Golden Mile Resources has completed a significant sampling program at its Aurora prospect in Arizona, with assay results expected soon, while Patronus Resources has earned an 80% interest in the Leonora Gold Joint Venture.
- Completed 53-sample soil and rock chip program at Aurora prospect, Pearl Copper Project
- High-grade gold assays from prior sampling underpin ongoing exploration
- Patronus Resources earns 80% equity in Leonora Gold Joint Venture
- Technical review underway for Yuinmery gold project in Western Australia
- Company plans to reduce expenditure and pursue capital raising in March quarter
Exploration Momentum at Pearl Copper Project
Golden Mile Resources Limited (ASX, G88) has reported steady progress in its December 2025 quarter activities, notably advancing exploration at the Aurora prospect within its Pearl Copper Project in Arizona, USA. Following promising reconnaissance sampling in September that revealed several high-grade gold values, including a standout 29.3 grams per tonne, the company completed a more extensive soil and rock chip sampling program comprising 53 samples. These results, expected in February, aim to delineate the extent of mineralisation and could provide a clearer picture of the project's potential.
The Pearl Copper Project is strategically located in the prolific Laramide Porphyry Copper Province, a region responsible for the majority of US copper production. Despite its proximity to major deposits like BHP’s San Manuel-Kalamazoo Mine, the area has seen limited modern exploration, positioning Golden Mile to potentially unlock significant value.
Joint Venture Progress and Project Reviews
In Western Australia, Patronus Resources (ASX, PTN) has met its expenditure commitments under the Leonora Gold Joint Venture, earning an 80% interest in the project. This milestone marks a key step in the JV’s development, with formal documentation underway. The Leonora JV covers a substantial tenement package near established gold mining centres, surrounded by active exploration and production projects, enhancing its strategic appeal.
Meanwhile, Golden Mile has initiated a technical review of its Yuinmery gold project, located in the Murchison region. This review focuses on structural geology and the validity of past surface exploration, particularly given the presence of transported cover that may have obscured previous soil sampling results. A geophysical consultant has been engaged to analyse magnetic data for structural insights, with findings anticipated in the coming month.
Financial Position and Outlook
Financially, Golden Mile reported cash outflows primarily related to exploration and corporate costs, ending the quarter with $133,000 in cash. The company plans to reduce expenditure in the near term and is actively exploring capital raising options to fund ongoing operations and project development. Management expresses confidence in securing sufficient funding during the March quarter to continue advancing its portfolio.
Additional project reviews and due diligence on US-based copper-silver targets are ongoing, reflecting Golden Mile’s strategic intent to expand and refine its asset base. The company also flagged upcoming reviews for its Quicksilver multi-commodity and Yarrambee VMS projects, aligning with a broader strategy to capitalise on improving metal price environments.
Bottom Line?
As assay results and JV formalities unfold, Golden Mile’s next moves will be critical in shaping its exploration trajectory and funding strategy.
Questions in the middle?
- Will the February assay results confirm the extent and grade of mineralisation at Aurora?
- How will Patronus Resources’ increased stake influence the development pace of the Leonora JV?
- What capital raising strategies will Golden Mile pursue to sustain its exploration momentum?