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    EM2   AU0000000366

EAGLE MOUNTAIN MINING LIMITED

(EM2)
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Eagle Mountain Mining Limited Provides Exploration Update at Its 100% Owned Oracle Ridge Mine Project in Arizona, USA

07/28/2021 | 07:11pm EDT

Eagle Mountain Mining Limited provided an exploration update at its 100% owned Oracle Ridge Mine Project ("Oracle Ridge", "Project") in Arizona, USA. Results from three drill holes have been received. WT21-16 and WT-21-17 were targeting resource extensions at the Talon Zone and WT-21-18 was the Company's first drill hole into the known modelled resource. Resource Upgrade Program: Eagle Mountain's aim at Oracle Ridge is to become a significant low-cost mining operation. To achieve this goal, the Company is working to not only increase the size of the existing MRE, but the confidence status of the Resource. Eagle Mountain has identified areas of the existing MRE that, with minimal drilling and following an updated estimate, may enable resources in the Measured category to be defined. A "Measured" resource has the high confidence level under the JORC Code and, following mining studies, allows the definition of Proven Reserves. This drilling will also collect samples for planned metallurgical test work which will provide further guidance on recoveries, processing options and tailings facility requirements. WT-21-18 was the first drill hole in the resource upgrade program and has returned five significant intersections. The drill hole strongly supports results from nearby historical holes. Additionally, this hole was assayed over the entire mineralised envelope, which was not undertaken for all historic holes in this area. All current drill assaying is done with multi-element analysis. This was not been done in historical drilling by previous owners and greatly assists the definition of each mineralised lode and geochemical vectoring towards sources of the mineralisation. Two additional holes (WT-21-20 and WT-21-24) to the east of WT-21-18 have been drilled and company is awaiting assay results. The Talon Zone Drill Results: Results have been received for two holes targeting the western extension of significant mineralisation intersected in WT-21-15. Results confirm that a strongly mineralised zone of 100 to 150 metres in an east-west direction, open to the east, exists in the western Talon area. Drilling is ongoing to verify the north-south continuity of this zone. Importantly, four stacked lodes have been identified suggesting significant tonnage can be added to the Resource in this area.


ę S&P Capital IQ 2021
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Financials
Sales 2021 0,05 M 0,03 M 0,03 M
Net income 2021 -19,2 M -14,4 M -14,4 M
Net Debt 2021 3,78 M 2,84 M 2,84 M
P/E ratio 2021 -8,28x
Yield 2021 -
Capitalization 165 M 124 M 124 M
EV / Sales 2020 584x
EV / Sales 2021 4 564x
Nbr of Employees -
Free-Float 68,5%
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Number of Analysts 2
Last Close Price 0,73 AUD
Average target price 1,61 AUD
Spread / Average Target 121%
Managers and Directors
Tim Mason Chief Executive Officer
Rick Wayne Crabb Non-Executive Chairman
Roger Maitland Port Independent Non-Executive Director
Charles Bennett Bass Director & Managing Director
Mark Edward Pitts Secretary
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