Golden Mile (ASX:G88) enters Arizona copper country
June 17, 2024Golden Mile Resources has secured terms to acquire up to full ownership of a Pearl Copper Project resting in an underexplored end of a world-class copper belt in the US state of Arizona.
The Sydney-based explorer can make the 20 square kilometre-plus landholdings its own fully owned territory by spending up to $12 million and providing up to a 2 per cent net smelter royalty.
Both Arizona and the Laramide Porphyry Copper Belt are well proven for world-class deposits, with any further discoveries set to be well served by the top-end infrastructure and workforce which produce as much as 70 per cent of US output.
What little modern exploration has been done over Pearl has indicated more than 50 artisanal copper workings and geological similarity to Pinto Valley and San Manuel-Kalamazoo copper porphyry mines.
Golden Mile’s new territory sits immediately north of the latter, formerly owned by BHP (ASX:BHP) and once standing as one of the provinces’ largest deposits before a long history of production.
The 241 unpatented mining claims comprising Pearl have shown widespread surface alteration and rock results up to 7.3% copper, 0.43% molybdenum, 19.9% lead, 4.9% zinc and 360 grams per tonne silver.
Golden Mile Managing Director Damon Dormer said a unique set of circumstances provided the opportunity to enter the tier 1 jurisdiction for a minimal upfront outlay.
“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,” he noted.
“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.”
The two historic mines will be the immediate exploration targets for Golden Mile which is set for a site visit as the company completes due diligence and works out initial work programs over its acquisition.
While copper will be the obvious focus given the location and firing demand for the red metal, other commodities appear worthy targets for exploration given the tenements’ location less than a kilometre from a Tiger mines area boasting a rich production history of base and precious metals.
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