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Alan Green covers Golden Metal Resources #GMET and VVV Resources #VVV on this week’s Stockbox Research Talks
Alan Green covers Golden Metal Resources #GMET and VVV Resources #VVV on this week’s Stockbox Research Talks
#GMET Golden Metal Resources – Publication of research note
Golden Metal Resources PLC (AIM:GMET), a mineral exploration company focused on tungsten, lithium, gold, copper and silver within Nevada, USA, announces that First Equity Limited has released a research note, commissioned by Golden Metal, on the Company. The research note is available to view at https://tdy.lol/gujyS: For further information visit www.goldenmetalresources.com or contact the following:
|
Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
|
Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
|
First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
The Projects:
Pilot Mountain Project
The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.
Kibby Basin Lithium Project
The Kibby Basin Project covers two claim packages which are prospective for lithium brine mineralisation. The southern claim package is less than 250m from a 2022 drillhole which returned a significant interval (169m) of lithium brine mineralisation which was determined to be open in all directions. The Project is less than 5km to the southeast of the Company’s flagship Pilot Mountain Project.
Golconda Summit Project
Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.
Stonewall Project
The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.
Golden Metal Resources #GMET – Tungsten Focused MoU and Key Appointment
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, lithium, gold, copper and silver within Nevada, USA, announces updates which relate to its 100% owned flagship Pilot Mountain Project (“Pilot Mountain” or the “Project”) located within the prolific Walker Lane Mineral Belt in Nevada, USA.
Memorandum of Understanding – Tungsten Critical Metal Pathway:
– The Company has signed a Memorandum of Understanding (MOU) with Oxford Sigma Limited (“Oxford Sigma”), a nuclear fusion technology company based in Oxfordshire, UK.
– As 100% owner of what is believed by the Company to be the largest undeveloped tungsten deposit in the USA, the Company has entered into a non-binding MOU with Oxford Sigma which outlines how the two parties will collaborate to explore and develop critical metal supply pathways for tungsten alloy and tungsten containing materials within the fusion industry.
– Fusion energy has the potential to be a near-limitless source of carbon-free energy for the future in which tungsten will likely be a key metal as it is a requirement for radiation shielding and plasma-facing materials.
– Over US$6.2billion (as of 2023) of private investments have been made worldwide, targeting the fusion industry as its development towards commercialisation continues at pace. However, without the development of suitable and politically friendly tungsten supply pathways, this important technology may face significant delays.
Pilot Mountain Technical Key Appointment:
– The Company has engaged Allan V. Moran, a highly respected modelling geologist with extensive previous working experience in the state of Nevada and western United States.
– Mr. Moran has been engaged specifically to model existing tungsten-copper-silver-zinc mineralisation found at the Company’s 100%-owned Pilot Mountain Project – with a specific focus on the Desert Scheelite Zone where the majority of the in-ground resource at Pilot Mountain is found.
– The goal of Mr. Moran’s work is to plan resource infill as well as step out (down-dip and along strike) drilling in advance of future exploration on the Project and with a specific focus on drill density required to complete future economic studies over the Project (e.g. PEA/PFS).
– In tandem, further analysis and drill planning is also in progress relating to the five new priority exploration targets as announced by the Company on 20 July 2023.1
Oliver Friesen, CEO of Golden Metal, commented:
“We are delighted to be working with Dr. Thomas Davis and the Oxford Sigma team who are highly respected in the fusion energy industry within the United Kingdom and abroad. 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 in order to help meet the future tungsten requirements within this extremely important developing technology.
“This MOU with Oxford Sigma in combination with the LOI off-take agreement recently signed with Global Tungsten & Powders signifies not only how critical our Pilot Mountain Project is, but more importantly, how imperative the establishment of a western world supply chain for tungsten is given the current global political landscape.
“While the above commercial milestones continue to make headlines, our work with Mr. Allan Moran will continue in the background and the analysis being undertaken represents a very important one as we look to continue pushing exploration and development forward across the four deposit areas at Pilot Mountain.”
Dr Thomas Davis, CTO of Oxford Sigma, commented:
“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. Most of the approaches to fusion that Oxford Sigma is supporting depend on large quantities (hundreds of tonnes) of raw tungsten for various applications (radiation shielding and plasma-facing components). 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.”
