Ground Magnetics to Target Significant Porphyry & Epithermal Mineralisation at Garfield
LONDON, UK / ACCESSWIRE / March 25, 2024 / Golden Metal Resources plc (LSE:GMET)(OTCQB:GMTLF), a strategic development and mineral exploration company focused on Nevada, USA, is pleased to announce an exploration update at the Company's 100% owned Garfield project located within the prolific Walker Lane Mineral Belt in Nevada, USA ("Garfield" or the "Project").
The update follows on from the recent high-grade gold-silver-copper bedrock discovery made at Garfield which returned results up to 22.7g/t gold (Au) and 1,225g/t silver (Ag), which the Company announced on 23 January 20241.
HIGHLIGHTS
- The Company previously confirmed the presence of significant porphyry and epithermal style mineralisation principally located within the Project's Power Line Zone, High-Grade Zone and Pamlico Au Zone.
- Notably, Golden Metal previously confirmed a 'Magnetic Bullseye' geophysics anomaly (often associated with intrusive porphyry centres) identified proximal to the Project's High-Grade Zone.
- The results were considered by the Company's technical team to be significant, and a decision was taken to rapidly plan and undertake next exploration steps to drive the Project forward.
- The strategic £750,000 financing recently completed at a premium to the market share price, has enabled this accelerated next stage exploration programme which is now in progress.2
- Crews from the Company's preferred geophysical contractor, SJ Geophysics, have been on site for the last few days undertaking a detailed high resolution ground magnetics geophysical survey and this work is progressing very well.
- This work is to investigate the Company's postulation that there could be additional key potential porphyry intrusive centres to be discovered across Garfield, which if proven correct would further significantly increase the prospectivity and inherent value of the Project.
- The results from the ongoing work programme will provide a very important dataset as the Company continues pushing the Project up the value curve.
Oliver Friesen, CEO of Golden Metal, commented:
"Garfield has certainly been an asset which has excited the team and many investors over the last few months, and we are very pleased to announce that a very important next stage exploration programme is now underway.
"We believe, on the basis of the historic exploration work, that there could be additional key potential porphyry intrusive centres to be discovered across the Garfield Project footprint.
"The work being undertaken now is a key step in investigating this potential.
"Our fantastic team has been able to quickly mobilise with work now well underway and we look forward to updating the market with the results as soon as possible."
MEDIA
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.
REFERENCES
1 Company announcement, 'Garfield Update - Bonanza Silver & Uranium Target' dated 23 January 2024. (https://www.londonstockexchange.com/news-article/GMET/garfield-update-bonanza-silver-uranium-target/16299439)
2 Company announcement, 'Golden Metal Strategic Raise of £750,000 to Support Accelerated Exploration in Nevada USA' dated 11 March 2024.
(https://www.londonstockexchange.com/news-article/GMET/strategic-fundraise-of-ps750-000/16369924)
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 |
First Equity Limited Broker Jonathan Brown/Jason Robertson | Tel: +44 20 7374 2212 |
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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 65 lode mining claims covering 5.4 km2 (1,338 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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SOURCE: Golden Metal Resources plc