 grams per tonne silver.

Additionally, 8.17 per cent copper, 71.3 g/t silver and 0.48 g/t gold were recorded along with other samples.

EM2 says this work confirms extensive occurrences of outcropping skarn-hosted copper–silver–gold mineralisation along the lower contact of the Leatherwood intrusive and skarn horizon.

Eagle Mountain Mining CEO Tim Mason said the results illustrate the prospectivity of the OREX prospect, which covers an area greater than the Oracle Ridge mine.

"Following an initial geological review in 2020, we staked a significant package of prospective land to the southeast of the Oracle Ridge mine now known as OREX. This latest field program on OREX concluded that the lower contact of the Leatherwood granitic intrusive has abundant outcropping copper skarn," he said.

"Our interpretation is that the limestone units which host the mineralised skarn were intruded by the Leatherwood granite, therefore the bottom of the Leatherwood at OREX is highly prospective for further mineralisation," Tim added.

Meanwhile, a drone aeromagnetic geophysical survey is now underway over the OREX prospect and is set to highlight areas with high magnetite content.

After the survey, EM2 will complete further geochemical processing to establish the depth of the anomalies.

Drill holes will be planned in the coming months with drilling to commence once permits have been received.

Eagle Mountain shares are up 4.88 per cent, trading at 86 cents at 12:28 pm AEST.

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