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    EM2   AU0000000366

EAGLE MOUNTAIN MINING LIMITED

(EM2)
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Eagle Mountain Mining Limited to Provide Updates on its Exploration Activities at its 100%-Owned Oracle Ridge Project

08/22/2021 | 06:53pm EDT

Eagle Mountain Mining Limited (‘Eagle Mountain’, the ‘Company’) to provide updates on its exploration activities at the Company's 100%-owned Oracle Ridge Project (‘Oracle Ridge’, ‘Project’). Results of field exploration work at Golden Eagle have been received and are presented in this announcement. 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 (Figure 1). 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 program and a geophysical magnetic survey. The objective of the program was to confirm the extent and endowment of the area and identify favourable targets for follow up drilling. A field mapping and sampling program has been conducted over the Golden Eagle project by Dr. Linus Keating, a longstanding consultant to the Company with significant experience in the geology of Arizona. Key observations from the mapping and sampling include: The area is characterised by a major east-west structure known as the Geesaman Fault which separates the skarn-prospective geology to the south (OREX) from the gold prospective geology to the north (Golden Eagle). A north-west striking structure, the Pidgeon Tank Fault, splays off the Geesaman and both structures are offset by the later north-south trending Sanderson Fault. The area north and beneath the Pidgeon Tank Fault shows Rice Peak Porphyry of early Laramide age intruding older Pioneer pyroclastics and Oracle Granite. The Rice Peak Porphyry is locally strongly altered with quartz stockwork veinlets, silica flooding and pyritization. The area to the north and adjacent to the Pidgeon Tank structure (footwall) displays the strongest alteration over an area of 400 metres by 200 metres within a larger zone with spotty alteration exceeding 1,000 metres by 300 metres in size. Both the Geesaman and the Pidgeon Tank Faults appear to bound alteration but may not be conduits of alteration fluids; an additional, as yet unidentified, source is likely present. By bounding (i.e. cutting) this alteration, these faults may have effectively hidden most of the alteration system. Surface mapping defined a pronounced alteration vector with pyrite veinlets and sericite patches progressing from the northeast, intensifying towards the southwest, into the faulted zone. 50 samples were collected during mapping from historical mine workings and outcrops. The higher grade samples occur along a NW-SE trend, to the north of the main alteration area that intersects the Pidgeon Tank Fault. Note that several of the samples were collected from a group of claims owned by Pima County (‘Pima County land’). The Company does not currently control the mineral rights over these claims. The Company has entered an exploration access agreement with Pima County whereby exploration activities involving minimal surface disturbance can be undertaken on the Pima County land. Exploration drilling is ongoing at Golden Eagle with the following drill targets defined: The pyrite-silica zone, which remains open to the south beneath the Pidgeon Tank fault and to the west under a topographic feature named Hairpin Peak and potentially in a faulted offset to the east that includes the old Sanderson mine. The magnetic feature crossing the alteration area in a NW-SE direction which shows a good spatial correlation with the highest-grade gold samples and the Sanderson Mine which also falls on this trend. A review of existing geological maps of the area shows a geological contact just to the NE and subparallel to the magnetic feature. It is possible that the geological contact represents a weakness zone exploited by gold-bearing fluids and that the magnetic anomaly is also related to the same hydrothermal system. Importantly the contact dips to the SW, into the Company's existing and newly staked claims. Seven drill holes have been completed at Golden Eagle since the Company's third drill rig arrived in July. The first six holes tested a part of the gold zone and the 7th hole tested the Pidgeon Tank fault and Oracle Granite alteration system. Assays are pending. At this stage, drilling can only be conducted from Eagle Mountain's patented claims. Until permits are issued to drill from the Company's unpatented claims, some of the better drill targets may remain out of reach.


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Financials
Sales 2021 0,05 M 0,03 M 0,03 M
Net income 2021 -19,2 M -14,2 M -14,2 M
Net Debt 2021 3,78 M 2,80 M 2,80 M
P/E ratio 2021 -8,28x
Yield 2021 -
Capitalization 176 M 130 M 130 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 0,77 AUD
Average target price 1,61 AUD
Spread / Average Target 108%
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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