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ECR Minerals #ECR – Half-year Report
UNAUDITED HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2023 AND UPDATE
LONDON: 30 JUNE 2023 – ECR Minerals plc, the gold exploration and development company, is pleased to announce unaudited interim results for the six months ended 31 March 2023, along with a review of significant developments during and post period.
HIGHLIGHTS
- Although somewhat depressed during the final quarter of 2022, the gold price recovered strongly to within three US cents of the $1800 benchmark at the end of Q1 2023. The strong market enjoyed by producers didn’t result in a read across to junior explorers, and along with its peer group companies, the ECR board has worked hard to conserve cash and husband resources amid challenging markets.
- ECR’s initial exploration campaign at Lolworth in Queensland exceeded expectations. The 2022 sampling campaign returned multiple gold anomalies and occurrences of visible gold in samples (14% visible gold strike rate) plus significant levels of Tantalum and Niobium. Post period end, Technical Director Adam Jones and the field team were back on the ground at Lolworth, and with the recent discovery of key Rare Earth Elements from last year’s sampling, the mineralisation at Lolworth is becoming ever more interesting and diverse. The Board are now of the view that Lolworth could potentially host significant Gold, Niobium, Tantalum and rare earth element accumulations.
- During the period under review, ECR was granted two new tenements at Bailieston (EL006911 and EL006912), bringing the total land package across all three tenements (EL5433, EL006911, EL006912) up to 179 square kilometres. The culmination of the extended drilling campaign there did however deliver a disappointing overall outcome. The Board were keen to see results from a drilling programme at the Blue Moon project (sited within Bailieston license area EL5433), which was designed to test for mineralised continuity of the gold bearing structure. Post period end, the drilling programme was completed, but it was established that both the width and strike of the predicted anomaly was narrower than at first thought. As a result, the rig and team were moved to Creswick.
Following a trip to ECR’s Creswick project earlier in 2022, the Directors decided to re-assay selected diamond drill core from the Creswick diamond drilling programme completed in 2021. Results included 0.7m @ 47.75 g/t Au from 147m in hole CSD001 and 1.1m @ 6.13 g/t Au from 98m in hole CJD002 (see announcement dated 19 October 2022). The duplicate samples demonstrated the high variability of coarse gold present at Creswick across licences EL006907, EL006184 and new licence area EL006713. Subsequently, a campaign was planned around and adjacent to the 2019 RC drilling campaign. Further soil geochemistry work identified a potential new parallel gold system within the Dimocks Main Shale (DMS). Along with new prospects Davey Road and Blue Gum South, there were strong indications that gold mineralisation originated from the North end of a line of historical gold workings. Work was also undertaken with over 600 soil samples from the new Mills Reef system.
- In October 2022, ECR announced the conditional acquisition of Placer Gold Pty Limited (Placer), the beneficial holder of three granted mining tenements (EPM 27518, EPM 25855 and EPM 19437) known as the Hurricane Project and located west of Cairns in the Hodgkinson Province, NE Queensland. Hurricane was previously the subject of field work and surface sampling with undrilled gold and antimony discoveries. The Board believes the extent of the mineralisation warrants drilling for potential resources. As set out in the announcement dated 27 October 2022, ECR will pay a A$200,000 (approximately £144k) option fee to be satisfied by a contribution to costs, the implementation of a work program over the assets and a balancing cash payment to the shareholders of Placer. Once the option fee has been fully satisfied ECR can then exercise the option at any time prior to 30 September 2023.
- During the period under review, ECR increased its shareholding in Cordillera Tiger Gold Resources, Inc (“Cordillera”), owner of Exploration License EP-006 at the Danglay gold project in the north of the Philippines, from 70% to 90%. The increase was due to the conversation of an intercompany loan of 28,354,525 pesos (approx. £420,800) owed by Cordillera to ECR in relation to certain fees and explorations expenses. The loan was satisfied by the issue of 6,666,667 new ordinary shares to ECR, following which ECR now holds 8,999,996 Ordinary Shares in Cordillera representing 90% of its issued share capital.
- In February 2023, ECR completed the sale of its Bailieston property at 127 Nagambie-Rushworth Road for a sale price of A$670,000. The funds have been deployed into ECR’s ongoing 2023 exploration programme.
- During the period under review, the purchase of ECR’s second drill rig was completed (see announcement dated 11 October 2022). Following a review of the Company’s likely requirements for this rig in 2023 and 2024, the Company is reviewing options to monetise the value of the rig.
- Group comprehensive expenses of £684,492 are reported for the six months ended 31 March 2023 (H1 2022: £324,333) and net assets of £6,081,330 at 31 March 2023 (H1 2022: £7,536,210).
- Despite some lingering effects from the COVID-19 pandemic, felt primarily through extended delays in receiving lab assay results, the Board is very excited by the multiple near term opportunities across the asset portfolio.
FINANCIAL RESULTS
ECR reports a pre tax loss for the six months ended 31 March 2023 of £724,566 (H1 2022: loss of £552,202).
The Group’s total assets were £6,177,800 at 31 March 2023 (H1 2022: £7,674,007). The decrease in total assets has occurred largely due to the impairment of Danglay Gold project.
Cash and cash equivalents at 31 March 2023 was £319k (H1 2022: £1,204,289)
REVIEW OF PRINCIPAL DEVELOPMENTS DURING THE PERIOD AND SUBSEQUENTLY
Led by our CEO Andrew Haythorpe. ECR has taken some key steps during the period in question, despite continued challenging market conditions for junior explorers. Your Board remains focussed on working to improve the efficiency of our exploration efforts and subsequent target delineation, and on a more general level the efficient management of all our assets and careful husbanding of cash resources.
Victoria
At Bailieston the Company was granted two new tenements (EL006911 and EL006912), bringing the total land package across all three tenements (EL5433, EL006911, EL006912) up to 179 square kilometres. The culmination of the extended drilling campaign there did however deliver a disappointing overall outcome. The Board were keen to see results from a drilling programme at the Blue Moon project (sited within Bailieston license area EL5433), which was designed to test for mineralised continuity of the gold bearing structure. Post period end, the drilling programme was completed, but it was established that both the width and strike of the predicted anomaly was narrower than at first thought. As a result, the rig and team were moved to Creswick.
