Eagle Mountain (ASX:EM2) raise the bar at Oracle RidgeNovember 21, 2023
Eagle Mountain Mining has marked a substantial increase in both tonnage and grade to its Oracle Ridge copper-silver-gold resource as it looks toward the prospects of becoming a mid-tier copper producer from its fully owned flagship in the US state of Arizona.
Measured and Indicated resources account for over half of the new MRE, now standing at a hefty 28.2Mt at 1.35% copper, 11.06g/t silver and 0.16g/t gold using a 0.8% copper cut-off grade for 380,000 tonnes of contained copper.
Eagle Mountain Chief Executive Officer Tim Mason said the new estimate reflects a 27 per cent increase on a like-for-like basis from the previous resource and was now on track to surpass more than 400,000 tonnes of contained copper.
“This update is a key milestone on our path to become a significant producer of copper, with a strong focus on low emission production,” Mr Mason said.
“Our recent refurbishment of the underground mine was instrumental to this latest update, as it provided us with previously unrecognised insight into the geology and mineralisation and has confirmed the mining and processing optionality of the Project.”
He added that leveraging off recent advancements in processing and mining technologies to reduce costs and impacts, the company saw a greater opportunity for much larger mining operations than previously contemplated.
“Our activities are currently focusing on processing pathways for a lower grade, larger tonnage operation. The resource remains open in multiple areas, and we are confident that further resources will be defined,” Mr Mason said.
We are currently assessing and prioritising resource extension targets, along with upgrades of existing Inferred resources to further de-risk production in the first five years of mine life. Taking all this into consideration, I am optimistic that we have the foundations to become a mid-tier copper producer at Oracle Ridge.”
The expanded resource will be used to underpin the technical studies for mining and processing at Oracle Ridge, with more than 600,000 tonnes of contained copper to be assessed at lower cut off grades.
And there are considerable targets on deck yet to be included, with up to 10 per cent copper from outcropping surface samples across three and a half kilometres of prospective targets directly east of the new resource.
There are also sample grabs up to four per cent in prospective sediments 500 metres westward including a historical Hartman-Homestake mine and potential mineralisation beneath the Leatherwood intrusion to explore as Eagle Mountain look towards its prospects of production.
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