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Golden Mile Resources Ltd

Golden Mile Resources eyes nickel, cobalt riches in Western Australia

Aiming to define a JORC resource for the prospect prior to the close of 2017.

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Cobalt and nickel were recently trading at record highs for 2017

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.

Quick facts: Golden Mile Resources Ltd

Price: $0.06

Market: ASX
Market Cap: $3.67 m
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