Eagle Mountain kick-off its first diamond drilling program at the Silver Mountain copper-gold project during the quarter ended 31 December 2018. This follows the successful completion of water well drilling on the companyâs privately held licenses in Arizona.
Managing Director of Eagle Mountain, Charles Bass, commented âWhile it is early days at Silver Mountain, the company is excited by what it sees in the drill core. The extent of alteration certainly supports the initial observations that there are at least four different styles of mineralization in this complex project.âÂ
During the quarter, the company continued drilling along the Pacific Horizon region. This drilling program was designed to test for two of the four styles of mineralization at the Silver Mountain Project that included Cu-Au Quartz-Carbonate Breccia and Proterozoic VMS- Volcanogenic Metal Sulphide. Before the Christmas break, drilling was reportedly completed on the first eight holes of the initial proposed 27-hole program.
Eagle Mountain Mining Limited (ASX: EM2) identified that the high-grade Cu-Au Quartz-Carbonate Breccias which are found on the waste dumps of the Pacific and Buffalo Mines have no surface expression and exist just as discrete buried pods of mineralization. But unlike the buried Quartz-Carbonate Breccias, the Proterozoic VMS reportedly expressed itself at the surface as a well-defined gossanous horizon that extends for over 9 kilometers of strike length. These drilling activities have proven that Proterozoic VMS system extends to the depth and is highly altered in many places with several pulses and styles of alteration fluids. The company further believes that it is critical to understand the faulting and fracturing systems that led to this fluid influx.
On the basis of the preliminary core samples, the company interprets that the alteration zones in the vicinity of the Pacific Mine could be part of the same mineralized system which generated the high-grade breccias found on the waste dump. Therefore, the company has developed a strategy to test new targets out of which the drilling of the first two new holes has already been commenced in early January 2019.
Mr. Bass added the company plans to test for mineralized breccia at depth by drilling two new holes not part of the original drill program.
The company is now looking forward to the completion of drill core logging and receiving all assays from the drill holes along the Pacific Horizon which it believes will allow assessing the mineralization potential along the Pacific trend.
During the current quarter, March 2019, the company plans to move its drill rig to explore the porphyry mineralization potential at the Scarlett prospect. The Company had $3.35 million on hand at the end of the quarter.
EM2 stock price has gone up by 5.882% to last trade at $0.180 on 22 January 2019. Over the past six months, the stock has witnessed a negative performance change of 55.26%.
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