Eagle Mountain Announces The Completion Of Its Phase 1 Drilling

Eagle Mountain Announces The Completion Of Its Phase 1 Drilling

Eagle Mountain Mining Limited (ASX: EM2) announced its exploration update over the completion of its phase 1 drilling. The drilling was completed at the northern end of the Pacific Horizon, targeting both volcanogenic massive sulfides (VMS) and quartz-carbonate breccia mineralization.

Its continued execution of the Silver Mountain strategy resulted in the completion of eight planned and two unplanned drill holes at the Pacific Horizon for a total of 2,640 meters. Assays are yet to be received for two of these drill holes. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

A detailed geochemical analysis will be conducted once all the Pacific Horizon assays have been received. The second-round drilling at the Pacific Horizon will be based on the geochemical analysis information.

The diamond drill rig has now moved and commenced drilling at the southern extension of the Pacific Horizon. The company has recently appointed Australian geological consultant Dr. Dave Compston to provide additional geological strength to the in-country team at Silver Mountain.

As per the company management, the geological results obtained from the first round of drilling at Pacific Horizon have provided it with great confidence moving forward. While it hasn’t made a specific discovery in the first pass, the company is excited about the level and style of alteration that has been encountered. Once the geochemical analysis has been completed, it will better understand the style, phases, and controls on mineralization along the Pacific Horizon. In turn, this should lead to more successful follow-up drilling. In the interim, it has shifted its focus to the Red Mule and Scarlett prospects, both of which are rated more highly than the Pacific Horizon prospect.

The Pacific Horizon hosted several old mines, which included the VMS and quartz-carbonate breccia potential styles of mineralization. Given that this potential mineralization lies within the patented claims, minimal permitting was required, and the company commenced phase one of the drill programs at Silver Mountain in late September 2018 near the historic Pacific Mine (refer ASX releases 5 October 2018; 14 November 2018 and 14 December 2018).

The drill holes targeted both the quartz-carbonate breccia and Proterozoic Massive Sulphides styles of mineralization. Quartz-carbonate breccia samples collected from the old mine dumps returned assays up to 11.1% Cu and 10.7 g/t Au.

The Company is continuing to pursue the detailed corporate strategy established before listing in March 2018, which provided the framework to explore the complex geology at the Silver Mountain Project systematically.

In a previous announcement, Eagle Mountain released half-yearly result report for the year ending December 2018. It reported other revenue of $20,924 from continuing operations. Its loss after tax stood at $3,538,989 due to the increase in exploration and evaluation costs, administration costs, and employee expenses.

At the time of writing (06 March 2019, AEST 01:38 PM), Eagle Mountain’s share traded at $0.120 down 25% during days’ trade with the market capitalization of ~$14.8 Mn. Its loss per share stood at 0.038 AUD. Its 52 weeks high has been noted at $0.5 and 52 weeks low at $0.115. Its absolute return for 3 months is -36% as on March 5, 2019.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Top 25 Dividend Stocks report for April

People prefer a dividend stock in their portfolio as it possesses the feature of compounding. Compounding means that the earning which is generated through these dividend stock will get reinvested and will eventually create earnings from earning. More precisely, the dividend generated from these dividend stock will get reinvested to buy another set of a share of the dividend stock which results in giving a higher dividend.

Click here to download your top 25 dividend stocks report!

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here