Following a trip to ECR’s Creswick project earlier in 2022, CEO Andrew Haythorpe and Technical Director Adam Jones decided to re-assay selected diamond drill core from the Creswick diamond drilling program completed in 2021. Results included 0.7m @ 47.75 g/t Au from 147m in hole CSD001 and 1.1m @ 6.13 g/t Au from 98m in hole CJD002 (see announcement dated 19 October 2022 for the full details of these results). The duplicate samples proved the high variability of coarse gold present at Creswick across licences EL006907, EL006184 and new license area EL006713. Subsequently, a campaign was designed to drill at least 10 short holes into the DMS Slades Reef around and adjacent to the 2019 RC drilling campaign. Further soil geochemistry work was undertaken, which among other things identified a potential new parallel gold system within the Dimocks Main Shale (DMS). Along with new prospects identified at Davey Road and at Blue Gum South, there were strong indications that gold mineralisation originated from the North end of a line of historical gold workings. Work was also undertaken at new tenement EL006713, which yielded over 600 soil samples from the new Mills Reef system.
In February 2023, ECR completed the sale of its Bailieston property at 127 Nagambie-Rushworth Road for a sale price of A$670,000. The funds have been deployed into ECR’s ongoing 2023 exploration programme.
Queensland
The Company’s Lolworth campaign exceeded expectations across all metrics. The 2022 sampling campaign returned multiple gold anomalies and occurrences of visible gold in samples (14% visible gold strike rate) plus significant levels of Tantalum and Niobium. Post period end, Technical Director Adam Jones and the field team are back on the ground at Lolworth, and with the recent discovery of key Rare Earth Elements (“REE”) from last year’s sampling, the mineralisation at Lolworth is becoming ever more valuable and diverse. The Board are now of the view that Lolworth could be host to significant Gold, Niobium, Tantalum and REE discoveries.
On 27 October 2022, ECR announced the conditional acquisition of Placer Gold Pty Limited (Placer), the beneficial holder of three granted mining tenements (EPM 27518, EPM 25855 and EPM 19437) known as the Hurricane Project and located west of Cairns in the Hodgkinson Province, NE Queensland. Hurricane was previously the subject of intensive field work and sampling and is considered to be a late-stage exploration project with three tenements all highly prospective for gold and antimony. While Hurricane doesn’t currently have a recognised JORC compliant resource estimate, the Board believes the physical extent of the identified mineralisation coupled with rock chip sampling results supports additional exploration and study work. To secure the option ECR will pay a A$200,000 (approximately £144k) option fee to be satisfied by a contribution to costs, the implementation of a work programme over the assets and a balancing cash payment to the shareholders of Placer. Once the option fee has been fully satisfied ECR can then exercise the option at any time prior to 30 September 2023. Further updates on this, and any decision on the exercise of the option, will be provided in due course as appropriate.
Philippines
ECR increased its shareholding in Cordillera Tiger Gold Resources, Inc (“Cordillera”), owner of Exploration License EP-006 at the Danglay gold project in the north of the Philippines, from 70% to 90%. The increase was due to the conversation of an intercompany loan of 28,354,525 pesos (approx. £420,800) owed by Cordillera to ECR in relation to certain fees and explorations expenses. The loan was satisfied by the issue of 6,666,667 new ordinary shares in Cordillera, following which ECR now holds 8,999,996 Ordinary Shares in Cordillera representing 90% of its issued share capital.
Outlook
Along with many of its peer group junior explorers, the ECR board has worked hard to conserve cash and husband resources amid challenging markets. Whilst working capital remains constrained, the board are progressing with a number of initiatives to supplement the cash position of the Company – including through the proposed disposal of non-key assets and monetisation of the Company’s drill rigs through potential leasing arrangements. In addition, as results from exploration and drilling work continue to come in across our projects in Victoria and Queensland, the Board and exploration team are working hard to improve efficiencies both in the field and on a general operational and logistical basis. Post period end the results from Victoria have been generally inconsistent, and while some great unexplored potential still exists at both Creswick and Bailieston (and Tambo), in the interests of finding the best possible value for money from the Company’s assets, the Board have decided to focus resource on our Queensland assets in the near term. Sampling results from Lolworth have exceeded expectations on every metric to date, so working smarter and harder we will prioritise efforts there in the near term. The Directors believe that the Hurricane project too offers exceptional potential, and with the Blue Mountain project acquisition announced just post period end, also in Queensland, ECR intends to maximise efficiencies and set up a Queensland operational hub to ensure funds are deployed across all three projects as quickly and efficiently as possible.
In summary, the Board have every expectation of delivering a Company changing discovery during the 2023 exploration campaign, and we look forward to sharing developments with you as the story unfolds.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals plc |
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Tel: +44 (0) 20 7929 1010 |
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David Tang, Non-Executive Chairman Andrew Haythorpe, CEO |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
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Tel: +44 (0) 207 220 1666 |
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Nominated Adviser Katy Mitchell / Andrew de Andrade |
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SI Capital Ltd |
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Tel: +44 (0) 1483 413500 |
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Broker |
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Nick Emerson |
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Novum Securities Limited |
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Tel: +44 (0) 20 7399 9425 |
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Broker Jon Belliss |
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Brand Communications |
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Tel: +44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green |
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Power Metal Resources #POW – Interim Results
Power Metal Resources plc, the AIM listed metals exploration and development company, announces its unaudited interim results for the six month period ended 31 March 2023 (the “period”).
Sean Wade, Chief Executive Officer of Power Metal commented: “The key to unlocking value is to complete planned portfolio disposals, secure operational partnerships over certain exploration interests, drive our uranium interests forward, and ensure the Company has access to quality sources of finance in sufficient quantity to enable it to boldly pursue its ambitions.
“We are making progress across all these areas and whilst the completion of the Golden Metal Resources IPO and £2.7m financing, both in May 2023, are perhaps the notable events for investors recently, we hope to announce many more corporate and exploration events in the coming weeks and months.
“I would like to thank shareholders for their continued support as we progress through what we believe will be a vibrant and exciting period in the Company’s history.”
