22 April 2024

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Pilot Mountain Update - Drilling Permits Received

Golden Metal Resources plc (LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company focused on Nevada, USA, is pleased to announce an update in regard to its 100% owned flagship Pilot Mountain project ("Pilot Mountain" or the "Project") located within the prolific Walker Lake Mineral Belt in Nevada, USA.

HIGHLIGHTS

§ Golden Metal has received Pilot Mountain drilling permits from the local Bureau of Land Management (BLM) field office.

§ A total of 40 individual drill sites were permitted, including 2 at Good Hope, 4 at Desert Scheelite Parallel West and 1 at Porphyry South, with the remaining 33 being located at or proximal to the main Desert Scheelite zone. Further drilling sites can quickly and easily be permitted as drilling progresses.

§ The Company is finalising preparations for the upcoming programme and has hired all required support staff to undertake the campaign - including several individuals who were involved with previous drilling campaigns on the Project in 2017 & 2018.

§ This includes Richard Bradey, who was the previous Project Manager from 2015 - 2019. Richard brings extensive experience and working knowledge on the Project.

§ Golden Metal's CEO, Oliver Friesen, will be travelling to Nevada to help lead the drilling campaign at Pilot Mountain and will also be visiting the Company's Garfield project during that visit and attending various meetings in Reno. 

§ A minimum of 2,000m will be drilled during the upcoming campaign, which may at any time be expanded at the Company's discretion.

§ Barring any unforeseen circumstances, the expected commencement date is 11 May and this will lead the Company into a news rich period while it tests multiple existing targets at its flagship Project.

Oliver Friesen, CEO of Golden Metal, commented: 

"A huge thanks to everyone on the team for all of the hard work that has gone into finalising preparations for this exciting drilling campaign. So much existing knowledge is held by those who have been involved with the Project previously, and we are thrilled that so many were interested in getting involved again as we look to rapidly grow and advance the Project given the USA's very pressing need for a domestic source of tungsten. We believe the importance and criticality of this Project is nearing all-time highs, and with this drilling programme we aim to both increase in-ground resources and collect import data which will be required in order for us to complete the Project's first economic study, further details of which we will announce in due course. I am very much looking forward to an exciting and news-rich spring and summer for Golden Metal."

PROPERTY OWNERSHIP

Golden Metal holds a 100% interest in the Pilot Mountain Project through its wholly-owned Nevada-based holding companies BFM Resources Inc and Pilot Metals Inc.

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.

Garfield Project

The Garfield Project is an exciting copper-gold-silver prospect consisting of 65 lode mining claims covering 5.4 km² (1,338 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah. Exploration to date has included detailed geochemical sampling and follow up analysis which highlighted the presence of both porphyry and skarn-type mineralisation and alteration at the 'High-Grade Zone'. Further to this, mapping, prospecting and rock sampling was recently completed with results confirming presence of high-grade copper, silver and gold mineralisation as well as leading to the bedrock discovery of the Pamlico Au Zone with individual rock samples up to 18.35g/t Au, 1,225g/t Ag & 1.89% Cu. Following this, geochemical analysis of the full suite of data confirmed the strong presence of porphyry style mineralisation across the Project, as well as potentially overprinting epithermal style mineralisation leading to increased gold-silver prospectivity.

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.

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.