18 October 2023

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Significant Copper Mineralisation at Garfield Project, Nevada

Completed Field Programme Validates Skarn & Porphyry Copper Targets

Golden Metal Resources plc (LON:GMET OTCQB:GMTLF), a strategic mineral exploration and development company focused on Nevada, USA, is pleased to announce that significant copper mineralisation has been identified during ground exploration at the Company's 100% owned Garfield project located within the prolific Walker Lane Mineral Belt in Nevada, USA ("Garfield" or the "Project").

The Company has obtained results of geological mapping which have confirmed the potential for large scale porphyry and skarn type copper mineralisation at the Project. Samples are en route to the laboratory where they will undergo multi-element analysis, the results of which will be made available to the market after received and compiled by the Company, anticipated to be within the next 4-6 weeks.

Background:

Golden Metal previously announced the potential for both porphyry and skarn-type deposits at Garfield's 'High-Grade Zone' as detailed in the Company's announcement on 27 September 2023 which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/GMET/garfield-project-significant-copper-systems/15965480

As a result, Golden Metal launched an immediate follow up ground exploration programme as detailed in this announcement and the findings from this work are significant, demonstrating the potential for Garfield to host significant large-scale skarn and porphyry type copper mineralisation.

The key highlights of the exploration programme, and its findings to date, are outlined below.

HIGHLIGHTS

-      Additional focused prospecting and geological mapping were completed over the 'High-Grade Zone' with a view to better understanding the potential for porphyry and skarn-type mineralised deposits.

-      Strong skarn-type copper mineralisation and alteration was identified near the northeastern part of the 'High-Grade Zone', within extensive outcrops of Luning Formation limestones (Figure 1).

-      The skarn-type zone was observed to extend across many sample sites and is coincident with an abundance of historical trenches, adits and prospect digs indicating historical mining related activities within this part of the 'High-Grade Zone' (Figure 2).

-      Across the 'High-Grade Zone' and within the broader Garfield area geological features, notably Jura-Cretaceous granitoids, were identified which could be causative to the porphyry-style alteration identified within the 'High-Grade Zone'.

-      The findings at the 'High-Grade Zone' show geological similarities with large scale copper deposits elsewhere within the Walker Lane mineral belt including Lahontan Gold's Sante Fe deposit, Kennecot Mine's New York Canyon deposit and Fortitude Gold Corp's Golden Mile deposit.

-      Due to the consistency and intensity of alteration and copper mineralisation noted within the 'High-Grade Zone', a total of 37 samples were collected, more than originally anticipated, for multi-element assay analysis at ALS Laboratories' Reno lab.  Assay results are currently awaited.

Oliver Friesen, CEO of Golden Metal, commented: 

"The more work we do at Garfield the better and better the Project continues to look.

"With prospecting and geological mapping now complete, we see strong evidence supporting the presence of both porphyry and skarn-type mineralisation and alteration, as well as the presence of various granitoid intrusions which could be the causative porphyry intrusions driving the copper-rich mineralisation and fluid flow across the entire Project.

"We are very much looking forward to receiving the laboratory results of the now completed work, following which we will announce next steps once those results have been digested and released to the market."

Media

Figure 1: Confirmation of skarn-type alteration and mineralisation. Strong quartz-calcite veining within decalcified Luning Formation limestones including pervasive malachite staining (copper-oxide).

Figure 2: Historical mining adit. These along with prospect digs and trenches are plentiful across the 'High-Grade Zone' highlighting the strength of the copper mineralisation noted here several decades ago by previous explorers and miners.

Property Ownership

Golden Metal holds a 100% interest in the Garfield Project through its wholly-owned Nevada operating company, Golden Metal Resources LLC. A 2% Net Smelter Return Royalty ("NSR Royalty") Interest, of which 1% can be bought back at any time for US$1,000,000, is payable to Sunrise Resources plc (LON:SRES). The NSR Royalty covers the original Garfield Project claims as well as a 1 mile radius outside of those claims which covers roughly half of the current 'High-Grade Zone' footprint.

Bibliography

Jura-Cretaceous Granitoids: Porphyry bodies which have an age between the Jurassic to Cretaceous period, which is a major mineralising period within the Walker Lane mineral belt.

Causative Porphyry: A intrusive rock which emplaces significant mineralisation within a Project area. 

Luning Formation Limestones: Calcite rich rocks which below to the Luning Formation.

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.

Kibby Basin Lithium Project

The Kibby Basin Project covers two claim packages which are prospective for lithium brine mineralisation. The southern claim package is less than 250m from a 2022 drillhole which returned a significant interval (169m) of lithium brine mineralisation which was determined to be open in all directions. The Project is less than 5km to the southeast of the Company's flagship Pilot Mountain Project.

Golconda Summit Project

Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain - Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.

Garfield Project

The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.

Stonewall Project

The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.