Golden Mile Resources Enters World-Class Laramide Porphyry Belt in Arizona

Golden Mile Resources Ltd (ASX:G88) has entered a binding agreement to earn-in to the Pearl Copper Project in Arizona.

The acquisition is located in the heart of the world-class Laramide Porphyry Copper Belt.

Arizona is a tier-1 mining jurisdiction, with the state being the top copper producer in the U.S., accounting for 70% of domestic output in 2023.

Pearl Copper Project

Pearl Copper has had minimal modern exploration and contains over 50 historic artisanal workings, along with two historic copper mines.

The Pearl Mine operated from 1915 to 1941 within the claim.

Rock chips returned up to 7.3% copper, 0.43% molybdenum, 19.9% lead, 4.9% zinc and 360 g/t silver.

Adding to the prospectivity, the project lies immediately north of BHP Billiton Ltd’s (ASX: BHP) San Manuel-Kalamazoo Mine, which operated for 44 years.

The mine is one of the largest deposits in the Copper Province and is also located within the same geological trend as Capstone Copper Corp’s (ASX: CSS) Pinto Valley mine.

Pinto Valley has produced over four billion pounds of copper.

Consideration

Golden Mile and Outcrop Silver & Gold Corporation have agreed to terms for Golden Mile to acquire up to a 100% ownership through earn-in and dilution in the Pearl Copper Project.

This would be for the expenditure of up to $A12 million over 8 years and up to a 2% net smelter royalty.

The next steps for Golden Mile include a site visit; complete due diligence and execute definitive agreement; determine the exploration programs and commence works.

Valuation proposition

Golden Mile is capped around $4.5 million, and held $1.2 million in cash at the end of March 2024.

 

 

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