TIDMGMET TIDMPOW
RNS Number : 8760G
Golden Metal Resources PLC
24 July 2023
24 July 2023
Golden Metal Resources plc
('Golden Metal' or the 'Company')
Tungsten Focused MoU and Key Appointment
Golden Metal Resources plc (LON:GMET), a mineral exploration
company focused on tungsten, lithium, gold, copper and silver
within Nevada, USA, announces updates which relate to its 100%
owned flagship Pilot Mountain Project ("Pilot Mountain" or the
"Project") located within the prolific Walker Lane Mineral Belt in
Nevada, USA.
Memorandum of Understanding - Tungsten Critical Metal
Pathway:
- The Company has signed a Memorandum of Understanding (MOU)
with Oxford Sigma Limited ("Oxford Sigma"), a nuclear fusion
technology company based in Oxfordshire, UK.
- As 100% owner of what is believed by the Company to be the
largest undeveloped tungsten deposit in the USA, the Company has
entered into a non-binding MOU with Oxford Sigma which outlines how
the two parties will collaborate to explore and develop critical
metal supply pathways for tungsten alloy and tungsten containing
materials within the fusion industry.
- Fusion energy has the potential to be a near-limitless source
of carbon-free energy for the future in which tungsten will likely
be a key metal as it is a requirement for radiation shielding and
plasma-facing materials.
- Over US$6.2billion (as of 2023) of private investments have
been made worldwide, targeting the fusion industry as its
development towards commercialisation continues at pace. However,
without the development of suitable and politically friendly
tungsten supply pathways, this important technology may face
significant delays.
Pilot Mountain Technical Key Appointment:
- The Company has engaged Allan V. Moran, a highly respected
modelling geologist with extensive previous working experience in
the state of Nevada and western United States.
- Mr. Moran has been engaged specifically to model existing
tungsten-copper-silver-zinc mineralisation found at the Company's
100%-owned Pilot Mountain Project - with a specific focus on the
Desert Scheelite Zone where the majority of the in-ground resource
at Pilot Mountain is found.
- The goal of Mr. Moran's work is to plan resource infill as
well as step out (down-dip and along strike) drilling in advance of
future exploration on the Project and with a specific focus on
drill density required to complete future economic studies over the
Project (e.g. PEA/PFS).
- In tandem, further analysis and drill planning is also in
progress relating to the five new priority exploration targets as
announced by the Company on 20 July 2023.(1)
Oliver Friesen, CEO of Golden Metal, commented:
"We are delighted to be working with Dr. Thomas Davis and the
Oxford Sigma team who are highly respected in the fusion energy
industry within the United Kingdom and abroad. It is likely that
large amounts of tungsten will be required within the fusion energy
industry and in conjunction with Oxford Sigma we intend to work
collaboratively in order to develop critical metal supply pathways
between friendly countries in order to help meet the future
tungsten requirements within this extremely important developing
technology.
"This MOU with Oxford Sigma in combination with the LOI off-take
agreement recently signed with Global Tungsten & Powders
signifies not only how critical our Pilot Mountain Project is, but
more importantly, how imperative the establishment of a western
world supply chain for tungsten is given the current global
political landscape.
"While the above commercial milestones continue to make
headlines, our work with Mr. Allan Moran will continue in the
background and the analysis being undertaken represents a very
important one as we look to continue pushing exploration and
development forward across the four deposit areas at Pilot
Mountain."
Dr Thomas Davis, CTO of Oxford Sigma, commented:
"Commercial fusion power stations are on the path to become the
ultimate terrestrial energy source. We are excited to partner with
Golden Metal Resources Plc to connect the fusion community with the
strategic raw tungsten supply necessary to make fusion work. Most
of the approaches to fusion that Oxford Sigma is supporting depend
on large quantities (hundreds of tonnes) of raw tungsten for
various applications (radiation shielding and plasma-facing
components). By collaborating with Golden Metal Resources, Oxford
Sigma is on the path to establishing a sustainable tungsten supply
for the world's growing fusion industry."
