Golden Mile Enters JV to Explore High-Grade Leviathan Cu-Mo Project in Arizona

Joint Venture Agreement and Project Overview

Golden Mile Resources Ltd (ASX:G88) has entered into a binding term sheet for a joint venture to earn up to a 95% interest in the Leviathan Porphyry Copper-Molybdenum Project, located in Mohave County, northwestern Arizona, USA. The agreement requires Golden Mile to expend A$3 million on the project, including monthly payments capped at US$225,000, with the current owner retaining a 5% free carried interest and a 0.5% Net Smelter Royalty. The project comprises 11 patented mining claims covering approximately 210 acres, which may facilitate streamlined permitting subject to federal, state, and local regulations.

The Leviathan Project is situated on the western margin of the Diamond Joe quartz monzonite porphyry stock, a geological feature associated with the Laramide orogeny, a significant event responsible for many major porphyry copper deposits in the southwestern United States. The area displays key characteristics of a major porphyry copper system, including stockwork quartz-molybdenite-chalcopyrite veins and pervasive hydrothermal alteration.

Geological Features and Historic Mining

The Leviathan vein, the principal geological feature of the project, is a multiphase fault breccia vein traceable for approximately 800 metres with widths ranging from 2 to 6 metres. Historic underground mining occurred in the early 1920s, with records indicating molybdenum grades around 1% and similar copper grades, although these historic estimates are not reported in accordance with the JORC Code and have not been independently verified. The vein is enclosed within a broad halo of intensely potassic altered felsic wall rock, with molybdenum, chalcopyrite, and minor scheelite recoverable from historic mine dumps.

Reconnaissance by Golden Mile identified five additional sub-parallel vein systems within the claim block, with outcropping widths between 1 and 5 metres and strike lengths up to 400 metres before being obscured by scree. These veins, along with zones of intense hydrothermal alteration and narrow vein sets, suggest the presence of multiple sheeted vein stockworks consistent with a porphyry system. Notably, potential scheelite (a tungsten ore) occurrences were observed and will be tested in upcoming fieldwork.

Initial Sampling Results and Planned Exploration

As part of due diligence, Golden Mile conducted a reconnaissance rock chip sampling program comprising 21 samples, 13 of which were within the project area. The samples were representative of each location rather than biased toward visible mineralisation. Results showed copper assays up to 4.28% and molybdenum assays up to 8.24%, confirming widespread elevated Cu and Mo mineralisation. The average copper grade of the 13 samples was 2.6%, with molybdenum averaging 0.26% after excluding one high outlier.

Golden Mile plans to commence a rock chip and stream sediment sampling program in late April 2026 to better understand the distribution of mineralisation and the development of sheeted vein sets. Sampling will include interval sampling along strike of each vein and testing of suspected scheelite sub-outcrops to assess tungsten potential. These activities aim to generate drill targets for a planned drilling campaign in the September quarter.

Strategic Significance and Regional Context

Golden Mile’s Non-Executive Chairman, Grant Button, highlighted the strategic value of the Leviathan Project, noting its location in Arizona, a Tier 1 mining jurisdiction and the USA’s top copper-producing state, accounting for approximately 70% of domestic copper output in 2023 according to USGS data. The project lies about 300 kilometres from Golden Mile’s Aurora Gold Project within the Pearl Copper Project, providing geographic synergy. The company’s senior US-based geological consultant, Thomas Knoch, who was instrumental in introducing the project, will support exploration efforts.

This JV follows Golden Mile’s recent initiatives to expand its portfolio, including the identification of high-priority gold targets at Yuinmery and securing funding to accelerate exploration at Aurora and Yuinmery projects. The Leviathan JV adds a significant copper-molybdenum asset to the company’s pipeline, complementing its multi-commodity strategy. For further context on Golden Mile’s exploration approach and recent developments, see the company’s update on high-priority gold targets at Yuinmery.