25 June 2024
Golden Metal Resources
plc
('Golden Metal' or the
'Company')
Pilot Mountain - Significant
Interim Drill Update
Extensive Mineralisation in
Hole 1 (Desert Scheelite) and Mineralised Porphyry Intersected
Through Entire Hole 2 (Porphyry South)
Golden Metal Resources plc*
(LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company
focused in Nevada, USA, is pleased to announce a drilling update at
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.
Drilling operations have been
underway for over a month with two NQ diameter diamond core drill
holes completed for a total combined 547.6m from the planned 2,000m
programme. Details of findings in respect of visual mineralisation
and alteration observed in each completed hole are outlined below,
and the third hole is now underway. The first batch of laboratory
assay results are pending.
*Golden Metal
is to change its name to Guardian Metal Resources plc. Formal
papers have been submitted and the name change confirmation is
awaited from Companies House. The Company will confirm when this
process is complete. The stock codes will remain as LON:GMET and
OTXQB:GMTLF.
HIGHLIGHTS
Hole 1 - Desert Scheelite
(PM24-001)
§ Drillhole
PM24-001 was drilled near the central portion of the Desert
Scheelite zone and was designed to test for extensions of the
deposit to the north and south.
§ PM24-001
intersected observed scheelite (tungsten) mineralisation and skarn
alteration from 12.2m (immediately below overburden) to 42.8m as
well as from 65m to 151.8m (the end of hole, finished in
mineralisation). Extended intervals within this hole were observed
to be very strongly mineralised.
§ Subject to
confirmatory assay results (which are pending), this hole has the
potential to expand the deposit footprint towards both the north
and south.
Hole 2 - Porphyry South
(PM24-002)
§ Drillhole
PM24-002 was completed to a final depth of 407.1m and was drilled
to test the Porphyry South magnetic anomaly. This hole represents
the first hole ever drilled into this target.
§ PM24-002
has successfully discovered a mineralised porphyry system and
intersected a quartz monzonite porphyry from immediately below
overburden at 22m depth through to the final hole depth of
407.1m.
§ The
Company is finalising arrangements with a porphyry expert to
complete a detailed review of PM24-002 in conjunction with all
available Company datasets. The results of this analysis will help
guide subsequent drillholes into Porphyry South which, based on the
magnetic anomaly, stretches for at least 1,200m in an east-west
direction and greater than 500m north-south representing a
considerable target.
Oliver Friesen, CEO of Golden Metal,
commented:
"I
am extremely pleased to provide this interim drill update with our
first two holes testing separate targets and both delivering very
exciting visual results.
"PM24-001 has significant mineralisation/alteration observed
over very large intersections and ended in mineralisation.
Based on detailed drill core review and utilising blacklight
testing, strong scheelite (tungsten) mineralisation has been
identified and we look forward to the drill assay results which are
pending to confirm the tungsten grades from the 115 samples
submitted to the laboratory.
"Drillhole PM24-002 intersected a mineralised porphyry system
throughout the full extent of the hole from just below overburden
at 22m to 407.1m (EOH), which we consider to be a remarkable result
considering this represents the first drillhole ever completed into
this target.
"Importantly, we have gone from geophysical concept, to
geological confirmation, giving the team further confidence in the
other priority porphyry and skarn-type targets areas our technical
team has developed across Pilot Mountain (1-Porphyry South,
2-Desert Scheelite Parallel West, 3-Porphyry West) and Garfield
(4-Power-Line, 5-High-Grade Zone).
"We will now bring in a porphyry expert to assist the team in
further reviewing drillhole PM24-002 as well as all existing data,
to help guide subsequent drillholes into Porphyry
South.
"In the current planned 2,000m drill programme, which we
expect will be expanded given the positive findings to date, there
are many holes remaining and the drill rig has now moved to our
next target area where drilling is underway.
"The geophysical programme announced 11 June 2024 is also
progressing well and should be finished in the coming days with
preliminary results to be received by the Company shortly. We very
much are looking forward to receiving further drill programme and
geophysical results and then disseminating to the market as soon as
possible."
DETAILED HOLE BREAKDOWN
PM24-001 (151.6m):
Drillhole PM24-001 was drilled near
the central portion of the Desert Scheelite zone and was designed
to test for extensions of the deposit to the north and south.