KEY DEVELOPMENTS IN THE HALF YEAR TO 31 MARCH 2023
– Completion of exploration programmes across three projects, including drilling at Molopo Farms in Botswana and the Victoria Goldfields in Australia, as well as geophysics and trenching at the Tati project in Botswana. All three have delivered positive exploration results, justifying a decision to proceed to next stage exploration with potential partners showing interest in all three projects.
– Material progress achieved in corporate activities, including pre-IPO preparations for Golden Metal Resources PLC, First Development Resources PLC and Uranium Energy Exploration Ltd.
– Broad spectrum advancement of the Company’s Athabasca Basin uranium portfolio, including additional ground acquisitions through staking, and the management of third-party interest in the uranium portfolio.
– Completion of the conditional acquisition of a larger stake in the Molopo Farms Complex project; the conditional disposal of the Company’s interests in the E-12 property in the Athabasca Basin to Uranium Energy Exploration, and the completion of the disposal of the Company’s interest in the Kanye Resources joint venture (“JV”), to partner Kavango Resources PLC (LON:KAV) for shares, warrants, royalty and long term compensation potential.
– Management changes including the appointment of Owain Morton as Non-Executive Director and Sean Wade as Chief Executive Officer. Together the appointments bring detailed geological, mine engineering and corporate finance skills to the Board and provide Power Metal with an extensive financing network for the Company and its planned spin-out IPO activity.
KEY DEVELOPMENTS SINCE 31 MARCH 2023
– Listing of Golden Metal Resources PLC on the London Stock Exchange in May 2023, with a value of Power Metal’s holding on listing of c £4.4m;
– Appointment of Bill Brodie Good as a Non-Executive Director in May 2023; and
– Financing which has raised £2.7m for the Company to support an acceleration of value generative exploration and corporate activity.
POWER METAL INTERESTS AT TODAY’S DATE
The latest updated review of Power Metal’s business interests is provided in the Company’s investor presentation which may be accessed here:
https://www.powermetalresources.com/investors/presentation/
In addition, a single page Business Overview is provided for investors through the following link:
https://www.powermetalresources.com/company/
LATEST POSITION OF POWER METAL INTERESTS AND TARGETED OBJECTIVES FOR 2023
Priority Exploration and Potential Exploration Project Joint Ventures
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Exploration Interest |
Latest Position & Forward Plans |
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Athabasca Uranium Saskatchewan, Canada (Uranium) POW 100% |
Power Metal currently holds 17 properties covering 1005.14km2 within and surrounding the prolific Athabasca Basin.
The conditional disposal of two of the properties, Reitenbach and E-12, has been announced and work is underway to complete that transaction through a listing in the London capital markets for the proposed holding vehicle, Teathers Financial PLC, to be renamed Uranium Energy Exploration PLC. Preparation of listing documentation is complete and the IPO financing is expected to commence shortly with completion of the transaction in 2023.
Across the Company’s wider Athabasca exploration interests there has been considerable third-party interest in working with Power Metal to finance uranium specific operations. The Company continues to engage with parties and anticipates significant progress to occur in 2023.
In addition, the Company’s recent £2.7m financing has provided the funds for a considerable uranium exploration programme in the Athabasca during the 2023 season, details of which can be found in the Company’s announcement dated 21 June 2023.
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Molopo Farms Complex Project Botswana (Nickel – Copper – Platinum Group Element) POW: 87.71% |
The cumulative exploration programmes undertaken at Molopo Farms have demonstrated significant potential for a major nickel – platinum group element discovery or discoveries. There has been considerable interest from third parties to work with and potentially finance Molopo Farms at project level and Power Metal is working with interested parties at present. The Company is looking to move Molopo Farms forward considerably, targeting a working partnership in place and operational in 2023. |
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Tati Project Botswana (Gold – Nickel) POW: 100% |
Recently completed geophysics and trenching have provided valuable data, adding to that previously collected. This enables the Company to move forward with next stage soil sampling prior to final planning and implementation of planned next stage reverse circulation and diamond drilling targeting a significant gold discovery.
Soil sampling is underway currently alongside continuing work to process fines dumps of previously processed ore from the Cherished Hope gold mine location within the Tati licence footprint with local processing partners.
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Investment Holdings and Disposals Planned/Underway
Note: other project packages within the Power Metal portfolio are also in earlier stages of disposal and/or spin-out preparations in addition to those listed below.
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Business Interest |
Latest Position |
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Kavango Resources PLC (LON:KAV) Botswana & Zimbabwe Exploration (Gold – Base Metals) POW c.10% |
In Q4 2022 Power Metal announced the conditional disposal of its Kanye Resources interest to its joint-venture partner KAV. Following this disposal, Power Metal holds c.10% of KAV worth c.£0.8m as at 31 March 2023. Power Metal also holds 30m warrants to acquire new KAV shares at 4.25p and 30m warrants to acquire new KAV ordinary shares at 5.5p per share, both with a life to expiry ending 8 January 2025. In addition, Power Metal holds a 1% net smelter return royalty over the former JV land footprint. |
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First Class Metals PLC (LON:FCM) Schreiber-Hemlo, Ontario, Canada (Gold – Base Metals) POW c.26% |
FCM secured a listing on the London Stock Exchange in late July 2022 with Power Metal holding an interest following its IPO financing of 28.19% on listing (now c.26% after dilution since listing), worth c.£2.05m as of 31 March 2023. Power Metal also holds 517,705 warrants to acquire new FCM ordinary shares at 10p per share with an expiry date of 29 July 2023. |
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Golden Metal Resources PLC (LON:GMET) Nevada, USA Gold – Base Metals POW c.62% |
GMET secured a listing on the London Stock Exchange in late May 2023 with Power Metal holding an interest following their IPO financing of 62.06%, worth c.£2.05m as at the date of this report. Power Metal also holds 1,749,378 warrants to acquire new GMET ordinary shares at 10.75p with an expiry date of 10 May 2024 and 1,749,378 warrants at 17.5p with an expiry date of 10 May 2025. |
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First Development Resources PLC (FDR) Western Australia /Northern Territory (Gold – Copper – Rare Earth Elements – Uranium – Lithium) POW: c.59% |
FDR is currently in the IPO Financing stage of it listing plans with IPO documentation prepared and ready for listing. The listing of FDR is expected to occur in the near term.
