Eagle Mountain Mining Limited (ASX: EM2) is involved in the exploration and development of gold and copper through its highly-prospective Silver Mountain Project which is located in Arizona, USA. On 14 December 2018, the company provided an update on the ongoing drilling program at the Silver Mountain Project. The Drilling is focused on the northern section of the Pacific Horizon and the Quartz-Carbonate Breccias. Both of these areas are two of the four styles of mineralization at the Silver Mountain Project.
The company reported that it has received incomplete assay results from the first two drill holes and currently the company is interpreting those results. As per preliminary interpretation of core samples, 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.
The drilling orientation was designed to be perpendicular to the trend of the Pacific Horizon, however, analysis of core samples demonstrates that some structures associated with alteration are not effectively tested by the current drilling orientation. Hence, a change in the direction of drilling is required to intersect these prospective structures at an optimal angle.
The company has developed a strategy to test new targets which involves changing the drilling orientation to intersect some of the structures associated with mineralization at a more favourable angle. The strategy also involves testing the intersection of structures with the Pacific Horizon at a possible “sweet spot” where mineralization could have been focused.
Based on the current geological interpretation, the company has planned two new holes which will commence in the next few weeks. Till now, the company has completed Seven drill holes, and the rig is currently finalizing the last hole near the Buffalo mine, after that the rig will be moved back to the Pacific Mine area.
As per Eagle Mountain’s Managing Director Mr. Charles Bass, the company will be back at the Pacific Mine shortly with two clear objectives. One objective of the company will be to change the drilling orientation to test the new structural model, and another objective is to drill below the historical workings to intersect the depth extension to the mine. He added further that the company would drill two holes that were not part of the original program.
As per the company’s announcement, the drilling operations will be suspended from 20 December for ten days for the holiday season.
In the last six months, the share price of the company decreased by 30.56 percent as on 5 December 2018. EM2’s shares last traded at $0.250 with a market capitalization of circa $23.13 million.