3 September 2024
Guardian Metal Resources
plc
('Guardian Metal' or the
'Company')
Garfield Update - High Grade
Assays and New Zone Discovered
Overlimit Assay Testing
Delivers Exceptional Results up to 15.56% CuEq* (4.92%
Cu, 83g/t Ag, 11.2g/t Au) at New 'Freeze Zone'
Guardian 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").
BACKGROUND
This update follows on from the
additional staking the Company completed at Garfield and
subsequently announced on 22 May 20241. Forty-four
mineral claims were staked covering an eastern extension zone where
follow up prospecting highlighted visible copper mineralisation.
Rock sampling across the new area (now named the 'Freeze Zone') was
completed and eight rock samples were collected and sent for assay
testing, the results from which are highlighted below.
HIGHLIGHTS
§ Prospecting across the
Project's recently staked claims has returned exceptional and
consistent high-grade copper-gold-silver results from the newly
named 'Freeze Zone'.
§ These results include up to
15.56%* and 9.58% CuEq* with 7 of the 8 samples returning >1.75%
CuEq*.
§ The ground magnetic
geophysics survey recently completed over the 'Freeze Zone'
highlights a buried magnetic anomaly proximal to the high-grade
rock sample results, pointing to the potential for the Freeze Zone
to host a mineralised porphyry system.
§ With this additional new
porphyry target it is now postulated that multiple mineralised
porphyry centres may exist across the Project.
§ There are now four main named
target zones including 'Power-Line', 'High-Grade', 'Pamlico' and
now 'Freeze', with varying porphyry, skarn- and epithermal
affinity.
§ With this new data in hand
the Company is finalising preferred drill target locations and a
notice level permit will be submitted to the local Bureau of Land
Management ("BLM") office shortly.
Oliver Friesen, CEO of Guardian Metal,
commented:
"The 100% Guardian Metal-owned Garfield Project has delivered
again with ground magnetics demonstrating an additional magnetic
anomaly in the newly named 'Freeze Zone' and exceptionally high
grade assay results associated with that zone.
"In total we now have a greater than 6km x 3km mineralised
footprint at Garfield, with confirmation of porphyry and skarn as
well as epithermal mineralisation across the now four principal
target zones. Given the dramatic progress made with Garfield, the
Company is quickly moving towards finalising drill targets to drive
this very exciting project forward.
"I
am also pleased to confirm that the receipt of these assay results,
the rocks from which were originally submitted in May, signals the
commencement of assay results back from the laboratory following
their typically busy summer period, with a steady flow of results
expected from here on in for the next several
months.
"With the laboratory assay backlog now easing, and drilling
still ongoing, we anticipate a very busy autumn and winter period
for Guardian Metal, with multiple technical as well as commercial
updates across the business, and notably at our flagship Pilot
Mountain Project."
REFERENCES
1
https://www.londonstockexchange.com/news-article/GMET/garfield-further-copper-porphyry-targets-secured/16481693
*
Copper Equivalent ("CuEq") is calculated using a
copper price of US4.1542/lb, a gold price of US$2,497/Oz and a
silver price of US$28.38/Oz with recoveries assumed to be 100% as
no metallurgical test data is available.
FURTHER INFORMATION
Following the receipt of assay
results from the 'Freeze Zone' the Company has released complete
maps including all rock sample results obtained for copper, gold
and silver across Garfield (see below).
The maps highlight the exceptional
and consistent results achieved over a distance of greater than 6km
(east-west) and 3km (north-south) across the 'Power-Line',
'High-Grade', 'Pamlico' and 'Freeze' target zones.
The work completed to date
highlights the potential for multiple mineralised porphyry systems
to exist across the Project's main target zones, locally with
associated skarn-type mineralisation as well as epithermal
overprinting.
Notably, the recently discovered
'Pamlico' and 'Freeze' zones (in addition to the 'Power-Line' and
'High-Grade' zones) are spatially associated with what appear to be
buried magnetic high geophysical anomalies, which is characteristic
of porphyry systems.
Complete gold-silver-copper assay
results achieved at the 'Freeze Zone' are outlined in Table 1 and
point to a very exciting newly staked target area for the
Company:
Table 1: Freeze Zone Rock Sample Laboratory Assay
Results
|
Sample ID
|
Gold Assay
(g/t)
|
Silver Assay
(ppm)
|
Copper Assay
(ppm)
|
CuEq** (%)
|
|
OF-001
|
6.73
|
25
|
34300
|
9.58
|
|
OF-002
|
11.2#
|
83
|
49200
|
15.56
|
|
OF-003
|
0.498
|
25
|
11750
|
1.86
|
|
OF-004
|
0.817
|
16
|
20300
|
2.91
|
|
OF-005
|
1.52
|
65
|
33600
|
5.34
|
|
OF-006
|
0.272
|
24
|
20500
|
2.53
|
|
OF-007
|
0.586
|
19
|
32500
|
3.95
|
|
OF-008
|
0.018
|
1
|
350
|
0.06
|
Table notes: Rock sample assay
results certificated by ALS USA Inc. using methods ME-ICP61a,
Au-AA23 and Au-GRA21. Results reported in ppm = parts per
million. 1ppm Au equivalent to 1g/t Au.
** Gold assay using Au-GRA21 fire
assay and gravimetric finish, due to over limit (>10ppm Au)
returned using method Au-AA23.
MEDIA
Figure 1 - Garfield Project
showing all copper rock results to date including the
2014/2023/2024 sampling campaigns. The newly named Freeze Zone is
located near the eastern edge of the Project.
Figure 2 - Garfield Project
showing all gold rock results to date including the 2014/2023/2024
sampling campaigns. The newly named Freeze Zone is located near the
eastern edge of the Project.
Figure 3 - Garfield
Project showing all silver rock results to date including the
2014/2023/2024 sampling campaigns. The newly named Freeze Zone is
located near the eastern edge of the Project.
Figure 4 - Garfield
Project showing all copper rock results to date including the
2014/2023/2024 sampling campaigns. In the background are the
magnetic results from the recently
completed
PROPERTY OWNERSHIP
Guardian 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 and Freeze Zones are 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, QMR 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 Guardian 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.Guardianmetalresources.com
or contact the following:
|
Guardian 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
Jason Robertson
|
Tel: +44 20 7374 2212
|
