Golden Mile Resources completes field programs assessment – part of the WA projects portfolio strategic review to rank projects
Company recent assessments focused on Yuinmery gold and Murchison and Marble Bar lithium projects
G88 to consider divestment of non-core assets
Special Report: Golden Mile Resources has wrapped up field assessments of its projects in WA as part of a strategic review, narrowing its focus on assets with the highest chance of success.
One of those is Golden Mile’s (ASX:G88) Yuinmery gold project near Rox Resources (ASX:RXL) Youanmi project, a 2.3Moz gold deposit which highlights the prospectivity of the region near the WA town of Sandstone.
Field work carried out included rock-chip sampling (which returned up to 1m at 6.38g/t Au), reconnaissance, and structural mapping of numerous gold anomalies. Several prospective shear-hosted quartz veins were mapped and sampled.
At the Murchison project, pegmatites were identified following a detailed project review of all historic exploration activities, along with field verification and assessment including mapping and rock-chip sampling.
And at the Marble Bar lithium project, Golden Mile recently completed a stream-sediment sampling program.
Notably, Marble Bar in the East Pilbara already hosts two of the largest hard rock lithium deposits in the world at Wodgina and Pilgangoora with several other resources defined by other companies which includes the Archer lithium deposits.
The region is also increasingly becoming the focus of gold and base metal exploration following the discovery of the Hemi Gold deposit as well as other significant gold projects in the region.
Focusing on high-quality projects
The company says the strategic review drives its growth strategy to establish four pillars of high-quality projects at various stages of exploration and development across multiple commodities.
Projects outside these will be considered for strategic alliances and divestment to maintain focus on core projects.
“The field assessments have been a major component of the strategic review which has been conducted over the first half of this year,” G88 managing director Damon Dormer said.
“We have completed a thorough evaluation of each of our projects, with the support of detailed field assessments of the various targets and anomalies.
“This has enabled the company to rank each of our targets on its attributes and prospectivity, to determine the focus for exploration investment, divestment, acquisitions and strategic relationships.”
Picked up the Pearl copper project
“We have already seen the benefits of the strategic review with the right to acquire 100% of the Pearl copper project in Arizona through an earn-in arrangement and dilution,” Dormer said.
Not only is the Pearl project in Arizona, a Tier-1 mining jurisdiction, but it’s also the USA’s top copper producing state and accounted for 70% of domestic output in 2023.
The Pearl project has had minimal modern exploration yet contains over 50 historic artisanal workings and hosts two historic copper mines (Pearl and Ford).
The next steps in reviewing the WA projects include assessing the outstanding rock-chip and stream-sediment samples from the recent field assessments and determining if there is any fundamental change on the prospectivity or rating of the projects.
The company will also complete due diligence and establish initial works program for the Pearl copper project and continue to pursue strategic alliances on assets with identified value but which are considered non-core.
This article was developed in collaboration with Golden Mile Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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