Why the Eagle Mountain (ASX:EM2) share price is surging 19% higher again today

The Eagle Mountain Mining Ltd (ASX:EM2) share price is surging higher on Thursday. Here’s what you need to know…
The post Why the Eagle Mountain (ASX:EM2) share price is surging 19% higher again today appeared first on The Motley Fool Australia. –

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company

The Eagle Mountain Mining Ltd (ASX: EM2) share price has been a strong performer on Thursday.

In afternoon trade, the copper and gold explorer’s shares are up 13% to $1.11.

Though, at one stage today, the Eagle Mountain share price was up as much as 19% to a record high of $1.17.

When its shares reached that level, it meant they were up an impressive 150% since the start of the year.

Why is the Eagle Mountain share price on fire today?

The Eagle Mountain share price was given a boost today by an update on drilling activities at its Oracle Ridge Project in Arizona, United States.

According to the release, the company is planning to accelerate exploration drilling at the project. This follows multiple strong assay and drilling results and an increasing pipeline of high priority targets within a few kilometres of the existing underground mine portals.

The company has engaged drilling contractor Boart Longyear Ltd (ASX: BLY) to supply a second drill rig, which is planned to mobilise to site by 10 May 2021.

Management commentary

Eagle Mountain’s Chief Executive Officer, Tim Mason, commented: “Our recent drilling and exploration results at Oracle Ridge indicate the very strong potential for Oracle Ridge to host increased levels of mineralisation.”

“We have recently completed extensive earthworks to improve access and establish suitable drill pads in preparation for our accelerated drilling program. Since commencing drilling in September 2020, more than 90% of the holes assayed outside the existing JORC Resource have intersected mineralisation above our cut-off grade.”

Mr Mason also spoke about its pipeline of targets.

He explained: “We are also building a strong pipeline of targets including the recently announced high-grade copper mineralisation outcropping at the OREX prospect along a four-kilometre contact. These results give us confidence to accelerate our drilling with the aim of increasing our existing JORC Resource and evaluating the extraordinary potential of the near-mine area.“

Judging by the Eagle Mountain share price performance today, some investors appear to be expecting strong results from these activities.

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 James Mickleboro 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 Why the Eagle Mountain (ASX:EM2) share price is surging 19% higher again today 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!