Golden Mile Resources

Quarterly Activities Report – September 2024

Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) is pleased to present its Quarterly Report for the period ending 30 September 2024.

COMPANY HIGHLIGHTS

Pearl Copper Project, Arizona, USA

  • Golden Mile completed due diligence on the Pearl Copper Project and entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation
  • Project adjacent to the super-giant San Manuel-Kalamazoo porphyry copper-molybdenum deposit
  • Odyssey and Ford prospects identified within the Project as immediate highly prospective, exploration drill targets
  • Rock chip sampling at the Odyssey prospect returned exceptional assay results:
    • Silver assays up to 930 g/t
    • Copper assays up to 10.05%
    • Zinc assays up to 8.09%
  • Mineralisation at the Odyssey prospect is visible at the surface with a strike length of >800m and includes multiple NNW trending extensional veins
  • Historic data at the Ford prospect indicates grades up to 10.6% copper, 31.3% lead and 0.54oz (16.7 g/t) gold.

Corporate

  • Appointment of Company Secretary Mr Justyn Stedwell, who has over 17 years’ experience as a Company Secretary of ASX listed companies

PEARL COPPER PROJECT (PEARL), ARIZONA, USA (G88 Earn In)

Pearl is located within a world-class mining jurisdiction of the Laramide Porphyry Copper Province within the Southwestern North American Porphyry Copper Province. This is the principal metallogenic province of the United States (US) accounting for approximately 70% of total US copper production.

Figure 1: Significant Copper Mines and Projects in Arizona USA

The Project is adjacent to the world class San Manuel-Kalamazoo Mine, with historic production of approximately 1Bt @ 0.7% Cu. Many other deposits occur in the greater area around the Project, with Arizona being host to some of the world’s largest copper discoveries.

During the Quarter, Golden Mile completed its due diligence on the Pearl Copper Project and entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation (“Outcrop”) 2.

A field trip, undertaken as part of the due diligence, confirmed the very high prospectivity of the project area for company-making copper resources. This field examination, undertaken in late July, and while only preliminary in nature, delineated the Odyssey and Ford prospects within the Pearl project area as immediate, highly prospective, exploration drill targets.


Click here for the full Quarterly Appendix 5B Cash Flow Report

Click here for the full ASX Release

This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Multiple exploration opportunities across base and precious metals in Australia and the US

OUTCROP SILVER ANNOUNCES PARTNER FUNDED MAIDEN DRILL PROGRAM AT THE PEARL COPPER PROJECT, ARIZONA

OUTCROP SILVER ANNOUNCES PARTNER FUNDED MAIDEN DRILL PROGRAM AT THE PEARL COPPER PROJECT, ARIZONA

Outcrop Silver & Gold Corporation (TSXV:OCG, OTCQX:OCGSF, DE:MRG) ("Outcrop Silver") is pleased to announce the commencement of the maiden drill program at the Pearl Copper Project located in Arizona United States . The drilling campaign will be fully funded by Golden Mile Resources Limited (ASX: G88), whereby Golden Mile is currently earning a 51% interest through funding this A$2 million maiden drill program. Outcrop Silver retained a 1% net smelter return (NSR) royalty.

Outcrop Silver logo (CNW Group/Outcrop Silver & Gold Corporation)

Highlights

  • Outcrop Silver advances the Pearl Copper project through an earn-in agreement with Golden Mile Resources (ASX:G88). Program fully funded by Golden Mile .
  • The Pearl project is located in the prolific Laramide porphyry copper district, which is responsible for 70% of the United States of America's copper production.
  • All drilling permits secured from the Bureau of Land Management (BLM) and the Arizona State Land Department (ASLD).
  • The maiden drill program to test high-grade copper-silver-gold targets at the Odyssey and Ford prospects has commenced.

" Golden Mile's fully funded drill program moves Pearl forward at no cost to Outcrop Silver and exemplifies our strategy of unlocking value from non-core assets while we focus capital on expanding the high-grade Santa Ana silver project in Colombia ," stated Ian Harris , President & CEO of Outcrop Silver.

The Pearl Copper project is located in the Laramide porphyry copper district, one of the most prolific copper-producing regions globally, accounting for approximately 70% of U.S. copper production. The project sits immediately north of BHP's past-producing San Manuel-Kalamazoo Mine and along the trend with Capstone Copper's active Pinto Valley Mine, benefiting from exceptional infrastructure and a skilled local workforce.

Following the receipt of all required exploration permits, including the Notice of Intent (NOI) from the BLM and the Special Land Use Permit (SLUP) and Geologic Field Operation Plan (GFOP) from the ASLD, drilling has commenced. This maiden drill program consists of 14 to 16 reverse circulation (RC) holes totaling up to 1,800 metres, and will test two priority targets.

Transaction

On September 12, 2024 Golden Mile purchased an option on Pearl for A$100,000 (Australian Dollars) with Outcrop Silver retaining a 1% NSR royalty. Golden Mile has the option to earn-in to 51% by funding A$2,000,000 in exploration expenditures by September 12, 2027 . Golden Mile may also earn an additional 34% by funding an additional A$10,000,000 in exploration expenditures within 5 years. Upon completing the earn-in a joint venture will be formed with both parties funding proportionally. If either party dilutes below 10%, their interest will convert to an additional 1% NSR royalty. At such time that a JORC compliant resource achieves 750,000 tonnes of contained copper at a minimum grade of 0.3%, Golden Mile will pay Outcrop Silver A$2,000,000 .

The Pearl Copper project was acquired through the amalgamation with Zacapa Resources. Zacapa's portfolio also included the Kramer Hills brownfield oxide gold project in San Bernardino, California and the South Bullfrog, gold project in Beatty, Nevada adjacent to Anglo Gold's Silicon project.

Qualified Person

Edwin Naranjo Sierra is the designated Qualified Person within the meaning of the National Instrument 43-101 and has reviewed and verified the technical information in this news release. Mr. Naranjo holds a MSc. in Earth Sciences, and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr. Naranjo Sierra is a consultant to the company and is therefore independent for the purposes of NI 43-101.

About Outcrop Silver

Outcrop Silver is a leading explorer and developer focused on advancing its flagship Santa Ana high-grade silver project in Colombia . Leveraging a disciplined and seasoned team of professionals with decades of experience in the region. Outcrop Silver is dedicated to expanding current mineral resources through strategic exploration initiatives.

At the core of our operations is a commitment to responsible mining practices and community engagement, underscoring our approach to sustainable development. Our expertise in navigating complex geological and market conditions enables us to consistently identify and capitalize on opportunities to enhance shareholder value. With a deep understanding of the Colombian mining landscape and a track record of successful exploration, Outcrop Silver is poised to transform the Santa Ana project into a significant silver producer, contributing positively to the local economy and setting new standards in the mining industry.

About Golden Mile

Golden Mile is a project development and mineral exploration company. The primary focus is on growing the Company with a multi-asset and multi-commodity strategy through advancing core projects, acquiring high-quality assets, and tactical alliances with joint venture partners.

ON BEHALF OF THE BOARD OF DIRECTORS

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "potential," "we believe," or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Outcrop Silver to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary regulatory approvals, capital expenditures and other costs, financing and additional capital requirements, completion of due diligence, general economic, market and business conditions, new legislation, uncertainties resulting from potential delays or changes in plans, political uncertainties, and the state of the securities markets generally. Although management of Outcrop Silver have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Outcrop Silver will not update any forward-looking statements or forward-looking information that are incorporated by reference.

SOURCE Outcrop Silver & Gold Corporation

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