11 December 2023

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Garfield Project: High-Grade Copper & Gold Overlimit Assay Results

High-Grade Results Up to 4.27% Cu and Gold Grades up to 27.2g/t Au

Golden Metal Resources plc (LON:GMET OTCQB:GMTLF), a strategic mineral exploration and development company focused on Nevada, USA, is pleased to announce high-grade copper, silver and gold mineralisation from overlimit ALS Laboratory assay testing undertaken following the recently completed 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").

Garfield is located within a north-south trending copper-gold porphyry/skarn belt which extends southward from Hawthorne. Porphyry deposits are characterised by lower grade but bulk tonnage deposits and are one of the worlds' most important sources of copper, silver as well as gold. Given these porphyry deposits are typically large tonnage and lower grade these overlimit assays are particularly exciting as the samples were taken over a wide surface footprint which coincides and extends beyond the 1.8 km by 0.8 km 'High-Grade Zone' delineated by the Company's previous soil sampling results ¹. Golden Metal will therefore be moving swiftly to determine, announce and undertake the next exploration steps.

HIGHLIGHTS

§ Golden Metal announced on 04 December 2023 the preliminary results from the Company's recently completed ground exploration programme which confirmed that Garfield hosts significant large-scale skarn and porphyry type copper, silver and gold mineralisation.

§ Several samples returned copper and gold results above the upper detection limit of the initial exploration analytical assay method employed (ALS method Au-TL43) and these 'overlimit' samples had to be reanalysed using higher-grade threshold assay methods (for ore grade copper method Cu-OG46, and for high-grade gold up to and in excess of 10g/t Au, methods Au-AA23 and Au-GRA21 respectively).

§ The final overlimit analyses are now complete and constitute very promising results providing further evidence that, subject to further exploration work, Garfield could host a significant copper deposit.

§ The overlimit results include 11 of the 32 samples collected returning greater than 1% calculated copper equivalent ("CuEq") ² as set out in Table 1 below, with highlight results of:

o 23.92% CuEq (2.37% Cu, 27.2g/t Au, 29.9g/t Ag);

o 4.70% CuEq (4.27% Cu, 0.40g/t Au, 11.95g/t Ag); and

o 3.47% CuEq (3.24% Cu, 0.16g/t Au, 10.8g/t Ag).

§ The overlimit results have far exceeded the Company's expectations with significant high-grade copper, gold and silver now delineated over a greater than 1.5km x 0.5km footprint at the High-Grade Zone.

§ The Company has engaged Simon Griffiths, the same expert geochemist who evaluated the original soil geochemical dataset, to review these rock sample results. He will also assist the Company in determining the next optimal steps to continue pushing the Project forward.  

A further announcement will made once the Company has decided on the most appropriate exploration programme to continue to advance the Company's knowledge of the mineralisation at the Garfield Project.

Oliver Friesen, CEO of Golden Metal, commented: 

"I have been involved with many exploration projects in my career, including many Cu-Au-Ag porphyry projects, and it is very rare to see one move up the potential value curve so quickly.

"My ultimate goal as CEO is to ensure that the projects in our portfolio become increasingly attractive with each incremental exploration dollar spent. To see an asset move up that curve as quickly as Garfield has is quite exceptional, and I look forward to sharing further information on this Project, including next steps, as soon as possible."

Table 1: Final Assay Results

* See reference note 2, ppm = parts per million = 1g/t

MEDIA

Figure 1: Sample Number 723310. Fine-grained intermediate intrusive with stockwork quartz veining. Sample returned 2.37% Cu, 27.2g/t Au and 29.9g/t Ag (23.92% CuEq).

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.

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.

REFERENCES

1              Company announcement, Garfield Project: Significant Copper Systems Identified,  dated 22 May 2023

( https://polaris.brighterir.com/public/golden_metal_resources/news/rns/story/xoolomx  )

2              Copper Equivalent ("CuEq") is calculated using a copper price of US$3.7687/lb, a gold price of US$2,021.40/Oz and a silver price of US$24.09/Oz with recoveries assumed to be 100% as no metallurgical test data is available.

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:

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 exciting copper-gold-silver prospect 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. Exploration to date has included detailed geochemical sampling and follow up analysis which highlighted the presence of both skarn-type and porphyry style mineralisation and alteration at the 'High-Grade Zone'. Further mapping, prospecting and rock sampling was recently completed with results confirming presence of high-grade copper, silver and gold mineralisation.

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.