About Oxford Sigma
Oxford Sigma tackles energy security and climate change by accelerating the commercialisation of fusion energy. Oxford Sigma’s mission is to deliver materials technology, materials solutions, and fusion design services in order to accelerate the commercialisation of fusion energy. Oxford Sigma is internationally recognised as a key fusion materials and technological leader within the market. The company operates in the United States, United Kingdom, European Union, Canada, and Japan.
About Allan V. Moran
Mr. Moran, a geologist, has spent his 45-year plus career in mineral exploration, exploration management, and support of corporate acquisitions for both major and junior mining companies. Moreover, Mr. Moran specializes in geological evaluations of metal projects with a focus on 3D geological modelling (Leapfrog software), database evaluations, and geological inputs to resource estimation; from due diligence audits to feasibility studies; exploration properties to mining operations.
Mr. Moran has a B.Sc. in Geological Engineering from the Colorado School of Mines and is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists (AIPG).
References
1https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-further-targets-identified/16005627
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
|
Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
|
Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
|
First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
Golden Metal Resources #GMET – Claims Staked at Kibby Lithium Basin Project
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, is pleased to announce the Company has staked claims over a significant footprint within the Kibby Basin, where lithium brine discoveries were recently made.
The claims acquired sit very near to the Company’s 100% owned flagship Pilot Mountain Project (“Pilot Mountain”, “PM” or the “Project”), located within the prolific Walker Lake Mineral Belt in Nevada, USA.
Highlights:
– Nevada is a well-established lithium jurisdiction which hosts some of the United States and World’s largest lithium deposits including Thacker Pass and Silver Peak. Within the State, lithium is found predominantly within brines & clays (as opposed to pegmatites; see fig. 1).
– The criticality of the Company’s Nevada focussed portfolio has increased materially with the acquisition via claim staking of the Kibby North and Kibby South lithium brine Properties (collectively the “Lithium Properties”) located less than 1.5 and 3.5km from the Company’s Pilot Mountain Project (see fig. 2).
– Both tungsten and lithium are included in the latest United States Geological Survey’s Critical Minerals List, positioning Pilot Mountain and the Lithium Properties as a strategically important exploration and development opportunity.
Oliver Friesen, CEO of Golden Metal, commented:
“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. This has been evidenced with the announcement of five newly identified exploration targets as well as the signing of a LOI off-take agreement for tungsten concentrates with Global Tungsten & Powders LLC.
“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.
“We are looking forward to informing the market as to next exploration steps on our newly acquired Lithium Properties.”
Further Detailed Highlights:
– The Kibby Valley Basin (the “Basin”) covers a total area of 54km2 which is bound by the Pilot Mountains to the west. The Basin is located less than 60km north of the prolific Clayton Valley Basin which hosts the Silver Peak Lithium Mine, owned and operated by Albemarle Corp.
– The Lithium Properties cover a combined 923-acres for a total of 47 placer claims which cover the rights for any and all lithium brine enrichment found within the claim boundaries.
– Lithium brines are highly conductive (due to their high salt contents). A magnetotelluric (“MT”) geophysical survey was completed in 2021 over the entirety of the Kibby Valley Basin and a 34km2 significant conductive anomaly was identified. Subsequent drilling confirmed a c169m thick zone of lithium brine mineralisation in KB22-02 which was determined to be open in all directions.1 KM22-02 is located approximately 250m away from Kibby South (see fig. 2).
– The conductivity anomaly extends in a north-south direction and the Lithium Properties cover some of the strongest parts of the conductor which have never been drill tested to date.
– The Lithium Properties are transected by multiple trails and roads providing suitable access for future exploration. Other ideal infrastructure includes a power line located less than 5km away. The Lithium Properties, like Pilot Mountain, are less than 30km (straight-line distance) from the town of Mina, Nevada which is accessible by well maintained roads.
– Further technical details about the Lithium Properties acquired, as well as the areas which possess the potential for the discovery of additional lithium brine mineralisation, including detailed technical maps outlining the location of the major conductor within the Kibby Basin will be announced in a subsequent RNS.
Figure 1 – Major Lithium Projects and Deposits within Nevada, USA.
Figure 2 – Location of the Kibby Lithium Properties as well as the Company’s Pilot Mountain tungsten Project.
