Multi-minerals explorer Golden Mile Resources Ltd (ASX:G88) is setting itself up to acquire a copper project in Arizona located in the Laramide Porphyry Belt, which as part of the wider Southwestern North American Porphyry Copper Province, accounts for 70 percent of the red metal produced in the United States last year.
Golden Mile has entered into an earn-in joint venture agreement with Outcrop Silver & Gold Corporation to acquire the Pearl Copper Project, which has experienced only a minimal amount of modern exploration, but holds over 50 historical artisanal workings, in addition to two historical copper mines – Pearl and Ford.
In testament to the prospectivity of the territory, the project lies immediately north of BHP’s San Manuel-Kalamazoo mine, which is one of the Copper Province’s most significant deposits.
Additionally, Pearl also sits within the same geological trend accounting for Capstone Copper’s Pinto Valley mine, with the latter yielding more than 4 billion pounds of copper to date.
Managing director Damon Dormer said the features of this project and its territory represented an exciting opportunity for the company.
“A unique set of circumstances has provided Golden Mile with an opportunity to enter the Laramide Porphyry Belt, a Tier 1 jurisdiction, for a minimal upfront outlay,” he said.
“The presence of 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.
“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.”
Golden Mile Resources has been trading at 1.1 cents.