Why is the Eagle Mountain (ASX:EM2) share price flying 13% today?

The Eagle Mountain (ASX: EM2) share price is surging higher today after the company released its March quarterly activities report.

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Eagle Mountain Mining Ltd (ASX: EM2) shares are surging higher today after the company released its March quarter activities report. At the time of writing, the Eagle Mountain share price has jumped 13.19% to $1.33. That’s an increase of around 34% in the past week.

Eagle Mountain is a mining company exploring for copper, gold, silver, and porphyry copper deposits across Australia and the United States. Let’s take a look at the company’s latest news. 

Quarter highlights

Eagle Mountain’s quarterly highlights revolve around its Oracle Ridge copper project, where the company has found “multiple high-grade mineralised samples” across a 4 km stretch.

According to Eagle Mountain, its gold and copper drilling assays have shown an area of high-grade mineralisation along the project’s southern Leatherwood contact. Mineralisation deposits recorded include 12.7 metres at 3.96% copper, 49.1g/t Ag and 1.4g/t Au from 363.1 metres.

The company’s quarterly assay highlighted a 34.4% copper deposit, 367g/t Ag and 26.2g/t Au over 0.4 metres. This represents the highest-grade assay ever recorded at the Oracle Ridge drilling target.

As a result, Eagle Mountain is planning to expand its drilling program in Oracle three-fold, with a new program beginning in May and new geologists hired to support increasing assays.

Management comments

Eagle Mountain CEO Tim Mason said the company’s results prove Oracle Ridge’s potential:

The results of the field mapping undertaken at OREX during the quarter is beginning to show the sheer scale of prospective areas at Oracle Ridge. This latest field program mapped the lower contact of the Leatherwood granitic intrusive over four kilometres with abundant copper skarn across the contact.

When you look at the size of our existing resources in comparison with the scale of outcropping mineralisation, the potential scale of Oracle Ridge becomes evident.

Eagle Mountain share price snapshot

The Eagle Mountain share price has risen more than 900% from 13 cents to its current value in less than 12 months. It has also gained over 180% in the past month alone. Eagle Mountain shares have beaten the iron-ore rich basic materials sector by 730% over the past year. 

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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