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New Ballarat Gold Corporation PLC (NBGC) Victoria, Australia (Gold) POW: 49.9% JV Partner Red Rock Resources PLC (LON:RRR): 50.1%
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Through its Australian operating subsidiary, Red Rock Australasia Pty Ltd, NBGC has a substantial licence footprint within the Victoria Goldfields, Australia, which is comprised of 17 granted exploration licences covering 1,867km2 and 5 licence applications covering 493km2. The intention of the JV parties is to undertake a listing of NBGC on the UK capital markets. Power Metal is targeting a listing during 2023. |
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ION Battery Resources Ltd (ION) Canada (Lithium & Graphite) POW 100% |
ION comprises two lithium focused projects in Ontario and Quebec and a graphite project in Saskatchewan. Next exploration and corporate steps are under consideration for ION and a further announcement will come in due course. The commercial pathway for ION is expected to be announced, with material progress in the business expected during 2023. |
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New Horizon Metals Pty Ltd (NHM) Queensland and South Australia (Copper – Uranium – Gold) POW 20% |
The JV partners behind NHM are currently considering a number of proposals to secure a listing of NHM on the London or Australian capital markets. Completion of a listing is targeted in 2023. |
PROJECTS WITH NEXT STEPS UNDER CONSIDERATION
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Project |
Latest Position & Key Forward Events |
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Haneti Project Tanzania (Polymetallic) POW: 35% (65% JV Partner Katoro Gold plc (LON:KAT)) |
Power Metal is currently in discussions with a JV partner Katoro Gold (LON:KAT), to determine the future of the Haneti Project.
Further information will be provided when material developments occur.
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Silver Peak Project British Columbia, Canada (Silver) POW: 30% |
Power Metal is currently in discussions with its JV partner to determine next corporate and exploration steps for Silver Peak.
An outcome to these discussions is expected in the near term with advancement of the project from an exploration and/or commercial perspective anticipated during the remainder of 2023.
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FINANCIAL HIGHLIGHTS FOR THE HALF YEAR ENDED 31 MARCH 2023
· Loss for the period, attributable to owners of the parent of £1.50 million (2022: £1.69 million), resulting in loss per share of 0.09 pence (2022: 0.12 pence);
· Financing undertaken in January 2023 raising £0.9 million and acquisitions during the period raised £1.1 million for the Company;
· Total assets of £14.62 million at the period end (30 September 2022: £14.61 million); and
· Net assets of £13.99 million at the period end (30 September 2022: £13.76 million).
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit POW https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+ 44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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Blythe Ray (Financial PR)
Tim Blythe/Megan Ray +44 (0) 20 7138 3204
Power Metal Resources #POW – Golden Metal Resources Plc Update
Power Metal Resources PLC (LON:POW) the London listed exploration company with a global project portfolio, notes the announcement made by Golden Metal Resources Plc (“Golden Metal”), a company in which Power Metal Resources has a 62.01 per cent shareholding, which is reproduced in full below and can be found on the Golden Metal website accessible via the following link: https://www.goldenmetalresources.com/
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:
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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 |
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.
Power Metal Resources #POW – Pilot Mountain Project – Tungsten 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 |
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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 |
Power Metal Resources #POW – Pilot Mountain Project: 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 |
|
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 |
Blencowe Resources #BRES – Further metallurgical test work confirms high quality of end products from Orom-Cross
Highlights:
· Blencowe successfully completes critical metallurgical test work on a substantially increased scale of 150kgs by leading Chinese graphite metallurgical test laboratory at Wuhan University.
· Previous metallurgical test work by both SGS in Canada and IMO in Australia based on smaller sample sizes.
· Results continue to highlight a high grade, low impurity concentrate.
· Refinements to the processing methodology delivers;
o Increased percentage of higher value large and jumbo flakes within the 97% concentrate (36% increases to 38%).
o Increased recoveries (90% increases to 93%).
· Blencowe now has considerably more volume of end product concentrate to send to potential offtake and strategic parties ahead.
Blencowe Resources Plc (“Blencowe” or the “Company”), is pleased to announce that additional metallurgical test work on its Orom-Cross graphite project in Northern Uganda has been completed by the leading Chinese graphite technical specialist laboratory, based at Wuhan University. This is recognised as one of the most experienced graphite facilities in the world and has been conducting similar tests to improve graphite processing methodology for over 30 years.
This test work is also critical to understanding the quality of the end-product that Orom-Cross can deliver as a high-grade graphite concentrate, as well as what the process flow will look like to achieve this on a commercial scale. It also provides significantly greater quantum of end product for end user testing, which is critical within the Definitive Feasibility Study (“DFS”).
Metallurgical Test Work Objectives
Blencowe appointed Wuhan University in partnership with Jilin New Technology to undertake metallurgical test work on material gathered from its drilling campaigns, which covered both the Northern Syncline and Camp Lode areas within Orom-Cross.
The program was designed to deliver the following objectives:
1. Confirm a 95-97% TGC (Total Graphite Content) pure concentrate is achievable on the larger sample size with low impurities (in particular thorium and vanadium) as previously indicated.
2. Confirm +90% recovery is achievable for this concentrate.
3. Confirm the liberation process in order to maintain a majority of Jumbo/XL/Large flakes within the concentrate.
4. Confirm the process flow diagram for the pilot plant design as part of the DFS.
5. Deliver bulk concentrate to allow Blencowe to initiate discussions with potential off-take partners.
Metallurgical Test Work Results
Blencowe is pleased to announce that all 5 objectives have been met or exceeded in this round of test work. Open cycle floatation test produced recoveries between 92-94% (previously 90%) and concentrate grades consistently range between 95-98% for all graphite mesh sizes.
The additional metallurgical test work was commissioned to test the required pilot plant configuration and all metallurgical test-work undertaken to date shows a robust flowsheet capable of repeatable metallurgy for a wide range of feed samples from Orom-Cross.
