Eagle Mountain Launches Drilling at Oracle Ridge JV with Nittetsu
Eagle Mountain Mining has kicked off a 6,000-metre drilling program at its Oracle Ridge copper project in Arizona, funded and operated by JV partner Nittetsu Mining. The campaign aims to expand known mineralisation and explore new targets identified by recent geophysical surveys.
- 6,000-metre drilling program underway at Oracle Ridge
- JV partner Nittetsu funds exploration up to US$20 million
- Drilling targets near-mine copper extensions and new geophysical anomalies
- Oracle Ridge hosts 28.2Mt resource at 1.35% copper
- Eagle Mountain retains 20% interest, free-carried until US$20 million spent
Drilling Resumes After Three Years at Oracle Ridge
Eagle Mountain Mining (ASX:EM2) has reactivated exploration at its Oracle Ridge copper project in Arizona with the commencement of a 6,000-metre drilling campaign. This marks the first drilling since the company entered a joint venture with Japanese miner Nittetsu Mining in April 2026, which now operates and funds the project.
The program aims to test extensions of the existing mineral resource near the mine, as well as new targets revealed by a recent Induced Polarization (IP) geophysical survey. The Oracle Ridge resource currently stands at 28.2 million tonnes grading 1.35% copper, containing approximately 380,000 tonnes of copper metal alongside silver and gold credits.
JV Structure and Funding Commitment
Under the JV, Nittetsu holds an 80% stake and is responsible for funding exploration and development up to a US$20 million expenditure milestone, which includes US$3.5 million already spent at the JV’s formation. Eagle Mountain retains a 20% interest, free-carried until this funding threshold is met, effectively removing near-term capital risk for the company.
Executive Director Fabio Vergara highlighted the significance of having a drill rig onsite after nearly three years, emphasising the JV’s focus on expanding copper resources. He noted that drilling plans remain flexible to incorporate final results from the IP survey, which could identify additional targets worth testing.
Broader Exploration and Portfolio Strategy
While Oracle Ridge remains a flagship asset, Eagle Mountain continues to reassess its Silver Mountain project, another Arizona-based exploration opportunity with potential for base and precious metals mineralisation. The company is also actively pursuing new acquisitions to complement its portfolio, signalling an appetite to broaden its footprint in North America’s copper sector.
The Oracle Ridge project benefits from existing underground and surface infrastructure dating back to mining operations in the 1990s, potentially easing future development pathways. Nittetsu’s operational experience across Chile, Peru, and Japan adds a layer of expertise to the JV, particularly given its interest in the Hibi copper smelter.
Bottom Line?
The success of this drilling campaign and the IP survey results will be pivotal in defining near-term growth potential at Oracle Ridge and shaping Eagle Mountain’s exploration priorities.
Questions in the middle?
- Will drilling confirm extensions that materially increase the copper resource?
- How might new targets from the IP survey reshape the JV’s exploration strategy?
- What timeline and milestones will determine Eagle Mountain’s next moves at Silver Mountain?
