TIDMGMET
RNS Number : 5207A
Golden Metal Resources PLC
23 January 2024
23 January 2024
Golden Metal Resources plc
('Golden Metal' or the 'Company')
Garfield Update - Bonanza Silver & Uranium Target
Significant Porphyry & Epithermal Potential Confirmed;
Bonanza Silver Grade Returned; Uranium Target
Golden Metal Resources plc (LON:GMET, OTCQB:GMTLF ), a strategic
development and mineral exploration company focused on Nevada, USA,
is pleased to announce an exploration update at the Company's 100%
owned Garfield project located within the prolific Walker Lane
Mineral Belt in Nevada, USA ("Garfield" or the "Project").
The update follows on from the recent high-grade
gold-silver-copper bedrock discovery made at Garfield which
returned results up to 22.7g/t gold ("Au"), which the Company
announced on 09 January 2024(1) .
HIGHLIGHTS
-- Detailed analysis of the geological mapping and rock sampling
analytical results received to date now completed.
-- Magnetic Bullseye anomaly (often associated with intrusive
porphyry centres) identified at the Project's High-Grade Zone.
-- Now postulated that epithermal mineralisation overprints
earlier porphyry mineralising event, increasing the overall
prospectivity and most importantly the gold-silver potential of the
4km(2) mineralised area.
-- Bonanza silver (Ag) grades confirmed at Pamlico Gold Zone up
to 1,225g/t Ag (incl. 18.35g/t Au & 1.89% copper).
-- Uranium target identified near High-Grade Zone overlapping
magnetic bullseye (see Figure 1 below).
Oliver Friesen, CEO of Golden Metal, commented:
"The results announced today are highly significant as we have
gone from high-grade copper-gold-silver results achieved over a
large footprint to now multiple overlapping geological datasets
which strongly confirm the presence of a significant porphyry style
system driving mineralisation across the Project.
"We also believe the provenance of the high gold and silver
mineralisation looks to be related to overprinting epithermal style
mineralisation, which is not typical of porphyry style systems and
materially increases the overall prospectivity of the Project by
greatly improving the gold-silver potential.
"The typical next stage when exploring for porphyry deposits is
to search for a geophysical anomaly which could represent a
porphyry centre at depth. To our excitement, this was identified by
a third party survey and is located within the High-Grade Zone,
which happens to be broadly overlapping the uranium target
identified during the same exploration programme.
"With these transformational latest results in hand, the Company
is quickly moving towards determining optimal next exploration
steps to continue to drive this very exciting Project forward."
FURTHER INFORMATION
Detailed analysis of recently collected rock sample geochemical
assay data shows that mineralisation has strong porphyry/intrusion
related geochemical association (e.g. with silver, bismuth,
gold).
Importantly, higher-grade gold-silver mineralisation now shown
to have epithermal deposit geochemical signatures - representing a
new deposit style not yet recognised at Garfield. It is postulated
that epithermal gold-silver mineralisation locally overprints the
original porphyry system within Garfield leading to very high
gold-silver grades not typically associated with porphyry
systems.
The Company recently became aware that a uranium focused
exploration company, conducted an unmanned aerial vehicle ("UAV")
magnetic and radiometric survey and ground spectrometer prospecting
over part of the southern portion of the Garfield Project (3) .
Significantly, these results highlighted a strong radiometric as
well as magnetic bullseye geophysical anomaly within the High-Grade
Zone.
Magnetic bullseyes are often associated with intrusive porphyry
centres. Additionally, based on the full suite of results obtained
by Kraken, a uranium target which also falls within Garfield was
identified - near the southern edge of the High-Grade Zone as
highlighted in Figure 1 below.
Nevada State geological maps highlight two at surface intrusive
units mapped as quartz monzonites to granodiorite, which are
typical rock assemblages associated with porphyry deposits
including the nearby Pumpkin Hollow Copper Mine owned by Nevada
Copper (385.7Mst at 0.47% copper ("Cu"), 0.05g/t Au, 1.6g/t silver
("Ag"))(2) . These two mapped units crosscut both the High-Grade
and Pamlico Au Zones. These mapped units are corroborated by field
notes taken during the recently completed campaign which confirm
many of the samples obtained were described as various granitoid
(intrusive) rocks.
High-grade copper-gold-silver mineralisation has now been
defined over a circa 4km(2) area, within the 100% Golden Metal
owned project claim footprint with confirmed strong associations to
both porphyry (intrusive), epithermal and related-skarn mineral
deposits.
In addition, final overlimit silver assay results from ALS USA
Inc laboratory (using aqua regia assay method Ag-OG46) have now
been received with results returning up to bonanza grade silver
(1,225g/t Ag). The complete gold-silver-copper results achieved at
the 'Pamlico Gold Zone' are outlined below and point to a very
exciting newly staked target area for the Company:
Sample Gold Assay Grade Silver Assay Copper Assay
Grade Grade
723336 18.35 g/t 1,225 g/t 1.89%
----------------- ------------- -------------
723337 7.5 g/t 47.5 g/t 0.42%
----------------- ------------- -------------
723338 9.97 g/t 105 g/t 0.28%
----------------- ------------- -------------
723339 22.7 g/t 81 g/t 0.24%
----------------- ------------- -------------
723340 4.98 g/t 66.6 g/t 0.74%
----------------- ------------- -------------
MEDIA
Figure 1 - Garfield Project showing the location of USGS mapped
intrusive units which cross-cut both the High-Grade and Pamlico Au
Zones. The uranium target recently identified is also shown in
yellow and will be investigated during subsequent exploration
campaigns.
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. The Pamlico Au Zone is
entirely royalty free.
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 Company announcement, 'Garfield Project Bedrock Discovery' dated 09 January 2024. https://www.londonstockexchange.com/news-article/GMET/garfield-project-bedrock-discovery/16280300
2 https://nevadacopper.com/projects/reserves/
3
https://krakenenergycorp.com/news/2023/kraken-energy-identifies-multiple-additional-priority-drill-targets-garfield-hills/
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) (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.
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