29 May 2024
Golden Metal Resources
plc
('Golden Metal' or the
'Company')
Pilot Mountain Nevada -
Project Development Update
Golden Metal Resources plc
(LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company
focused in Nevada, USA, is pleased to announce an update from the
Company's 100% owned flagship Pilot
Mountain Project ("Pilot Mountain" or the "Project") located within
the prolific Walker Lane Mineral Belt in Nevada, USA.
In parallel with accelerated
exploration, notably diamond drilling of key targets which is now
underway at Pilot Mountain, the Company is looking to also
accelerate development of the Project, using the current Mineral
Resource Estimate ("MRE") as the initial basis for
planning.
HIGHLIGHTS
§ Golden
Metal has now engaged a consortium of Bara Consulting Ltd ("Bara
Consulting"), Snowden Mining Industry Consultants Ptd Ltd ("Snowden
Optiro") and Bomenco Minerals Engineering Corp ("Bomenco
Engineering") with Bara Consulting acting as the lead (collectively
the "Consortium").
§ The
Consortium has been engaged to evaluate existing technical
information and provide a roadmap, comprised of actions, a schedule
and a budget estimate to prepare for a Preliminary Feasibility
Study ("PFS") on the Desert Scheelite deposit within the Pilot
Mountain Project.
§ The
Consortium will be providing a select list of drillhole locations
which specifically relate to resource upgrade as well as
geotechnical engineering studies. Multiple of the proposed
drillholes will be completed as part of the current diamond
drilling campaign and will directly lead into the planned
PFS.
§ Golden
Metal has also now engaged Westland Engineering & Environmental
Services Inc. ("Westland") to lead next stage permitting efforts
including a Plan of Operations ("POO") at Pilot Mountain.
Westland's team of highly experienced geologists, biologists,
botanists, archaeologists, and environmental specialists will
assist the Company with National Environmental Policy Act
permitting requirements and associated baseline data collection and
reporting.
§ This
includes, in coordination with the Bureau of Land Management
("BLM"), re-initiating baseline environmental studies required to
support the POO. A baseline biological survey report was published
in October 2013, which identified no impediments to development.
The historical baseline report will form the basis of the updated
report now in progress.
§ The POO
will allow for greater disturbances across the designated project
area, paving the way for the Company to progress project
development, as well as pre-construction and various development
workstreams.
§ Drilling
at Pilot Mountain is progressing well and the Company will provide
further updates in due course.
Oliver Friesen, CEO of Golden Metal,
commented:
"We are very pleased to officially have Bara Consulting,
Snowden Optiro, Bomenco Engineering and Westland engaged as we
continue pushing our flagship Project forward at pace. While the
exploration and drilling workstreams have taken centre stage over
the last few months, in the background we have been working on
various development workstreams and can now confirm that they are
moving forward in parallel with the ongoing exploration
initiatives, including active drilling.
"The tungsten landscape continues to evolve rapidly and there
have been several developments over the last few weeks and months
which have further increased our excitement surrounding our
flagship tungsten Project. Tungsten prices have not only increased
substantially and are currently sitting at an impressive $365.5
USD/mtu WO3 but more recently, the US announcing a 25%
tariff on Chinese tungsten imports (with effect from 1 August
2024), further increasing the attractiveness of American mined and
processed tungsten.
"We look forward to providing more updates on the various
development workstreams as well as the ongoing exploration &
development drilling which is progressing well."
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
|
Shard Capital Partners LLP
(Lead Broker)
Damon Heath/Erik Woolgar
|
Tel: +44 (0) 20 7186 9000
|
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 9.18 km2 (2,268 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.