7May 2024
Golden Metal Resources
plc
('Golden Metal' or the
'Company')
Pilot Mountain - Inversions
Confirm Porphyry Potential
Magnetic Inversion Results
Confirm Significant Porphyry Potential at Porphyry South;
Additional Claims Staked
Golden Metal Resources plc
(LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company
focused in Nevada, USA, is pleased to announce an exploration
update at the Company's 100% owned flagship
Pilot Mountain Project ("Pilot Mountain" or the "Project") located
within the prolific Walker Lake Mineral Belt in Nevada,
USA.
This update covers the findings of
the inversion modelling of the magnetic geophysics survey data,
undertaken by SJ Geophysics Ltd, which was expedited following the
confirmation of a porphyry target at the Project, further details
in respect of which were released on 1 May 2024 and may be viewed
in the link below:
https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-porphyry-target-confirmed/16448744
Porphyry style mineral deposits host
the world's largest sources of multiple metals and in respect of
Pilot Mountain it is postulated that the extensive mineralisation
found at or near surface may be related to a buried porphyry
system(s). The very significant porphyry target at Pilot Mountain
('Porphyry South') will be tested in the upcoming drill programme
scheduled to commence in the coming week.
HIGHLIGHTS
§ Magnetic
inversion results of the magnetic high anomalies
within the Porphyry South target
area highlight a
very significant buried magnetic
body at depth (red shell in Figure 1 below).
§ Importantly, the eastern portion of this magnetic body is
bordered by a moderate chargeability halo and is directly
coincident with a resistivity anomaly further supporting the porphyry potential at
Pilot Mountain (see Figure 2).
§ The
western part of the magnetic anomaly extends close to surface where
the geophysical operator identified a historical trench with abundant
malachite (copper) staining.
§ Based on
the magnetic inversion results, the azimuth and dip of the planned
drillhole into Porphyry South has been optimised to target the core of the highest magnetic
shell (see Figure 1, magnetic shell and Figure 2 idealised
porphyry model).
§ As a
result of the above, a further 12
claims have now been staked covering 248 acres (1.0
km2) of additional ground around Porphyry South, as well
as ground east of the Pilot Mountain Project which is expected to
provide additional area for planned future mining
infrastructure.
A
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A'
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Figure
1: Pilot Mountain Project 2024 magnetic inversion results
showing strong magnetic anomaly and planned 2024 drillhole into the
target. Top of red shell (magnetic core) is at approximately 350m
depth. (Total Magnetic Intensity (TMI) hotter colours = more
magnetic, A - A' = section line shown on Figure
3)
Figure 2: Idealised porphyry target
showing porphyry stock and potassic zone (which could be related to
a magnetic bullseye target at surface). Source: Red Metal in the
Blue Planet, J.R. Wise (2023).
NEXT STEPS
§ During the
upcoming drilling campaign which has a planned start date of May
11, the Company will be testing
the core of the Porphyry South target with at least one
drillhole (target depth of 450m) which is shown in figure
2.
Oliver Friesen, CEO of Golden Metal,
commented:
"The magnetic inversion modelling results over our Porphyry
South target have demonstrated a significant buried magnetic body
at depth which will be targeted during the upcoming drilling
campaign.
"Porphyry copper exploration in the USA is ramping up
significantly with the push to make new copper discoveries and we
are perfectly positioned with multiple, very exciting porphyry
targets, not only at the Porphyry South target, but also at our
nearby Garfield Project - where magnetic inversion results are
expected very shortly.
"As a reminder, Porphyry South is one of a series of
prospective targets that will be tested during our upcoming
drilling campaign, providing our investors with exposure to
multiple potentially exciting future outcomes during the coming
months."
Figure
3: Pilot Mountain Project 2024 magnetic
geophysics
survey results showing two significant
TMI anomalies at the 'Porphyry South' target as well as
cross-section line A-A' shown on Figure 1.
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.
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).
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)
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Tel: +44 (0)
20 7583 8304
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Cairn Financial Advisers LLP
Nominated Adviser
Sandy Jamieson/Jo Turner/Louise
O'Driscoll
|
Tel: +44 20 7213 0880
|
First Equity Limited
Broker
Jonathan Brown/Jason
Robertson
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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.