- Eagle Mountain Mining (EM2) has delivered an updated mineral resource estimate for the Oracle Ridge project in Arizona, USA
- Oracle Ridge’s MRE stands at 17 million tonnes at 1.48% copper, 15.09 g/t silver and 0.17 g/t gold for 251,000 tonnes of copper, 8.2 million ounces of silver and 93,000 ounces of gold
- Updated MRE marks a 36% increase in contained copper and a 39% increase in tonnes compared to the first MRE announced in late 2020
- Eagle Mountain Mining plans to provide another resource update later this year
- Shares of the company are trading in the red, down 1.75% to 56 cents
Eagle Mountain Mining (EM2) has updated the mineral resource estimate (MRE) for the Oracle Ridge project in Arizona, USA.
The Oracle Ridge MRE sits at 17 million tonnes at 1.48% copper, 15.09 grams per tonne (g/t) silver and 0.17 g/t gold for 251,000 tonnes of copper content, 8.2 million ounces of silver and 93,000 ounces of gold at a one percent copper cut-off.
The updated MRE marks a 36% increase in contained copper and 39% in tonnes compared to the first MRE which was announced in December 2020.
Importantly, it also includes the first-ever measured resources, with 2.1 million tonnes in this category.
“Our first MRE update is an important step on the road to resuming mining at Oracle Ridge. These results demonstrate the growth potential of our resources and we are confident that further drilling will continue to increase tonnage and improve quality,” said CEO Tim Mason.
The updated measured, indicated and inferred resources are based on 59 drill holes, for nearly 20,800 meters, completed between September 2020 and October 2021.
Another 60 holes were drilled after this period which were not included in today’s update, but the company plans to use the results for the next MRE update which is scheduled for the quarter of December 2022.
The company’s shares were trading in the red, down 1.75% to 56 cents at 2:30 p.m. AEDT.