The Conversation (0)
Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) is pleased to report the Company has completed successful due diligence and entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation (“Outcrop”) over the Pearl Copper Project located in Arizona, United States of America (“USA”).
HIGHLIGHTS
- Golden Mile has entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation (“Outcrop”) for the Pearl Copper Project located in Arizona, United States.
- Initial field reconnaissance has delineated multiple targets within the project area. This highlights the near-term drill, and company making potential, of the Odyssey and Ford Prospects.
- At Odyssey, which hosts the historic artisanal Pearl (Cu-Zn-Ag-Au) Mine, multiple vein targets up to five metres wide extend continuously for approximately 800m and are evident at the surface.
- At Ford, limited historic data indicates a shaft was developed to a depth of around 70 metres. Polymetallic Cu-Pb-Ag-Au-Zn vein type mineralisation, up to five metres wide, was mined before excess water halted operations in circa 1942.
- Due Diligence indicates the Pearl Copper Project not only hosts near-term vein targets but also shows widespread surface alteration, suggesting the presence of intrusive disseminated mineralisation, making it a significant Cu-porphyry target.
- Golden Mile and Outcrop have agreed on terms for Golden Mile to acquire up to a 100% ownership of the Pearl Copper Project through a staged, earn in and dilution, investment of up to $A 12 million over eight years along with up to a 2% net smelter royalty.
Photo 1: Odyssey Prospect rock chip - Photo 2: Ford Prospect Alteration
Overview
A recently completed field trip, undertaken as part of the due diligence, has confirmed the very high prospectivity of the project area for company-making copper resources.
Figure 1: Significant Copper Mines and Projects in Arizona USA
This field examination, undertaken in late July, and while only preliminary in nature, has delineated the Odyssey and the Ford prospects within the Pearl project area as immediate highly prospective, exploration drill targets.
At Odyssey, a sub outcropping multiple vein copper target with surface mineralised widths up to five metres and a strike length of around 800 metres has been mapped. This prospect hosts the historic largely artisanal Pearl working’s where historical records indicate around 60,000 of ore containing copper oxide and sulphide, lead, silver, and gold was produced from 1915 to 1941 (Force, 1997).
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