Proactiveinvestors Australia Golden Mile Resources Ltd Proactiveinvestors Australia Golden Mile Resources Ltd RSS feed en Thu, 20 Jun 2019 13:08:22 +1000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Golden Mile Resources outlines extensive gold anomalism at Leonora East project ]]> Golden Mile Resources Ltd (ASX:G88) has outlined extensive gold anomalism over 11 kilometres of strike along the Monarch Gold Trend of its Leonora East project in Western Australia’s North-Eastern Goldfields.

All assay results have been received from an extensive auger sampling program over the trend.

Strong gold anomalism was detected in several auger holes with grades of up to 270 ppb while numerous holes detected anomalous gold up to 50 ppb +/- pathfinder elements.

This work confirms that the trend contains a gold mineralised system and verifies the exploration potential for discovery of a deposit within the company’s tenement area.

Shares up 21%

The results also extend known anomalies interpreted from historical auger sampling surveys.

Shares were up 21% to an intra-day high of 12 cents.

Golden Mile’s managing director Lachlan Reynolds said: “The company is very excited about the scale and extent of the gold anomalism outlined by the auger drilling over the Monarch Gold Trend, which remained untested despite previous historical exploration in this prospective area.

“We have now outlined several very large areas of coherent gold anomalism in consecutive auger holes and across multiple widely-spaced sample lines.

“These large gold anomalies appear to be spatially associated with bedrock features interpreted from the regional aeromagnetic data.

“Any of these anomalies is large enough to indicate the presence of a significant gold deposit and the company is now focused on follow-up exploration to assess its new targets.”

Close to other gold deposits

The Monarch Gold Trend is about 40 kilometres northeast of Leonora and covers the eastern part of the Mertondale Shear Zone.

Location of the Monarch Gold Trend on the Leonora East project.

The trend is adjacent to the Mertondale project where Kin Mining Limited (ASX:KIN) has defined a number of gold deposits with a total indicated and inferred resource of 11.6 million tonnes at 1.4 g/t, for a contained 521,000 ounces of gold.

The northern part of the trend lies immediately to the east of the Redcliffe project where NTM Gold Ltd (ASX:NTM) has recently identified multiple new zones of gold mineralisation.

Golden Mile’s follow-up will include infill sampling to assist with the identification of key targets for future aircore or RC percussion drill testing.

Fri, 08 Mar 2019 14:20:00 +1100
<![CDATA[News - Golden Mile Resources identifies three new targets at Quicksilver Nickel-Cobalt Project, drilling continues ]]> Golden Mile Resources Ltd (ASX:G88) has found three category I targets from moving loop electromagnetic (MLEM) surveying completed at its Quicksilver project in Western Australia.

The targets appear along 8 kilometres of strike and sit north of the Wyatt’s electromagnetic target.

Ongoing reverse circulation (RC) drilling at the southern Garard prospect area has also returned wide intercepts of nickel mineralisation.

READ: Golden Mile Resources intersects massive sulphides at Quicksilver nickel-cobalt project

MLEM surveying was conducted by geophysical consultants Newexco and was designed to test the balance of the tenement area north of the Wyatt’s anomaly.

The survey used 400 metre line spacing with 100 metre stations along those lines.

Category I anomalies were further defined utilising detailed fixed loop electromagnetic survey with 100 metre line spacing.

Golden Mile’s modelling indicates the presence of several category II targets that have yet to be properly defined.

Working towards a mineral resource estimation

Ongoing RC drilling at Quicksilver is targeting the accessible extremities of the Garard’s prospect, with shallow drilling continuing to define the mineralisation to both the north and south.

Highlighted results from the drilling include: 45 metres at 0.71% nickel and 0.04% cobalt from 15 metres; and 5 metres at 1.32% nickel and 0.13% cobalt from 55 metres.

Diamond drilling is scheduled to begin in coming weeks to produce samples for metallurgical work and progress efforts towards a mineral resource estimation.

Golden Mile will soon begin drill testing the category I targets as well as further surveying to delineate category II and III anomalies.

Wed, 08 Aug 2018 01:41:00 +1000
<![CDATA[News - Golden Mile Resources intersects massive sulphides at Quicksilver nickel-cobalt project ]]> Golden Mile Resources Ltd (ASX:G88) has intersected anomalous sulphides in two of three drill holes at Wyatt’s target within the southern Quicksilver tenement area in Western Australia.

Drilling encountered disseminated sulphides from high up in the drill holes but this changed markedly once drill bits entered the target zones, becoming semi-massive to massive in nature.

