Further High-Grade Assays Enhance Resource Expansion Potential at Oracle Ridge

Eagle Mountain Mining Limited (ASX:EM2) (“Eagle Mountain”, the “Company”) is pleased to provide an exploration update at its 100% owned Oracle Ridge Mine Project (“Oracle Ridge”, “Project”) in Arizona, USA. Assays have been received for seven drill holes completed in the Western Talon area. Figures 2 and 3 illustrate the location of significant new results at the Talon.

HIGHLIGHTS

• High-grade copper assays continue to be received at the Western Talon, outside the existing JORC Mineral Resource of 12.2Mt at 1.51% Cu for 184kt contained copper1
• New assay results received include:
  • 0.8m at 7.75% Cu, 258g/t Ag and 2.54g/t Au (WT-21-43);
  • 13.4m at 1.98% Cu, 15.96g/t Ag and 0.35g/t Au (WT-21-44) within
    • 61.5m at 1.07% Cu, 9.87g/t Ag and 0.14g/t Au;
  • 3.1m at 6.85% Cu, 32.23g/t Ag and 0.13g/t Au (WT-21-45) within
    • 74.4m at 0.93% Cu, 6.92g/t Ag and 0.10g/t Au
  • 12.7m at 1.88% Cu, 15.44g/t Ag and 0.28g/t Au (WT-21-46) within
    • 43.2m at 1.05% Cu, 8.85g/t Ag and 0.23g/t Au
  • 14m at 1.51% Cu, 12.06g/t Ag and 0.42g/t Au (WT-21-50); and
  • 7.3m at 1.88% Cu, 12.09g/t Ag and 0.15g/t Au (WT-21-50) including
    • 2.3m at 3.57% Cu, 20.82g/t Ag and 0.21g/t Au
• Multiple thick zones of mineralisation intersected, providing potential for larger scale and lower cost mining methods to be considered
• Drilling recommenced with three drill rigs following a short break over Christmas
• Assays are currently pending for 28 holes in the mine area and 11 holes at Golden Eagle
• Recent assays will be included in the update to the JORC Mineral Resource Estimate, which is on track for completion in Q1 2022

Eagle Mountain Mining CEO, Tim Mason, commented:

“We are delighted that drilling continues to deliver further strong results which supports the upside prospectivity at Oracle Ridge. All these results are outside the existing JORC Mineral Resources Estimate (JORC MRE), further supporting the potential to build our mineral resources. These results are from the Wave Zone, part of the Western Talon, which continues to excite us with a combination of both high-grade mineralisation and broad mineralised zones which may be more amendable to larger scale mining methods with relatively lower mining costs on a unit basis.

To provide improved access to target this prospective area, we are currently constructing two new pads above the historic Leatherwood mine which reported historic production of 12% Cu, 200g/t Ag and 1g/t Au (see ASX announcement 11 November 2021).

The longer turnaround time for assays means we now have 39 holes pending results. This is certainly disappointing, although not unique as these delays are impacting most companies in our sector. We remain on track to deliver an update on our JORC MRE in Q1 2022 which will include these latest results.”

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