Eagle Mountain (ASX:EM2) share price rose to 51% after high-grade discovery

The Eagle Mountain Mining Ltd (ASX: EM2) share price is up 45% after finding Oracle Ridge’s highest grades of gold, silver and copper ever.
The post Eagle Mountain (ASX:EM2) share price rose to 51% after high-grade discovery appeared first on The Motley Fool Australia. –

Top asx share price represented by paper cutout image of mountain peaks with red flag

The Eagle Mountain Mining Ltd (ASX: EM2) share price is rose to 51% today after news the company discovered the highest grades of gold, silver and copper ever found at its Oracle Ridge project. The company stated its assay results found the deposit and its trying to mobilise another drill rig to speed up drilling.  

The Eagle Mountain share price reached a whopping 71 cents today. At the time of writing, the share price retreated slightly to 66 cents, still up 40.86%. 

Let’s look further into the company’s assay results.

What luck!

Oracle Ridge is foremost a copper mine, but the latest assay results have found gold and silver as well. Including:

12.7m at 3.96% Cu, 49.1g/t Ag and 1.4g/t Au from 363.1m, including:

  • 8.7m at 5.20% Cu, 66.7g/t Ag and 1.98 g/t Au, with
  • 34.4% Cu, 367g/t Ag and 26.2g/t Au over 0.4m in massive chalcopyrite zone, the highest-grade assay ever recorded at Oracle Ridge.

14.0m at 2.1% Cu and 22.6g/t Ag from 275.0m, including:

  • 7m at 3.16% Cu and 31.4g/t Ag.
  • 2m overall mineralised intercept grading 1.38% Cu and 14.8g/t Ag.

Assay results are still pending for another 3 holes. Diamond drilling is also taking place to enlarge the mineral resource.

Drilling is continuing throughout the site, while contractors are improving access to other areas of the mine. The company said historical pads will be refurbished, with access tracks improved for safer, more efficient drilling operations.

Commentary from management

Eagle Mountain Mining’s CEO Tim Mason said the company is excited about its discovery:

We are thrilled by the outstanding grades but also extremely pleased by the thickness of the mineralised zone at the Leatherwood contact.

I sincerely thank our dedicated geology team, including Fabio Vergara and Brian Paull, for their work which has led to this exciting discovery.

While drilling continues, we are expediting earthworks to obtain access to new drill pads, particularly in the southern area where strongly mineralised holes drilled in the 1970s have never been followed up.

Eagle Mountain share price snapshot

The Eagle Mountain Mining share price is exploding on the ASX today.

It is currently up 50% year to date, and a massive 781.25% over the last 12 months.

The company has a market capitalisation of around $85 million, with approximately 183 million shares outstanding.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Eagle Mountain (ASX:EM2) share price rose to 51% after high-grade discovery appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!