Eagle Mountain Mining (ASX:EM2) is a mineral exploration and development company, with two copper projects in Arizona. EM2 are currently focused on their recently acquired, 80% owned, Oracle Ridge Copper Mine which has a mineral resource (Canadian NI 43-101 standard) of 11.7 million tonnes at 1.57% Cu, 0.18g/t Au and 17g/t Ag. Oracle Ridge is an existing underground mine with significant infrastructure in place to support future mining development.
The key elements of EM2 strategy are as follows:
- Extend existing mineral resources at Oracle Ridge, with a focus on higher grade copper zones.
- Progress exploration for near mine targets including the delineation of the source of current mineralisation. Given that skarn hosted mineralisation is typically derived from a porphyry system, geological work will focus on locating this system at depth.
Key outcomes if successful:
- Sufficient resources to support an appropriate production rate (1Mtpa) and initial mine life (>8 years).
- Discovery of new copper/gold mineralisation, including a potential porphyry system at depth which are typically very large, and are desired by major mining companies.