Golden Mile Resources charts course for growth with project review

Golden Mile Resources is evaluating its domestic and international project opportunities with 21 projects reviewed to date
The review is set to complete in June
All major work streams of the Quicksilver Stage 3 metallurgical testwork program have been completed with the flowsheet nearing completion

Special report: A comprehensive review of Golden Mile Resources’ project portfolio is underway with 21 external projects reviewed to date within Australia and overseas.

Golden Mile Resources (ASX:G88) has a suite of critical metals and gold projects in WA’s Eastern Goldfields, Murchison, Pilbara and Southwest regions with its flagship project – the Quicksilver nickel-cobalt project near Lake Grace – holding a 26.3Mt resource.

The explorer says it has progressed its review of current assets to optimise the return on expenditure to shareholders, while external projects have been reviewed zeroing in on gold and copper projects, though other metals are being considered on a case-by-case basis.

Projects are being assessed on the basis of their quality and upside, with potential risk adjusted for jurisdiction, G88 says.

The review involves field verification of all assets and identified targets from recent programs, as well as technical work and historical data.

Quicksilver’s low-cost, high-value exploration activities

Major work streams of the Stage 3 metallurgical testwork programme at Quicksilver are complete with only minor works remaining. The metallurgical testwork to date has been completed to a pre-feasibility standard, helping smooth Quicksilver’s pathway through study stages and into construction.

The flowsheet is nearing completion based on the metallurgical testwork program and will facilitate the determination of high-level capital and operating costs for processing.

G88 says it is focused on low cost, high value activities given current market conditions.

As part of this, the company has received the results of hyperspectral scanning of drill cuttings in chip trays of 96 previously drilled holes at the project.

This work was carried out in conjunction with a litho-geochemical review which is refining and reinterpreting the geological model for Quicksilver.

Hyperspectral data has also added significant value by quantifying the proportion of the mineral ‘vermiculite’, an important weathering and alteration product which acts as a “sponge” in the clay profile, absorbing nickel and other metals.

It also supports the correlation between vermiculite and high-grade nickel mineralisation, and this new understanding will allow for more accurate targeting and delineation of high-grade vermiculite zones within the Quicksilver deposit, significantly enhancing its economic potential.

By prioritising this targeted work, G88’s team has temporarily deferred the planned infill drill program and secondary processing program for Quicksilver.

Samples at Yarrambee yet to be received

Meanwhile, a review has taken place over at G88’s Yarrambee project in WA’s Murchison, which boasts potential for nickel-copper-PGE mineralisation.

The review included assessment of all historic and recent exploration activities as well as two field reconnaissance trips with local mapping and sampling across several targets.

Although the focus was on VHMS targets, evaluation was also carried out on targets within the NIC prospective for nickel-copper-PGEs.

More recently, exploration work has narrowed in on a group of anomalies called the ‘Narndee Cluster’, the subject of RC drilling campaigns in 2021 and 2022 which returned VHMS mineralisation in many drill holes, with notable sericite and chlorite alteration and exhalative lithologies.

Field work at Yarrambee included field evaluation of areas which geophysical surveys and drilling had targeted, as well as other areas where prospective outcrops have been underexplored.

A total of 80 samples were taken, testing for VHMS mineralisation, as well as a further 78 rock chip samples.

Assay results for these reconnaissance samples are yet to be received.

Field verification work at Yuinmery

A comprehensive review of G88’s Yuinmery project has kicked off with field verification scheduled for May which will include local, prospect scale, geological and structural mapping of gold anomalies, and rock chip sampling.

Gold soil anomalism occurs over a 6km strike length with this area being situated just 11km to the east of the 2.3Moz Youanmi gold deposit.

The next significant exploration works at Yuinmery will be pending the outcome of this review and field investigation.

‘Boots on ground’ approach

And over at G88’s Murchison, Marble Bar and Dragon Rocks projects, data compilations have started and are mostly complete with field work and sampling programs scheduled for the coming months.

Geochemical and geophysical anomalies will be assessed, sampled, and ranked on prospectivity and merits.

For each of the areas of interest within the tenements, a “boots on ground” approach is warranted, with reconnaissance of prospective lithologies, veins, and structures hosting known metalliferous mineralisation.

In the case of these projects, several sampling programs have been prepared and are pending approval and execution.

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.