Source - LSE Regulatory
RNS Number : 3712P
Golden Metal Resources PLC
22 May 2024
 

22 May 2024

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Garfield - Further Copper Porphyry Targets Secured

Garfield Project Area Increased Significantly; Copper Mineralisation Observed Across New Ground

Golden Metal Resources plc (LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company focused on Nevada, USA, is pleased to announce an update for the Company's 100% owned Garfield project located within the prolific Walker Lane Mineral Belt in Nevada, USA ("Garfield" or the "Project").

Oliver Friesen, CEO of Golden Metal, commented: 

"I am very pleased to announce that we have staked a further 44 mineral claims to significantly expand the footprint of the Garfield Project by over 3.68km2.

"Importantly, the claim staking secures coverage of a dense cluster of historical copper (plus gold/silver/uranium) datapoints, including old mineshafts, pits and adits, many of which were inspected during my field visit to Nevada last week.

"To see the size and scale of the copper mineralisation evident at surface within the newly staked ground and, more importantly across the entire Garfield footprint, was very exciting.

"I also visited multiple strongly copper mineralised sites proximal and near to the buried magnetic targets identified and announced last week, which has further enhanced our excitement about those particular porphyry targets.

"We are in the process of finalising next steps to explore for a buried copper porphyry at Garfield and will announce those to the market as soon as possible."

 

Staking Highlights

§    Garfield Project coverage area increased by 3.68km2 (909 acres) to 9.18km2 (2,268 acres) through United States Bureau of Land Management ("BLM") Mining Claim ("Claim") staking. Additional 44 Claims constitute a 67% increase in the overall Project size and cover additional copper anomalies (see Figure 1 and Figure 2).

 

§   Staking undertaken to address the growing evidence that a buried copper porphyry system may exist at Garfield, and to secure the ground given the exploration rush occurring within the western Unites States in the search for new copper porphyry discoveries.

 

§    Recently staked ground covers an additional magnetic geophysical high target which was partially imaged during the previously completed ground magnetic survey (see Fig. 1), as well as a combined total of 25 historical datapoints (from United States Geological Survey and University of Nevada, Reno), including historical mine shafts, prospect pits, and adits, most of which are classified as copper ± gold ± silver ± uranium targets.

 

§    Field prospecting of the newly acquired ground has confirmed the potential for extensive copper mineralisation across a wide area based on outcropping visual copper mineralisation. Eight confirmatory rock samples have been submitted to ALS Laboratories in Reno, for assay testing.

Next Steps

§    The Company continues to finalise the follow up exploration plans for Garfield which will be announced in due course.

 

Figure 1:  Enlarged 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. Newly acquired ground is shaded red with the historical copper (plus gold, silver, and/or uranium) occurrences shown as white crosses. Orange circles show the location of recently collected samples which are undergoing assay testing. Location of Figure 2 Cross-Section shown as line A-A'.

A diagram of a coalescing body Description automatically generated

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.

A pile of rocks and dirt Description automatically generated

Figure 3:  Historical mine dump area near to sampling site OF-001 showing extensive malachite (copper carbonate) mineralisation.

 

 

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, 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

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 (3,656.1 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.

Garfield Project

The Garfield Project is an exciting copper-gold-silver prospect consisting of 109 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

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.

 

 

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