Eagle Mountain Secures Drilling Contract for Oracle Ridge Expansion

Drilling Contract Secured to Unlock Near-Mine Extensions

Eagle Mountain Mining Limited (ASX:EM2) and its joint venture partner Nittetsu Mining Co. have contracted Boart Longyear to conduct a 6,000-metre drilling program at the Oracle Ridge copper project in Arizona. This campaign, set to commence in the third quarter of 2026, aims to test near-mine extensions of the existing mineralisation, a critical step in advancing the project’s exploration potential. Boart Longyear’s prior experience at Oracle Ridge positions them well to navigate local conditions efficiently.

On-Site Preparations Underway to Support Drilling

Preparations are well advanced ahead of the drilling program. Earthmoving contractors are enhancing road access and constructing drill pads, while the water delivery system is partly installed with additional equipment en route. The JV has also refurbished core logging and accommodation facilities within an acquired building previously owned by Marble Mountain Ventures, streamlining project logistics and supporting an expanded exploration team.

Innovative Geophysical Survey to Expand Targeting

In a first for Oracle Ridge, the JV has engaged a geophysical contractor to conduct a trial Induced Polarization (IP) survey. This deep IP program seeks to detect copper mineralisation with a different geophysical signature than the main deposit, potentially unveiling new exploration targets. Success in this trial could lead to an expanded survey and subsequent drilling of fresh prospects, adding a new dimension to the project’s exploration toolkit.

JV Transition and Asset Acquisition Boost Cash Position

The administrative handover from Eagle Mountain to the JV is nearing completion, with employees, contracts, and assets transferring accordingly. The JV has acquired vehicles, core saws, and site infrastructure for approximately US$165,000 (A$232,000), and reimbursed the company around US$36,000 (A$61,000) in pre-acquisition costs. These transactions have increased Eagle Mountain’s cash reserves by roughly A$293,000, providing additional financial flexibility.

Project Fundamentals and JV Structure

Oracle Ridge remains a significant copper asset with a mineral resource estimate of 28.2 million tonnes grading 1.35% copper, containing about 380,000 tonnes of copper metal alongside silver and gold credits. The JV, where Nittetsu holds an 80% stake and operates the project, allows Eagle Mountain to retain a 20% interest free-carried until Nittetsu’s US$20 million expenditure milestone is reached. The JV structure leverages Nittetsu’s operational expertise and funding capacity, while Eagle Mountain benefits from reduced capital risk and ongoing exposure to potential resource upside.

Management Optimistic on Exploration Momentum

Executive Director Fabio Vergara highlighted the growing JV team, which has doubled in size with the re-engagement of geologists familiar with Oracle Ridge. He emphasised the strategic importance of the upcoming drilling program designed to test new exploration concepts and expressed enthusiasm about seeing a drill rig on site for the first time in nearly three years. The positive working relationship with Nittetsu was also noted as a key factor supporting the JV’s progress.