Eagle Mountain Mining Limited: Quarterly Activities Report
Perth, Australia - Eagle Mountain Mining (ASX:EM2) (OTCMKTS:EGMMF) is pleased to provide shareholders and investors with an exploration and operations overview to accompany the Appendix 5B for the quarter ending 31 March 2022.Eagle Mountain's Chief Executive Officer, Tim Mason, commented:
"This quarter saw a significant milestone for Eagle Mountain Mining with our first MRE update at our Oracle Ridge Project in Arizona. Our aim has always been to expand the existing mineral resource to support a future, low-cost mining operation. The MRE update demonstrated the growth potential of our Resource and recent strong drilling results continue to demonstrate the potential to further build tonnes and improve quality. We have expanded the Resource tonnes by more than 39% by adding only 59 holes to the 529 holes drilled by previous owners. I consider this an excellent return on investment. In addition, a maiden resource of 2.1Mt was defined in the Measured category - the highest confidence category possible under JORC.
During the quarter we announced the recommissioning of the underground mine which will significantly improve drilling productivity and allow access to obtain bulk samples for metallurgical testwork. This is a significant step toward commencing feasibility studies. Following strong drilling performance, we also decided to temporarily reduce from three drill rigs down to two drill rigs with funds reallocated to refurbish the underground mine. The third rig is planned to transition underground later in the year.
Due to the combination of increasing drilling productivity, strong ongoing assay results and improving assay turnaround times, we decided to bring forward the next MRE update to the July-September quarter of 2022. We now plan to update the MRE estimates more frequently as we transition to undertaking feasibility studies for the restart of the Oracle Ridge mine."
*To view the Quarterly Report, please visit:
https://abnnewswire.net/lnk/85M08Q9H
About Eagle Mountain Mining Limited:
Eagle Mountain Mining Ltd. (ASX:EM2) (OTCMKTS:EGMMF) is a copper-gold explorer focused on the strategic exploration and development of the Oracle Ridge Copper Mine and the highly prospective greenfield (Silver Mountain) project, both located in Arizona, USA.
Arizona is at the heart of America's mining industry and home to some of the world's largest copper discoveries such as Bagdad, Miami and Resolution, one of the largest undeveloped copper deposits in the world.
Source:
Eagle Mountain Mining Ltd.
Contact:
Tim Mason BEng, MBA, GAICD Chief Executive Officer tim@eaglemountain.com.au Mark Pitts B.Bus, FCA, GAICD Company Secretary mark@eaglemountain.com.au Jane Morgan Investor and Media Relations jm@janemorganmanagement.com.au