The Oracle Ridge project in Arizona has a resource of 184,000 tonnes copper grading 1.51%, however that looks likely to be significantly increased in the coming months, thanks to a string of impressive results from the Western Talon, which has just recorded a peak intercept of 0.8m at 7.75% with 258 grams per tonne silver and 2.54gpt.

 

Other headline intercepts from the seven latest holes into the Wave zone included 74m at 0.93% copper, 6.9gpt silver and 0.1gpt with 3.1m at 6.85% copper, 32gpt silver and 0.13gpt gold; and 61.5m at 1.07% copper, 9.87gpt silver and 0.14gpt with 13.4m at 1.98% copper, 16gpt silver and 0.35gpt gold.

 

CEO Tim Mason said the Western Talon was delivering up a promising combination of high-grade mineralisation and broad mineralised zones that could allow the company to consider the potential for larger scale and lower cost mining methods.

 

The data is also allowing Eagle Mountain to better understand the subsurface geology of the Wave zone.

 

The three-rig drilling campaign paused over Christmas, but has since resumed.

 

There are 39 assays pending from holes in the historical mine area and the Golden Eagle gold prospect, 2km east of the Oracle Ridge portal.

 

The company has decided to construct two new drill pads above the Leatherwood mine which to improve drilling access. 

 

The company completed a A$16 million raising at 65c in October and November last year, with managing director Charles Bass investing $1 million.

 

Eagle Mountain shares were up 12% to 62c today, valuing the company at $129 million.

 

The stock has traded between 31c and $1.39 over the past year.