Exploration Update - Eagle Mountain Mining

RNS Number : 2930M

Gunsynd PLC

20 January 2021

 

Gunsynd plc

("Gunsynd" or the "Company")

Exploration Update - Eagle Mountain Mining

Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce an update on the current exploration programme from Eagle Mountain Mining Limited ("Eagle Mountain"), one of Gunsynd's investee companies, an ASX listed copper-gold exploration and development company (ASX: EM2).

Eagle Mountain has announced drilling results from its 2020 drilling programme at its 80% owned Oracle Ridge Mine Project ("Oracle Ridge") in Arizona, USA. Assay results have been received from holes WT-20-12, WT-20-13, WT-20-14 and WT-20-15.

Latest drilling results include:

· 6.1m at 4.24% Cu, 36.16g/t Ag and 0.36g/t Au from 188.0m in drillhole WT-20-15 

· Other significant assay results include:

o  2.0m at 2.45% Cu, 14.9g/t Ag and 0.42g/t Au from 228.7m in WT-20-12

o  2.0m at 2.35% Cu, 17.1g/t Ag and 0.29g/t Au from 262.0m in WT-20-12

o  6.0m at 1.4% Cu, 12.26g/t Ag and 0.17g/t Au from 274.0m in WT-20-12

o  7.3m at 1.45% Cu, 11.59g/t Ag and 0.18g/t Au from 250.6m in WT-20-14

Eagle Mountain has recently commenced its 2021 drilling programme having completed the first drill hole of 2021 with the second drill hole underway. Eagle Mountain has informed the market that zones of mineralisation continue to be logged in the 2021 drill core outside the existing Mineral Resource Estimate. 

About Eagle Mountain Mining Limited

Eagle Mountain Mining Limited (ASX: EM2), 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 11.7mt 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.

Peter Ruse, a Director of Gunsynd, commented: "These drill results from the exploration program me completed in 2020 at Oracle Ridge have demonstrated good grade and width; pleasingly these results sit outside the current resource. We continue to be encouraged by the potential at Oracle Ridge and look forward to ongoing exploration following the commencement of the 2021 drilling programme commenced earlier this month."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events.  Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

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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