16 April 2024
Golden Metal Resources
plc
('Golden Metal' or the
'Company')
Garfield Update - Significant
Magnetic Geophysics Results
Large Magnetic Anomalies
Identified Within High-Grade & Power-Line
Zones
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").
A recently completed ground magnetic
geophysics survey has detected significant anomalies coincident
with the Project's Power Line Zone and High-Grade Zone target areas
where previous rock and soil sampling fieldwork confirmed the
presence of significant porphyry and epithermal style
mineralisation.
HIGHLIGHTS
§ Geophysics survey delineates
three significant magnetic high anomalies in proximity to surface
mineralisation:
o Two magnetic anomalies
located within the 'High-Grade' zone - the main target zone
identified at the Project to date; and
o One magnetic anomaly located
within the southwestern part of the 'Power-Line'
zone.
§ High-Grade zone magnetic
anomalies, comprising magnetic targets 'PS' & 'PN' (see Figure
1), which measure 550m x 350m and 500m x 250m
respectively.
§ Power-Line zone magnetic
anomaly target 'PPL' measures approximately 600m x
300m.
§ Importantly - all three
anomalies directly underlie the strongest parts of the copper
(Cu)-in-soil anomalies identified during the recently completed
geochemical survey and are also coincident with strong Cu - gold
(Au) & silver (Ag)-in-rock results.
§ Stacked profile analysis over
the anomalies indicate they are likely related to large buried
magnetic bodies at depth - providing support for the Company's
belief that the significant Cu-Au-Ag mineralisation found at
surface within the 'High-Grade' and 'Power-Line' zones is related
to a buried copper porphyry system(s).
NEXT STEPS
§ The Company is very
encouraged by the results and has immediately requested three
dimensional (3D) inversions of the magnetic dataset which will
provide a 3D model of the PS, PN and PPL targets.
§ Following the success of the
Garfield magnetic survey, Golden Metal is pleased to announce that
it has commissioned SJ Geophysics to undertake a ground magnetic
geophysics survey across some of the main target areas at Pilot
Mountain and those results are currently being
processed.
§ Pilot Mountain drill
programme preparations are well underway and Golden Metal expects
to receive final drilling permits imminently.
Oliver Friesen, CEO of Golden Metal,
commented:
"When we commissioned this magnetic geophysics survey over
Garfield we were hoping to find anomalies within the 'High-Grade'
and 'Power-Line' zones which resembled buried porphyry targets -
and that is precisely what we have found.
"Based on all of the work completed on the Project to date, we
are of the belief that a mineralised copper porphyry system may
exist at Garfield, and with these results in hand our confidence
has grown even stronger. We now eagerly await magnetic inversion
results which will give us further details about what these three
very important anomalies, including PS, PN and PPL, look like in 3D
space.
"2024 is shaping up to be a very exciting year for Golden
Metal as drilling preparations continue at pace for our flagship
Pilot Mountain project, and in parallel we continue to deliver very
exciting results at Garfield.
The need for domestic sources of important metals such as
tungsten is also approaching all-time highs and Golden Metal is
positioned perfectly to address this. I very much look forward to
providing further updates on all of the above workstreams in due
course."
MAGNETIC GEOPHYSICS SURVEY DETAILS
The ground magnetic geophysics
survey was undertaken by SJ Geophysics Ltd. over the period 22 - 26
and 28 March 2024 using two GEM-Systems GSM-19W overhauser
magnetometers in a survey and base station
configuration.
The survey was conducted along
parallel north-south orientated survey lines at 100m spacing for a
total reported survey length of approximately 84-line km. A
total of 88,640 individual data points were recorded.
The resulting data has been
processed for Total Magnetic Intensity (TMI; Figure 1), First
Vertical Derivative (1VD), Reduction to Pole (RTP) and Analytical
Signal (AS) mapping products. The Company has now commissioned SJ
Geophysics Ltd to undertake three-dimensional inversion modelling
of the magnetic field data.
Figure 1 - Garfield Project
showing the location new targets 'PPL' located within the
'Power-Line' zone and 'PN' & 'PS' located within the
'High-Grade' zone over the Total Magnetic Intensity ground
geophysics survey results
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.
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.