19 August 2024
Guardian Metal Resources
plc
('Guardian Metal' or the
'Company')
Significant Geophysical
Campaign Results
Magnetic and IP Data Confirm
Porphyry Potential at Garfield and Pilot Mountain
Guardian Metal Resources plc
(LON:GMET, OTCQX:GMTLF), a strategic development and mineral exploration company
focused in Nevada, USA, is pleased to announce results from the
ground magnetic and high-resolution induced polarisation ("IP")
surveys recently completed at the Company's 100% owned Pilot
Mountain and Garfield Projects (collectively the "Projects")
located within the prolific Walker Lane
Mineral Belt in Nevada, USA.
Background
This update covers the findings from
magnetic and IP geophysical surveys which were undertaken in June
and July following positive results from previous geophysical
surveys and inversion modelling reported in May
20241,2,3, as well as from a geological field work
programme completed in July by Dr. Lawrence Carter (an independent
third party specialist in porphyry mineral deposits), which
highlighted the potential for undiscovered porphyry and skarn-style
mineralisation at both Projects.
HIGHLIGHTS:
Pilot Mountain
§
Significant magnetic anomaly measuring
approximately 1 km x 1 km has been delineated at the Porphyry West
Target which remains open to the west and south (Fig.
1).
§
Ground magnetic survey grid was extended east of
Porphyry South and the anomaly now measures circa 1.2 km by 0.5 km
and remains open to the west. The target footprint size increases
further to 1.5 km by 1.2 km when factoring in porphyry-style
alteration and mineralisation mapped at surface by Dr. Carter,
which extends to both the south and west (Fig. 1).
Garfield
§
Three dimensional ("3D") inversion modelling of
magnetic data highlights two large deep seated intrusive/magnetic
bodies at the High-Grade and Power Line Zones, these have a
vertical extent of over 800 m and appear to continue below the
depth of investigation of the ground magnetic survey.
§
IP results highlight multiple chargeability and
resistivity anomalies adjacent to and coincident with the magnetic
inversion shells indicative of porphyry and skarn-type
mineralisation at the High-Grade and Power Line Zones (Fig.
3).
Oliver Friesen, CEO of Guardian Metal,
commented:
"Following the completion of Dr.
Carter's porphyry-focused field assignment and the identification
of extensive at surface porphyry-style alteration and
mineralisation not previously identified at both Projects, we moved
quickly to launch the Company's largest ever geophysical campaign.
The magnetic and chargeability/resistivity anomalies now identified
demonstrate that the at-surface mapped porphyry zones appear to
extend and, in some instances, expand considerably at
depth.
"For both Pilot Mountain and
Garfield the number and scale of significant porphyry targets is
increasing materially, highlighting the potential for new
discoveries at both Projects. We are now finalising all planned
drill hole locations to test the new porphyry targets at Pilot
Mountain and at Garfield notice level permit
applications/amendments will be submitted shortly.
"Following the Company's recent
£2.15m strategic financing in the US, we have an extremely strong
working capital position with over £4m available, to enable a
significant investment in accelerated drilling of these potentially
very high impact targets."
FURTHER INFORMATION
Work completed as part of this campaign
included:
Garfield
·
High-resolution 3D IP surveys over both the
High-Grade and Power Line Zones.
·
Ground magnetics covering the recently staked
eastern extension zone.
Pilot Mountain
·
Ground magnetics to the east and south of the
Porphyry South Target, as well as over the Porphyry West
Target.
·
Following up on the success of the magnetic survey
over Porphyry West, a single north-south oriented IP line was
completed covering the Porphyry West Target.
Pilot Mountain Findings
Porphyry West
·
Significant magnetic high anomaly measuring
approximately 1 km x 1 km has been outlined at the Porphyry West
Target (underlying the Gunmetal & Garnet skarn-type
zones).
·
The anomaly remains open to the west and south and
considering there are no known magnetic minerals associated with
Gunmetal or Garnet, the findings are considered significant and
point to a potential covered porphyry target for further
exploration.
·
Based on recently completed field visit by the
Company's porphyry specialist, Dr. Carter, the magnetic high
anomaly outlines the footprint of a likely sub-cropping quartz
monzonite pluton (Fig. 1) where potassic style porphyry alteration
and mineralisation were identified at surface.
·
A single 2 km long IP line was completed across
Porphyry West which successfully identified chargeable and
resistive features suggestive of sub-cropping porphyry-style
mineralisation (Fig. 2). In addition, a very chargeable (>12 ms)
anomaly was located near the northern edge of the survey which
remains wide open to the north.
Porphyry South
·
A ground magnetic survey was extended east of
Porphyry South and the magnetic high anomaly now measures circa 1.2
km by 0.5 km and remains open to the west. This anomaly associated
with Porphyry South further delineates the mineralised quartz
monzonite porphyry intrusion confirmed by drill hole PM24-02 (Fig.
1).
·
Field mapping by Dr. Carter, combined with
analysis of hyperspectral ASTER remote sensing data, confirms that
at surface porphyry style alteration and mineralisation extend both
south and west of the Porphyry South magnetic high anomaly for at
least 500 m, increasing the known surface footprint of the target
to at least 1.5 km by 1.2 km. Newly staked claims fully cover this
extension (Fig. 1).
·
Geophysical findings integrated with the detailed
geology has confirmed numerous porphyry drill targets across Pilot
Mountain. Drill site locations have now been finalised and are
included in a notice permit amendment that will be submitted in the
coming days.
Garfield Findings
·
Previously completed magnetic surveys over the
High-Grade and Power-Line Zones identified 0.75 km x 0.75 km and
0.7 km x 0.5 km magnetic high anomalies believed to be associated
with buried porphyry intrusions at depth. These anomalies are
coincident with strong copper-mineralisation at surface.
·
3D inversions of the magnetic data show two large
deep seated intrusive/magnetic bodies. The anomalies at both the
High-Grade and Power Line Zones extend for at least 800 m
vertically and remain open below the depth of investigation of the
ground magnetic survey.
·
Follow up high-resolution 3D IP surveys
successfully identified several sub-cropping anomalies at the
margins of these intrusions, which correlate to copper-magnetite
skarn mineralisation at surface, at the contacts between
limestones and the granitic intrusions.
·
The Company is finalising planned drillhole
locations and will submit a notice level permit application to the
local Bureau of Land Management ("BLM") thereafter.
Media
Figure 1: Map of Pilot Mountain showing new ground magnetic
survey and Porphyry South and Porphyry West targets. IP survey
(dashed line) shown in Figure 2.
Figure 2: Pilot Mountain IP survey results. Section location
shown in Figure 1. Brief summary interpretations
annotated.
Figure 3: 3D view of Garfield, showing magnetic anomalies in
yellow, resitivive zones in blue and chargeable zones in green.
References
1https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-porphyry-target-confirmed/16448744
2https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-update-re-porphyry-potential/16457702
3https://www.londonstockexchange.com/news-article/GMET/garfield-inversions-confirm-porphyry-potential/16470264
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 Guardian 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.Guardianmetalresources.com
or contact the following:
Guardian 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
Jason Robertson
|
Tel: +44 20 7374 2212
|
|
|