Golden Mile Resources to pick up project in major US copper province

Golden Mile to acquire Pearl copper project in Arizona’s Laramide Porphyry Belt
State is a Tier 1 mining jurisdiction, produced 70% of domestic copper in 2023
Project contains over 50 historical workings and two historic copper mines
Due diligence is now underway

Special Report: Golden Mile is running the ruler over the Pearl copper project in Arizona, smack bang in the middle of the world class Laramide porphyry belt.

Not only is Arizona a Tier 1 mining jurisdiction, but it’s also the USA’s top copper producing state and accounted for 70% of domestic output of copper 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).

Another bonus is its location. Pearl lies immediately north of BHP’s San Manuel-Kalamazoo mine, one of the largest deposits in the copper province.

It’s also located within the same geological trend as Capstone Copper’s Pinto Valley mine which to date has produced over 4 billion pounds of copper.

Minimal outlay upfront

Golden Mile Resources (ASX:G88) will acquire up to a 100% ownership through earn in and dilution in the project, for the expenditure of up to $A12 million over 8 years and up to a 2% net smelter royalty.

“A unique set of circumstances has provided Golden Mile with an opportunity to enter the Laramide Porphyry Belt, a Tier 1 jurisdiction, for a minimal upfront outlay,” managing director Damon Dormer said.

“The presence of two historical underground mines within the Pearl project, no modern exploration, numerous copper workings, significant rock chip values, and a location within a world class copper province containing many significant deposits and mines.

“This demonstrates the exciting exploration potential of this project for Golden Mile, and we aim to hit the ground running upon execution of the definitive agreements.”

Golden Mile ASX G88 — Pic: Pearl Copper Project mining claims illustrating the Pearl Mine and Ford Mine (an extension of Tiger) within the mining claims and the proximity of San Manuel – Kalamazoo and Tiger Mine. Source: G88.

Focus on historical mining centres

Notably, the project exhibits widespread surface alteration and has returned up to 7.3% Cu, 0.43% Mo, 19.9% Pb, 4.9% Zn, and 360 g/t Ag from rock chip samples.

The Pearl and Ford historic mining centres in particular present immediate exploration targets for higher grade vein type copper–poly metallic mineralisation.

Golden Mile will now complete due diligence, including a site visit, development of the initial exploration programs, and commencement of works.

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.