TIDMGMET
RNS Number : 2546W
Golden Metal Resources PLC
11 December 2023
11 December 2023
Golden Metal Resources plc
('Golden Metal' or the 'Company')
Garfield Project: High-Grade Copper & Gold Overlimit Assay
Results
High-Grade Results Up to 4.27% Cu and Gold Grades up to 27.2g/t
Au
Golden Metal Resources plc (LON:GMET OTCQB:GMTLF ), a strategic
mineral exploration and development company focused on Nevada, USA,
is pleased to announce high-grade copper, silver and gold
mineralisation from overlimit ALS Laboratory assay testing
undertaken following the recently completed ground exploration at
the Company's 100% owned Garfield project located within the
prolific Walker Lane Mineral Belt in Nevada, USA ("Garfield" or the
"Project").
Garfield is located within a north-south trending copper-gold
porphyry/skarn belt which extends southward from Hawthorne.
Porphyry deposits are characterised by lower grade but bulk tonnage
deposits and are one of the worlds' most important sources of
copper, silver as well as gold. Given these porphyry deposits are
typically large tonnage and lower grade these overlimit assays are
particularly exciting as the samples were taken over a wide surface
footprint which coincides and extends beyond the 1.8 km by 0.8 km
'High-Grade Zone' delineated by the Company's previous soil
sampling results (1) . Golden Metal will therefore be moving
swiftly to determine, announce and undertake the next exploration
steps.
HIGHLIGHTS
-- Golden Metal announced on 04 December 2023 the preliminary
results from the Company's recently completed ground exploration
programme which confirmed that Garfield hosts significant
large-scale skarn and porphyry type copper, silver and gold
mineralisation.
-- Several samples returned copper and gold results above the
upper detection limit of the initial exploration analytical assay
method employed (ALS method Au-TL43) and these 'overlimit' samples
had to be reanalysed using higher-grade threshold assay methods
(for ore grade copper method Cu-OG46, and for high-grade gold up to
and in excess of 10g/t Au, methods Au-AA23 and Au-GRA21
respectively).
-- The final overlimit analyses are now complete and constitute
very promising results providing further evidence that, subject to
further exploration work, Garfield could host a significant copper
deposit.
-- The overlimit results include 11 of the 32 samples collected
returning greater than 1% calculated copper equivalent ("CuEq") (2)
as set out in Table 1 below, with highlight results of:
o 23.92% CuEq (2.37% Cu, 27.2g/t Au, 29.9g/t Ag);
o 4.70% CuEq (4.27% Cu, 0.40g/t Au, 11.95g/t Ag); and
o 3.47% CuEq (3.24% Cu, 0.16g/t Au, 10.8g/t Ag).
-- The overlimit results have far exceeded the Company's
expectations with significant high-grade copper, gold and silver
now delineated over a greater than 1.5km x 0.5km footprint at the
High-Grade Zone.
-- The Company has engaged Simon Griffiths, the same expert
geochemist who evaluated the original soil geochemical dataset, to
review these rock sample results. He will also assist the Company
in determining the next optimal steps to continue pushing the
Project forward.
A further announcement will made once the Company has decided on
the most appropriate exploration programme to continue to advance
the Company's knowledge of the mineralisation at the Garfield
Project.
Oliver Friesen, CEO of Golden Metal, commented:
"I have been involved with many exploration projects in my
career, including many Cu-Au-Ag porphyry projects, and it is very
rare to see one move up the potential value curve so quickly.
"My ultimate goal as CEO is to ensure that the projects in our
portfolio become increasingly attractive with each incremental
exploration dollar spent. To see an asset move up that curve as
quickly as Garfield has is quite exceptional, and I look forward to
sharing further information on this Project, including next steps,
as soon as possible."
Table 1: Final Assay Results
Sample ID Au (g/t) Ag (ppm) Cu (ppm) CuEq (ppm) CuEq (%)
* > 1%*
723304 0.03 3.87 3,550 4,153
--------- --------- --------- ----------- ---------
723305 0.00 0.24 64 95
--------- --------- --------- ----------- ---------
723306 0.20 3.96 8,590 10,492 1.05
--------- --------- --------- ----------- ---------
723307 0.00 0.52 134 198
--------- --------- --------- ----------- ---------
723308 0.00 0.13 18 45
--------- --------- --------- ----------- ---------
723309 0.00 0.49 32 101
--------- --------- --------- ----------- ---------
723310 27.20 29.90 23,700 239,241 23.92
--------- --------- --------- ----------- ---------
723311 0.85 3.30 7,510 14,443 1.44
--------- --------- --------- ----------- ---------
723312 0.03 0.64 443 737
--------- --------- --------- ----------- ---------
723313 0.02 0.39 212 405
--------- --------- --------- ----------- ---------
723314 0.00 0.19 54 96
--------- --------- --------- ----------- ---------
723315 0.00 0.14 191 235
--------- --------- --------- ----------- ---------
723316 0.15 3.29 6,980 8,460
--------- --------- --------- ----------- ---------
723317 0.01 0.19 116 196
--------- --------- --------- ----------- ---------
723318 1.09 37.10 3,370 15,354 1.54
--------- --------- --------- ----------- ---------
723319 0.22 27.40 16,850 21,086 2.11
--------- --------- --------- ----------- ---------
723320 0.01 0.78 297 448
--------- --------- --------- ----------- ---------
723321 0.34 3.67 3,740 6,710
--------- --------- --------- ----------- ---------
723322 0.40 11.95 42,700 46,974 4.70
--------- --------- --------- ----------- ---------
723323 0.52 6.51 7,320 12,018 1.20
--------- --------- --------- ----------- ---------
723324 0.25 8.64 7,600 10,337 1.03
--------- --------- --------- ----------- ---------
723325 0.18 32.10 18,600 22,961 2.30
--------- --------- --------- ----------- ---------
723326 0.16 10.80 32,400 34,650 3.47
--------- --------- --------- ----------- ---------
723327 0.00 0.23 406 459
--------- --------- --------- ----------- ---------
723328 0.00 0.99 641 765
--------- --------- --------- ----------- ---------
723329 0.00 0.79 153 258
--------- --------- --------- ----------- ---------
723330 0.11 29.80 19,650 23,249 2.32
--------- --------- --------- ----------- ---------
723331 0.00 0.25 191 229
--------- --------- --------- ----------- ---------
723332 0.00 0.13 93 113
--------- --------- --------- ----------- ---------
723333 0.00 0.05 56 69
--------- --------- --------- ----------- ---------
723334 0.01 0.06 84 175
--------- --------- --------- ----------- ---------
723335 0.00 0.05 44 72
--------- --------- --------- ----------- ---------
* See reference note 2, ppm = parts per million = 1g/t
MEDIA
Figure 1: Sample Number 723310. Fine-grained intermediate
intrusive with stockwork quartz veining. Sample returned 2.37% Cu,
27.2g/t Au and 29.9g/t Ag (23.92% CuEq).
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 Company announcement, Garfield Project: Significant Copper
Systems Identified , dated 22 May 2023
(
https://polaris.brighterir.com/public/golden_metal_resources/news/rns/story/xoolomx
)
2 Copper Equivalent ("CuEq") is 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.
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.
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.
Garfield Project
The Garfield Project is an exciting copper-gold-silver prospect
consisting of 39 lode mining claims covering 3.23 km(2) (797.9
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.
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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