Golden Mile (ASX:G88) has hit winners at both its Odyssey and Ford Prospects, spotting visual copper mineralisation – in this case, malachite and azurite – after wrapping up maiden drilling at its Pearl Copper Project.
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The company’s successful first drill run marks the first time in a little over 80 years that anyone has worked on the “high priority targets” at the Arizona dig.
All up, ten reverse circulation holes were drilled. The project totalled 1,186.3 metres.
While Golden Mile had been fairly sure of its targets, the miner’s managing director, Damon Dormr, still spruiked the results as “very encouraging” and declared the company was very pleased with the “well-executed, under-budget” drilling.
The market wasn’t so convinced – by mid-arvo, G88 shares were down -22%. The miner is still up a hair over 55% in 2025, but it’s a price dip it may not have banked on, especially on a day when “pleasing” news had come in.
The fade, which drops Golden Mile’s shares to 1.4 cents each, may be as simple as some sellers pulling the trigger on any news. Others may not have loved what they saw in the Odyssey and Ford drilling returns.
On that front, visible copper mineralisation, including malachite, azurite, and chrysocolla, was all recorded across five holes at Odyssey and two at Ford.
PRC010 at Ford was a standout: The hole, drilled nearby, intersected 2.8 metres of azurite and malachite in a fault zone at the base of a broad, strongly clay and limonite-altered zone Golden Mile said aligns with the main structure.
All up, certainly not the worst mining results this HotCopper journalist has ever seen.
So, maybe some just jumped out until they see the now-pending assay results.
Those, Mr Dormer said, have “the potential for broader multi-element mineralisation, as evidenced by the numerous high-grade rock chips reported previously.”
The price may even have just been rattled as much as it was by day traders who had expected more fireworks for the first drill. Or, even more simply, maybe it just wasn’t juicy enough to dodge the fairly regular Friday selling.
G88 has been selling at 1.4cps at 3pm on Friday afternoon.
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