TIDMGMET TIDMPOW
RNS Number : 1136A
Golden Metal Resources PLC
22 May 2023
22 May 2023
Golden Metal Resources plc
('Golden Metal' or the 'Company')
Garfield Project: Significant Copper Systems Identified
Golden Metal Resources plc (LON:GMET), a mineral exploration
company focused on tungsten, gold, copper, silver and zinc within
Nevada, USA, is pleased to announce the results of a
high-resolution soil geochemical sampling survey completed over its
100% owned Garfield Project ("Garfield" or the "Project") located
within the prolific Walker Lane Mineral Belt in Nevada, USA.
Highlights:
- Discovery of two significant copper (Cu) zones which are now
named the "Power Line Zone" (or "Power Line") and "High-Grade Zone"
(or "High-Grade"; collectively the "Zones") which returned
individual Cu-in-soil results of up to 851ppm and 950ppm Cu.
- Importantly, the newly discovered Zones are coincident with
historical rock sampling results which returned up to 2.6% Cu at
Power Line and 5.53% Cu at High-Grade, highlighting the
significance of these newly defined copper mineralised systems at
Garfield.
Oliver Friesen, CEO of Golden Metal, commented:
"While our admission to trading on AIM was completed less than
two weeks ago, our exploration forward mandate at Golden Metal
should be apparent with the release of these very positive results
from Garfield, which have far exceeded our original expectations.
It is important to note that the main focus remains on Pilot
Mountain (tungsten) followed by Golconda Summit (gold), however,
the results presented today should clearly highlight the depth, as
well as quality, of our overall combined project portfolio.
"The original property acquired included only a small footprint
covering the original Garfield showing. Fast forward to today, the
Garfield Project has been expanded significantly from its original
acquisition size and we have now identified two considerable copper
zones. The newly named 'Power Line' and 'High-Grade' zones are
strongly coincident with the anomalies identified by the
Hyperspectral Analysis completed previously, confirming the
effectiveness of this exploration tool. We have obtained
Hyperspectral Analysis results for the broader district and can now
look at additional exploration targets based on the confirmation of
the results outlined here.
"We are looking forward to updating the market in due course
with further updates from Garfield, as well as at Pilot Mountain,
where we await final results from the induced polarisation survey
completed there previously."
Detailed Overview:
- The geochemical soil survey results have identified two
distinct zones of significant copper anomalies:
o Power Line Zone - a northeast-southwest trending Cu-in-soil
anomaly which extends for over 1,500m in length (remains open
towards the southwest), located in the west of the Project area.
The Power Line Zone connects up the original Garfield showing with
a previously isolated zone located towards the southwest, where
limited historical rock sampling results returned up to 2.6% Cu and
0.536g/t Au; and
o High-Grade Zone - a circa 1.5km by 0.8km Cu-in-soil anomaly
(remains open towards north, south and east), located in the south
east of the Project area and approximately 1 km southeast of the
Power Line Zone. Limited historical rock sampling completed near
what is now the western end of the High-Grade Zone returned up to
5.53% Cu, which highlights the potential of this large, newly
defined copper mineralised system.
- Both newly discovered copper zones are of considerable size
and both remain open in multiple directions within the Project's
current footprint. They are broadly coincident with mapped
limestone, suggesting that the significant copper mineralised
system now identified is possibly of skarn-type affinity..
- A single soil sample returned 0.83g/t Au which is located
outboard of the newly discovered zones mentioned above. This result
represents a very-high gold tenor for soil sampling within the
district and further analysis of this area is required.
- Both newly discovered copper zones show strong coincidence
with anomalies identified by the Hyperspectral Analysis completed
in 2021. This supports the effectiveness of the previously
completed analysis and Golden Metal will now review other strong
anomalies identified within the district that may be open for
staking.
Table 1 - Map highlighting the location of the Power Line and
High-Grade Zones
Further Information
A total of 447 individual soil samples were collected at either
50m or 100m station spacing and along 100m spaced lines. The sample
grid was set up to provide coverage over the original Garfield
copper (Cu), silver (Ag) and gold (Au) showing (see attached map)
located within the Garfield Project, as well as over two anomalies
which were identified by a previously obtained and analysed
Advanced Spaceborne Thermal Emission and Reflection Radiometer
(ASTER satellite) and European Space Agency Sentinel-2 satellite
datasets ("Hyperspectral Analysis" or the "Analysis").
The previously obtained Hyperspectral Analysis results can be
found at the link below:
https://www.londonstockexchange.com/news-article/POW/new-copper-anomalies-identified-garfield-nevada/15175582
Analysis
All soil samples were prepped and analysed at ALS' laboratory in
Reno, Nevada. Assays were determined using the analytical package
ME-MS41 comprising aqua regia digestion with super trace
inductively coupled plasma mass spectrometry (ICP-MS) analysis
providing extremely low detection limits for analysis of soils. A
total of 41 elements were reported as part of this analysis.
Property Ownership
Golden Metal holds a 100% interest in the Garfield Project
through its wholly-owned Nevada operating company, Golden Metal
Resources LLC.
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 km(2)
(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.
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 km(2) (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 km(2) (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 km(2)
(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.
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