Gunsynd PLC Eagle Mountain Mining Update (1498Z)

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                                    [phone] 
 Hamish Harris/ Peter Ruse                     4153 
 
Cairn Financial Advisers LLP                   [phone] 
 James Caithie / Liam Murray / Mark Rogers     0880 
 
Peterhouse Capital Limited                     [phone] 
 Lucy Williams                                 0936 
 

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May 19, 2021 05:45 ET (09:45 GMT)