The proposed flowsheet was employed in a continuous pilot operation to determine the metallurgical response under typical operating conditions. The final concentrate graded 96.0% C(t) at 93.2% total carbon recovery which exceeded the company’s expectations and places the end product recovered at the higher end of the spectrum in comparison to its peers.
The pilot plant circuit optimisation undertaken to date has lifted the large flake recovery by 3% and also lifted the fines concentrate grade by some 2% TGC, whilst maintaining the grade in other flake sizes. This is important in terms of further downstream processing these fines to deliver a 99.9% SPG (spheronised, purified graphite) battery-ready product. The resultant test work was focused towards achieving the five key objectives as outlined above, as well as being geared towards optimising the flake size fractions and the finer mesh concentrate grade.
100t Bulk Update
These highly encouraging results will enable the Company to now proceed with further improvements and optimisation to the plant ahead of processing the previously announced 100t bulk sample, which has already been extracted and exported from Uganda to China. Blencowe will continue to refine the commercial plant design throughout the DFS to optimise the pilot process and the end product it will deliver.
Executive Chairman Cameron Pearce commented:
“We are delighted that to see that our graphite product continues to deliver strong metallurgical results which is now endorsed by the leading graphite processing team in China. These results indicate that our concentrate is a highly marketable end product and will translate to more interested strategic and offtake parties being able to buy our product.
We will now progress with the much larger 100t bulk sample for our DFS, which will underpin our project value. I cannot emphasise enough that success within graphite projects is largely based on metallurgy and we are consistently getting results that end users of the product will find highly attractive when it comes to mining Orom-Cross and selling the range of products from that operation.”
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733 jonathan.evans@tavira.group
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First Equity Limited Jason Robertson |
Tel: +44(0)20 7330 1833 jasonrobertson@firstequitylimited.com
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Twitter https://twitter.com/BlencoweRes
First Class Metals #FCM – North Hemlo Exploration Update
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian – northwest Ontario, land holding is pleased to provide an update on exploration activities.
Highlights
· Exploration currently in progress at North Hemlo, with a clear focus on drill preparation.
· Visible gold has been observed in multiple grab samples from the Dead Otter Trend (‘DOT’) on North Hemlo.
· Gold ‘panned’ from pulverised grabs taken from the DOT.
· Exploration permit submitted to the Provincial authorities, reflecting our confidence in our exploration progress and our commitment to fulfilling all necessary regulatory requirements.
· Drill contract under negotiation, with site visit undertaken by a drilling operator to review logistics and access for a diamond drilling rig.
Marc J. Sale CEO First Class Metals Commented:
“The confirmation of (visible) gold underlines our increasing confidence in the potential of the Dead Otter Trend. This is a very significant milestone for FCM, as is the submittal of the Exploration Permit after extensive but positive and on going discussions with the First Nations. We intend to drill as soon as all the factors allow”.
North Hemlo Exploration Progress:
A field team, working from Manitouwadge, is focussed on the Dead Otter Trend. Initially, exploration is focussed around the historic showing which reported 3.1 g/t Gold (Au) and 0.59% Molybdenum (Mo). Over 100 samples have now been taken and ready for dispatch.
After the completion of the intensive, detailed sampling of the ‘northern’ area, a similar exercise will be conducted to the southeast, in the vicinity of the previously reported new discovery of 19.6g/t Au (as seen in the news release of January 26, 2023). The two areas are separated by approximately 3km, and the structure has been discontinuously traced along the extent and reports other >1g/t Au and anomalous Mo as other ‘pathfinder’ elements.
The Company’s stated objective is to advance the Dead Otter Trend to drill ready status this season with the intention of undertaking stripping then a scout drilling programme once permitting is secured.
Visible Gold (VG) in sampling across the Dead Otter Lake Trend:
Systematic grab samples have been collected along the favourable ‘horizon’ in the area of the old showing. A high percentage of the rock composing each sample are scrutinized for presence of visible gold, see photo 1.
Please follow the link for a photomicrograph of a sample exhibiting visible gold, from work earlier this week. https://images.squarespace-cdn.com/content/v1/609bd256aea691347dbcf1ed/2c18daa8-94d3-4d80-8e0f-180ae1a10b6b/Photomicrograph-of-visible-gold-from-the-Dead-Otter-Lake-Trend.jpg
Photo 1-showing geologist reviewing the rocks from intensive sampling of the Dead Otter Trend
Photo 2-Visible gold in a second sample in a photomicrograph of rock from the Dead Otter Trend
Panned gold
Rock samples collected randomly from the zone of intensive sampling were ‘dollied’ then panned-off. A number of gold flecks were seen in the ‘tail’ in the panning dish (see Photo’s 3 -5). This is significant in not only proving the presence of gold in the Dead Otter Trend but also signifies that (some of) the gold present is free-milling, a very important metallurgical aspect for future possible extraction.
Photo 3 -showing the fine gold in the ‘tail’ in the panning dish.
Photo 4-photomicrograph of minute gold specs seen in the panned rock
Photo 5-photomicrograph of further minute gold specs seen in the panned rock
Exploration Permits Submitted
The Exploration Permit which would allow stripping and drilling of the Dead Otter Trend has been submitted to the Mines department for review and consultation. This is after FCM has had, and ongoing, detailed discussions with the pertinent First Nations (FN) groups with traditional land claims over the North Hemlo claim block.
Drill Contract Discussions
Advanced discussions have commenced with a local drilling company, and a review of the contract has been initiated, which included a site visit to assess access for a drill program upon the receipt of a successful permit application.
FCM remains committed to undertaking a scout drill programme on the Dead Otter Trend as soon as logistics and permitting allow.
FCM is committed to exploring the properties currently under its control in order to add value and bring where warranted to a drill point. For further information on our near term plans we would like to signpost investors to our recently created presentation ‘The Big Four’ link: FCM-Report-The-Big-Four-How-we’re-moving-towards-drilling.pdf (squarespace.com)
For Further Information:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
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Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
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Jonathan Brown |
0207 3742212 |
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Jason Robertson |
0207 3742212 |
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine
The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.
The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously . This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
First Class Metals #FCM – Operation Update on Ontario Exploration
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian – northwest Ontario, land holding is pleased to provide an update on exploration activities.