References
1https://belmontresources.com/belmont-resources-jv-partner-marquee-resources-intercepts-thick-lithium-bearing-sediments-at-kibby-basin-nevada/
Property Ownership
Golden Metal holds a 100% interest in the Pilot Mountain Project and the Lithium Properties through its wholly-owned Nevada-based operating companies BFM Resources Inc, Pilot Metals Inc, and Golden Metal Resources LLC.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Golden Metal Resources plc to provide technical support.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
|
Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
|
Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
|
First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
Alan Green discusses Golden Metal Resources #GMET on the Stockbox Research Talks
Alan Green discusses Golden Metal Resources #GMET on the Stockbox Research Talks
Golden Metal Resources #GMET – Total Voting Rights
In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that as at 30 June 2023 there were 85,000,255 ordinary shares of 1 pence each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 85,000,255.
The above figure of 85,000,255 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
For further information visit www.goldenmetalresources.com or contact the following:
|
Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
|
Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
|
First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
The Projects:
Pilot Mountain Project
The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.
Golconda Summit Project
Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.
Stonewall Project
The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.
Golden Metal Resources #GMET – US Funding Strategy
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, announces the Company’s strategy relating to funding opportunities that are available through the US Government. The Company intends to pursue this strategy with a particular focus on seeking non-dilutive government supported grant funding for its flagship 100% owned Pilot Mountain Project (“Pilot Mountain” or the “Project”).
Highlights:
– The Company considers that Pilot Mountain hosts the largest known undeveloped tungsten resource in the US.
– The US is currently without any domestic primary tungsten production with their largest import partner for the critical defense metal being China. Beginning January 2026, the US Department of Defense (DOD) is banning the use of mined tungsten from China, Russia, North Korea and Iran in defence procurement.1
– Golden Metal recently signed a tungsten concentrate off-take letter of intent with Global Tungsten & Powders LLC, a leading United States supplier of tungsten powders and semi-finished parts.
– As a result of the above, the Company believes it is in a strong position to seek out non-dilutive grant funding. If Golden Metal were to receive such funds, it would enable exploration and development at Pilot Mountain to be accelerated.
– Golden Metal is actively working with Mrs. Chang Turkmani, who on 5 June 2023 was officially engaged as Strategic United States Government Advisor, on how to shape its general strategy as it relates to further increasing the profile of Golden Metal Resources and Pilot Mountain within the US and abroad.2
Next Steps:
– Golden Metal has commenced the application process for a short list of relevant grant programmes identified by the Company’s management team, alongside Mrs. Turkmani, from the available Company-eligible funding opportunities.
– Some grants targeted by the Company are applied for by way of an unsolicited application process, meaning Golden Metal can neither disclose which grants have or will be applied for nor the expected timing of an award.
– Securing non-dilutive financial support for Pilot Mountain remains a priority of the Company, and all endeavours are being made in this respect to give Golden Metal the best chance of achieving this goal.
– As soon as it is possible to do so, Golden Metal will provide the market with updates as it relates to progress made towards securing non-dilutive grant funding, which would allow the Company to fast-track exploration and development at its flagship Pilot Mountain Project – with the ultimate goal of establishing Pilot Mountain as the only domestic US primary mined source of tungsten.
Oliver Friesen, CEO of Golden Metal, commented:
“While at this time we cannot disclose many details about our strategy as it relates to government funding opportunities, the recent appointment of Mrs. Turkmani should clearly signify to the market the endeavours we are making on this front.
“The time for the United States to reduce its reliance on other countries for their imports of critical and defence metals is now, and we at Golden Metal strongly believe that as 100% owners of what we consider is the largest undeveloped tungsten deposit located on US soil, we can be a part of this urgent process.
“Targeting non-dilutive funding is a critical focus of the Company. However, minimal updates will be given for the time being, as such disclosure may interfere with our ongoing endeavours in this regard. However, it is important for our investors to know that, while this key part of the business ticks away in the background, we will continue pushing forward exploration and development across the portfolio at pace.”
Notes and References
1https://www.jdsupra.com/legalnews/department-of-defense-expands-scope-of-8754647/
2https://www.londonstockexchange.com/news-article/GMET/appointment-of-strategic-advisor-issue-of-shares/15985547
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
|
Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
|
Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
|
First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
Golden Metal Resources #GMET – Pilot Mountain Project – Off-take Letter of Intent
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, is pleased to announce the signing of a Letter of Intent (“LOI”) with United States-based Global Tungsten & Powders LLC (“GTP”) of Towanda, Pennsylvania, in respect of a tungsten concentrate off-take agreement (“Off-take”) for Golden Metal’s wholly-owned Pilot Mountain Project (“Pilot Mountain” or the “Project”) located within the prolific Walker Lake Mineral Belt in Nevada, USA.
