13 May 2024
Golden Metal Resources
plc
('Golden Metal' or the
'Company')
Pilot Mountain - Drilling
Operations Underway
Golden Metal Resources plc
(LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company
focused in Nevada, USA, is pleased to announce an exploration
update at the Company's 100% owned flagship
Pilot Mountain Project ("Pilot Mountain" or the "Project") located
within the prolific Walker Lake Mineral Belt in Nevada,
USA.
HIGHLIGHTS
§ The
Company has now commenced its first ever diamond drilling programme
targeting strategic resource expansion and brownfield* exploration
targets at its 100% owned Pilot Mountain Project.
§ This phase
I programme will include a minimum of 2,000m of diamond drilling.
Due to recent warrant monies received, the Company is in a position
to expand the programme at its own discretion.
§ Due to the
Project's proximity to ALS Laboratory Group's Reno, NV, location,
drill core samples will be logged, processed and shipped for assay
testing in batches, therefore allowing for semi-continuous news
flow throughout the duration of the campaign.
§ The
Company's CEO is now on site assisting with the kick off of
drilling operations as well as visiting some of Golden Metal's
other key projects.
*Brownfield
exploration involves searching known or
currently mined sites for additional deposits.
Oliver Friesen, CEO of Golden Metal,
commented:
"It is a very exciting day in the Company's history as one
year after we successfully completed our IPO within the London
Market, we have now commenced a robust and what we hope will be a
very high impact drilling campaign focussed on multiple target
areas within our 100% owned flagship Pilot Mountain
Project.
"The goal of this programme is two-fold, 1) grow our
confidence and increase the size of the resource at the Project's
main Desert Scheelite zone, which currently hosts the largest known
tungsten resource on USA soil, and 2) make new brownfield
discoveries to materially grow the amount of contained metal known
about within the Project at present.
"While no outcomes are guaranteed when drilling, we have been
very methodical throughout the preparation process and are excited
to now be in position to finally drill test multiple of the
Project's exciting target areas. I look forward to providing
further updates in regard to the drilling operations at Pilot
Mountain, as well as on in-parallel workstreams progressing across
the Golden Metal business."
PROPERTY OWNERSHIP
Golden Metal holds a 100% interest
in the Pilot Mountain Project through its wholly owned Nevada-based
operating companies BFM Resources Inc and Pilot Metals
Inc.
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 (3,904.1 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 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.