Highlights
· Zigzag Lithium-Initial reconnaissance trip with the property completely under the cover of snow returns grades of Lithium (Li) up to 1.00% and Tantalum (Ta) up to 198 ppm.
· McKellar REE Diatreme-Channel sampling of diatreme verifies historical findings and further evidenced Rare Earth Element (REE) system.
· Esa-Extensive soil sampling campaign to build on the successful 2022 program completed with 539 samples now awaiting assay results.
· Sunbeam-Historic data and core reviews completed alongside extensive prospecting, sampling, and mapping program which includes rediscovery of a 3m wide quartz vein on the Pettigrew Trend.
· North Hemlo-Exploration at North Hemlo initiated focused on the Dead Otter trend.
Marc J. Sale CEO First Class Metals Commented:
“FCM remains focussed on bringing four of our key properties to drill ready status this field season. It is our stated intent, permits notwithstanding, of drilling at least one of these properties this season. The 2023 field season has started well and with the support of EGS[1] I feel we are currently on track to accomplishing this objective”.
Zigzag Lithium
The 6 claim Zigzag claim block is situated in a developing, prolific lithium endowered pegmatite belt, 60km northeast of Armstrong, Ontario. During a winter reconnaissance of the Zigzag property in order to assess access the team identified an old trench for which sample information was not available. Four samples were collected from the in situ debris flanking the trench. The results, tabulated below validate previous sampling, with values up to 1.0% (10,000ppm):
|
Sample number |
Lithium (Li) ppm |
Tantalum (Ta) ppm |
|
A1104880 |
1390 |
184 |
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A1104881 |
5070 |
84.7 |
|
A1104882 |
10000 |
139 |
|
A1104883 |
1180 |
198 |
Table 1-Zigzag grab sampling results
It is important to take these samples in context: this being that the site was covered in several feet of snow and it was specifically an access appraisal visit, that any samples were collected were a bonus. However to carry out prospecting in such conditions and produce these results gives great confidence on the wider mineralisation of the property.
The exploration programme , going forward when logistics and other factors allow is to establish a temporary field camp at Zigzag to conduct a programme of sawn channel sampling to quantify the distribution of metals (Li / Ta) along the known 800m strike and width which is estimated at up to 20m.
The intention is to bring the Zigzag property to drill ready status this season.
Picture 1-Sample of Zigzag spodumene
McKellar Polymetallic Project
FCM is pleased to announce the results from the recent sampling of the McKellar diatreme have been received: not only confirming but enhancing the historic sampling.
The McKellar property, comprising 66 claims covers 12.5km² is situated in prime geological terrain within the Coldwell complex. Located to the west of the Generation Mining’s Palladium Project, McKellar is roughly 25 kilometres from the town of Marathon, the main service centre for Barrick’s Hemlo mine.
The property contains known ‘showings’ (historic sample points) for gold, silver, and base metals as well as a diatreme with reported anomalous REE, see Figure 1.
Figure 1 showing the historical showings at McKellar
The diatreme occupies a topographic low and occurs within a north trending linear stricture. The breccia may have been emplaced within a shear or fault zone, however, geologic data supporting this possibility are lacking.
In total 18 sawn channel samples of approximately 1m were collected across the exposed diatreme, in addition 5 grab samples were also collect for assay.
In 2013 prospecting, the results of geological mapping and rock sampling (5 bedrock grab samples were taken) of the diatreme, results of which and other assayed samples from the diatreme area are included in table 2 below along with the results from the highest two samples from FCM’s recent sampling.
|
Element |
Historical assay results for selected elements (including REE’s), McKellar Creek Diatreme: |
FCM recent 2023 sampling showing two highest values, all ppm |
|
Gold Au |
25 ppb |
N/A |
|
Platinum Pt |
17 ppb |
N/A |
|
Neodymium Nd |
300 ppm |
259, 205 |
|
Lanthanum La |
400 ppm |
362, 253 |
|
Beryllium Be |
2.8 ppm |
5 all others BLD |
|
Cerium Ce |
513 ppm |
653, 503 |
|
Yttrium Y |
214 ppm |
287, 193 |
|
Strontium Sr |
1280 ppm |
1410, 1360 |
|
Thorium Th |
180 ppm |
145, 140 |
|
U308 |
38 ppm |
U: 32.8 23.4 |
Table2 showing the results of the reported historical and recent sampling by FCM.
Picture 2 showing channel sample sawn into the diatreme outcrop and in the process of being sampled
The Exploration Permit, after discussions with relevant First Nations, will be submitted in the following days to the Ministry. The Permit when granted would allow drilling if justified. However, a more systematic sampling of the diatreme would be required prior any drilling to accurately define an initial a programme, if warranted.
Sunbeam-Historical High Grade Gold Mine.
The Sunbeam property is situated in the Ramsay-Wright Township in the Superior Province of the Canadian Shield, Ontario. The landscape consists of gently rolling topography with a maximum relief of 40m. Vegetation is typical mixed boreal forest. Located in north-west Ontario, the property is approximately 27km northeast of the town of Atikokan and 15km southeast of the Hammond Reef gold deposit.
The Property hosts several sites of historic mine development and gold mining: The Sunbeam Mine, the Roy Mine, and the Pettigrew Mine. Multiple other gold occurrences are also known including the Road Zone, AL198 Zone, WN2 and the Rubble ‘occurrences’.
The Sunbeam Mine operated from 1898-1905. While there are no records of the production totals for the mine from 1899-1903. In 1904, it was reported that 650 tons averaging 12.2 g/t was mined. Based on the 1903 inclined longitudinal plan of the Sunbeam mine, it has been previously estimated that there could be 50,000-70,000t grading 13.0g/t Au remaining in the old workings
Additionally, the ‘Roy’ and Pettigrew’ showings are on separate sub-parallel mineralised trends to the Sunbeam mine, contained within roughly a 10km strike identified for each trend, giving an aggregate 30km of exploration target.
The review of the historic data has significantly increased not only the understanding of the geology and the potential of the property but also increased the enthusiasm of the company to focus on bring this property to drill ready status. This is highlighted by one section of a voluminous report it was noticed a Geologist from the Ontario Survey visited the abandoned mine site in the ’80’s and took a sample of the dump which reported 26.16 ounces of gold and 5.8 ounces of silver.[2]
It is the Company’s stated intention to bring to drill ready status this field season.
