Engineering Review-Significant Tempiute Potential
17 March 2025
Guardian Metal Resources plc
('Guardian Metal' or the 'Company')
Engineering Site Assessment Highlights Significant Tempiute Potential
Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), a strategic development and mineral exploration company focused in Nevada, USA, is pleased to announce that the Company's geological and engineering team have now completed a positive site assessment of the Tempiute Tungsten Project ("Tempiute" or the "Project"). Tempiute, also formerly known as the Emerson Tungsten Mine, is located in south-central Nevada less than 250 miles southeast of the Company's Pilot Mountain tungsten project.
The Company signed an option agreement to acquire 100% of Tempiute on 27 January 2025, the details and commercial terms which are covered in the below RNS:
Highlights:
§ Given the strength and size of the mineralising system observed, the significant permitting advantages associated with patented mining claims, and the existence of robust in-place usable infrastructure, Guardian Metal has designated Tempiute as a co-flagship asset and as such it will be advanced and derisked towards production in parallel with Pilot Mountain, Nevada.
§ The existing infrastructure, including but not limited to ore loading facilities, mill & concentrate buildings, foundations, load out bays, and water pipes & pumps, were evaluated and are considered usable for potential future operations.
§ A summary appraisal for 'internal planning and mortgage financing purposes' of the in-place infrastructure at Tempiute was completed in 2003 on behalf of the previous owners. This appraisal determined the infrastructure to have an indicated market value of US $17,890,000*. A detailed list of the in-place infrastructure evaluated by Guardian Metal's engineering team is further detailed below.
§ Multiple workstreams focused on advancing Tempiute are being initiated. Details of these will be disclosed to the market as soon it is appropriate.
§ Detailed grid sampling of the Project's tailings facility has been commissioned and will commence before the end of the month with a view to determine the suitability of the material for reprocessing.
*This appraisal is considered historical in nature but provides a useful reference point for the Company as it progresses Project exploration and development.
Oliver Friesen, CEO of Guardian Metal, commented:
"The results of our engineering site assessment covering Tempiute has further demonstrated the significance of this asset. With robust existing infrastructure in place, the location lying within patented mining claims, and a sizeable and well-endowed mineralising system, we believe this Project has the potential to be a game-changer for Guardian Metal.
"The ability to leverage existing infrastructure, including mill facilities and an operating 3,000 KW substation, provides a substantial advantage, reducing both capital costs and permitting/build out timelines. Our team is already executing multiple workstreams to rapidly advance the Project and we are confident in its ability to deliver value for our shareholders. We look forward to keeping our shareholders updated as we progress toward unlocking its full potential."
Further Infrastructure Details:
The significant in-place infrastructure that is currently located within the Tempiute Project that could be utilised for future development includes:
1. A large-scale clean metal mill building with concrete foundations, previously used for milling.
2. An adjoining high ceiling metal building, previously for flotation, cleaned for the potential installation of power, water, and control systems for flotation cells on the cement plinths.
3. Course ore loading wall and infrastructure with concrete work for the potential re-installing of conveyors to load ore into the mill building.
4. A 3,000 Kilowatt electric substation, currently working and energised, which provides power to the nearby town of Rachel, Nevada.
5. A mine office building that can be re-established.
6. Roads that are well maintained and in good condition for access to the site along the 8,200 feet (2,500m) of the strike of the known deposit.
7. A water pipeline from the valley reported to connect to the mine.
8. Two water wells that were the original water source for operations in the 1980's, on nearby property.
Further Geological Details:
Recent data compilation and site visits by the Company have confirmed the scale and strength of the Tempiute Tungsten mineralising system. The deposit has been mined for 60 years with reported 200,000 feet (60,000m) of underground workings which span 1,200 feet (360m vertically).
In addition to the skarn type mineralisation that has been mined, mineralised breccia pipe and intrusive copper porphyry type systems will be subject to exploration by the Company.
Given the scale of the mineralising system and the ready infrastructure on site, the modest establishment of near surface open-pittable resources will be one of the key focusses going forward. Potential co-products of copper, zinc, silver as well as gallium and germanium are also all being investigated. The potential for these co-products was being worked on in the 1980's when the mine closed at a time of low tungsten prices.
The intrusion that is the cause of the tungsten mineralisation may have potential for classic porphyry copper mineralisation. Heavy fracturing and copper mineralisation was observed by the Company during the site visit and porphyry potential is referenced in multiple historical reports but was ultimately not systematically assessed. An evaluation of the porphyry potential with a deposit type specialist is in progress, with site visits to be conducted in short order.
Summary:
Guardian Metal remains committed to its mission of leading the revival of domestic tungsten production in the United States. With secure sources of critical minerals now a national priority, we are proud to hold what we believe to be the largest tungsten resource in the country at our Pilot Mountain Project in Nevada. In addition, we are advancing efforts to restore production at Tempiute, Nevada-historically one of the largest and longest-producing tungsten sources in the United States, as China the world's leading tungsten producer, imposes export restrictions and tariffs, market conditions are tightening. We see the Pilot Mountain and Tempiute projects progressing in tandem to help achieve our mission as quickly as possible.
Media
Figure 1: Nevada location map showing position of the Company's 100% owned Pilot Mountain Project and Tempiute.
Figure 2: Company engineering team standing near the mill building which is included in the 88,400 square feet of gross building area across the Project.
Figure 3: 3,000 Kilowatt electric substation located onsite which provides power to the nearby town of Rachel, Nevada.
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). The Directors of the Company are responsible for the contents of this announcement.
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 |
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