22 May 2023

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Garfield Project: Significant Copper Systems Identified

Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA, is pleased to announce the results of a high-resolution soil geochemical sampling survey completed over its 100% owned Garfield Project ("Garfield" or the "Project") located within the prolific Walker Lane Mineral Belt in Nevada, USA.

Highlights:

-      Discovery of two significant copper (Cu) zones which are now named the "Power Line Zone" (or "Power Line") and "High-Grade Zone" (or "High-Grade"; collectively the "Zones") which returned individual Cu-in-soil results of up to 851ppm and 950ppm Cu.

-      Importantly, the newly discovered Zones are coincident with historical rock sampling results which returned up to 2.6% Cu at Power Line and 5.53% Cu at High-Grade, highlighting the significance of these newly defined copper mineralised systems at Garfield.

Oliver Friesen, CEO of Golden Metal, commented: 

"While our admission to trading on AIM was completed less than two weeks ago, our exploration forward mandate at Golden Metal should be apparent with the release of these very positive results from Garfield, which have far exceeded our original expectations. It is important to note that the main focus remains on Pilot Mountain (tungsten) followed by Golconda Summit (gold), however, the results presented today should clearly highlight the depth, as well as quality, of our overall combined project portfolio.

"The original property acquired included only a small footprint covering the original Garfield showing. Fast forward to today, the Garfield Project has been expanded significantly from its original acquisition size and we have now identified two considerable copper zones. The newly named 'Power Line' and 'High-Grade' zones are strongly coincident with the anomalies identified by the Hyperspectral Analysis completed previously, confirming the effectiveness of this exploration tool. We have obtained Hyperspectral Analysis results for the broader district and can now look at additional exploration targets based on the confirmation of the results outlined here.

"We are looking forward to updating the market in due course with further updates from Garfield, as well as at Pilot Mountain, where we await final results from the induced polarisation survey completed there previously."

Detailed Overview:

-      The geochemical soil survey results have identified two distinct zones of significant copper anomalies:

o  Power Line Zone - a northeast-southwest trending Cu-in-soil anomaly which extends for over 1,500m in length (remains open towards the southwest), located in the west of the Project area. The Power Line Zone connects up the original Garfield showing with a previously isolated zone located towards the southwest, where limited historical rock sampling results returned up to 2.6% Cu and 0.536g/t Au; and

o  High-Grade Zone - a circa 1.5km by 0.8km Cu-in-soil anomaly (remains open towards north, south and east), located in the south east of the Project area and approximately 1 km southeast of the Power Line Zone. Limited historical rock sampling completed near what is now the western end of the High-Grade Zone returned up to 5.53% Cu, which highlights the potential of this large, newly defined copper mineralised system.

-      Both newly discovered copper zones are of considerable size and both remain open in multiple directions within the Project's current footprint. They are broadly coincident with mapped limestone, suggesting that the significant copper mineralised system now identified is possibly of skarn-type affinity..

-      A single soil sample returned 0.83g/t Au which is located outboard of the newly discovered zones mentioned above. This result represents a very-high gold tenor for soil sampling within the district and further analysis of this area is required.

-      Both newly discovered copper zones show strong coincidence with anomalies identified by the Hyperspectral Analysis completed in 2021. This supports the effectiveness of the previously completed analysis and Golden Metal will now review other strong anomalies identified within the district that may be open for staking.

Table 1 -  Map highlighting the location of the Power Line and High-Grade Zones

Further Information

A total of 447 individual soil samples were collected at either 50m or 100m station spacing and along 100m spaced lines. The sample grid was set up to provide coverage over the original Garfield copper (Cu), silver (Ag) and gold (Au) showing (see attached map) located within the Garfield Project, as well as over two anomalies which were identified by a previously obtained and analysed Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER satellite) and European Space Agency Sentinel-2 satellite datasets ("Hyperspectral Analysis" or the "Analysis"). 

The previously obtained Hyperspectral Analysis results can be found at the link below:

https://www.londonstockexchange.com/news-article/POW/new-copper-anomalies-identified-garfield-nevada/15175582

Analysis

All soil samples were prepped and analysed at ALS' laboratory in Reno, 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 soils. A total of 41 elements were reported as part of this analysis.

Property Ownership

Golden Metal holds a 100% interest in the Garfield 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.

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:

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.