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Golden Metal Resources Uncover Nevada Copper

22 May 2023 15:59
Golden Pilot1

Hot off its £1.98m listing on the AIM just under two weeks ago, Golden Metal Resources has confirmed two new significant copper zones at its Garfield Project located on Nevada’s prolific Walker Lane Mineral Belt.

Copper in the Silverstate

The first of the copper anomalies is what is now named the “Power Line Zone”, which includes a 1,500-metre northeast-southwest trending copper-in-soil anomaly grading up to 851ppm copper and located to the west of the Garfield Project that has shown historical rock sampling grades up to 2.6% Cu and 0.536g/t Au.

Located 1km away from the Power Line Zone to the Projects south east is the “High-Grade Zone” copper-in-soil anomaly, which revealed soil samples up to 950ppm Cu and extends over a 1.5km by 0.8km area that showed historic rock samples up to 5.53% Cu.

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Figure 1: Map detailing the two new zones.

Identified by an extensive geochemical soil sampling program, both these large zones remain open in multiple directions within the Project’s current footprint and show soil samples coincident with historical rock sampling results indicating the significant potential of these newly defined mineralised systems.

The new zones line up with anomalies identified by a Hyperspectral Analysis of the Project completed two years ago, supporting the effectiveness of the survey to the point that the Company is now planning to review other anomalies uncovered by the survey that may be open for staking.

Alongside uncovering the two new zones, the soil sampling program also returned a soil sample assay of 0.83g/t gold from the outboard of the zones, with the Company earmarking this for follow-up as it is a very-high gold tenor for soil sampling within the district.

Widening Portfolio Perspective

The Company said that with these two new zones being identified, Garfield has so far exceeded its expectations and that while the Company’s 34.3kt contained tungsten metal Pilot Mountain Project remains its top priority, these results demonstrate the depth and quality of its overall portfolio.

“The original property acquired included only a small footprint covering the original Garfield showing. Fast forward to today, the Garfield Project has been expanded significantly from its original acquisition size and we have now identified two considerable copper zones,” Chief Executive Oliver Friesen said.

“The newly named ‘Power Line’ and ‘High-Grade’ zones are strongly coincident with the anomalies identified by the Hyperspectral Analysis completed previously, confirming the effectiveness of this exploration tool. We have obtained Hyperspectral Analysis results for the broader district and can now look at additional exploration targets based on the confirmation of the results outlined here.”

Golden Metal has stated it will update the market on news from Garfield when it becomes available, with the Company expecting to announce results from an induced polarisation survey at Pilot Mountain soon.

GMET’s London Stock Exchange-listed share price has risen 11.48 per cent today, currently selling at 8.50 pence (3:02 pm UTC+ 8 hours).

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