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Golden Mile Resources (ASX:G88) - Chairman, Rhod Grivas - The Market Herald
Chairman, Rhod Grivas
Source: ResourceStocks
  • Golden Mile Resources (G88) has completed a strategic review of its Darlot Gold Project in Western Australia
  • This review has identified a number of priority gold targets that have never been thoroughly explored
  • Golden Mile has now planned an exploration program that consists of ground magnetics, geochemical soil sampling, and drilling to target these areas
  • This work will begin immediately and is aimed to be finished by the end of June
  • Golden Mile is up a strong 12.5 per cent and shares are trading for 3.6 cents each

Golden Mile Resources (G88) has completed a strategic review of its Darlot Gold Project in Western Australia.

This project neighbours RED5's Darlot Gold Mine and is located approximately 110 kilometres north of Leonora and is made up of one exploration licence.

This strategic review has located a number of priority gold targets that lie along strike from the Darlot Gold Mine and are near historical high-grade gold occurrences that are in the process of being explored by RED5.

However, none of these targets have been thoroughly explored, and Golden Mile is planning to test these areas.

"We are excited to accelerate our exploration program at Darlot, where the recent review has identified a number of areas that we think are worthy of further work," Chairman Rhod Grivas said.

"In our opinion, the company holds prospective but relatively underexplored ground only a few kilometres from a major gold mine," he added.

Northern target

The northern target is next door to the historical Rosewood Bore and Gipps Hill gold mines.

Currently, RED5 is exploring the Gipps Hill area and the company has reported a quartz lode with a width of up to five metres and grades up to 12.1g/t gold and surface sampling results of up to 13.7g/t gold.

Central target

This target is located south of the historical Janine gold occurrence, where RED5 has returned results grading up to 21.9g/t gold.

This area also contains mineralised rock-chip samples that were collected in 2014 and contain gold mineralisation up to 8.4g/t.

Southern target

The southern target is known to host a number of gold occurrences, such as the Amazon and Ballangarry mines.

Golden Mile has planned an exploration program that consists of ground magnetics, geochemical soil sampling, and drilling to target these areas.

This work will begin immediately and is aimed to be finished by the end of June.

Once this has been completed, a drilling program will be undertaken to test any significant anomalies and structural targets, based on the results.

Results from these programs will be announced once work has been completed.

Golden Mile is up a strong 12.5 per cent and shares are trading for 3.6 cents each at 1:36 pm AEST.


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