Golden Mile identifies new REE and base metal targets at Yarrambee

Golden Mile Resources Limited (ASX: G88) has identified a number of new targets from a geochemical review of its Yarrambee Base Metals Project.

The company has also received assay results from RC drilling at Narndee completed in October 2022.

• A review of historical soils has identified new REE, copper, nickel, and gold geochemical anomalies for further follow-up
  • AnomalouscREEs indicated by elevations in Ce2O3 and are contained in historic soils, rock chips and RC drilling by Golden Mile Resources in 2021 and 2022.
    • YERC002 (drilled 2021): 6m @ 548ppm Ce2O3, from 24m
    • 22YERC016: 16m @ 332ppm Ce2O3, from 20m
  • Three “hotspots” prospective for VMS mineralization are indicated by coincident Cu-Zn- Bi-Mo anomalism (copper-zinc-bismuth-molybdenum), between 700-900m strike length
  • Nickel-PGE geochemical anomalies located in the southern area of the project

• Assays received for the 10 hole, 1663m RC program from drilling completed in October 2022 include:
  • 22YERC009: 2m @ 0.61% Cu, from 81m
  • 22YERC013: 1m @ 0.6% Cu and 5.98 g/t Ag, from 46m

• The drilling confirmed that the copper – zinc mineralised horizon previously reported at the TBW target continues and remains prospective

• An orientation soil sampling program of 18 lines for 360 samples to further investigate the REE, VMS, Au and Ni-PGE targets will be undertaken in January 2023.

The 100% owned Yarrambee Project is located approximately 500 km north-east of Perth within the Murchison region of Western Australia. The Project is prospective for both Volcanogenic Massive Sulphide (VMS) copper-zinc sulphide mineralisation and magmatic nickel-copper-platinum group element (PGE) sulphide mineralisation.

Historical and company drilling to date has confirmed copper and zinc mineralisation associated with sulphide mineralisation within a volcano-sedimentary sequence which has some similarities with the Golden Grove VMS deposit located approximately 115km to the west. The Project also contains a large area of the Narndee Igneous Complex (NIC), a layered intrusion that historical work in the region has shown to be prospective for magmatic nickel sulphide mineralisation.

Review of Historical Soil Data

The company engaged geochemical consultant GCXplore Pty Ltd to carry out a review of the historical soil data. The review identified 21 VMS copper-zinc, 16 Nickel –-PGE, five gold and four Rare Earth Element (REE) geochemical anomalies to be followed up.

REE Potential

In addition to the base metal anomalies the review identified four REE geochemical anomalies based on Cerium (Ce) assays. There was only a limited amount of soil samples assayed for cerium and the majority of historical soil samples were not assayed for REEs.

Additionally, rock chip samples collected as part of the Geological Survey of Western Australia (GSWA) mapping and mineralisation programmes reveals elevations of REE with two anomalous samples located within the Yarrambee Project.

The soil anomalies appear to be associated with the Yaloginda Formation and the company has checked its drilling data at Narndee which intersects this formation for any further insight on the REE potential of this horizon. There were a number of anomalous intervals associated with supergene enrichment of REE, located in the clay regolith horizon, but there is also a bedrock source associated with the volcaniclastic sedimentary Formation. The company has concluded from the drilling that in addition to the VMS copper – zinc potential, the Yaloginda Formation is also prospective for REE.

Next Steps

The following are the proposed next steps:

• Field checks to prioritise follow up of the various geochemical anomalies
• Complete soil orientation survey to determine the most effective surface sampling method
• Complete infill soil sampling at targets prioritised by field checking, using the determined method from orientation surveys

For further information please visit: https://www.goldenmileresources.com.au/