Golden Mile Resources Ltd (Golden Mile; ASX: G88) is a Western Australian focused mineral exploration company with projects in the Eastern Goldfields, Murchison and South-West regions.
The Company’s gold projects are located in the highly prospective Eastern Goldfields region, namely the Leonora (Benalla, Ironstone Well and Monarch prospects), Darlot and Yuinmery Gold Projects.
The Yarrambee Project, an ~816km2 landholding located in the Narndee-Igneous Complex (NIC) in the Murchison region, is highly prospective for Ni-Cu-PGE as well as Cu-Zn VMS mineralisation.
The Company also holds the Quicksilver nickel-cobalt project, located about 350km south east of Perth.
To learn more about each Project please scroll down.
The Yarrambee Project, comprises ~816km2 landholding covering the Narndee Igneous Complex (NIC) in the Murchison Region of Western Australia, making Golden Mile the largest landholder over the NIC. It is located about 500km northeast of Perth.
The NIC is considered highly prospective for Ni-Cu-PGE mineralisation (eg: Voisey’s Bay, Nova, Julimar), with the Company targeting the “feeder system” of the NIC (the ‘chonolith model’), with numerous mafic-ultramafic satellite intrusions to be investigated within the tenement package.
Yarrambee also contains portions of the surrounding Yaloginda Formation, a geological package highly prospective for VMS mineralisation. These include two high quality, advanced Cu-Zn VMS style prospects identified at Narndee and Yalanga Bore.
Golden Mile will drill test priority conductors identified from an EM survey, along with targets at the Narndee and Yalanga Bore Prospects.
The work completed to date on Narndee has defined a footprint of a VMS system, which is open in all directions where no effective ground or downhole EM geophysical testing has been undertaken.
Drilling by previous explorers intersected several zones of massive and disseminated sulphide mineralisation including:
Yalanga Bore (Copper-Zinc)
Yalanga Bore is a historical VMS prospect with a skarn overprint around an outcropping gossan which has seen limited follow up exploration.
Historical intersections at Yalanga Bore include:
Leonora Gold Project (100%)
Golden Mile’s Leonora Gold Project is located approximately 40km north east of Leonora and 230km north of Kalgoorlie. It comprises a regionally significant tenement package focussed on the Ironstone Well, Monarch and Benalla Gold Projects located east of the Leonora mining centre in the prolific Eastern Goldfields of Western Australia.
The Company’s projects are along strike from and surrounded by significant gold production, development and exploration projects including St Barbara’s Gwalia Project (ASX:SBM) and Kin Mining’s Cardinia Project (ASX:KIN) which hosts a resource of 945,000oz Au across a number of near-surface deposits.
Benalla Gold Project
Golden Mile’s Benalla gold project covers more than 7km strike length of high priority gold-in-auger anomalies immediately along strike from KIN Mining’s 1.15Moz Cardinia Gold Project (ASX:KIN announcement 22 December 2020).
Aircore drilling programs in 2020 encountered multiple intersections of gold mineralisation across two mineralised structures along strike from KIN Mining’s East Lynne gold trend and other targets which lie on regional structures that extend into KIN’s Cardinia project. Golden Mile’s drilling also encountered similar geology to mineralised assemblages reported by KIN including felsic and intermediate to mafic volcanic units and metasedimentary sequences.
Further AC drilling is planned in 2021 to extend lines where mineralisation is open (e.g. BTAC082) as well as remaining untested targets including several high priority multi element anomalies with geochemical associations analogous to Cardinia.
A systematic RC drilling program is also planned to test several of the identified mineralised structures to determine the full extent and gold grade of these structures as well as test for mineralisation underneath the shallow aircore holes drilled to date.
Ironstone Well Gold Project
The Ironstone Well Project is located approximately 6 km northeast of Leonora and hosts a number of target areas, including the ‘Natasha’ and ‘Sophie’ prospects on the western side of the tenements. The project is composed of a granted mining lease (M 37/1341) and 13 prospecting leases (P 37/8484, 8610-12, 8615, 8922, & 9047-9053) covering over 28km2 and more than 5 kilometres of prospective strike.
Golden Mile has undertaken preliminary exploration at Ironstone Well and has identified several targets prospective for gold mineralisation supported by historical geochemistry and geophysics including several significant gold intersections in historical drilling associated with extensive mineralised structures and numerous underexplored prospect areas including the Natasha Prospect which includes (Refer G88 ASX announcement 31 /12/17):
Ø IRC002 7m @ 4.16 g/t Au from 17m incl. 2m @ 11.35 g/t Au
The Company is planning AC drilling during the first half of 2021 on receipt of a POW.
The project lies close to both logistical and production orientated infrastructure in the region, including St Barbara’s Gwalia gold plant, located 12 km to the south, making the gold mineralisation at Ironstone Well an exploration priority.
Monarch Gold Project
The Monarch Gold Project is a poorly tested but extensive gold bearing structure extending over more than 16 km of strike.
