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Golden Metal Resource Get Golden Golconda Targets

1 June 2023 10:17

Hot on the heels of its £1.98m listing earlier this month, Aim-listed explorer Golden Metal Resources has identified Carlin-type gold targets through a rock sampling program at its Golconda Summit Gold Project within Nevada’s prolific Walker Lane Mineral Belt.

Taking Aim at Golden Targets

The rock sampling program collected a total of 52 samples from across the Project and returned significant results for arsenic anomalism, which is the main alteration element associated with Carlin-type gold systems, with several samples returning grades over 250ppm As and six returning over 500ppm As which is the upper limit for the method used.

Exploration also hit the easterly dipping Golconda Thrust Fault, with rock samples collected alongside a detailed mapping program, with samples collected from across the fault returning six samples above 250ppm As and two over 500ppm, leading the Company to name this area the “thrust zone” as it demonstrates the strong Carlin-type arsenic anomalism across this regionally important structural feature.

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Figure 1: Golconda Summit Property Map

The program also saw two samples over 500 ppm As returned from the “trench zone”, so-called for the historical trenches nearby which showed historical channel samples results of 7.6m @ 19.7g/t gold (Au) and 15.2m @ 7.1g/t Au.

Feeding Gold Hunger

These results from both the Trench and Thrust zones lead the Company to believe that Golconda hosts a ‘feeder zone’ which would allow for the Carlin-type gold mineralisation to be mobile from the lower plate rocks below the Project to the upper plate rocks found at the surface.

GMET has now earmarked Trench and Thrust as priority targets for ongoing exploration, with the Company eager to uncover the Project’s potential for gold as it sits on the same host rocks as the nearby multi-million-ounce Turquoise Ridge, Lone Tree Complex, and Marigold Gold Mines.

The host rocks have also shown potential for Carlin-type mineralisation, with the Chimeny Creek Mine also sitting within the same host rocks.

Looking Forward

The Company said with this newly acquired data, it is now working with its in-State geological team to further refine its drill targets at Golconda.

“Carlin-type gold systems represent globally important mineral deposits that are found almost exclusively within northern Nevada. Because of this, when we set out to build Golden Metal it was paramount to have an exciting Carlin-type gold opportunity within the portfolio, therefore allowing UK investors to get exposure to these very important gold systems,” Chief Executive Oliver Friesen said.

“The results presented today give further support that a significant Carlin-type gold system may be present within the Project. With this important data now in hand we continue to work with our in-country geologist to develop and refine drill targets at Golconda.”

“We look forward to providing further updates from Golconda in due course, as well as at our flagship Pilot Mountain Project where multiple technical and commercial workstreams are moving forward in tandem.”

GMET’s London Stock Exchange-listed share price is currently trading at 7.75 pence (11:56 am UTC+ 8 hours).

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