09 July 2024
Guardian Metal Resources
plc
('Guardian Metal' or the
'Company')
Pilot Mountain - Garnet
Update
Guardian Metal Resources plc
(LON:GMET, OTCQX:GMTLF), a mineral exploration company focused on
tungsten, copper, silver, gold and lithium within Nevada, USA, is
pleased to announce an update regarding its 100% owned flagship
Pilot Mountain Project ("Pilot Mountain" or the "Project") located
within the Walker Lake Mineral Belt in Nevada, USA.
On 8 February 2024, the Company
highlighted the significant garnet potential that exists at Pilot
Mountain. This announcement may be viewed through the link
below:
https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-significant-garnet-potential/16323128
Highlights:
§ As part of
multiple project development steps that are currently progressing
in parallel, garnet bulk sampling will be commissioned imminently
with a circa 300kg composite sample to be shipped to a highly
respected laboratory for detailed metallurgical testing within the
next few days. The bulk sample consists of approximately 118m of
half-core samples taken from six different historical
drillholes.
§ Industrial
garnet is demonstrated to comprise an average of 40% of many
mineralised intervals across the known deposit areas (Desert
Scheelite & Garnet). Considering the size of the mineral
resource at present, the Company is of the belief that the
industrial garnet component, subject to completion of the
metallurgical study, could be material to overall Project
economics.1,2
§ The
results will be incorporated into the pre-feasibility study ("PFS")
work that is currently being progressed by the Company in
association with its engaged engineers and environmental
specialists. A detailed report is expected to be in hand from the
engaged engineers shortly and next important steps required for the
planned PFS will commence shortly thereafter.
§ The
Company has made significant drilling progress since its last
update on 25 June 2024 and a further drilling update is expected to
be released to the market shortly. Geophysics results from the
Company's largest ever geophysical campaign are expected imminently
and will be released to the market as soon as possible.
Oliver Friesen, CEO of Guardian Metal,
commented:
"We are now in the midst of what is without a doubt the
busiest period in the Company's history. There are several
exploration and development workstreams that are all in progress
and moving forward together.
"Since the garnet potential was first investigated by the
Company, and determined to be potentially significant, it has been
high on our list to get the next steps in motion. The exploration
crews who are doing a fantastic job in the field, alongside their
daily duties associated with ongoing drilling, were able to prepare
the bulk sample that will be shipped shortly for metallurgical
testing. This work is being supervised by our retained
metallurgical specialist and we are very pleased to have him work
alongside us to oversee this important study.
"These results will form the basis of important next steps
which include determining the recoverability of the various garnet
species, how they fit into the current flow sheet and following
that their effect on overall project economics.
"With lots of workstreams moving forward at present, I am very
much looking forward to releasing further updates to the market in
short order."
Media:
Figure 1: ~300kg bulk sample consisting of approximately 118m
of half-core samples prepared for shipment to SGS Laboratory for
advanced metallurgical testing.
Further Information:
Industrial garnet is used in a wide
array of industries including abrasive blasting, water-filtration
media, water-jet-assisted cutting, in abrasive powders, nonslip
coatings and sandpaper.3 The industries that are
known consumers of industrial garnet include aircraft and motor
vehicle manufacturers, ceramics and glass producers, electronic
component manufacturers, filtration plants, glass polishing,
petroleum industry, shipbuilders, textile stonewashing as well as
wood-furniture finishing operations.3 The global abrasives
market was valued at USD 35.5B in 2022 and is projected to grow at
a CAGR of 4.5% from 2024 -2030.4
References:
1 The
Development of Separation Technology from the Pilot Mountain
Tungsten Project, Nevada, USA (2013). Zhang, J., Liu, Jianguo.,
Liang, D., Hong, Q.
2 Report
on Laboratory Test on W03-Cu-Zn Ore Samples from the Pilot Mountain
Tungsten Project, USA (2019).
3 United
States Geological Survey (USGS), Mineral Commodity Summaries
2024.
4 https://www.marknteladvisors.com/research-library/global-abrasives-market.html
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
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 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
Guardian 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.