15 May 2024
Golden Metal Resources
plc
('Golden Metal' or the
'Company')
Garfield Update - Inversions
Confirm Porphyry Potential
Inversion Results Confirm
Presence of Two Highly Prospective Buried Magnetic
Anomalies
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").
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
identification of significant coincident magnetic geophysical and
geochemical anomalies constituting potential porphyry targets
at the Project, further details in respect of which were released
on 16 April 2024 and may be viewed in the link below:
https://www.londonstockexchange.com/news-article/GMET/garfield-significant-magnetic-geophysics-results/16424347
Porphyry style mineral deposits host
the world's largest sources of multiple metals including copper and
in respect of Garfield it is postulated that the extensive
mineralisation found at or near surface may be related to a buried
porphyry system(s). The two significant potential porphyry targets
at Garfield, at the Power-Line Zone ("PPL" target) and High-Grade
Zone ("PS" and "PN" coalescing targets) (Figure 1 and Figure 2),
will be subject to further planned work which will be detailed by
the Company in a future announcement.
Oliver Friesen, CEO of Golden Metal,
commented:
"The geophysical inversion results have identified two very
exciting magnetic anomalies at depth within the Project.
Importantly, both of these anomalies are coincident with strong
copper anomalism (in rocks and soils) at surface within both the
High-Grade and Power-Line Zones. These anomalies join the growing
list of exciting porphyry and skarn targets which have been
developed and fully delineated as a result of methodical and
diligent work by our technical team uniquely positioning the
Company as the hunt for new copper discoveries in the western USA
continues to heat up.
"The timing of this announcement coincides with my ongoing
Nevada site visits and I will be spending time at Garfield over the
coming days to better understand the surface expressions of these
very exciting buried targets.
"We look forward to providing the market with further updates
from Garfield, including next steps, as soon as
possible."
Inversion Highlights
§ Magnetic
geophysics inversion results of the magnetic high anomalies within
the Power-Line and High-Grade Zones highlight two very significant buried magnetic bodies at
depth (orange shells in Figure 2 below).
§ At the
High-Grade Zone, two discrete magnetic lobes apparent at surface,
coalesce into one large magnetic
body which remains open at depth. The main anomaly measures
approximately 800m x 500m representing a very enticing target for
future exploration.
§ At the
High-Grade Zone, the top of the PS and PN anomalies is located at
approximately 150m depth and at surface are coincident with a significant copper-in-soil
anomaly as well as rock samples with individual results up to 2.4%
Cu, 27.2g/t Au and 29.9g/t Ag (sample 723310).
§ At the
Power Line Zone, the top of the PPL anomaly is located at
approximately 200m depth and at surface is coincident with a significant copper-in-soil
anomaly as well as rock samples with individual results up to 2.6%
Cu, 0.54g/t Au and 7g/t Ag (sample 102614).
Next Steps
§ The
Company is currently finalising follow up exploration plans for
Garfield which will be announced in due course.
§ Golden
Metal's CEO is currently in Nevada and will be visiting the Project
during the course of the week. Associated updates will be provided
on the Company's social media channels.
Figure 1: 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.
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.
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 QMR, 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
|
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 (3,904.1 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.