Golden Mile Resources Limited announced that a review of its Quicksilver clay hosted nickel-cobalt deposit has concluded there is potential for Rare Earth Element ("REE") mineralisation. Golden Mile initiated a review of the REE potential of the Quicksilver oxide clay hosted nickel ­ cobalt deposit prior to finalising a metallurgical diamond drill test work program, planned for early next year, to ensure that any further considerations can be incorporated into the program. The review identified Cerium mineralisation in 15 drill holes broadly distributed (1.7km x 0.4km) throughout the orebody.

Encouraging grades encountered with the best result of 4m @ 3297ppm Ce2O3 from 6m (including 1m @ 6196ppm from 8m) in hole QRC0061. Cerium is an REE that always occurs in combination with the other REEs. It is normally the most abundant and therefore has a greater chance of being detected when using standard assay techniques applied in base metal exploration.

This makes Cerium a good indicator for REE potential in historical drilling targeting other styles of mineralisation. The Cerium assays, on which the REE review is based, were included as part of the element suite in the analysis optimised for nickel-cobalt determination used for the estimation of the Quicksilver nickel-cobalt resource. Furthermore, REE mineralisation is based on a suite of elements reported as Total Rare Earth Oxide ("TREO") of which Cerium is just one.

Therefore, the Ce2O3 results are partial only and need to be re-assayed using the appropriate technique to determine more precise Ce2O3 and measure the additional rare earth element mix. The Company has collected the sample pulps which were held in storage and submitted the 30 samples 1000ppm Ce2O3 for analysis to determine the TREO content using the appropriate analysis method. If the initial re-assay results are positive the Company will submit all the remaining pulps from the nickel-cobalt resource drilling for analysis allowing fast low-cost advancement of the REE potential without the need for further drilling in the short term.

The Company will also be able to incorporate any potential REE metallurgical studies into the current planned program if warranted. This would allow rapid advancement of the REE potential of the project without a requiring a lot of the additional costs compared to a greenfields discovery.