Eagle Mountain Mining Update

RNS Number : 7150V

Gunsynd PLC

11 August 2020

 

Gunsynd plc

("Gunsynd" or the "Company")

Commencement of drilling program - Eagle Mountain Mining Limited

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce a recent company update from Eagle Mountain Mining Limited ("Eagle Mountain"; ASX: EM2) an ASX listed copper/gold company. Commencement of its maiden drilling program marks an exciting milestone for Eagle Mountain since it finalised the acquisition of the Oracle Ridge Copper project.

Eagle Mountain provided a press release on 6 August 2020 in which it provided an update on its planned exploration program at its 80% owned Oracle Ridge Copper Mine ("Oracle Ridge").

Boart Longyear Limited ("Boart Longyear") has been appointed to undertake a maiden surface diamond drilling program. Boart Longyear is a global drilling company which has previously undertaken exploration programs at Oracle Ridge and was chosen for their experience onsite and safety management program which includes stringent procedures for the management of COVID-19.

Drilling equipment and crews are planned to be onsite before the end of August. The drilling program will target extensions to high-grade portions of the existing Mineral Resource Estimate ("MRE") in three priority zones. The zones are constrained within the significant Exploration Target (as referred to in Eagle Mountain's ASX announcement on 10 June 2020) and are supported by a combination of:

• previous drilling outside the existing MRE which has intersected mineralisation

• unconstrained mineral resources; and

• a magnetic anomaly.

Peter Ruse, Gunsynd PLC Director, commented: "We remain very excited about Gunsynd's investment in Eagle Mountain. Following the successful capital raising in July we are very pleased at the initiation of the maiden drilling program, and the related share price performance since our investment at A$0.13c (closing price A$0.20c on 10/08/2020)."

About Eagle Mountain Mining Limited

Eagle Mountain, established in 2017, is a copper-gold explorer focused on the strategic exploration and development of advanced and greenfield projects in Arizona.

Arizona is at the heart of America's mining industry and home to some of the world's largest copper discoveries, now owned by major mining companies including BHP, Rio Tinto, Freeport McMoRan and Hudbay. Eagle Mountain's Oracle Ridge and Silver Mountain Projects are within the Laramide Arc which hosts many of these significant copper porphyry deposits.

Oracle Ridge is a high grade, advanced stage underground copper/gold/silver project. The project includes an NI43-101 resource of 11.Xmt at 1.57%Cu, 17.47g/t Ag and 0.18g/t Au. Eagle Mountain believes there is significant potential to expand the known resources through additional drilling, along with exploration at depth to define the source of the mineralisation.

The Directors of Gunsynd accept responsibility for this announcement.

For further information please contact:

Gunsynd plc Hamish Harris/ Peter Ruse	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray / Mark Rogers	[phone]
Peterhouse Capital Limited Lucy Williams	[phone]

 

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