Historical exploration to date over the Monarch Gold Trend has included prospecting, surface sampling and auger drilling, with limited RAB/RC drilling follow up on selected targets.
Golden Mile has undertaken an extensive auger sampling program that identified a number of significant, previously unknown geochemical anomalies along the Monarch Gold Trend.
Initial aircore (‘AC’) drilling results indicate that shallow gold mineralisation occurs over 300-400 metres strike at the Wildcat and Royal Henry prospect areas and remains open along strike. Further work is required to assess potential strike extensions and to test at depth for primary gold mineralisation hosted by structures in the fresh rock.
The Yuinmery Project is located 80km to the southwest of Sandstone in the Youanmi Gold Mining District, approximately 10km east of the Youanmi Gold Mine (ASX:RXL and VMC), and adjacent to the Yuinmery Cu-Au Project (ASX:ERL). It is composed of a single exploration licence (tenement E57/1043) that was acquired in late 2019.
The area is experiencing a significant upswing in activity thanks to the high-grade Penny North (ASX:RMS) and Grace (ASX:RXL) discoveries.
The region is traversed by the north to north-northeast trending Youanmi Shear Zone, a major crustal structure that marks the boundary between the Murchison and Southern Cross domains. Gold mineralisation in the region appears to be correlated with secondary northwest trending structures intersecting the main Youanmi Shear.
The Yuinmery Project area contains approximately 9km strike length of the Yuinmery Shear. This sheared granite-greenstone contact represents a favourable structural target for gold mineralisation.
First pass targeting by Golden Mile has defined several anomalies defined by ‘indicator’ minerals associated with mineralisation and hydrothermal alteration and detailed ground magnetics and soils have been collected by the Company over a section of these targets.
The Company has defined a significant NNE trending gold-in-soil anomalies over 800m strike at Elephants Reef and Ladies Patch has (Refer G88 ASX announcement 12/11/20) which correlate with historic gold-in-soil & multi-element pathfinder assays. Further soil sampling is now planned along the regional Yuinmery Shear to refine these targets and define further anomalies for testing.
While Golden Mile’s primary focus for the Yuinmery Project is gold, the Company notes the potential for the Yuinmery Greenstone Belt to host polymetallic VMS and Cu-Ni-PGM deposits such as Empire Resource’s (ASX:ERL) adjacent Yuinmery Cu-Au project (refer ERL ASX Announcement 23 July 2020).
The Darlot Gold Project, located approximately 110km north of Leonora, comprises a single exploration tenement (E37/1248) immediately adjacent to the Darlot Gold Mine, owned and operated by RED5 Limited (ASX:RED).
The Darlot Gold Project is interpreted to contain strike extensions of several key structures that control gold mineralisation in the Darlot goldfield. However, despite being adjacent to a major gold mine, the tenement has seen limited modern exploration with some gold anomalism detected that has never been systematically followed-up.
The Company has identified several target areas at its Darlot Gold Project which are spatially associated with the southeast strike extensions of key structures in the Darlot goldfield and proximal to known gold occurrences:
In late 2020 Golden Mile Resources conducted a 37-hole, 1,311m aircore program at Darlot focussed on the Central Target Area. The relatively shallow holes were drilled to blade refusal in an area of little to no cover. The anticipated geology of mafic basalt and granite lithologies was encountered along all drill lines, with several narrow zones of gold mineralisation intersected including (G88 ASX Announcement 12 January 2021)`:
Further drilling will be planned to test these structural zones and for higher grade depth extensions of the mineralisation intersected to date. The Company is also assessing options to test the Northern and Southern targets at Darlot.
The Gidgee Project is composed of two exploration licence applications covering 400 square kilometres adjacent to Horizon Gold’s Gidgee gold mine. The tenure takes in a number of potential target areas, including areas prospective for gold, nickel, cobalt, copper and iron ore.
The Company has a binding conditional farm-in agreement granting Gateway Mining Limited (“Gateway”; ASX:GML) the right to acquire an 80% interest in the Gidgee Project. Gateway has pre-existing interests in tenements located within the historical gold mining areas in the Gum Creek (Gidgee) Goldfield.
The Quicksilver Nickel Laterite Project is located approximately 280km south east of Perth, near Pingaring in the South-West Mineral Field of Western Australia. The Project comprises ~50 km2 and an exploration license and a prospecting license. Quicksilver covers a greenstone belt with potential for the discovery of economic nickel laterite and sulfide mineralisation. Quicksilver is primarily located on privately owned farmland in an area with excellent local infrastructure, including easy access to grid power, sealed roads, and a railway line to key ports.
A total indicated and inferred resource estimate of 26.3 Mt @ 0.64% Ni & 0.04% Co (cut-off grade >0.5% Ni or >0.05% Co) has been announced for the Quicksilver deposit (refer to Golden Mile Resources ASX announcement dated 19 November 2018).
The Company is reviewing the most effective strategy to realise value from this project including a review of metallurgical test work to date on the laterite resource, and the results of the Company’s electromagnetic surveys targeting nickel sulfide mineralisation.