Golden Mile Resources Expands Pearl Copper Project Drilling Program
G88 (G88) Share Update December 2024 Thursday 12th
Golden Mile Expands Pearl Copper Project Drilling Program
Golden Mile Resources Limited (ASX: G88) has announced an exciting expansion of its drilling program at the Pearl Copper Project in Arizona, USA, following promising fieldwork results.
Instant Summary:
- Ford Prospect elevated to drill-ready status.
- Permitting application lodged for Odyssey and Ford drilling programs.
- Drilling to commence in early 2025.
- Ford Mine historical high-grade mineralization confirmed.
Expansion of Drilling Program
Golden Mile Resources Limited has expanded its maiden drilling program at the Pearl Copper Project, located approximately 40km north-east of Tucson, Arizona. This decision follows recent fieldwork by the company's geological team, which identified the Ford Prospect as a drill-ready target.
The expanded program will include several planned drill holes targeting the Ford Prospect, beneath the historic Ford Mine's underground workings. As a result, additional permit applications have been lodged, and drilling is now expected to commence in early 2025.
Historical Context and Potential
The Ford Mine, part of the Tiger Mining area, was developed on a highly altered and polymetallic mineralized zone, with production beginning in 1900. Historical records indicate high-grade results from lead-silver veins and surface and underground sampling.
Reported grades include lead ranging from 5.7% to 31.3%, copper from 5.8% to 10.6%, and gold increasing with depth from 0.01 oz to 0.54 oz (0.3g/t to 16.7g/t). Recent field investigations have emphasized the potential of the Ford prospect and identified optimal access routes for drilling equipment.
Drilling Plans and Permitting
The proposed drilling at the Odyssey Prospect includes eight drill platforms supporting 12 reverse circulation (RC) drill holes for up to 1600m. These holes aim to drill perpendicular to the north-westerly strike of the mineralized veins and structures.
At the Ford Prospect, the plan includes four RC holes for up to 500m, targeting below the historic Ford mine. The process of awarding a drilling contract is well advanced, with several companies capable and available for delivering the required services.
The expansion of the drilling program at the Pearl Copper Project is a positive development for Golden Mile Resources. It highlights the company's commitment to exploring and developing its assets, which could lead to significant discoveries and enhance shareholder value. The historical high-grade mineralization at the Ford Mine adds to the project's potential, making it an attractive proposition for investors.
Investor Reaction:
Analysts are likely to view the expansion of the drilling program as a positive step for Golden Mile Resources. The company's proactive approach to exploration and the promising historical data from the Ford Mine may boost investor confidence and interest in the stock.
Conclusion:
Investors should keep a close eye on the progress of the Pearl Copper Project drilling program and the results that follow. Golden Mile Resources' strategic expansion of its exploration efforts could lead to significant discoveries and long-term value creation.