The non-binding LOI provides outline terms for a future off-take agreement, subject to successful technical and legal due diligence, and also to Golden Metal securing necessary funding to develop Pilot Mountain.
Highlights:
– LOI signed with leading United States supplier of tungsten powders and semi-finished parts outlining proposed terms to acquire a minimum of 50,000 metric MTU’s (metric ton unit) W03 contained in tungsten concentrates, which may be increased to 70,000 MTU’s by mutual agreement, subject to the successful development of the Project.
– The specific product outlined in the Off-take is for 65% WO3 tungsten concentrate. Pricing will be in US dollars and based on a discount to the European APT (ammonium Paratungstate) quote provided by Fast Markets (Formerly Metal Bulletin).1
– GTP and Golden Metal also intend to discuss and consider cooperation opportunities for the development of a Western World supply chain strategy which will align with recent policy announcements from the US Department of Defense and the US Defense Logistics Agency with regard to the building of strategic stockpiles of critical minerals, including tungsten products.
Oliver Friesen, CEO of Golden Metal, commented:
“Let me be the first to welcome our new partner Global Tungsten & Powders, which is a significant player in the global tungsten industry. The signing of this agreement represents a significant milestone and an encouraging step forward for our Pilot Mountain Project.
“The LOI not only outlines the proposed terms of a supply agreement for future tungsten concentrate sales to GTP from Pilot Mountain, but also the cooperation between our two companies in regard to the development of Western World critical metals supply chains – with particular reference to tungsten.
“Today’s announcement also further bolsters the Project’s overall profile and its attractiveness as a target for non-dilutive grant funding for exploration and development, something the Company is actively pursuing at present.”
About GTP
Global Tungsten & Powders (GTP) develops, manufactures and markets refractory metal powders such as tungsten, tungsten carbide, and cobalt. GTP is a leading Western supplier with production facilities in the United States, Finland, the Czech Republic, and Luxembourg
https://www.globaltungsten.com
Property Ownership
Golden Metal holds a 100% interest in the Pilot Mountain Project through its wholly-owned Nevada-based operating companies BFM Resources Inc and Pilot Metals Inc.
Reference Notes:
1: Tungsten concentrate pricing is generally structured at a discount to the tungsten APT price reflecting the value added via the upgrade to APT.
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
|
Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
|
Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
|
First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
The Projects:
Pilot Mountain Project
The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.
Golconda Summit Project
Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.
Stonewall Project
The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.
Golden Metal Resources #GMET – Pilot Mountain – Further Targets Identified
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, is pleased to announce a further update from the detailed interpretation and inversion modelling of the high-resolution induced polarisation (“IP”) geophysics survey completed over its 100% owned flagship Pilot Mountain Project (“Pilot Mountain” or the “Project”) located within the prolific Walker Lake Mineral Belt in Nevada, USA.
The initial results confirmed the presence of three significant exploration targets at Pilot Mountain which were summarised in a RNS published by the Company on 6 June 2023 and found below:
Further inversion modelling and detailed interpretation of all available geophysical, geological and geochemical datasets by a senior geophysicist from SJ Geophysics based in Vancouver, Canada, has identified two further high-priority exploration targets which are summarised below.
Highlights:
– Two additional significant undrilled exploration targets (Porphyry South & Good Hope West) have been successfully identified bringing the total high-priority target inventory at Pilot Mountain to five (1 – Desert Scheelite Parallel West, 2 – Porphyry Depths, 3 – Desert Scheelite East, 4 – Porphyry South, 5 – Good Hope West), see Figure 1.
– The Porphyry South target represents the most compelling porphyry deposit target identified to date at Pilot Mountain.
– The Company considers that Pilot Mountain hosts the largest known undeveloped tungsten resource in the USA (with the US currently without any domestic primary tungsten production), and the five targets now identified show potential for a significantly greater in-ground resource than currently known, marking a significant further uplift in Project potential.
– Any increase in potential mineralisation will further bolster the inherent value of the Project and its attractiveness as a target for non-dilutive grant funding for Project exploration and development, which the Company is actively pursuing at present.
Oliver Friesen, CEO of Golden Metal, commented:
“Hats off to our technical team who spent many days compiling and combining all available geological, geophysical and geochemical datasets, which has led to the identification of two other significant exploration targets at Pilot Mountain.
“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.
“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.”
