11 June 2024

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Garfield & Pilot Mountain - Exploration Update

Golden Metal Commences its Largest Ever Geophysics Campaign Across Multiple Tungsten & Copper Exploration Targets

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

In parallel with previously announced accelerated exploration, notably diamond drilling of key targets which is in progress at Pilot Mountain, the Company is also accelerating the exploration of other high priority copper and tungsten targets across the Projects. 

PILOT MOUNTAIN HIGHLIGHTS

§ The Company is in possession of a low resolution airborne magnetic dataset which shows a very large (circa 2km x 2km) magnetic anomaly which is directly coincident with the Project's Garnet and Gunmetal skarn-type tungsten-copper-silver-zinc zones.

§ SJ Geophysics Ltd has been commissioned to conduct a high-resolution ground-magnetics survey to cover this exciting anomaly. This work will commence immediately following the completion of the Garfield geophysics work outlined below.

§ The Company believes that given the spatial relationship between this magnetic anomaly and the Garnet and Gunmetal skarn-type mineralised zones, the anomaly could represent a potential buried porphyry system at depth.

GARFIELD HIGHLIGHTS

§ The Company has previously confirmed the presence of significant porphyry and epithermal style mineralisation principally located within the project's Power Line Zone and High-Grade Zones.

§ Notably, Golden Metal confirmed multiple 'Magnetic Bullseye' geophysics anomalies (often associated with intrusive porphyry centres) identified beneath the project's High-Grade and Power Line Zones. Inversion results confirmed the very encouraging size and scale of these buried anomalies.

§ The results were considered by the Company's technical team to be significant and a decision was taken to rapidly plan and undertake next exploration steps to drive the project forward. This campaign is now underway and represents the largest ever geophysical exploration programme undertaken by Golden Metal.

§ Crews from SJ Geophysics are now onsite undertaking:

1.   High-resolution induced polarisation ("IP") geophysics surveys over the High-Grade and Power-Line Zones, in support of three-dimensional inversion modelling.

2.   A ground magnetics geophysics survey over the newly staked eastern extension zone.

§ The Company believes that this geophysical work programme, and specifically the IP survey, will be the last exploration step that should be required prior to delineation of drill targets. The entire geophysics campaign is expected to take approximately 2 weeks and following the news of the strategic raise announced on 10 June 2024¹, the Company is fully funded to continue the ongoing campaign along with follow up drilling.

Oliver Friesen, CEO of Golden Metal, commented: 

"We are advancing project development workstreams at Pilot Mountain with our engaged engineers and permitting specialists; as well as drilling across multiple target areas including Desert Scheelite, which hosts what is believed to be the largest tungsten deposit on US soil.

"Notwithstanding proactive development workstreams, Golden Metal is committed to advancing our very exciting additional exploration targets at Pilot Mountain and Garfield.

"Based on the results achieved across multiple target areas thus far, we are of the belief that the data from the ongoing campaign, which is the largest single geophysical exploration campaign undertaken by Golden Metal to date, will lead to multiple exciting drill-ready targets.

"It has been our strategy since day one to measure twice, and cut once, and this extra exploration step, particularly at Garfield, we believe will give us further confidence in the potential for these zones to host mineralised copper porphyry systems and in addition, the necessary data to plan a targeted drilling campaign thereafter.

"We look forward to completing this geophysical campaign, followed by announcing the results to the market and next steps."

Footnotes:

¹https://www.londonstockexchange.com/news-article/GMET/strategic-fundraise/16510228

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 9.18 km2 (2,268 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.