High-Grade Results Up to 4.27% Cu and Gold Grades up to 27.2g/t Au
Golden Metal Resources plc (LON:GMET OTCQB:GMTLF), a strategic mineral exploration and development company focused on Nevada, USA, is pleased to announce high-grade copper, silver and gold mineralisation from overlimit ALS Laboratory assay testing undertaken following the recently completed ground exploration at the Company’s 100% owned Garfield project located within the prolific Walker Lane Mineral Belt in Nevada, USA (“Garfield” or the “Project”).
Garfield is located within a north-south trending copper-gold porphyry/skarn belt which extends southward from Hawthorne. Porphyry deposits are characterised by lower grade but bulk tonnage deposits and are one of the worlds’ most important sources of copper, silver as well as gold. Given these porphyry deposits are typically large tonnage and lower grade these overlimit assays are particularly exciting as the samples were taken over a wide surface footprint which coincides and extends beyond the 1.8 km by 0.8 km ‘High-Grade Zone’ delineated by the Company’s previous soil sampling results 1. Golden Metal will therefore be moving swiftly to determine, announce and undertake the next exploration steps.
HIGHLIGHTS
- Golden Metal announced on 04 December 2023 the preliminary results from the Company’s recently completed ground exploration programme which confirmed that Garfield hosts significant large-scale skarn and porphyry type copper, silver and gold mineralisation.
- Several samples returned copper and gold results above the upper detection limit of the initial exploration analytical assay method employed (ALS method Au-TL43) and these ‘overlimit’ samples had to be reanalysed using higher-grade threshold assay methods (for ore grade copper method Cu-OG46, and for high-grade gold up to and in excess of 10g/t Au, methods Au-AA23 and Au-GRA21 respectively).
- The final overlimit analyses are now complete and constitute very promising results providing further evidence that, subject to further exploration work, Garfield could host a significant copper deposit.
- The overlimit results include 11 of the 32 samples collected returning greater than 1% calculated copper equivalent (“CuEq”) 2 as set out in Table 1 below, with highlight results of:
o 23.92% CuEq (2.37% Cu, 27.2g/t Au, 29.9g/t Ag);
o 4.70% CuEq (4.27% Cu, 0.40g/t Au, 11.95g/t Ag); and
o 3.47% CuEq (3.24% Cu, 0.16g/t Au, 10.8g/t Ag).
- The overlimit results have far exceeded the Company’s expectations with significant high-grade copper, gold and silver now delineated over a greater than 1.5km x 0.5km footprint at the High-Grade Zone.
- The Company has engaged Simon Griffiths, the same expert geochemist who evaluated the original soil geochemical dataset, to review these rock sample results. He will also assist the Company in determining the next optimal steps to continue pushing the Project forward.
A further announcement will made once the Company has decided on the most appropriate exploration programme to continue to advance the Company’s knowledge of the mineralisation at the Garfield Project.
Oliver Friesen, CEO of Golden Metal, commented:
“I have been involved with many exploration projects in my career, including many Cu-Au-Ag porphyry projects, and it is very rare to see one move up the potential value curve so quickly.
“My ultimate goal as CEO is to ensure that the projects in our portfolio become increasingly attractive with each incremental exploration dollar spent. To see an asset move up that curve as quickly as Garfield has is quite exceptional, and I look forward to sharing further information on this Project, including next steps, as soon as possible.”
Table 1: Final Assay Results
|
Sample ID |
Au (g/t) |
Ag (ppm) |
Cu (ppm) |
CuEq (ppm) * |
CuEq (%) > 1%* |
|
723304 |
0.03 |
3.87 |
3,550 |
4,153 |
|
|
723305 |
0.00 |
0.24 |
64 |
95 |
|
|
723306 |
0.20 |
3.96 |
8,590 |
10,492 |
1.05 |
|
723307 |
0.00 |
0.52 |
134 |
198 |
|
|
723308 |
0.00 |
0.13 |
18 |
45 |
|
|
723309 |
0.00 |
0.49 |
32 |
101 |
|
|
723310 |
27.20 |
29.90 |
23,700 |
239,241 |
23.92 |
|
723311 |
0.85 |
3.30 |
7,510 |
14,443 |
1.44 |
|
723312 |
0.03 |
0.64 |
443 |
737 |
|
|
723313 |
0.02 |
0.39 |
212 |
405 |
|
|
723314 |
0.00 |
0.19 |
54 |
96 |
|
|
723315 |
0.00 |
0.14 |
191 |
235 |
|
|
723316 |
0.15 |
3.29 |
6,980 |
8,460 |
|
|
723317 |
0.01 |
0.19 |
116 |
196 |
|
|
723318 |
1.09 |
37.10 |
3,370 |
15,354 |
1.54 |
|
723319 |
0.22 |
27.40 |
16,850 |
21,086 |
2.11 |
|
723320 |
0.01 |
0.78 |
297 |
448 |
|
|
723321 |
0.34 |
3.67 |
3,740 |
6,710 |
|
|
723322 |
0.40 |
11.95 |
42,700 |
46,974 |
4.70 |
|
723323 |
0.52 |
6.51 |
7,320 |
12,018 |
1.20 |
|
723324 |
0.25 |
8.64 |
7,600 |
10,337 |
1.03 |
|
723325 |
0.18 |
32.10 |
18,600 |
22,961 |
2.30 |
|
723326 |
0.16 |
10.80 |
32,400 |
34,650 |
3.47 |
|
723327 |
0.00 |
0.23 |
406 |
459 |
|
|
723328 |
0.00 |
0.99 |
641 |
765 |
|
|
723329 |
0.00 |
0.79 |
153 |
258 |
|
|
723330 |
0.11 |
29.80 |
19,650 |
23,249 |
2.32 |
|
723331 |
0.00 |
0.25 |
191 |
229 |
|
|
723332 |
0.00 |
0.13 |
93 |
113 |
|
|
723333 |
0.00 |
0.05 |
56 |
69 |
|
|
723334 |
0.01 |
0.06 |
84 |
175 |
|
|
723335 |
0.00 |
0.05 |
44 |
72 |
|
* See reference note 2, ppm = parts per million = 1g/t
MEDIA
Figure 1: Sample Number 723310. Fine-grained intermediate intrusive with stockwork quartz veining. Sample returned 2.37% Cu, 27.2g/t Au and 29.9g/t Ag (23.92% CuEq).
PROPERTY OWNERSHIP
Golden Metal holds a 100% interest in the Garfield Project through its wholly-owned Nevada operating company, Golden Metal Resources LLC. A 2% Net Smelter Return Royalty (“NSR Royalty”) Interest, of which 1% can be bought back at any time for US$1,000,000, is payable to Sunrise Resources plc (LON:SRES). The NSR Royalty covers the original Garfield Project claims as well as a 1 mile radius outside of those claims which covers roughly half of the current ‘High-Grade Zone’ footprint.
