TIDMGMET
RNS Number : 4490Q
Golden Metal Resources PLC
18 October 2023
18 October 2023
Golden Metal Resources plc
('Golden Metal' or the 'Company')
Significant Copper Mineralisation at Garfield Project,
Nevada
Completed Field Programme Validates Skarn & Porphyry Copper
Targets
Golden Metal Resources plc (LON:GMET OTCQB:GMTLF), a strategic
mineral exploration and development company focused on Nevada, USA,
is pleased to announce that significant copper mineralisation has
been identified during 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").
The Company has obtained results of geological mapping which
have confirmed the potential for large scale porphyry and skarn
type copper mineralisation at the Project. Samples are en route to
the laboratory where they will undergo multi-element analysis, the
results of which will be made available to the market after
received and compiled by the Company, anticipated to be within the
next 4-6 weeks.
Background:
Golden Metal previously announced the potential for both
porphyry and skarn-type deposits at Garfield's 'High-Grade Zone' as
detailed in the Company's announcement on 27 September 2023 which
may be viewed through the following link:
https://www.londonstockexchange.com/news-article/GMET/garfield-project-significant-copper-systems/15965480
As a result, Golden Metal launched an immediate follow up ground
exploration programme as detailed in this announcement and the
findings from this work are significant, demonstrating the
potential for Garfield to host significant large-scale skarn and
porphyry type copper mineralisation.
The key highlights of the exploration programme, and its
findings to date, are outlined below.
HIGHLIGHTS
- Additional focused prospecting and geological mapping were
completed over the 'High-Grade Zone' with a view to better
understanding the potential for porphyry and skarn-type mineralised
deposits.
- Strong skarn-type copper mineralisation and alteration was
identified near the northeastern part of the 'High-Grade Zone',
within extensive outcrops of Luning Formation limestones (Figure
1).
- The skarn-type zone was observed to extend across many sample
sites and is coincident with an abundance of historical trenches,
adits and prospect digs indicating historical mining related
activities within this part of the 'High-Grade Zone' (Figure
2).
- Across the 'High-Grade Zone' and within the broader Garfield
area geological features, notably Jura-Cretaceous granitoids, were
identified which could be causative to the porphyry-style
alteration identified within the 'High-Grade Zone'.
- The findings at the 'High-Grade Zone' show geological
similarities with large scale copper deposits elsewhere within the
Walker Lane mineral belt including Lahontan Gold's Sante Fe
deposit, Kennecot Mine's New York Canyon deposit and Fortitude Gold
Corp's Golden Mile deposit.
- Due to the consistency and intensity of alteration and copper
mineralisation noted within the 'High-Grade Zone', a total of 37
samples were collected, more than originally anticipated, for
multi-element assay analysis at ALS Laboratories' Reno lab. Assay
results are currently awaited.
Oliver Friesen, CEO of Golden Metal, commented:
"The more work we do at Garfield the better and better the
Project continues to look.
"With prospecting and geological mapping now complete, we see
strong evidence supporting the presence of both porphyry and
skarn-type mineralisation and alteration, as well as the presence
of various granitoid intrusions which could be the causative
porphyry intrusions driving the copper-rich mineralisation and
fluid flow across the entire Project.
"We are very much looking forward to receiving the laboratory
results of the now completed work, following which we will announce
next steps once those results have been digested and released to
the market."
Media
Figure 1: Confirmation of skarn-type alteration and
mineralisation. Strong quartz-calcite veining within decalcified
Luning Formation limestones including pervasive malachite staining
(copper-oxide).
Figure 2: Historical mining adit. These along with prospect digs
and trenches are plentiful across the 'High-Grade Zone'
highlighting the strength of the copper mineralisation noted here
several decades ago by previous explorers and miners.
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.
Bibliography
Jura-Cretaceous Granitoids: Porphyry bodies which have an age
between the Jurassic to Cretaceous period, which is a major
mineralising period within the Walker Lane mineral belt.
Causative Porphyry: A intrusive rock which emplaces significant
mineralisation within a Project area.
Luning Formation Limestones: Calcite rich rocks which below to
the Luning Formation.
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 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 early exploration stage copper, gold
and silver property consisting of 39 lode mining claims covering
3.23 km2 (797.9 acres) located in Mineral County, Nevada,
approximately 14km due east of the town of Hawthorne and 120km due
west-northwest of Tonopah.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLMRBBTMTMBTPJ
(END) Dow Jones Newswires
October 18, 2023 02:00 ET (06:00 GMT)
Guardian Metal Resources (LSE:GMET)
Historical Stock Chart
From Jun 2024 to Jul 2024
Guardian Metal Resources (LSE:GMET)
Historical Stock Chart
From Jul 2023 to Jul 2024