13 May 2024

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Pilot Mountain - Drilling Operations Underway

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

HIGHLIGHTS

§ The Company has now commenced its first ever diamond drilling programme targeting strategic resource expansion and brownfield* exploration targets at its 100% owned Pilot Mountain Project.

§ This phase I programme will include a minimum of 2,000m of diamond drilling. Due to recent warrant monies received, the Company is in a position to expand the programme at its own discretion.

§ Due to the Project's proximity to ALS Laboratory Group's Reno, NV, location, drill core samples will be logged, processed and shipped for assay testing in batches, therefore allowing for semi-continuous news flow throughout the duration of the campaign.

§ The Company's CEO is now on site assisting with the kick off of drilling operations as well as visiting some of Golden Metal's other key projects.

*Brownfield exploration involves searching known or currently mined sites for additional deposits.

Oliver Friesen, CEO of Golden Metal, commented: 

"It is a very exciting day in the Company's history as one year after we successfully completed our IPO within the London Market, we have now commenced a robust and what we hope will be a very high impact drilling campaign focussed on multiple target areas within our 100% owned flagship Pilot Mountain Project.

"The goal of this programme is two-fold, 1) grow our confidence and increase the size of the resource at the Project's main Desert Scheelite zone, which currently hosts the largest known tungsten resource on USA soil, and 2) make new brownfield discoveries to materially grow the amount of contained metal known about within the Project at present.

"While no outcomes are guaranteed when drilling, we have been very methodical throughout the preparation process and are excited to now be in position to finally drill test multiple of the Project's exciting target areas. I look forward to providing further updates in regard to the drilling operations at Pilot Mountain, as well as on in-parallel workstreams progressing across the Golden Metal business."

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.

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 (3,904.1 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.