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Golden Metal Resources Add Lithium to Nevada Portfolio

7 July 2023 16:16
Exploration

Doubling down on the Silver State, Golden Metal Resources has added lithium to its Nevada-focused portfolio, having staked claims within the Kibby Valley Basin in Nevada’s prolific Walker Lake Mineral Belt where a number of significant lithium brine discoveries were recently made.

Gaining Lithium Ground

The newly claimed Kibby North and Kibby South lithium brine properties are located within the Kibby Valley Basin and are respectively located 1.5km and 3.5km away from the Company’s flagship Pilot Mountain Tungsten Project, for which they recently signed a Letter of Intent for up to 70,000 MTUs of future tungsten concentrate offtake.

GMET’s new holdings in the basin cover a combined 923 acres over 47 placer claims and cover some of the strongest parts of a 34-square-kilometre conductive anomaly identified in a magnetotelluric geophysical survey completed in 2021, with the drilling of this conductor showing a c169m thick zone of lithium brine mineralisation that was open in all directions.

This previous drill hole was located just 250m away from where Kibby South has been claimed but despite this, none of the strong areas on conduction within Kibby South or Kibby North have been drill tested.

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Figure 1: Location of the New Properties and Surrounding Projects.

On top of these highly compelling drill results, the Projects are also located in a prime region for lithium brine exploration, with the Kibby Valley Basin sitting just under 60 kilometres from the Clayton Valley Basin that hosts US lithium giant Albermarle’s Silver Peak Lithium Mine.

Looking Ahead

The new properties are primed for exploration, with a number of trails and roads transecting the properties providing suitable access for future exploration as well as being just 5km away from a power line and less than thirty from the town of Mina, providing great access to critical infrastructure.

The Company said that it is excited to kick off exploration and will provide further detail on the Project and its planned exploration in the coming weeks.

“Investors familiar with our work in Nevada, USA will have seen that progress has recently been made at our 100%-owned Pilot Mountain Project, especially as its tungsten exploration and development potential has grown significantly over the last few weeks,” Chief Executive Oliver Friesen said.

“The staking of the claims at the Lithium Properties, which are located only a few kilometres from Pilot Mountain, is a positive step for our Nevada business, especially as the footprint now within the Lithium Properties includes an area less than 250m from one drill hole, which encountered a 169m thick zone of lithium brine mineralisation that was determined to be open in all directions.”

GMET’s London Stock Exchange-listed share price is currently trading at 8.75 pounds (3:39 pm UTC+ 8 hours).

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