Gunsynd PLC Eagle Mountain Mining Update (7150V)
August 11 2020 - 2:00AM
UK Regulatory
TIDMGUN
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 +44 (0) 78 7958 4153
Cairn Financial Advisers LLP
James Caithie / Liam Murray / Mark Rogers +44 (0) 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0936
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END
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