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
Figure 1 - Garfield Project showing the location of USGS mapped intrusive units which cross-cut both the High-Grade and Pamlico Au Zones. The uranium target recently identified is also shown in yellow and will be investigated during subsequent exploration campaigns.
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 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.
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Golconda Summit Project
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