1 May 2024
Golden Metal Resources
plc
('Golden Metal' or the
'Company')
Pilot Mountain - Porphyry
Target Confirmed
Geophysical Results Highlight
Strong Magnetic High Anomaly Confirming Porphyry
Potential
Golden Metal Resources plc
(LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company
focused in Nevada, USA, is pleased to announce an exploration
update at the Company's 100% owned flagship
Pilot Mountain Project ("Pilot Mountain" or the "Project") located
within the prolific Walker Lake Mineral Belt in Nevada,
USA.
HIGHLIGHTS
§ Magnetic
geophysics survey successfully
delineates two
significant magnetic high anomalies within the 'Porphyry South' target area, the most significant of which
measures approximately 500 m x
750 m (open to
east).
§ Importantly, the two anomalies are strongly
coincident with the resistivity and
chargeability high anomalies identified during the Company's
2022/2023 induced polarisation ("IP")
geophysics survey which originally
defined the 'Porphyry
South' target.
§ Stacked
profile modelling of the
coincident magnetics and chargeability/resistivity
data suggests the existence of a large buried magnetic body at depth.
§ Coincident
anomalies provide further support for
the interpretation that the significant tungsten (W) - copper (Cu) - silver (Ag)
- zinc (Zn) skarn-type mineralisation found at surface at Pilot
Mountain and within Desert Scheelite is related to a buried
causative porphyry system(s).
§ One
drillhole into the 'Porphyry South' target
was permitted based on
the previous IP survey results, the latest survey
results now show that the permitted
drill site also
provides an optimal location to test
the eastern magnetic anomaly, the largest of the
two new magnetic anomalies (see
Figure 1).
NEXT STEPS
§ Golden
Metal is very encouraged by the results and
has immediately requested three dimensional ("3D")
inversions of the magnetic dataset which will
provide a 3D model of the 'Porphyry South' magnetic
targets.
§ During
the planned upcoming drilling campaign, the Company will be testing the
'Porphyry South' target with at least one drillhole.
Oliver Friesen, CEO of Golden Metal,
commented:
"When we first conducted the Pilot Mountain Project due
diligence, prior to acquiring it in August 2021, we were drawn to
the possibility of finding a porphyry system which could be
causative of the strong skarn-type mineralisation mapped at
surface.
"The new magnetic geophysics results are highly encouraging,
bolstering the findings of our previous IP survey over the
Project's Porphyry South area. The juxtaposition of the magnetic
and IP survey anomalies strongly support the need to drill test
this promising porphyry style target.
"As we move quickly towards the start of the Pilot Mountain
drilling programme, the 3D inversion modelling results will assist
us in refining the strike and dip of the planned 'Porphyry South'
drillhole for maximum impact.
"We very much look forward to finally drill testing this
exciting target, which is just one of many others on our 100% owned
flagship asset."
MAGNETIC GEOPHYSICS SURVEY DETAILS
The ground magnetic geophysics
survey was undertaken by SJ Geophysics Ltd. over the period 22 - 26
and 28 March 2024 using two GEM-Systems GSM-19W Overhauser
magnetometers in a survey and base station
configuration.
The survey was conducted along
parallel north-south orientated survey lines at 100m spacing for a
total reported survey length of approximately 22.5-line km.
The resulting data has been
processed for Total Magnetic Intensity (TMI; Figure 1), First
Vertical Derivative (1VD), Reduction to Pole (RTP) and Analytical
Signal (AS) mapping products. The Company has now commissioned SJ
Geophysics Ltd to undertake three-dimensional inversion modelling
of the magnetic field data.
Figure
1: Pilot Mountain Project 2024 ground
magnetic geophysics
survey results showing two significant
TMI anomalies at the 'Porphyry South' target
PROPERTY OWNERSHIP
Golden Metal holds a 100% interest
in the Pilot Mountain Project through its wholly-owned Nevada-based
operating companies BFM Resources Inc and Pilot Metals
Inc.
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).
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.
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
|
|
|
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.