Golden Mile picks up prospective copper project in Arizona

G88 has picked up the Pearl copper project in Arizona, USA.
Two highly prospective targets identified during due diligence
Company confident of a potential ‘game-changing’ discovery

Special Report: Golden Mile Resources has entered a joint venture acquisition with Outcrop Silver and Gold Corporation for the Pearl copper project in Arizona, USA.

Pearl lies within the world-class Laramide porphyry copper zone, which is in the prolific Southwestern North American porphyry copper province – an area that accounted for around 70% of total USA copper production in 2023.

The project consists of 241 unpatented mining claims (4,983 acres, approximately 20.2km2), with numerous copper occurrences, over 50 historic artisanal workings, and the historic Ford copper mine.

It has had minimal modern exploration yet is situated immediately north of BHP’s (ASX:BHP) San Manuel – Kalamazoo mine, one of the largest deposits in the province.

It’s also within the same geological trend as Capstone Copper’s Pinto Valley mine, which to date has produced more than 4 billion lbs of copper.

The company will acquire up to a 100% ownership of the Pearl copper project through a staged, earn-in and dilution, investment of up to $A12m over eight years along with up to a 2% net smelter royalty.

Opportunity for a game-changing discovery

While only preliminary in nature, a recently completed field trip undertaken as part of the due diligence has confirmed the very high prospectivity of the Odyssey and Ford prospects for company-making copper resources.

Odyssey hosts the historic artisanal Pearl copper-zinc-silver-gold mine, where around 60,000 of ore containing copper oxide and sulphide, lead, silver, and gold was produced from 1915 to 1941.

The prospect also hosts multiple vein targets measuring up to 5m wide, which extend continuously for approximately 800m and are evident at the surface.

At Ford, polymetallic copper-lead-silver-gold-zinc vein type mineralisation, up to 5m wide, was mined before excess water halted operations in circa 1942.

“The completion of due diligence has reinforced our belief in the Pearl copper project as a potential game changer for the company,” Golden Mile Resources (ASX:G88) managing director Damon Dormer said.

“Our initial field reconnaissance has already identified two advanced targets, which, if they were in Australia, would have been heavily drilled by now.

“The fact that both the Odyssey and Ford Prospects remain undrilled, despite showing all the surface characteristics of major mineralised systems, presents Golden Mile with a fast-tracked opportunity to make a significant copper discovery.”

‘Substantial’ exploration potential

“Located within the world-class Laramide porphyry copper belt, which hosts numerous significant deposits and mines, the Pearl project’s exploration potential is substantial,” Dormer said.

“With due diligence complete and the formal agreement in place, we are eager to commence work on this promising exploration venture.”