Golden Mile Resources Limited advised that assay results have confirmed Rare Earth Element mineralisation at its 100% owned Quicksilver clay hosted Nickel-Cobalt Project. Golden Mile previously reported that a review identified the potential for the Quicksilver Nickel-Cobalt Project to contain REE mineralisation and submitted 29 1m pulp samples held in storage for assay. The Company has now received these results confirming there is significant REE mineralisation potential at the Project. These positive results allow the Company to investigate the potential for REE by-products to be incorporated into the process flowsheet which is currently being developed for nickel, cobalt,
chromium, iron, and industrial minerals at Quicksilver. The next investigation will determine how much of the REE mineralisation is ionic, that is the amount of REE that is loosely bound to the clay host that can be liberated using low-cost methods typical for this style of mineralisation. If this investigation demonstrates there is a significant component of ionic REE mineralisation, then REE by-product potential can be assessed and incorporated into the process flowsheet if warranted. Golden Mile can differentiate itself from most other REE explorers in that the Quicksilver project is a multi-commodity deposit with nickel and cobalt as the current main economic drivers following
excellent Stage 2 metallurgical results last year which demonstrated a potential pathway to production. This means that if the REE mineralisation is viable it will be in addition to these commodities which will be a significant economic benefit when compared to an REE only project. Furthermore, the cost and time of ongoing investigations into the viability of the REE mineralisation can also be significantly reduced because there is existing resource drilling which can be re-assayed for REO. Also, any metallurgical testwork and subsequent flowsheet design can be incorporated into the Stage 3 metallurgical testwork scheduled to commence late next month.