About Oxford Sigma
Oxford Sigma tackles energy security and climate change by
accelerating the commercialisation of fusion energy. Oxford Sigma's
mission is to deliver materials technology, materials solutions,
and fusion design services in order to accelerate the
commercialisation of fusion energy. Oxford Sigma is internationally
recognised as a key fusion materials and technological leader
within the market. The company operates in the United States,
United Kingdom, European Union, Canada, and Japan.
About Allan V. Moran
Mr. Moran, a geologist, has spent his 45-year plus career in
mineral exploration, exploration management, and support of
corporate acquisitions for both major and junior mining companies.
Moreover, Mr. Moran specializes in geological evaluations of metal
projects with a focus on 3D geological modelling (Leapfrog
software), database evaluations, and geological inputs to resource
estimation; from due diligence audits to feasibility studies;
exploration properties to mining operations.
Mr. Moran has a B.Sc. in Geological Engineering from the
Colorado School of Mines and is a Certified Professional Geologist
(CPG) with the American Institute of Professional Geologists
(AIPG).
References
(1)
https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-further-targets-identified/16005627
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of
regulatory and other third party consents and approvals,
uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of
unexpected events.
Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
For further information visit www.goldenmetalresources.com or
contact the following:
Golden Metal Resources plc Tel: +44 (0) 20 7583 8304
Oliver Friesen (CEO)
Cairn Financial Advisers LLP Tel: +44 20 7213 0880
Nominated Adviser
Sandy Jamieson/Jo Turner/Louise
O'Driscoll
--------------------------
First Equity Limited Tel: +44 20 7374 2212
Broker
Jonathan Brown/Jason Robertson
--------------------------
The Projects:
Pilot Mountain Project
The Pilot Mountain project is an advanced exploration and
mineral resource definition stage project located in Mineral County
in western Nevada. The project covers an area of 14.80 km(2)
(3,656.1 acres) and is located 200km southeast of Reno and 18km
east of Mina, Nevada. It is well situated for the supply of power,
water and skilled labour and proximity to transport infrastructure
in Mineral County and is centred around four existing mineral
deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of
which possess significant skarn-style tungsten-copper-silver-zinc
mineralisation. The Pilot Mountain project consists of 176 active
lode mining claims and 4 filed mill site claims. The four mill site
claims filed at the former Dunham mill site have secure access to
groundwater supply sufficient for the proposed project.
Kibby Basin Lithium Project
The Kibby Basin Project covers two claim packages which are
prospective for lithium brine mineralisation. The southern claim
package is less than 250m from a 2022 drillhole which returned a
significant interval (169m) of lithium brine mineralisation which
was determined to be open in all directions. The Project is less
than 5km to the southeast of the Company's flagship Pilot Mountain
Project.
Golconda Summit Project
Golden Metal is the operator of the Golconda Summit project,
which is held under an earn-in right to acquire up to 100 per cent.
of the project from the mineral claim owner pursuant to an option
agreement. The Golconda Summit project is an exploration stage gold
and silver project located in Humboldt County and situated at the
confluence of the Getchell and Battle Mountain - Eureka
metallogenic trends, and consists of 44 lode mining claims,
covering a total area of approximately 3.22 km(2) (795.4 acres)
located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold
and silver property consisting of 39 lode mining claims covering
3.23 km(2) (797.9 acres) located in Mineral County, Nevada,
approximately 14km due east of the town of Hawthorne and 120km due
west-northwest of Tonopah.
Stonewall Project
The Stonewall project is an exploration stage gold-silver
property prospective for epithermal gold-silver mineralisation. The
property consists of 19 lode mining claims covering 1.59 km(2)
(392.5 acres) located on the northern flank of Stonewall Mountain,
on the western edge of the Nellis Airforce Range Restricted Access
Area, in Nye County, Nevada, approximately 24km south-east of the
historic gold mining town of Goldfield and 60km due south of
Tonopah.
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