16 February 2024
Golden Metal Resources
plc
("Golden Metal" or the
"Company")
Kibby Basin Lithium
Update
Golden Metal Resources plc (LON:GMET), a
mineral exploration company focused on tungsten, lithium, gold,
copper and silver within Nevada, USA, is pleased to announce an
update from its Kibby North and Kibby South lithium brine
properties (collectively the "Lithium Properties") located in
mining friendly Nevada, USA (see Figure 1).
The Company's technical team has completed a
further review (the "Review") of the available historical datasets
together with liaison with multiple groups who have conducted work
on the nearby third party held lithium claims (see Figure 2 below;
grey square outline) leading to significant findings regarding the
Lithium Properties, which are detailed below.
Highlights:
-
The strong lithium mineralisation encountered in both brines
and clays in Marquee drillhole KM22-02, located only 250m from
Golden Metal's Kibby South Licence boundary (see Figure 2 below),
was intersected above the main geophysical conductive (low
resistivity <2 Ohm.m) brine aquifer linked
anomaly.1,2
-
Further work undertaken has shown that the main target
conductor was never adequately tested by KM22-02 (due to drilling
rig limitations for the then operator). This conductor is believed
to be the main lithium brine target within the entire Kibby
Basin.
-
Considering the lithium enrichment encountered in brines and
clays in KM22-02 above the main target conductor which demonstrate
the prospectivity of the entire basin, Golden Metal considers there is compelling
evidence indicating a high likelihood that the untested target
conductor (Figure 3) is also caused by lithium brine
mineralisation.
-
With the main target conductor now determined to be untested
by historical drilling, Golden Metal is reviewing all exploration
options available to determine the optimal way to push the Lithium
Properties forward.
Oliver Friesen, CEO of Golden Metal,
commented:
"Today's
announcement follows a further analysis of all available datasets
by our technical team who were able to conclude that the main
target conductor within the Kibby Basin has never been adequately
drill tested.
"Considering
the relative depths of the very strong lithium-in-clay and
lithium-in-brine mineralisation encountered by nearby drillhole
KM22-02, we believe the findings presented today point to the
likelihood of a significant lithium brine target at a deeper depth
within the basin, on ground 100% owned by Golden
Metal.
"Equipped
with these new findings, we are actively working behind the scenes
with our technical team and management to determine next steps for
our promising Lithium Properties."
Media
Figure 1 - Major Lithium Projects and Deposits within Nevada,
USA.
Figure 2 - Location of the Lithium Properties relative to the
untested conductive anomaly (red). Cross-section line A-A' shown at
bottom of map which corresponds to Figure 3.
Figure 3 - The above cross-section line (A-A') cuts directly
through the centre of the Kibby South Lithium Property and the
conductive anomaly (dark pink/red) was never adequately tested by
drilling undertaken by Belmont resources in 2022. Considering the
strong lithium mineralisation in clays and brines noted above the
conductor, this provides compelling evidence that the main
conductive target may be caused by a significant lithium brine
target.
References
1. Report:
Quantec Geoscience Ltd, Geophysical Report for Spartan Mt Survey
Over the Kibby Basin Area (Hawthorne, Nevada) on Behalf of Belmont
Resources Inc., dated 28 February 2018
(
https://belmontresources.com/wp-content/uploads/2021/02/Belmont-Kibby-Basin-MT-Survey.pdf
)
2. Marquee
Resources Ltd ASX announcement, Complete Sampling Results - Kibby
Basin Lithium Project, dated 25 January 2023
(
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02624028-6A1133064?access_token=83ff96335c2d45a094df02a206a39ff4
)
Property Ownership
Golden Metal holds a 100% interest in the
Lithium Properties through its wholly-owned Nevada-based operating
company Golden Metal Resources LLC.
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
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.