Key Highlights

  • Golden Mile Resources is targeting November 2026 for a first drilling programme at the Aurora gold prospect in Arizona.
  • Surface channel sampling at Aurora returned 2.38 grams per tonne gold over roughly 126 metres on the southern line.
  • The company sold its remaining 20 per cent of the Leonora Gold JV for A$250,000 and held cash of A$610,000 at 30 June 2026.

Golden Mile Resources (ASX:G88) is a small explorer that has been exchanging Western Australian joint-venture interests for earn-in positions in Arizona. Its next significant test is a first drilling programme at the Aurora gold prospect, which the company is now targeting for November 2026.

The Arizona projects

According to the June 2026 quarterly report, released on 30 July 2026, Aurora sits within the Pearl project in Arizona, where Golden Mile has an earn-in to 85 per cent. Surface channel sampling in April and May 2026 covered about 400 metres of strike across three lines. The southern line averaged 2.38 grams per tonne gold over roughly 126 metres and the central line 2.56 grams per tonne over roughly 55 metres. The northern line averaged 0.19 grams per tonne over 175 metres and is interpreted as marking the northern limit. The company says mineralisation remains open to the south. These are surface sampling results and do not constitute a resource.

Golden Mile also holds an earn-in to 95 per cent of the Leviathan porphyry copper-molybdenum target in Mohave County. A 110-sample rock-chip and stream-sediment programme returned copper or molybdenum above 500 parts per million in 72 per cent of rock chips, with 18 samples above 0.5 per cent. The report gives two different figures for the highest copper grade: 3.91 per cent in the text and about 5.37 per cent in a table.

Drill permitting is under way, and the company notes that Arizona approvals take at least three months. In March 2026, diamond drilling had been indicated for the September quarter, so the timetable has moved back to November.

Asset sales in Western Australia

On 14 April 2026, Golden Mile agreed to sell its remaining 20 per cent of the Leonora Gold JV to Navigator Mining, a Subsidiary of Patronus Resources (ASX:PTN), for A$250,000 in cash, after Navigator had earned 80 per cent. The Quarterly Report also records the sale of Ironstone Well to Recharge Metals for A$100,000, expected to settle in the September quarter, and the relinquishment of the Yarrambee project. The company retains 100 per cent of the Yuinmery gold project in the Youanmi belt, where tenement E57/1043 was due to expire on 10 October 2026.

Cash and dilution

Cash was A$610,000 at 30 June 2026, compared with A$644,000 in March. Operating outflows were A$273,000 for the quarter and A$1.25 million for the year, partly offset by the A$250,000 received from the Leonora sale. The company reported no borrowings and about 2.1 quarters of funding at the current rate of spending. No Capital raising took place in the quarter, and the report does not describe plans for one.

On 6 March 2026, the company announced a A$730,000 Placement of 121.7 million shares at A$0.006, with one unlisted option for every two shares, exercisable at A$0.01 until 30 June 2029. The placement diluted earlier holders, and any exercise of the Options would add further shares. The company subsequently lodged a general meeting notice on 24 July and announced a director appointment on 31 July.

What's Next

The immediate focus is securing drill permits and starting the Aurora programme in November. All of Golden Mile's projects are at an early stage, and results depend on drilling that may or may not confirm the surface sampling. Arizona permitting timelines, earn-in spending obligations and a cash balance of A$610,000 relative to planned drilling are the other factors to follow.