25 March 2024
Golden Metal Resources
plc
('Golden Metal' or the
'Company')
Garfield Project -
Exploration Update
Ground Magnetics to Target
Significant Porphyry & Epithermal Mineralisation at
Garfield
Golden Metal Resources plc
(LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company
focused on Nevada, USA, is pleased to announce an exploration
update at the Company's 100% owned Garfield project located within
the prolific Walker Lane Mineral Belt in Nevada, USA
("Garfield" or
the "Project").
The update follows on from the
recent high-grade gold-silver-copper bedrock discovery made at
Garfield which returned results up to 22.7g/t gold (Au) and
1,225g/t silver (Ag), which the Company announced on 23 January
20241.
HIGHLIGHTS
§ The
Company previously confirmed the presence of significant porphyry
and epithermal style mineralisation principally located within the
Project's Power Line Zone,
High-Grade Zone and
Pamlico Au
Zone.
§ Notably,
Golden Metal previously confirmed a 'Magnetic Bullseye' geophysics anomaly
(often associated with intrusive porphyry centres) identified
proximal to the Project's High-Grade Zone.
§ 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.
§ The
strategic £750,000 financing recently completed at a premium to the
market share price, has enabled this accelerated next stage
exploration programme which is now in
progress.2
§ Crews from
the Company's preferred geophysical contractor, SJ Geophysics, have
been on site for the last few days undertaking a detailed high
resolution ground magnetics geophysical survey and this work is
progressing very well.
§ This work
is to investigate the Company's postulation that there could be
additional key potential porphyry intrusive centres to be
discovered across Garfield, which if proven correct would further
significantly increase the prospectivity and inherent value of the
Project.
§ The
results from the ongoing work programme will provide a very
important dataset as the Company continues pushing the Project up
the value curve.
Oliver Friesen, CEO of Golden Metal,
commented:
"Garfield has certainly been an asset which has excited the
team and many investors over the last few months, and we are very
pleased to announce that a very important next stage exploration
programme is now underway.
"We believe, on the basis of the historic exploration work,
that there could be additional key potential porphyry intrusive
centres to be discovered across the Garfield Project
footprint.
"The work being undertaken now is a key step in investigating
this potential.
"Our fantastic team has been able to quickly mobilise with
work now well underway and we look forward to updating the market
with the results as soon as possible."
MEDIA
Figure 1 - Garfield Project
showing the location of USGS mapped intrusive units which cross-cut
both the High-Grade and Pamlico Au Zones. The uranium target
recently identified is also shown in yellow and will be
investigated during subsequent exploration
campaigns.
PROPERTY OWNERSHIP
Golden Metal holds a 100% interest
in the Garfield Project through its wholly-owned Nevada operating
company, Golden Metal Resources LLC. A 2% Net Smelter Return
Royalty ("NSR Royalty") Interest, of which 1% can be bought back at
any time for US$1,000,000, is payable to Sunrise Resources plc
(LON:SRES). The NSR Royalty covers the original Garfield Project
claims as well as a 1 mile radius outside of those claims which
covers roughly half of the current 'High-Grade Zone' footprint. The
Pamlico Au Zone is entirely royalty free.
COMPETENT PERSON
STATEMENT
The technical information contained
in this disclosure has been read and approved by Mr Nick O'Reilly
(MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and
acts as the Competent Person under the AIM Rules - Note for Mining
and Oil & Gas Companies. Mr O'Reilly is a Principal consultant
working for Mining Analyst Consulting Ltd which has been retained
by Golden Metal Resources plc to provide technical
support.
REFERENCES
1
Company announcement, 'Garfield Update - Bonanza
Silver & Uranium Target' dated 23 January 2024. (
https://www.londonstockexchange.com/news-article/GMET/garfield-update-bonanza-silver-uranium-target/16299439
)
2
Company announcement, 'Golden Metal Strategic
Raise of £750,000 to Support Accelerated Exploration in Nevada USA'
dated 11 March 2024.
(
https://www.londonstockexchange.com/news-article/GMET/strategic-fundraise-of-ps750-000/16369924
)
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
|
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 (3,656.1 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.
Garfield Project
The Garfield Project is an exciting
copper-gold-silver prospect consisting of 65 lode mining claims
covering 5.4 km2 (1,338 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.