22 May 2024
Golden Metal Resources
plc
('Golden Metal' or the
'Company')
Garfield - Further Copper
Porphyry Targets Secured
Garfield Project Area
Increased Significantly; Copper Mineralisation Observed Across New
Ground
Golden Metal Resources plc
(LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company
focused on Nevada, USA, is pleased to announce an update for the
Company's 100% owned Garfield project located within the prolific
Walker Lane Mineral Belt in Nevada, USA ("Garfield" or the
"Project").
Oliver Friesen, CEO of Golden Metal,
commented:
"I
am very pleased to announce that we have staked a further 44
mineral claims to significantly expand the footprint of the
Garfield Project by over 3.68km2.
"Importantly, the claim staking secures coverage of a dense
cluster of historical copper (plus gold/silver/uranium) datapoints,
including old mineshafts, pits and adits, many of which were
inspected during my field visit to Nevada last
week.
"To see the size and scale of the copper mineralisation
evident at surface within the newly staked ground and, more
importantly across the entire Garfield footprint, was very
exciting.
"I
also visited multiple strongly copper mineralised sites proximal
and near to the buried magnetic targets identified and announced
last week, which has further enhanced our excitement about those
particular porphyry targets.
"We are in the process of finalising next steps to explore for
a buried copper porphyry at Garfield and will announce those to the
market as soon as possible."
Staking Highlights
§
Garfield Project coverage area increased by 3.68km2 (909
acres) to 9.18km2 (2,268 acres) through United
States Bureau of Land Management ("BLM") Mining Claim ("Claim")
staking. Additional 44 Claims constitute a 67% increase in the
overall Project size and cover additional copper anomalies (see
Figure 1 and Figure 2).
§ Staking undertaken to address the growing evidence that a buried copper porphyry
system may exist at Garfield, and to secure the ground given
the exploration rush occurring within the western Unites States in
the search for new copper porphyry discoveries.
§
Recently staked ground covers an
additional magnetic geophysical
high target which was partially imaged during the previously
completed ground magnetic survey (see Fig. 1), as well as a
combined total of 25 historical
datapoints (from United States Geological Survey and
University of Nevada, Reno), including historical mine shafts,
prospect pits, and adits, most of which are classified as copper
±
gold ± silver
±
uranium
targets.
§
Field prospecting of the newly
acquired ground has confirmed the potential for extensive copper
mineralisation across a wide area based on
outcropping visual copper mineralisation.
Eight confirmatory rock samples have been submitted to ALS
Laboratories in Reno, for assay testing.
Next Steps
§
The Company continues to finalise the
follow up exploration plans for Garfield which will be announced in
due course.
Figure
1: Enlarged Garfield Project showing the location of the
two potential porphyry targets located at the Power-Line Zone
('PPL' anomaly) and the High-Grade Zone ('PN' & 'PS' coalescing
anomalies) over the Total Magnetic Intensity ground geophysics
survey results. Newly acquired ground is
shaded red with the historical copper (plus gold, silver, and/or
uranium) occurrences shown as white crosses. Orange circles show
the location of recently collected samples which are undergoing
assay testing. Location of Figure 2 Cross-Section shown as line
A-A'.
Figure
2: Garfield Project 2024 magnetic susceptibility
inversion results showing two sizeable buried magnetic bodies at
depth. Top of red shell (magnetic core) at PPL is at approximately
200m depth and at PS/PN approximately 150m depth. Surface trace of
magnetic survey points shown in black.
Figure
3: Historical mine dump area near to sampling site OF-001
showing extensive malachite (copper carbonate)
mineralisation.
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.
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
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 (3,656.1 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 109 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.