Gunsynd PLC Eagle Mountain Mining Update (1498Z)
May 19 2021 - 4:45AM
UK Regulatory
TIDMGUN
RNS Number : 1498Z
Gunsynd PLC
19 May 2021
Gunsynd plc
("Gunsynd" or the "Company")
Report from Copper Skarn Expert on Further Prospective
Mineralisation
at Oracle Ridge - Eagle Mountain Mining
Gunsynd Plc (AIM: GUN, AQSE: GUN) is pleased to announce an
update 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 recently received an initial technical report
from Dr Larry Meinert, a world-renowned expert on skarns and
associated mineralisation who was engaged earlier in 2021 to
provide support to Eagle Mountain's technical team.
Dr Meinert's review included examination of drill core, mapping
of underground formations and assay analysis.
Key conclusions from Dr Meinert's report include:
-- The southern extension to the Oracle Ridge mine area is prospective for additional copper-rich mineralisation
-- Potential for additional skarn-hosted mineralisation exists
in the central and southern part of the Oracle Ridge mine area
beneath the Leatherwood intrusive and forms a prime target for
deeper drilling
-- Aeromagnetics is an effective tool in targeting copper mineralisation at Oracle Ridge
-- Detailed logging of minerals across the deposit will allow vectoring towards copper-rich zones
Dr Meinert will continue to collaborate with Eagle Mountain's
technical team to further improve the knowledge of the
mineralisation system, evaluate exploration results at near mine
targets including OREX, and define new prospective areas in the
Oracle Ridge region.
Implications for Drilling Programme
The outcomes of Dr Meinert's work support the Eagle Mountain's
decision to prioritise exploration drilling at the Oracle Ridge
mine in the southern zone. Several pads have been recently
established and roads refurbished to facilitate better access to
this area in the coming months. The drill rig has recently moved
from the eastern side of Marble Mountain and is currently drilling
from one of these new pads. A drone-supported magnetic survey has
been recently completed at OREX and the data is currently being
interpreted. Results of the survey will be used to prioritise drill
targets in this area.
Peter Ruse, a Director of Gunsynd, commented: " Gunsynd
continues to be impressed by the excellent exploration and resource
delineation being delivered by the team at Eagle Mountain. The
report received from Dr. Meinhart is significant in a number areas,
highlighting the strong potential for further high grade potential
beneath the existing resource, the southern extension to the
existing resource and a 750m magnetic anomaly coinciding with the
historical exploration success. This information is pleasing
amongst a backdrop of incredibly strong copper prices that have
seen the commodity rallying to the highest levels since the last
super cycle a decade ago, benefitting from a recovering global
economy and the clean-energy transformation."
About Dr Larry Meinert
Dr Meinert, of Meinert Consulting based in Washington DC USA, is
currently:
-- Editor in Chief - Economic Geology
-- Affiliate Research Professor, Colorado School of Mines, Golden CO USA
Previously, Dr Meinert was:
-- Deputy Associate Director - Energy and Mineral Resources at the U.S. Geological Survey
-- Congressional Fellow in both the U.S. Senate and House of Representatives
-- Professor at Smith College, Massachusetts USA
-- Professor - Economic Geology at Washington State University, Washington USA
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.
The Directors of Gunsynd accept responsibility for this
announcement.
For further information please contact:
Gunsynd plc +44 (0) 78 7958
Hamish Harris/ Peter Ruse 4153
Cairn Financial Advisers LLP +44 (0) 20 7213
James Caithie / Liam Murray / Mark Rogers 0880
Peterhouse Capital Limited +44 (0) 20 7469
Lucy Williams 0936
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