The Eagle Mountain Mining Ltd (ASX: EM2) share price rose by as much as 51% today after news the company discovered the highest grades of gold, silver and copper ever found at its Oracle Ridge project. The company stated its assay results found the deposit and its trying to mobilise another drill rig to speed up drilling.
The Eagle Mountain share price reached a whopping 71 cents today. At the time of writing, the share price retreated slightly to 66 cents, still up 40.86%.
Let's look further into the company's assay results.
What luck!
Oracle Ridge is foremost a copper mine, but the latest assay results have found gold and silver as well. Including:
12.7m at 3.96% Cu, 49.1g/t Ag and 1.4g/t Au from 363.1m, including:
- 8.7m at 5.20% Cu, 66.7g/t Ag and 1.98 g/t Au, with
- 34.4% Cu, 367g/t Ag and 26.2g/t Au over 0.4m in massive chalcopyrite zone, the highest-grade assay ever recorded at Oracle Ridge.
14.0m at 2.1% Cu and 22.6g/t Ag from 275.0m, including:
- 7m at 3.16% Cu and 31.4g/t Ag.
- 2m overall mineralised intercept grading 1.38% Cu and 14.8g/t Ag.
Assay results are still pending for another 3 holes. Diamond drilling is also taking place to enlarge the mineral resource.
Drilling is continuing throughout the site, while contractors are improving access to other areas of the mine. The company said historical pads will be refurbished, with access tracks improved for safer, more efficient drilling operations.
Commentary from management
Eagle Mountain Mining's CEO Tim Mason said the company is excited about its discovery:
We are thrilled by the outstanding grades but also extremely pleased by the thickness of the mineralised zone at the Leatherwood contact.
I sincerely thank our dedicated geology team, including Fabio Vergara and Brian Paull, for their work which has led to this exciting discovery.
While drilling continues, we are expediting earthworks to obtain access to new drill pads, particularly in the southern area where strongly mineralised holes drilled in the 1970s have never been followed up.
Eagle Mountain share price snapshot
The Eagle Mountain Mining share price is exploding on the ASX today.
It is currently up 50% year to date, and a massive 781.25% over the last 12 months.
The company has a market capitalisation of around $85 million, with approximately 183 million shares outstanding.
