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Golden Metal Resources Announces Tungsten Focused MoU and Key Appointment

25 July 2023 12:50

In a momentous move to accelerate fusion energy development, Golden Metal Resources plc (LON:GMET) has entered into a Memorandum of Understanding (MoU) with Oxford Sigma Limited, a renowned nuclear fusion technology company based in Oxfordshire, UK.

Powering the Fusion Industry

As the 100% owner of what is believed to be the largest undeveloped tungsten deposit in the USA, Golden Metal Resources intends to collaborate with Oxford Sigma to explore and develop critical metal supply pathways for tungsten alloy and tungsten-containing materials within the fusion industry.

Fusion energy holds the potential to be a nearly limitless source of carbon-free energy for the future, making it a promising solution in the fight against climate change, with tungsten playing a vital role as it is a requirement for radiation shielding and plasma-facing materials.

The fusion industry has attracted over US$6 billion in investments as of 2023, indicating significant interest in its development towards commercialisation. However, the lack of suitable and politically friendly tungsten supply pathways could impede its progress.

In light of this, Golden Metal’s collaboration with Oxford Sigma becomes even more crucial, as it aims to facilitate the establishment of a sustainable tungsten supply chain between friendly nations. This partnership, combined with the Letter of Intent off-take agreement recently signed with Global Tungsten & Powders, underscores the criticality of Golden Metal’s Pilot Mountain Project in shaping the future of tungsten supply for fusion energy.

Pilot Mountain Technical Key Appointment

Alongside securing the MoU, the Company has also engaged highly esteemed modelling geologist Allan V. Moran to bolster its exploration efforts by bringing his extensive experience in Nevada and the western United States to task on the explorer’s portfolio in the Silver State.

Mr Moran’s primary responsibility is to model the existing tungsten-copper-silver-zinc mineralisation found at the Company’s 100%-owned Pilot Mountain Project, with a particular focus on the Desert Scheelite Zone, which hosts the majority of the in-ground resource at Pilot Mountain.

Through his work, Mr Moran will be planning resource infill and step-out drilling, focusing on down-dip and along-strike exploration. These efforts will pave the way for future economic studies of the Project, such as Preliminary Economic Assessments and Pre-Feasibility Studies.

Forward Plans

In addition to Mr Moran’s contributions, the Company is actively analysing and planning further drilling for five new priority exploration targets recently announced on 20 July 2023.

Dr. Thomas Davis, CTO of Oxford Sigma, conveyed the Company’s excitement in partnering with Golden Metal Resources stating “Commercial fusion power stations are on the path to become the ultimate terrestrial energy source. We are excited to partner with Golden Metal Resources Plc to connect the fusion community with the strategic raw tungsten supply necessary to make fusion work.”

“By collaborating with Golden Metal Resources, Oxford Sigma is on the path to establishing a sustainable tungsten supply for the world’s growing fusion industry.”

Oliver Friesen, CEO of Golden Metal Resources, also expressed enthusiasm for the collaboration, commenting, “It is likely that large amounts of tungsten will be required within the fusion energy industry, and in conjunction with Oxford Sigma, we intend to work collaboratively in order to develop critical metal supply pathways between friendly countries to help meet the future tungsten requirements within this extremely important developing technology.”

GMET’s London Stock Exchange-listed share price is currently selling at 8.79 Great British Pence (12:06 pm UTC+ 8 hours).

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