Figure 2 showing the Sunbeam property highlighting the three trends identified, and the core Sunbeam area as well as the English Option claims.
The drill core from the Nuinsco drill campaigns has been relocated to a storage facility closer to the property and was reviewed hole by hole. No additional sampling was required as an exemplary job of logging and sampling was achieved by Nuinsco. A better understanding of the mineralising package has been gleamed, however, it is evident that structure plays a very important role in emplacement of the mineralisation. In order to most efficiently locate any planned drilling stripping and possibly channel sampling of key sites close to the three historic developments will be performed prior to drilling
Picture 3-Showing historical Sunbeam drill core from Nuinsco drilling. The section shows the mineralised quartz bearing gold zone from drill hole NS-21-06
The available historic geophysics was sourced for / by Paterson Grant and Watson (PGW) who reprocessed and interpreted the data. Their report not only highlighted the three main trends but has also assisted in a better understanding of the district scale structures as well as identifying additional areas for prospecting
Prospecting of the three main trends by EGS and a team from Bjorkman Prospecting focussed on areas outside the main developments and has identified veining within the three structures previously without reported assays. A significant number of samples have been collected and submitted for analysis.
Another aspect highlighted by the historical review was the lack of drilling undertaken on the Pettigrew development area and the limited drill holes that had assays reported showed very promising results from near surface:
Two holes returned significant gold assays:
Hole 57751: 19.4 g/t Au over 0.63m at 5.33m and 15.17 g/t Au over 1.37m at 21.44m
Hole 57766: 2.96 g/t over 0.18m at 28.26m and 3.56 g/t over 0.5m at 37.31m
Picture 4 the historic development at Pettigrew which was deepened to 100′
Esa Gold Project
Results from the 2022 field season’s soil sampling programme defined a cohesive if discontinuous Au (and pathfinder element) anomaly roughly coincident with an inferred shear (supported by geophysical evidence), which transects the property. Previous prospecting for FCM had also identified, to the north of the shear, a ‘Hemlo look-a-like’ angular boulder which reported 702ppb Au. This is significant, more so as it was found on a roughly north south magnetic anomaly whose southern projection intersects the shear.
Picture 5 showing the angular boulder from Esa which returned 0.7ppm Au, (field of view approx. 10cm)
A Further 534 soil samples and 5 rock chip samples have been collected both subparallel to the shear – orthogonal to the north striking magnetic features- as well as in the areas of higher Au anomalism in the previous programme. Results have not yet been received.
Figure 3 showing the shear transecting the property and the soil lines completed in the 2022 field season.
FCM has drafted an Exploration Permit which is currently under review by First Nations.
It remains FCM’s intention to bring Esa to a drill ready status this field season and if able and warranted undertake stripping and drilling.
North Hemlo-
A field team is now established at Manitouwadge and has recommenced exploration on the Dead Otter trend which previously has reported over 19.ppm Au on a discontinuous trend traceable to over 3km south east from the original showing which reported 3.1ppm Au and 0.59% Mo. Over 20 further samples hav already been collected with visually encouraging signs.
The Company’s stated objective is to advance the Dead Otter trend to drill ready status this season with the intention of undertaking stripping then a scout drilling programme once permitting is secured.
FCM is committed to exploring the properties currently under its control in order to add value and bring where warranted to a drill point. For further information on our near term plans we would like to signpost investors to our recently created presentation ‘The Big Four’ link: FCM-Report-The-Big-Four-How-we’re-moving-towards-drilling.pdf (squarespace.com)
For Further Information:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
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Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
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Jonathan Brown |
0207 3742212 |
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Jason Robertson |
0207 3742212 |
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine
The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.
The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously . This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Cadence Minerals #KDNC – Corporate Update – Evergreen Lithium (ASX: EG1) identifies large-scale Lithium Pegmatite Targets at Bynoe
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the results of its geochemical program at Bynoe. The soil samples show significant NE-trending lithium anomalism. The anomalies are up to several kilometres long and include anomalies in the geochemical pathfinder elements Beryllium (Be), Caesium (Cs), Potassium (K), Lanthanum (La), Rubidium (Rb), Tin (Sn) and Tantalum (Ta).
The Bynoe Project is located contiguous to Core Lithium’s (ASX:CXO) Finniss Project which contains an estimated Total Mineral Resource of 30.6Mt at 1.31% Li2O.
Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.
Bynoe Results – Highlights:
- Phase 2 soil geochemical results extend previously identified lithium anomalies and reveal two broad NE-trending zones which host multiple lithium pegmatite targets.
- These targets are along strike from and parallel to the strike of neighbouring spodumene bearing pegmatites.
- The lithium anomalies are coincident with lithium pathfinder elements Beryllium (Be), Caesium (Cs), Lanthanum (La), Rubidium (Rb), Tin (Sn) and Tantalum (Ta).
- Geochemical sampling and mapping are currently underway to further define existing and additional lithium pegmatite targets.
- Geophysical Ambient Noise Tomography (ANT) survey data has been received and interpretation is currently being undertaken.
Link here to view the full Evergreen ASX announcement
Evergreen Head of Exploration, Jason Ward commented: “These recent results add to the geochemical picture at Bynoe and indicate several very large zones of lithium anomalism. The lithium anomalies are supported by the pathfinder elements which are commonly associated with the surface expression of lithium bearing LCT pegmatites below. We will use this data together with the results of our recently conducted Fleet Exosphere ANT study, which we are currently analysing, to define drill targets.”
Background to Cadence’s investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022. A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence’s shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.
| For further information contact:
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
| James Joyce | |
| Darshan Patel
Enzo Aliaj |
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| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green
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Golden Metal Resources #GMET – Golconda: Carlin-Type Gold 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 exploration results from its Golconda Summit gold project (“Golconda”, “Golconda Summit Project” or the “Project”) located within the prolific Walker Lane Mineral Belt in Nevada, USA.
