FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Golden Metal Resources’ Kibby Basin Lithium Project Unearths Major Conductive Discovery

12 September 2023 11:26
Feature Image Mccullough Hills Sloan Canyon Nevada

Golden Metal Resources plc (LON:GMET) has revealed exciting developments at its Kibby Basin lithium project in Nevada, USA, with their technical team’s comprehensive historical data review culminating in the discovery of a significant 10 square kilometre conductive zone, marking a pivotal moment in the Company’s lithium exploration efforts.

KXYoWPaq2be1vGlD?auto=format%2Ccompress&fit=max&h=800&q=75&s=33ec016bd1b3fb22879a1f6ce33a29ee

Figure 1: Major Lithium Projects and Deposits within Nevada, USA.

A Promising Find in Kibby Basin

The identification of this conductive zone comes on the heels of an extensive historical data compilation review carried out by the Company’s technical team, with this review encompassing the Kibby North and Kibby South lithium brine properties, collectively known as the “Lithium Properties.”

This zone, characterised by low resistivity (less than 2 Ohm.m), holds the potential for significant lithium brine mineralisation, with approximately 3.1 square kilometres of this conductive zone falling within the Lithium Properties owned by Golden Metal Resources.

The Company’s conviction in the Project’s potential is reinforced by two drill holes conducted by Marquee Resources Ltd, a joint venture partner with Belmont Resources Inc.

These drill holes, completed outside of the Lithium Properties, demonstrated a direct correlation between the conductive anomaly and substantial lithium brine mineralisation. Several of the core assay samples even revealed lithium content exceeding 924 ppm lithium with thicknesses exceeding 450 metres.

Evidenced by Marquee’s drillhole KM22-02, located a mere 250 metres from Golden Metal’s Kibby South license boundary, unveiled lithium mineralisation averaging 558 ppm lithium over 169 metres from the aquifer’s top, with open lithium mineralisation continuing to 451 metres, averaging 379 ppm lithium from drill core assays.

These findings indicate the high likelihood of lithium brine continuity into Golden Metal’s Lithium Properties, sparking optimism and paving the way for expedited follow-up exploration.

Strategic Location and Infrastructure

The Kibby Basin Project is strategically situated less than 5 kilometres west of Golden Metal Resources’ Pilot Mountain Project, and located just 60 kilometres north of the prolific Clayton Valley Basin, home to the Silver Peak Lithium Mine operated by Albemarle Corp. Moreover, the Lithium Properties encompass 47 placer claims, totalling a combined 3.74 square kilometres (923 acres), granting rights to all lithium brine enrichment found within the claim boundaries.

AYymWB6uWpdBPU75?auto=format%2Ccompress&fit=max&h=800&q=75&s=02b207ae1d1a31e8b33ecf4f2503ed82

Figure 2: Location of the Lithium Properties relative to the targeted conductive anomaly (red). Cross-section line A-A’ shown at bottom of map which corresponds to Figure 3.

Access to the Lithium Properties is facilitated by a network of trails and roads, with a power line located less than 5 kilometres away. Additionally, these properties are within 30 kilometres (straight-line distance) of Mina, Nevada, accessible via well-maintained roads.

Nevada is an established premier lithium jurisdiction in its own right, predominantly hosting lithium in brines and clays, a factor that bodes well for Golden Metal Resources’ prospects.

Critical Minerals and Future Prospects

As the world’s focus on sustainability and clean energy intensifies, the demand for lithium, a key component in batteries for electric vehicles and renewable energy storage, is expected to soar.

Both tungsten and lithium are recognised as critical minerals on the United States Geological Survey’s Critical Minerals List, with this designation positioning Pilot Mountain and the Lithium Properties as strategically important exploration and development opportunities.

Golden Metal Resources CEO Oliver Friesen expressed his excitement about the Project’s potential.

“The results of the Review have proven the highly prospective nature of our recently acquired Lithium Properties,” he said.

“[We have identified] the presence of a large and sizeable conductor, known to be caused by significant lithium-brine mineralisation elsewhere in the survey area, located directly in the centre of our Kibby South licence.”

“We are extremely pleased with this outcome as it further demonstrates the quality of our technical team and their ability to identify significant opportunities. Also important is the speed at which the Company has been able to move to secure this opportunity for our shareholders.”

“As a Company we have been watching lithium with great interest, especially in Nevada where some of the largest deposits in the U.S. are found and with the 100% owned Lithium Properties now secured, as well as the Review results in hand, we can swiftly move to determine next steps in order to further advance this exciting acquisition.”

GMET’s London Stock Exchange-listed share price has risen 1.20 per cent today, currently selling at 10.12 pence (11:20 am UTC+ 8 hours).

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!

Share This