Just over a month after the explorer’s £1.98m entrance to the AIM, Golden Metal Resources continue to validate the faith of investors in its Nevada portfolio having delivered two new significant undrilled exploration targets at its flagship Pilot Mountain tungsten metal project in the silver state’s prolific Walker Lake Mineral Belt.
Taking Aim at Tungsten
The two new targets, Prophyry South and Good Hope West were identified by an IP geophysics survey undertaken over the Project earlier this year and bring the explorer’s total high-priority target inventory at Pilot Mountain to five, with the explorer noting that Porphyry South represents the most compelling porphyry deposit target identified at the Project to date.
Figure 1: Pilot Mountain Project overview map showing the location of existing known mineralised bodies
Porphyry South is defined by a resistivity high which starts at around 250m depth and extends towards the depth limit of the survey at 500m depth where it remains open, with the target being just over 600 metres to the south of the Desert Scheelite prospect which hosts an individual resource of 10.7Mt @ 0.26% WO3.
Good Hope West meanwhile is defined by a moderate resistivity anomaly that extends for 600 metres and is highly coincident with a known mineralised lode structure at the Good Hope Zone, which is a relatively copper-rich area with abundant near-surface mineralisation that returned a drill hole assay of 26.6m of 1% Cu, 1.2% Zn and 0.21% W03 starting at surface.
GMET is now considering follow-up exploration activity for all five targets as it looks to deliver an upgrade to the Project’s current 12.53Mt @ 0.27% tungsten resource, with the new targets demonstrating the potential for a significant resource uplift and reinforcing the explorer’s belief that the Project hosts the largest undeveloped tungsten resource in the US.
The Company said it is now actively working to secure non-dilutive grant funding for the exploration and development of the Project and that any increase in potential mineralisation will further bolster the inherent value of the Project and its attractiveness as a target for funding.
“While the criticality of the in-situ tungsten mineralisation at Pilot Mountain cannot be understated given the current geopolitical climate, it is the exploration upside that we continue to delineate which has us equally as excited,” Chief Executive Oliver Friesen said.
“With this strong inventory of five exploration targets now in hand, combined with the 12.53Mt of resources already established at Pilot Mountain, we are eager to move this Project along to the next stage. We look forward to updating the market with our planned operational and commercial next steps in short order.”
GMET’s London Stock Exchange-listed share price has risen 1.45 per cent today, currently selling at 8.75 pence (4:21 pm UTC+ 8 hours).