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Eagle Mountain Mining (ASX: $EM2) advances Oracle Ridge Copper Project

Eagle Mountain Mining's Quarterly Activities Report


Eagle Mountain Mining Limited (ASX: $EM2) has reported significant advancements in the Oracle Ridge Copper Project in Arizona, USA. The company achieved a 27% increase in contained copper with a new Mineral Resource Estimate (MRE) and identified a simplified processing pathway for the project. The CEO, Tim Mason, expressed excitement about the developments and thanked shareholders for their support.

Executive Commentary on Quarterly Activities


The Company made great progress during the December Quarter, with both a significant increase in Mineral Resources and a simplified processing pathway for the Project identified. The new MRE reflects a 27% increase in contained copper on a like-for-like basis from the previous resource. This new resource estimate contains 380,000 tonnes of contained copper and will underpin mining studies for longer mine life and increased annual throughput compared to previous operations. We also identified a far simpler processing method for mineralisation at Oracle Ridge with a raft of cost and environmental benefits. Excellent copper recovery from rougher flotation alone paves the way for direct tank-leaching of the concentrate which in turn feeds to an SX/EW plant on site that produces LME grade copper sheet. There is no need for filtering and shipping of concentrate to smelters and refiners. Additional feedstock to the SW/EW could come from a low grade heap leach process which is currently in the testing phase. If viable, this has potential to negate the need for a tailings storage facility, eliminating those capital and operating costs for the Project. Glycine leaching is currently being tested on a run of mine ore and low grade material. Results received to date are very encouraging and the next stage involves testing the rougher concentrate and the existing tailings. I am very excited by developments during the Quarter which support our goal to become a mid-tier copper producer in the USA and would like to thank shareholders for their support to date.

Summary of Quarterly Activities and Outlook


Eagle Mountain Mining (ASX: $EM2) has made significant progress in advancing the Oracle Ridge Copper Project, with a 27% increase in contained copper and the identification of a simplified processing pathway. The new Mineral Resource Estimate (MRE) contains 380,000 tonnes of contained copper, supporting longer mine life and increased annual throughput. The simplified processing method offers cost and environmental benefits, with potential for direct tank-leaching of the concentrate and production of LME grade copper sheet on site. The Company aims to become a mid-tier copper producer in the USA and has commenced a Scoping Study to further develop Oracle Ridge. With ongoing technical evaluations and positive results, Eagle Mountain Mining is well-positioned to achieve its goals and drive value for shareholders.

Sourcehttps://announcements.asx.com.au/asxpdf/20240131/pdf/05zx52h9nq6w7d.pdf

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