Eagle Mountain takes full ownership of Oracle Ridge
PERTH (miningweekly.com) – Junior Eagle Mountain Mining has moved to take full ownership of the Oracle Ridge copper project, in Arizona.
The ASX-listed company on Friday said that it would acquire joint venture partner Vincere Resource Holding’s 20% interest in Wedgetail Operations, which is the owner of the Oracle Ridge project.
Eagle Mountain would issue 10-million fully paid ordinary shares by May 3 under the company’s existing placement capacity, in exchange for this stake.
Eagle Mountain CEO Tim Mason on Friday said that taking full ownership of the Oracle Ridge project was a highly value accretive transaction at a time when copper prices were surging due to strong global demand and supply limitations.
“The acquisition of Vincere’s 20% interest in Oracle Ridge increases the company’s Joint Ore Reserves Committee- (Jorc-) compliant resource by 81-million pounds of contained copper, but more significantly, provides full exposure to the exploration potential at the project.
“This potential includes multiple high-grade drilling intercepts outside the Jorc resource along with large scale prospective areas underneath the Leatherwood granitic intrusive at OREX. The acquisition also enables a much simpler structure to progress Oracle Ridge through all phases leading to production.”
Oracle Ridge currently has a Jorc resource of 12.2-million tonnes, grading 1.51% copper, 16.3 g/t silver, 0.19 g/t gold for 184 000 t of contained copper at a cut off grade of 1%.
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