Skarn-type alteration and visible scheelite mineralisation was
intersected from immediately below overburden from 12.2m to 42.8m
as well as from 65m to 151.8m end of hole (hole finished in
mineralisation) including extended intervals which were considered
strongly mineralised.
Considering the expected zone of
mineralisation as predicated by the 2018 Mineral Resource estimate
block model and subject to laboratory assays results, PM24-001
appears to have successfully increased the size of the potential
deposit footprint in multiple directions. In total 115 samples are
being tested at ALS Reno laboratory with assay results expected in
the coming weeks.
Figure 1*: Mineralised skarn sample intersected between 100.9m
to 104.1m within drillhole PM24-001.
Figure 2*: Under blacklight, mineralised skarn sample
intersected between 100.9m to 104.1m within drillhole PM24-001
under blacklight highlighting scheelite (CaW04)
mineralisation throughout (scheelite fluoresces blue-white). For
reference, the 337 foot block visible in the photo lines up with
the 102.7m block in Figure 1.
PM24-002 (407.1m):
PM24-002 was completed to a final
depth of 407.1m and was drilled to test the Porphyry South magnetic
anomaly. Detailed logging is being finalised with core cutting of
the upper parts of the hole now underway.
The hole intersected a quartz
monzonite porphyry from immediately below overburden at 22m to the
end of hole at 407.1m
Classic porphyry type veins are
distributed throughout the hole with variable intensity. The
porphyry veins range between being tungsten (scheelite), pyrite and
molybdenite dominated with local chalcopyrite.
Vein selvedges are often very well
defined with strong up to cm-scale potassium feldspar selvedges
indicating a high fluid temperature during emplacement which
suggests proximity to the main potassic core, where the highest
grades within a porphyry system are found.
The vein mineralisation and
alteration observed is very encouraging considering this represents
the first ever drill hole completed into this target.
Overall, the quartz monzonite
alteration is defined by sericite, pyrite, chlorite with lesser
epidote locally with variable silicification and pyritisation. This
places the hole somewhere within the propylitic or phyllic
alteration halo.
Further details will be announced
once detailed logging is completed, as well as further
drilling plans into this now confirmed mineralised porphyry
system.
Figure 3*: PM24-002 drill core, quartz-calcite vein at 190.5m
downhole with abundant molybdenite and pyrite within a quartz
monzonite porphyry. The vein selvedge is strongly potassic altered
with strong molybdenite mineralisation noted in the vein selvedge
(dark grey/blue specks).
Figure 4*: PM24-002 drill core, strong quartz-calcite veining
at 224m downhole with abundant molybdenite and pyrite
(± chalcopyrite) as well as scheelite within a quartz monzonite
porphyry. The vein selvedge is strongly potassic altered with
strong molybdenite mineralisation noted in the vein selvedge (dark
grey specks). See figure 5 below of zoomed up area
A.
Figure 5*: Under ultraviolet light PM24-002 drill core area A
(see figure 4 above) highlighting scheelite (blue-white
fluorescence) mineralisation.
Figure 6*: PM24-002 drill core, quartz-calcite vein at 103.6m
downhole with coarse grained molybdenite and pyrite along vein
surface within a quartz monzonite porphyry. The vein selvedge is
strongly potassic altered.
Figure 7*: PM24-002 drill core, quartz-calcite vein at 335m
downhole with coarse grained molybdenite and pyrite
(± chalcopyrite) along vein surface within a quartz monzonite
porphyry. The vein selvedge is very strongly potassic
altered.
Figure 8*: PM24-002 drill core, quartz-calcite vein at 399.5m
downhole (near EOH) with molybdenite and pyrite along vein surface
within a quartz monzonite porphyry. The vein selvedge is very
strongly potassic altered.
*Photos are selective in nature and not necessarily
representative of mineralisation throughout the drill
holes.
The original drillhole into Porphyry
South (PM24-02) was drilled to a depth of 143.6m and then due to
casing issues was restarted as drillhole PM24-02 which was then
completed to 407.1m depth. Therefore, a total of 550.7m has been
drilled into Porphyry South to date. Core from the first hole
(PM24-02A) was geologically logged but only full sampling will be
completed of PM24-02.
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.
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.
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 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.