TIDMGMET
RNS Number : 4825V
Golden Metal Resources PLC
04 December 2023
04 December 2023
Golden Metal Resources plc
('Golden Metal' or the 'Company')
Garfield Project: Potential for Tier 1 Copper Deposit
Porphyry & Skarn-Type System Discovery Confirmed with
Extensive High-Grade Copper, Silver & Gold Mineralisation;
Several Overlimit Analyses Underway
Golden Metal Resources plc (LON:GMET OTCQB:GMTLF ), a strategic
mineral exploration and development company focused on Nevada, USA,
is pleased to announce extensive high-grade copper, silver and gold
mineralisation from laboratory assay testing undertaken following
the recently completed ground exploration at the Company's 100%
owned Garfield project located within the prolific Walker Lane
Mineral Belt in Nevada, USA ("Garfield" or the "Project").
HIGHLIGHTS
-- Golden Metal previously announced the potential for both
porphyry and skarn-type deposits at Garfield's 'High-Grade Zone' as
detailed in the market announcement released on 27 September 2023
which may be viewed through the following link:
https://www.londonstockexchange.com/news-article/GMET/garfield-project-update/16141093
-- As a result, Golden Metal launched an immediate follow up
ground exploration programme and the findings from this work are
considered by the Company to be very promising with mineralisation
styles and lithologies confirming that Garfield hosts significant
large-scale skarn and porphyry type copper, silver and gold
mineralisation.
-- The mineralisation now confirmed through the rock sample
laboratory assay results extends over a large footprint which
indicates the potential for Garfield to host a material copper
deposit including:
- High-Grade Zone: >1% copper results returned over an area
of approximately 1500 x 500m (open in multiple directions); and
- across the entire Project: >1% copper results returned over
an area of approximately 3000 x 1500m (open in multiple
directions).
-- A total of 32 rock samples were taken from within the
Garfield Project with laboratory assay testing confirming:
- 6 samples returning overlimit copper (Cu) (>10,000ppm or
1%) and 14 samples returning >3,000ppm Cu (0.3%);
- 2 samples returning overlimit gold (Au) (>1g/t) with six samples returning >0.3g/t Au, and;
- 9 samples returning >5g/t silver (Ag) with a peak of 37.1g/t Ag.
-- Garfield is located within a north-south trending copper-gold
porphyry/skarn belt which extends southward from Hawthorne.
Porphyry deposits are characterised by lower grade but bulk tonnage
deposits and are one of the worlds most important sources of copper
and silver as well as gold. Based on this, the analytical method
used had upper limits of 1% (or 10,000ppm) for copper and 1g/t for
gold. As outlined above, several samples exceeded the upper limits
therefore necessitating overlimit assays which are currently
underway and a follow-on update is expected to the market
shortly.
Oliver Friesen, CEO of Golden Metal, commented:
"Today's announcement demonstrates that our 100% owned Garfield
Project has the potential to host a material copper deposit.
Previous exploration work demonstrated an extensive copper
footprint at Garfield, however the latest findings have far
exceeded the Company's expectations.
"To find extensive high-grade copper mineralisation across this
footprint size points to the exceptional opportunity Garfield
represents to Golden Metal Resources.
"We will endeavour to get a further update out to the market as
quickly as possible which I strongly believe will even better
highlight the scale of the opportunity at Garfield."
MEDIA
Figure 1: Sample Number 723310. Fine-grained intermediate
intrusive with stockwork quartz veining. Sample returned >1g/t
Au, 29.9ppm Ag, along with overlimit copper >10,000ppm (1%).
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.
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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018).
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 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.
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.
Garfield Project
The Garfield Project is an exciting copper-gold-silver prospect
consisting of 39 lode mining claims covering 3.23 km2 (797.9 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
skarn-type and porphyry style mineralisation and alteration at the
'High-Grade Zone'. Further mapping, prospecting and rock sampling
was recently completed with results confirming presence of
high-grade copper, silver and gold mineralisation.
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.
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