Garfield - Inversions Confirm Porphyry Potential
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:
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 or contact the following:
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Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
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Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O'Driscoll |
Tel: +44 20 7213 0880 |
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First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
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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 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.
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