Detailed Overview:
1) Porphyry South (Figures 1, 2 & 3)
o The Company has been in search of a porphyry system at Pilot Mountain which could represent the causative intrusion for the skarn-type mineralisation found across the Project. Associated porphyry deposits can often be much larger than their associated skarns and therefore are highly sought after and explored for.
o The 2023 IP geophysical results have successfully highlighted a significant geophysical target that appears to be of porphyry affinity. This is in addition to the porphyry intrusion that the Company considers may be present at the Porphyry Depths Zone (see Figure 1). The centre of the Porphyry South target is approximately 600m south of Desert Scheelite and 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 (see Figure 3). This anomaly is surrounded by a moderate chargeability anomaly which could represent a halo around the porphyry centre – an often common feature of porphyry deposits.
o Further evidence to support the presence of a porphyry centre is evidenced within a small ground magnetic survey, completed by Zonge International Geophysics in 2013, which covered the Porphyry South area and identified a very strong and concentric magnetic anomaly which is strongly coincident with the resistivity high feature. The Porphyry South target is considerable in size at approximately 500m x 500m (see figure 2).
o The Company is considering completing select magnetic geophysics survey lines over the previously identified Porphyry Depths Zone as to date, no magnetic data has been collected over the majority of the Project. Concentric magnetic highs can often be associated within intrusive rocks including porphyry deposits.
2) Good Hope West (Figure 1)
o The Good Hope Zone is located circa 1.4km north of Desert Scheelite and is defined by a relatively copper-rich area with abundant near-surface mineralisation that has only been sparsely drilled. One historical drillhole returned 26.6m of 1% Cu, 1.2% Zn and 0.21% W03 starting at surface.1
o Detailed review and interpretation of the 2023 IP geophysical results have led to the delineation of the Good Hope West zone which is defined by a moderate resistivity anomaly that fingers in from the west. By georeferencing historical drilling cross sections, it became evident that this resistivity anomaly is strongly coincident with a known Good Hope mineralised lode structure. This anomaly extends for around 600m to the southwest from Good Hope where it has never been drill tested.
Media
Figure 1 – Pilot Mountain Project overview map showing the location of existing known mineralised bodies (Desert Scheelite, Gunmetal, Garnet Mine, Goodhope) and the outline of the five newly delineated exploration targets including the two new targets (Porphyry South and Good Hope West).
Figure 2 (Porphyry South) – Historical digitised ground magnetic geophysics data (Zonge, 2013) showing location of magnetic high. See figure 3 for outline of resistivity anomaly which is coincident with magnetic high feature. Scale, legend and north arrow located bottom left of image.
Figure 3 (Porphyry South) – Resistivity depth slice at 400m below surface showing concentric resistivity high anomaly near the southern boundary of the survey area. Main Desert Scheelite Zone hosts 10.7Mt of 0.26% W03.
Property Ownership
Golden Metal holds a 100% interest in the Pilot Mountain Project through its wholly-owned Nevada-based operating companies BFM Resources Inc and Pilot Metals Inc.
Reference Notes:
1: Thor Mining PLC, regulatory news announcement, ‘Drilling Success at Pilot Mountain Tungsten Project, dated 12 October 2017
(https://wcsecure.weblink.com.au/LSE_news/2017/10/12/Thormining_13706685.pdf)
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Golden Metal Resources plc to provide technical support.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
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Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
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Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
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First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
Golden Metal Resources #GMET – The Mega Company Increase Shareholding to 4.41%
TR-1: Standard form for notification of major holdings. The Mega Company now holds 3,747,058 shares or 4.41% up from 3.49% previously
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: |
Golden Metal Resources PLC |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify)iii: |
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3. Details of person subject to the notification obligationiv |
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Name |
The Mega Company |
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City and country of registered office (if applicable) |
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4. Full name of shareholder(s) (if different from 3.)v |
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Name |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reachedvi: |
09/06/23 |
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6. Date on which issuer notified (DD/MM/YYYY): |
09/06/23 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuervii |
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Resulting situation on the date on which threshold was crossed or reached |
4.41% |
4.41% |
85,000,255 |
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Position of previous notification (if applicable) |
3.49% |
3.49% |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rightsix |
% of voting rights |
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Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
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GB00BPQY8R36 Ordinary Shares
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3,747,058 |
4.41% |
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SUBTOTAL 8. A |
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B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlementxii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii |
X |
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Full chain of controlled undertakings through which the voting rights and/or the |
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Namexv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional informationxvi |
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Place of completion |
Washington DC |
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Date of completion |
09/06/23 |