REG - Golden Metal Rsrcs. - Garfield - Inversions Confirm Porphyry Potential

Golden Metal ResourcesAnnouncement

15/05/2024 07:00

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RNS Number : 4430O  Golden Metal Resources PLC  15 May 2024

15 May 2024

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Garfield Update - Inversions Confirm Porphyry Potential

Inversion Results Confirm Presence of Two Highly Prospective Buried Magnetic
Anomalies

Golden Metal Resources plc (LON: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").

This update covers the findings of the inversion modelling of the magnetic
geophysics survey data, undertaken by SJ Geophysics Ltd, which was expedited
following the identification of significant coincident magnetic geophysical
and geochemical anomalies constituting  potential porphyry targets at the
Project, further details in respect of which were released on 16 April 2024
and may be viewed in the link below:

https://www.londonstockexchange.com/news-article/GMET/garfield-significant-magnetic-geophysics-results/16424347
(https://www.londonstockexchange.com/news-article/GMET/garfield-significant-magnetic-geophysics-results/16424347)

Porphyry style mineral deposits host the world's largest sources of multiple
metals including copper and in respect of Garfield it is postulated that the
extensive mineralisation found at or near surface may be related to a buried
porphyry system(s). The two significant potential porphyry targets at
Garfield, at the Power-Line Zone ("PPL" target) and High-Grade Zone ("PS" and
"PN" coalescing targets) (Figure 1 and Figure 2), will be subject to further
planned work which will be detailed by the Company in a future announcement.

Oliver Friesen, CEO of Golden Metal, commented:

"The geophysical inversion results have identified two very exciting magnetic
anomalies at depth within the Project. Importantly, both of these anomalies
are coincident with strong copper anomalism (in rocks and soils) at surface
within both the High-Grade and Power-Line Zones. These anomalies join the
growing list of exciting porphyry and skarn targets which have been developed
and fully delineated as a result of methodical and diligent work by our
technical team uniquely positioning the Company as the hunt for new copper
discoveries in the western USA continues to heat up.

"The timing of this announcement coincides with my ongoing Nevada site visits
and I will be spending time at Garfield over the coming days to better
understand the surface expressions of these very exciting buried targets.

"We look forward to providing the market with further updates from Garfield,
including next steps, as soon as possible."

 

Inversion Highlights

§ Magnetic geophysics inversion results of the magnetic high anomalies within
the Power-Line and High-Grade Zones highlight two very significant buried
magnetic bodies at depth (orange shells in Figure 2 below).

 

§ At the High-Grade Zone, two discrete magnetic lobes apparent at surface,
coalesce into one large magnetic body which remains open at depth. The main
anomaly measures approximately 800m x 500m representing a very enticing target
for future exploration.

 

§ At the High-Grade Zone, the top of the PS and PN anomalies is located at
approximately 150m depth and at surface are coincident with a significant
copper-in-soil anomaly as well as rock samples with individual results up to
2.4% Cu, 27.2g/t Au and 29.9g/t Ag (sample 723310).

 

§ At the Power Line Zone, the top of the PPL anomaly is located at
approximately 200m depth and at surface is coincident with a significant
copper-in-soil anomaly as well as rock samples with individual results up to
2.6% Cu, 0.54g/t Au and 7g/t Ag (sample 102614).

 

Next Steps

§ The Company is currently finalising follow up exploration plans for
Garfield which will be announced in due course.

 

§ Golden Metal's CEO is currently in Nevada and will be visiting the Project
during the course of the week. Associated updates will be provided on the
Company's social media channels.

 

 

Figure 1:  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.

 

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.

 

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 QMR, 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
(http://www.goldenmetalresources.com) or contact the following:

 Golden Metal Resources plc                   Tel: +44 (0) 20 7583 8304

 Oliver Friesen (CEO)
 Cairn Financial Advisers LLP                 Tel: +44 20 7213 0880

 Nominated Adviser

 Sandy Jamieson/Jo Turner/Louise O'Driscoll
 First Equity Limited                         Tel: +44 20 7374 2212

 Broker

 Jonathan Brown/Jason Robertson

 

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 (3,904.1 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 km(2) (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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