Highlights:
– Rock sampling results returned significant arsenic (As) anomalism – the main alteration element associated with Carlin-type gold systems, including:
o 11 of the 52 samples collected returned > 250ppm (or g/t) As, with an impressive 6 returning > 500ppm As (which represents the upper limit for the analytical method used); and
o both samples collected near the “Trench Zone” returned >500ppm As, this is located in the vicinity of historical trenches which yielded channel sample assay results of 7.6m @ 19.7g/t gold (Au) and 15.2m @ 7.1g/t Au.1
– Together these results further suggest the presence of a “feeder zone” and therefore the possibility that a Carlin-type gold system may exist within the Project at depth.
Oliver Friesen, CEO of Golden Metal, commented:
“Carlin-type gold systems represent globally important mineral deposits that are found almost exclusively within northern Nevada. Because of this, when we set out to build Golden Metal it was paramount to have an exciting Carlin-type gold opportunity within the portfolio, therefore allowing UK investors to get exposure to these very important gold systems.
“The results presented today give further support that a significant Carlin-type gold system may be present within the Project. With this important data now in hand we continue to work with our in-country geologist to develop and refine drill targets at Golconda.
“We look forward to providing further updates from Golconda in due course, as well as at our flagship Pilot Mountain Project where multiple technical and commercial workstreams are moving forward in tandem.”
Detailed Overview:
– Detailed geological mapping and rock sampling has recently been completed across the Golconda Summit Project, managed by Golden Metal’s (ex-Newmont) senior geological consultant. A total of 52 individual rock samples were taken and detailed mapping of the easterly dipping Golconda Thrust Fault (“Golconda Fault”) was completed. This fault represents an important conduit for mineralising fluid flow within northern Nevada.
– Of the samples collected across the Project, 11 returned >250ppm As, with 6 returning >500ppm As (which represents the upper limit for the analytical method used).
– Of the samples collected across the Golconda Fault, 6 returned >250ppm As, with 2 returning >500ppm As, highlighting the strong Carlin-type arsenic anomalism across this regionally important structural feature. This area has been named the “Thrust Zone”.
– Previous exploration on the Project by the Nerco Mineral Company is 1989 encountered significant gold mineralisation located within upper plate Havallah Sequence rocks at the “Trench Zone”, including surface mechanized trenching channel sample assay results of 7.6m @ 19.7g/t gold (Au) and 15.2m @ 7.1g/t Au.1 Both samples collected near to this zone returned >500ppm As.
– The presence of arsenic anomalism within the Trench and Thrust Zones suggests the presence of a ‘feeder zone’ at Golconda. A feeder zone would have allowed for carlin-type gold mineralisation to be remobilised from lower plate rocks below. Both of these zones represent priority targets for ongoing exploration at Golconda.
– Golconda is located within the same host rocks (Havallah Sequence upper plate rocks as well as lower plate Edna Mountain/Preble Formation and Antler Peak Limestones) as the nearby multi-million-ounce Turquoise Ridge, Lone Tree Complex, and Marigold gold mines (see Fig. 1).
Further Project Information
The Golconda Summit Project is underlain by a thrust faulted Palaeozoic sedimentary sequence which has been transported eastward to its present-day location along the major Golconda Thrust Fault. The preserved stratigraphic section includes the Antler Peak Limestone, Edna Mountain Formation and the Preble Formation (collectively “Lower Plate Rocks”), which are structurally capped by the Havallah Sequence (“Upper Plate Rocks”). Previous work has been primarily focused on surface anomalies within the Upper Plate Rocks, which are not a known host of Carlin-type mineralisation within Nevada; despite this, previous work by Nerco Mineral Company in 1989 encountered significant gold mineralisation within Upper Plate Rocks including trench sample results of 7.6m @ 19.7/t Au and 15.2m @ 7.1g/t Au, as well as shallow drilling results of 10.7m @ 3.1g/t Au.1
These results were believed to be caused by fluids remobilising gold mineralisation from favourable Lower Plate Rocks along sub-vertical and thrust fault structures leading to redeposition in the Upper Plate Rocks found at surface today. This hints at the significant potential that exists within the virtually untested Lower Plate Rocks found across the Project, directly below the Upper Plate Rocks. Most of the previous exploration at Golconda consisted of shallow, vertical drill holes which were terminated short of the more favourable Lower Plate Rocks. Only two holes penetrated through the Golconda Thrust fault testing only a short section of the upper Edna Mountain Formation.
The Antler Peak Limestone is a known host rock for both Carlin-type (Chimney Creek Mine) and replacement-skarn deposits (Fortitude and Phoenix Mines), the Edna Mountain Formation is the known host rock for the nearby Lone Tree Mine (see Figure 1), and the Preble Formation is host to the nearby Preble Mine, located less than 10km from the Project.
Using the newly acquired data, the Company is working with its in-State geological team to further refine its drill targets at Golconda. Golden Metal plans to be the first company to ever fully drill test the multiple prospective Lower Plate Rocks including the Antler Peak limestone, Edna Mountain and Preble Formations – all of which host Carlin-type gold deposits in Northern Nevada.
Media
Full size images are also available at the link below:
https://www.goldenmetalresources.com/golconda-summit-exploration-update/
Figure 1 – Carlin-Trend Regional Map
Figure 2 – Golconda Summit Property Map
Figure 3 – GS125 (253ppm As) taken from a quartz-carbonate veined outcrop along the Golconda Fault
Analysis
All rock samples were prepped and analysed at ALS USA Inc.’s laboratory in Elko, Nevada. Assays were determined using the analytical package ME-MS41 comprising aqua regia digestion with super trace inductively coupled plasma mass spectrometry (ICP-MS) analysis providing extremely low detection limits for analysis of rocks. A total of 41 elements were reported as part of this analysis. Gold determinations were completed using Au-AA23 which includes a 30g sample analysed via a Fire-Assay (FA) finish.
Property Ownership
Golden Metal holds an option to earn a 100% interest in the Golconda Summit Project through its wholly-owned Nevada operating company, 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.
Reference Notes:
1Summary Report for the Golconda Summit Property Iron Point Mining District, Humboldt County, Nevada; unpublished report prepared for Carlin Gold Corporation and Toquima Minerals US Inc. by K. Brook, dated 4 April 2006.
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 |
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.