Golden Mile Resources

Golden Mile Confirms Joint Venture-Acquisition Over Highly Prospective Copper Project in Arizona, USA

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).


Click here for the full ASX Release

This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

The Conversation (0)
Golden Mile Resources

Golden Mile Resources

Multiple exploration opportunities across base and precious metals in Australia and the US

Multiple exploration opportunities across base and precious metals in Australia and the US Keep Reading...
John Feneck, gold bars.

John Feneck: Gold, Silver, Midterms — Price Impact as US Votes

How will US midterm elections affect gold and silver prices? John Feneck, portfolio manager and consultant at Feneck Consulting, shares his thoughts, saying both precious metals could see further downside in the short term if Republicans lose both the House and Senate; however, the long-term... Keep Reading...
Adrian Day, gold bars.

Adrian Day: Gold Below US$4,000 — Buy Stocks Now or Wait?

Adrian Day, president of Adrian Day Asset Management, shares his thoughts on gold, saying while he's optimistic long term, the price could still fall further. "When do we jump in? You know, if I didn't own a single gold stock today, I would certainly be looking to buy (this) week. But if I've... Keep Reading...
Stacks of gold bars overlaid with upward arrow and financial data charts, background text reads various dollar amounts.

Brien Lundin: Rising Debt and Currency Risks Could Drive Gold Higher

Brien Lundin, editor of Gold Newsletter, says rising government debt and weaker currencies could help keep the gold price high over the long term, even as the market faces short-term ups and downs.Speaking at the New Orleans Investment Conference, Lundin, who hosts the event, said that although... Keep Reading...
Red stamp on paper with "approved" in bold red letters.

Gold Fields Secures Environmental Approval for Windfall Gold Project

Multinational miner Gold Fields (NYSE:GFI) has received environmental approval from the Quebec government to begin construction of its Windfall gold project in the Eeyou Istchee James Bay region, approximately 115 kilometers east of Lebel-sur-Quévillon by road.According to a Monday (November 2)... Keep Reading...
Craig Hemke, gold and silver bars.

Craig Hemke: Gold, Silver — Stack on Weakness, "Ultimate Game Changer" Ahead

Craig Hemke, publisher of TFMetalsReport.com, shares his perspective on recent declines in gold and silver, saying that while prices can still go lower, ultimately the math will work out in favor of precious metals and send them to much higher levels. "Gold's just gold. It just sits there.... Keep Reading...
Tavi Costa: Gold Price Takes a Hit — 3 Reasons Why, What's Next

Tavi Costa: Gold Price Takes a Hit — 3 Reasons Why, What's Next

Tavi Costa, CEO of Azuria Capital, weighs in on recent price declines in gold and silver, emphasizing that bottoming is a process that won't happen immediately. In his view, that setup makes the metals more appealing than copper, which has held onto its gains. "I think that the catch-up trade... Keep Reading...

Interactive Chart

Latest Press Releases

Related News