Eagle Mountain Mining Limited (ASX:EM2) has discovered two separate prospective alteration systems at the Golden Eagle target at the company’s 100%-owned Oracle Ridge Project in Canada. Golden Eagle is an area centred approximately two kilometres to the east of the Oracle Ridge mine portals and abuts the OREX project area to the north.
Literature and preliminary exploration work by Eagle Mountain showed potential for Golden Eagle to contain a gold-rich mineralised system. The company then initiated an exploration program over the area including a geological mapping and sampling programme and a geophysical magnetic survey. CEO, Tim Mason, said the objective of the programme was to confirm the extent and endowment of the area and identify favourable targets for follow up drilling.
These two new systems have the potential to dramatically alter the scope of any future mining operation, along with the addition of further copper skarn mineralisation at OREX,” Mr Mason said.
“We are all very excited by the recent results at Golden Eagle and initial drilling has already commenced on these two systems. Resource extension drilling at the Oracle Ridge mine to enlarge and improve the current JORC resource continues and remains a priority focus for us.
“Recent mapping and sampling by Dr. Linus Keating has identified extensive alteration zones, which combined with structural complexity and several high-grade gold samples demonstrate the potential of the Golden Eagle project.
“These are all favourable ingredients for a potential mineralised system at depth. This area has had a history of small-scale historical mining, predominantly gold but also some copper.
“Golden Eagle showed great potential, so we wasted no time: additional claims have been staked to secure our land position over prospective areas and a rig has been drilling on our patented claims since July.”