TIDMGMET
RNS Number : 9933Y
Golden Metal Resources PLC
09 January 2024
9 January 2024
Golden Metal Resources plc
('Golden Metal' or the 'Company')
Garfield Project: New Claims Yield High-Grade Gold-Silver-Copper
Bedrock Discovery
Samples Taken from Newly Staked Ground Return up to 22.7g/t
Au
Golden Metal Resources plc (LON:GMET/ OTCQB:GMTLF ), a strategic
development and mineral exploration company focused on Nevada, USA,
is pleased to announce a new high-grade gold (Au) - silver (Ag) -
copper (Cu) bedrock discovery has been outlined from rock samples
taken on ground recently staked at the Company's 100% owned
Garfield project located within the prolific Walker Lane Mineral
Belt in Nevada, USA ("Garfield" or the "Project").
The claim staking follows the high-grade rock sample results
from Garfield which returned up to 23.92% CuEq(1) , which the
Company announced on 11 December 2023(2) .
HIGHLIGHTS
-- As a result of the very promising results received late in
2023, the Company promptly moved to secure additional ground
adjacent to the Project that was prospective for further high-grade
porphyry and skarn-type mineralisation.
-- While third party staking in the broader district has
recently increased significantly, the Company was able to
successfully secure an additional 26 claims (bringing the Project
total to 65 claims) located predominantly southeast and northeast
of the 'High-Grade Zone' at Garfield, representing the most
compelling target area found on the Project to date.
-- High-grade copper-gold-silver mineralisation has now been
defined over a circa 4km(2) area, the full extent of which is now
covered by claims 100% owned by Golden Metal, potentially
representing a large and well mineralised copper-gold-silver
deposit.
-- Five rock samples were taken from this newly staked ground
and all of these returned high-grade gold-silver-copper assay
results including up to 22.7g/t gold. This highlights the
significant potential of the greater Garfield Project claim
holding. The results from the newly named 'Pamlico Au Zone' are
outlined below:
Sample Gold Assay Grade Silver Assay Copper Assay
Grade Grade
723336 18.35 g/t >100 g/t (overlimit) 1.89%
----------------- --------------------- -------------
723337 7.5 g/t 47.5 g/t 0.42%
----------------- --------------------- -------------
723338 9.97 g/t >100 g/t (overlimit) 0.28%
----------------- --------------------- -------------
723339 22.7 g/t 81 g/t 0.24%
----------------- --------------------- -------------
723340 4.98 g/t 66.6 g/t 0.74%
----------------- --------------------- -------------
-- Detailed geochemical analysis of the previous Garfield
samples, as well as the latest round of results, is underway in
conjunction with a review by geochemist Simon Griffiths through his
consulting firm 3PX. Further results and next steps will be
communicated to the market as soon as possible.
Oliver Friesen, CEO of Golden Metal, commented:
"Despite normal slowdowns over the traditional Christmas/New
Year season, following the receipt of the December results from
Garfield we knew the importance of securing not only more ground,
but understanding the potential of this newly staked area. My
thanks to our in-country operational team for mobilising to the
field and completing this work so expeditiously.
"To our excitement, all samples taken from the newly staked
claims have delivered exceptional gold-silver-copper assay results
and the greater Garfield Project continues to deliver for our
shareholders.
"We look forward to updating the market with further results and
next steps, however I can say from my experience, and understanding
of the Project, geologically and geographically, I consider
Garfield holds the potential for a major metal discovery.
Therefore, we will push this Project forward at some pace."
MEDIA
Figure 1: Garfield Project map showing location of historic rock
sample results as well as the 2023 results (Copper).
Figure 2: Garfield Project map showing location of the 2023 rock
sample results (Gold).
Figure 3: One of the new claim posts being positioned at
Garfield (Note all claims in Nevada must be physically staked out,
requiring operational teams to mobilise to the field to secure new
ground).
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.
REFERENCES
1 Copper Equivalent ("CuEq") was calculated using a copper price
of US$3.7687/lb, a gold price of US$2,021.40/Oz and a silver price
of US$24.09/Oz with recoveries assumed to be 100% as no
metallurgical test data is available.
2 Company announcement, Garfield Project: High-Grade Copper
& Gold Overlimit Assay Results , dated 11 December 2023
(
https://polaris.brighterir.com/public/golden_metal_resources/news/rns/story/w1koq9x
)
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.
Garfield Project
The Garfield Project is an exciting copper-gold-silver prospect
consisting of 65 lode mining claims covering 5.4 km(2) (1338 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.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
STRSSEFIAELSESF
(END) Dow Jones Newswires
January 09, 2024 02:00 ET (07:00 GMT)
Golden Metal Resources (LSE:GMET)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Golden Metal Resources (LSE:GMET)
Gráfica de Acción Histórica
De May 2023 a May 2024