11 June 2024
Golden Metal Resources
plc
('Golden Metal' or the
'Company')
Garfield & Pilot Mountain
- Exploration Update
Golden Metal Commences its
Largest Ever Geophysics Campaign Across Multiple Tungsten &
Copper Exploration Targets
Golden Metal Resources plc
(LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company
focused in Nevada, USA, is pleased to announce an update from the
Company's 100% owned Pilot Mountain and
Garfield Projects ("Pilot Mountain", "Garfield", or collectively
the "Projects") located within the prolific Walker Lane Mineral
Belt in Nevada, USA.
In parallel with previously
announced accelerated exploration, notably diamond drilling of key
targets which is in progress at Pilot Mountain, the Company is also
accelerating the exploration of other high priority copper and
tungsten targets across the Projects.
PILOT MOUNTAIN HIGHLIGHTS
§ The
Company is in possession of a low resolution airborne magnetic
dataset which shows a very large (circa 2km x 2km) magnetic anomaly
which is directly coincident with the Project's Garnet and Gunmetal
skarn-type tungsten-copper-silver-zinc zones.
§ SJ
Geophysics Ltd has been commissioned to conduct a high-resolution
ground-magnetics survey to cover this exciting anomaly. This work
will commence immediately following the completion of the Garfield
geophysics work outlined below.
§ The
Company believes that given the spatial relationship between this
magnetic anomaly and the Garnet and Gunmetal skarn-type mineralised
zones, the anomaly could represent a potential buried porphyry
system at depth.
GARFIELD HIGHLIGHTS
§ The
Company has previously confirmed the presence of significant
porphyry and epithermal style mineralisation principally located
within the project's Power Line Zone and High-Grade
Zones.
§ Notably,
Golden Metal confirmed multiple 'Magnetic Bullseye' geophysics
anomalies (often associated with intrusive porphyry centres)
identified beneath the project's High-Grade and Power Line Zones.
Inversion results confirmed the very encouraging size and scale of
these buried anomalies.
§ The
results were considered by the Company's technical team to be
significant and a decision was taken to rapidly plan and undertake
next exploration steps to drive the project forward. This campaign
is now underway and represents the largest ever geophysical
exploration programme undertaken by Golden Metal.
§ Crews from
SJ Geophysics are now onsite undertaking:
1. High-resolution
induced polarisation ("IP") geophysics surveys over the High-Grade
and Power-Line Zones, in support of three-dimensional inversion
modelling.
2. A ground magnetics
geophysics survey over the newly staked eastern extension
zone.
§ The
Company believes that this geophysical work programme, and
specifically the IP survey, will be the last exploration step that
should be required prior to delineation of drill targets. The
entire geophysics campaign is expected to take approximately 2
weeks and following the news of the strategic raise announced on 10
June 20241, the Company is fully funded to continue the
ongoing campaign along with follow up drilling.
Oliver Friesen, CEO of Golden Metal,
commented:
"We are advancing project development workstreams at Pilot
Mountain with our engaged engineers and permitting specialists; as
well as drilling across multiple target areas including Desert
Scheelite, which hosts what is believed to be the largest tungsten
deposit on US soil.
"Notwithstanding proactive development workstreams, Golden
Metal is committed to advancing our very exciting additional
exploration targets at Pilot Mountain and
Garfield.
"Based on the results achieved across multiple target areas
thus far, we are of the belief that the data from the ongoing
campaign, which is the largest single geophysical exploration
campaign undertaken by Golden Metal to date, will lead to multiple
exciting drill-ready targets.
"It has been our strategy since day one to measure twice, and
cut once, and this extra exploration step, particularly at
Garfield, we believe will give us further confidence in the
potential for these zones to host mineralised copper porphyry
systems and in addition, the necessary data to plan a targeted
drilling campaign thereafter.
"We look forward to completing this geophysical campaign,
followed by announcing the results to the market and next
steps."
Footnotes:
1https://www.londonstockexchange.com/news-article/GMET/strategic-fundraise/16510228
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
Oliver Friesen (CEO)
|
Tel: +44 (0)
20 7583 8304
|
Cairn Financial Advisers LLP
Nominated Adviser
Sandy Jamieson/Jo Turner/Louise
O'Driscoll
|
Tel: +44 20 7213 0880
|
Shard Capital Partners LLP
Lead Broker
Damon Heath/Erik Woolgar
|
Tel: +44 (0) 20 7186 9000
|
First Equity Limited
Broker
Jonathan Brown/Jason
Robertson
|
Tel: +44 20 7374 2212
|
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 km2 (3,904.1 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.
Garfield Project
The Garfield Project is an exciting
copper-gold-silver prospect consisting of 65 lode mining claims
covering 9.18 km2 (2,268 acres) located in Mineral County,
Nevada, approximately 14km due east of the town
of Hawthorne and 120km due west-northwest
of Tonopah. Exploration to date has included detailed
geochemical sampling and follow up analysis which highlighted the
presence of both porphyry and skarn-type mineralisation and
alteration at the 'High-Grade Zone'. Further to this, mapping,
prospecting and rock sampling was recently completed with results
confirming presence of high-grade copper, silver and gold
mineralisation as well as leading to the bedrock discovery of the
Pamlico Au Zone with individual rock samples up to 18.35g/t Au,
1,225g/t Ag & 1.89% Cu. Following this, geochemical analysis of
the full suite of data confirmed the strong presence of porphyry
style mineralisation across the Project, as well as potentially
overprinting epithermal style mineralisation leading to increased
gold-silver prospectivity.
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 km2 (795.4 acres) located approximately 27km east
of Winnemucca.
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 km2 (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.