TIDMPOW
RNS Number : 3081D
Power Metal Resources PLC
20 June 2023
20 June 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Golden Metal Resources Plc Update
Power Metal Resources PLC (LON:POW) the London listed
exploration company with a global project portfolio, notes the
announcement made by Golden Metal Resources Plc, ("Golden Metal") a
company in which Power Metal Resources has a 62.01 per cent
shareholding, which is reproduced in full below and can be found on
the Golden Metal website accessible via the following link:
https://www.goldenmetalresources.com/
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
BlytheRay (PR Advisors)
Tim Blythe/ Megan Ray +44 (0) 20 7138 3204
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration company which finances and manages global resource
projects.
The Company has a principal focus on opportunities offering
district scale potential across a global portfolio including
precious, base and strategic metal exploration in North America,
Africa and Australia.
Project interests range from early-stage greenfield exploration
to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through
strategic joint ventures until a project becomes ready for disposal
through outright sale or separate listing on a recognised stock
exchange thereby crystallising the value generated from our
internal exploration and development work.
Value generated through disposals will be deployed internally to
drive the Company's growth or may be returned to shareholders
through share buy backs, dividends or in-specie distributions of
assets.
Golden Metal Resources plc
("Golden Metal" or the "Company")
Pilot Mountain Project: Further Targets Identified
Golden Metal Resources plc (LON:GMET), a mineral exploration
company focused on tungsten, gold, copper and silver within Nevada,
USA, is pleased to announce a further update from the detailed
interpretation and inversion modelling of the high-resolution
induced polarisation ("IP") geophysics survey completed over its
100% owned flagship Pilot Mountain Project ("Pilot Mountain" or the
"Project") located within the prolific Walker Lake Mineral Belt in
Nevada, USA.
The initial results confirmed the presence of three significant
exploration targets at Pilot Mountain which were summarised in a
RNS published by the Company on 6 June 2023 and found below:
https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-significant-exploration-targets/15986134
Further inversion modelling and detailed interpretation of all
available geophysical, geological and geochemical datasets by a
senior geophysicist from SJ Geophysics based in Vancouver, Canada,
has identified two further high-priority exploration targets which
are summarised below.
Highlights:
- Two additional significant undrilled exploration targets
(Porphyry South & Good Hope West) have been successfully
identified bringing the total high-priority target inventory at
Pilot Mountain to five (1 - Desert Scheelite Parallel West, 2 -
Porphyry Depths, 3 - Desert Scheelite East, 4 - Porphyry South, 5 -
Good Hope West), see Figure 1.
- The Porphyry South target represents the most compelling
porphyry deposit target identified to date at Pilot Mountain.
- The Company considers that Pilot Mountain hosts the largest
known undeveloped tungsten resource in the USA (with the US
currently without any domestic primary tungsten production), and
the five targets now identified show potential for a significantly
greater in-ground resource than currently known, marking a
significant further uplift in Project potential.
- Any increase in potential mineralisation will further bolster
the inherent value of the Project and its attractiveness as a
target for non-dilutive grant funding for Project exploration and
development, which the Company is actively pursuing at present.
Oliver Friesen, CEO of Golden Metal, commented:
"Hats off to our technical team who spent many days compiling
and combining all available geological, geophysical and geochemical
datasets, which has led to the identification of two other
significant exploration targets at Pilot Mountain.
"While the criticality of the in-situ tungsten mineralisation at
Pilot Mountain cannot be understated given the current geopolitical
climate, it is the exploration upside that we continue to delineate
which has us equally as excited.
"With this strong inventory of five exploration targets now in
hand, combined with the 12.53Mt of resources already established at
Pilot Mountain, we are eager to move this Project along to the next
stage.
"We look forward to updating the market with our planned
operational and commercial next steps in short order."
Detailed Overview:
1) Porphyry South (Figures 1, 2 & 3)
o The Company has been in search of a porphyry system at Pilot
Mountain which could represent the causative intrusion for the
skarn-type mineralisation found across the Project. Associated
porphyry deposits can often be much larger than their associated
skarns and therefore are highly sought after and explored for.
o The 2023 IP geophysical results have successfully highlighted
a significant geophysical target that appears to be of porphyry
affinity. This is in addition to the porphyry intrusion that the
Company considers may be present at the Porphyry Depths Zone (see
Figure 1). The centre of the Porphyry South target is approximately
600m south of Desert Scheelite and is defined by a resistivity high
which starts at around 250m depth and extends towards the depth
limit of the survey at 500m depth where it remains open (see Figure
3). This anomaly is surrounded by a moderate chargeability anomaly
which could represent a halo around the porphyry centre - an often
common feature of porphyry deposits.
o Further evidence to support the presence of a porphyry centre
is evidenced within a small ground magnetic survey, completed by
Zonge International Geophysics in 2013, which covered the Porphyry
South area and identified a very strong and concentric magnetic
anomaly which is strongly coincident with the resistivity high
feature. The Porphyry South target is considerable in size at
approximately 500m x 500m (see figure 2).
o The Company is considering completing select magnetic
geophysics survey lines over the previously identified Porphyry
Depths Zone as to date, no magnetic data has been collected over
the majority of the Project. Concentric magnetic highs can often be
associated within intrusive rocks including porphyry deposits.
2) Good Hope West (Figure 1)
o The Good Hope Zone is located circa 1.4km north of Desert
Scheelite and is defined by a relatively copper-rich area with
abundant near-surface mineralisation that has only been sparsely
drilled. One historical drillhole returned 26.6m of 1% Cu, 1.2% Zn
and 0.21% W0(3) starting at surface.(1)
o Detailed review and interpretation of the 2023 IP geophysical
results have led to the delineation of the Good Hope West zone
which is defined by a moderate resistivity anomaly that fingers in
from the west. By georeferencing historical drilling cross
sections, it became evident that this resistivity anomaly is
strongly coincident with a known Good Hope mineralised lode
structure. This anomaly extends for around 600m to the southwest
from Good Hope where it has never been drill tested.
Media
Figure 1 - Pilot Mountain Project overview map showing the
location of existing known mineralised bodies (Desert Scheelite,
Gunmetal, Garnet Mine, Goodhope) and the outline of the five newly
delineated exploration targets including the two new targets
(Porphyry South and Good Hope West).
Figure 2 (Porphyry South) - Historical digitised ground magnetic
geophysics data (Zonge, 2013) showing location of magnetic high.
See figure 3 for outline of resistivity anomaly which is coincident
with magnetic high feature. Scale, legend and north arrow located
bottom left of image.
Figure 3 (Porphyry South) - Resistivity depth slice at 400m
below surface showing concentric resistivity high anomaly near the
southern boundary of the survey area. Main Desert Scheelite Zone
hosts 10.7Mt of 0.26% W0(3) .
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.
Reference Notes:
1: Thor Mining PLC, regulatory news announcement, 'Drilling
Success at Pilot Mountain Tungsten Project, dated 12 October
2017
(
https://wcsecure.weblink.com.au/LSE_news/2017/10/12/Thormining_13706685.pdf
)
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 km(2)
(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.
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 km(2) (795.4 acres)
located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold
and silver property consisting of 39 lode mining claims covering
3.23 km(2) (797.9 acres) located in Mineral County, Nevada,
approximately 14km due east of the town of Hawthorne and 120km due
west-northwest of Tonopah.
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 km(2)
(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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END
UPDFIFFARTIIFIV
(END) Dow Jones Newswires
June 20, 2023 05:32 ET (09:32 GMT)
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