The sulphides in both holes consisted of pyrrohotite-pyrite-chalcopyrite and subsequent assaying showed this mineralisation to host anomalous copper, with values over 800ppm.

EM modelling ‘clips’ significant conductor

Stringers of native copper were also encountered, suggesting the potential copper-rich nature of the system.

Downhole electromagnetic surveys have shown that the RC drilling appears to have ‘clipped’ a significant ‘off-hole’ conductor beneath the two drill holes.

The target returned values of up to 20,000 siemens, around three times greater than the original values at Wyatt’s.

Modelling of the strong electromagnetic anomaly at Wyatt’s shows that the conductor sits below the initial drilling and remains largely untested by the current program.

Golden Mile executive director Tim Putt said: “The anomalous copper sulphides at Wyatt’s along strike and adjacent to the supergene nickel at Garard’s are not unusual for a base metal sulphide system.

“The anomalous copper within the sulphides (and as native copper) may be indicative that we are within the mineralised system but have yet to test the right part of the system.”

Off-hole conductor “a surprise”

Putt said the strong off-hole conductor had come as a surprise.

“We expected a strong ‘on-hole’ response but this strong response adjacent to, and below, the recent drilling indicates that we have tested the margins of system, and perhaps explains the subtle geochemical response.

“These results also enhance the prospectivity of the project to the north, where the extensions to this system have yet to be tested – thus, our sulphide hunt continues."

Thu, 05 Jul 2018 14:47:00 +1000
<![CDATA[News - Golden Mile Resources eyes nickel, cobalt riches in Western Australia ]]> Golden Mile Resources Ltd’s (ASX:G88) drilling has returned wide intercepts of nickel, cobalt and scandium mineralisation across the Garard prospect at its Quicksilver project in Western Australia.

The intercepts include:

- 16 metres at 1.73% nickel, 0.10% cobalt and 41 g/t scandium from 36 metres.
- 12 metres at 0.16% cobalt, 0.58% nickel and 32 g/t scandium from 32 metres; and
- 55 metres at 63 g/t scandium from surface.

Golden Mile completed wide spaced drilling across more than 1,500 metres of strike, in order to test the depth and continuity of mineralisation throughout the Garard prospect.

Significantly, the drilling has returned wide intercepts of nickel, cobalt and scandium mineralisation across the target area, with reverse circulation infill drilling now scheduled to commence in September.

This infill drilling will also test the proposed ‘exploration target’ for the Garard prospect and is expected to define a JORC resource for the prospect prior to the close of 2017.

Golden Mile has already estimated an exploration target of 20-30 million tonnes at 0.1-0.2% cobalt and 0.5-1.0% nickel along with 30-60 million tonnes at 45-75 g/t scandium.

Cobalt and nickel were recently trading at record highs for 2017.

Cobalt is presently trading at more than US$59,000 per tonne while nickel has recently risen to more than US$11,500 per tonne.

Wed, 30 Aug 2017 11:47:00 +1000
<![CDATA[News - Golden Mile Resources Ltd extends cobalt potential at Quicksilver project ]]> Golden Mile Resources Ltd (ASX:G88) has successfully completed its initial program of sampling and mapping at the Quicksilver nickel-cobalt project in Western Australia.

The sampling has further extended the surface anomaly at the Garard location, which now covers over 2,400 metres of strike and over 1,000 metres in width.

This phase of geochemical surveying has returned the highest grade cobalt and nickel surface sampling results recorded to date from the project, including 305 ppm cobalt and 2,720 ppm (0.27%) nickel.

Furthermore, Golden Mile has now defined the contacts of the geological host unit at Quicksilver, in particular the western ‘footwall’ contact.

The company also Identified two additional target areas for follow up and extensional surface sampling, namely ‘Wyatt’s West’ and ‘Garard South’ anomalies.

An initial program of drilling is now planned for the Garard prospect area at Quicksilver. Wide spaced aircore drilling is planned on 400 x 100 metre north-south drill lines.

The global demand for cobalt remains strong, with the price reaching an 8-year high of US$60,000 in overnight trade on the London Metals Exchange.

In the course of the 2017 calendar year, the cobalt price has close to tripled, rising from a low of US$21,700 in late March to US$60,000/tonne in overnight trade.

This growth in the value of cobalt has been underpinned by increasing demand from the power storage industry, with analysts tipping this trend to continue in the short to medium term.

Golden Mile started trading on the ASX last month with a suite of cobalt-nickel and gold projects in Western Australia.

Tue, 04 Jul 2017 15:30:00 +1000