22 April 2024
Golden Metal Resources
plc
('Golden Metal' or the
'Company')
Pilot Mountain Update -
Drilling Permits Received
Golden Metal Resources plc
(LON:GMET, OTCQB:GMTLF), a strategic
development and mineral exploration company focused on Nevada, USA,
is pleased to announce an update in regard to its 100% owned
flagship Pilot Mountain project ("Pilot Mountain" or the "Project")
located within the prolific Walker Lake Mineral Belt in Nevada,
USA.
HIGHLIGHTS
§ Golden Metal has received
Pilot Mountain drilling permits from the local Bureau of Land
Management (BLM) field office.
§ A total of 40 individual
drill sites were permitted, including 2 at Good Hope, 4 at Desert
Scheelite Parallel West and 1 at Porphyry South, with the remaining
33 being located at or proximal to the main Desert Scheelite zone.
Further drilling sites can quickly and easily be permitted as
drilling progresses.
§ The Company is finalising
preparations for the upcoming programme and has hired all required
support staff to undertake the campaign - including several
individuals who were involved with previous drilling campaigns on
the Project in 2017 & 2018.
§ This includes Richard Bradey,
who was the previous Project Manager from 2015 - 2019. Richard
brings extensive experience and working knowledge on the
Project.
§ Golden Metal's CEO, Oliver
Friesen, will be travelling to Nevada to help lead the drilling
campaign at Pilot Mountain and will also be visiting the Company's
Garfield project during that visit and attending various meetings
in Reno.
§ A minimum of 2,000m will be
drilled during the upcoming campaign, which may at any time be
expanded at the Company's discretion.
§ Barring any unforeseen
circumstances, the expected commencement date is 11 May and this
will lead the Company into a news rich period while it tests
multiple existing targets at its flagship
Project.
Oliver Friesen, CEO of Golden Metal,
commented:
"A
huge thanks to everyone on the team for all of the hard work that
has gone into finalising preparations for this exciting drilling
campaign. So much existing knowledge is held by those who have been
involved with the Project previously, and we are thrilled that so
many were interested in getting involved again as we look to
rapidly grow and advance the Project given the USA's very pressing
need for a domestic source of tungsten. We believe the importance
and criticality of this Project is nearing all-time highs, and with
this drilling programme we aim to both increase in-ground resources
and collect import data which will be required in order for us to
complete the Project's first economic study, further details of
which we will announce in due course. I am very much looking
forward to an exciting and news-rich spring and summer for Golden
Metal."
PROPERTY OWNERSHIP
Golden Metal holds a 100% interest
in the Pilot Mountain Project through its wholly-owned Nevada-based
holding companies BFM Resources Inc and Pilot Metals
Inc.
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.