19 August 2024

Guardian Metal Resources plc

('Guardian Metal' or the 'Company')

Significant Geophysical Campaign Results

Magnetic and IP Data Confirm Porphyry Potential at Garfield and Pilot Mountain

Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), a strategic development and mineral exploration company focused in Nevada, USA, is pleased to announce results from the ground magnetic and high-resolution induced polarisation ("IP") surveys recently completed at the Company's 100% owned Pilot Mountain and Garfield Projects (collectively the "Projects") located within the prolific Walker Lane Mineral Belt in Nevada, USA.

Background

This update covers the findings from magnetic and IP geophysical surveys which were undertaken in June and July following positive results from previous geophysical surveys and inversion modelling reported in May 2024^1,2,3, as well as from a geological field work programme completed in July by Dr. Lawrence Carter (an independent third party specialist in porphyry mineral deposits), which highlighted the potential for undiscovered porphyry and skarn-style mineralisation at both Projects.

HIGHLIGHTS:

Pilot Mountain

§ Significant magnetic anomaly measuring approximately 1 km x 1 km has been delineated at the Porphyry West Target which remains open to the west and south (Fig. 1).

§ Ground magnetic survey grid was extended east of Porphyry South and the anomaly now measures circa 1.2 km by 0.5 km and remains open to the west. The target footprint size increases further to 1.5 km by 1.2 km when factoring in porphyry-style alteration and mineralisation mapped at surface by Dr. Carter, which extends to both the south and west (Fig. 1).

Garfield

§ Three dimensional ("3D") inversion modelling of magnetic data highlights two large deep seated intrusive/magnetic bodies at the High-Grade and Power Line Zones, these have a vertical extent of over 800 m and appear to continue below the depth of investigation of the ground magnetic survey.

§ IP results highlight multiple chargeability and resistivity anomalies adjacent to and coincident with the magnetic inversion shells indicative of porphyry and skarn-type mineralisation at the High-Grade and Power Line Zones (Fig. 3).

Oliver Friesen, CEO of Guardian Metal, commented: 

"Following the completion of Dr. Carter's porphyry-focused field assignment and the identification of extensive at surface porphyry-style alteration and mineralisation not previously identified at both Projects, we moved quickly to launch the Company's largest ever geophysical campaign. The magnetic and chargeability/resistivity anomalies now identified demonstrate that the at-surface mapped porphyry zones appear to extend and, in some instances, expand considerably at depth.

"For both Pilot Mountain and Garfield the number and scale of significant porphyry targets is increasing materially, highlighting the potential for new discoveries at both Projects. We are now finalising all planned drill hole locations to test the new porphyry targets at Pilot Mountain and at Garfield notice level permit applications/amendments will be submitted shortly. 

"Following the Company's recent £2.15m strategic financing in the US, we have an extremely strong working capital position with over £4m available, to enable a significant investment in accelerated drilling of these potentially very high impact targets."

FURTHER INFORMATION

Work completed as part of this campaign included:

Garfield

·    High-resolution 3D IP surveys over both the High-Grade and Power Line Zones.

·    Ground magnetics covering the recently staked eastern extension zone.

Pilot Mountain

·    Ground magnetics to the east and south of the Porphyry South Target, as well as over the Porphyry West Target.

·    Following up on the success of the magnetic survey over Porphyry West, a single north-south oriented IP line was completed covering the Porphyry West Target.

Pilot Mountain Findings

Porphyry West

·    Significant magnetic high anomaly measuring approximately 1 km x 1 km has been outlined at the Porphyry West Target (underlying the Gunmetal & Garnet skarn-type zones).

·    The anomaly remains open to the west and south and considering there are no known magnetic minerals associated with Gunmetal or Garnet, the findings are considered significant and point to a potential covered porphyry target for further exploration.

·    Based on recently completed field visit by the Company's porphyry specialist, Dr. Carter, the magnetic high anomaly outlines the footprint of a likely sub-cropping quartz monzonite pluton (Fig. 1) where potassic style porphyry alteration and mineralisation were identified at surface.

·    A single 2 km long IP line was completed across Porphyry West which successfully identified chargeable and resistive features suggestive of sub-cropping porphyry-style mineralisation (Fig. 2). In addition, a very chargeable (>12 ms) anomaly was located near the northern edge of the survey which remains wide open to the north.

Porphyry South

·    A ground magnetic survey was extended east of Porphyry South and the magnetic high anomaly now measures circa 1.2 km by 0.5 km and remains open to the west. This anomaly associated with Porphyry South further delineates the mineralised quartz monzonite porphyry intrusion confirmed by drill hole PM24-02 (Fig. 1).

·    Field mapping by Dr. Carter, combined with analysis of hyperspectral ASTER remote sensing data, confirms that at surface porphyry style alteration and mineralisation extend both south and west of the Porphyry South magnetic high anomaly for at least 500 m, increasing the known surface footprint of the target to at least 1.5 km by 1.2 km. Newly staked claims fully cover this extension (Fig. 1).

·    Geophysical findings integrated with the detailed geology has confirmed numerous porphyry drill targets across Pilot Mountain. Drill site locations have now been finalised and are included in a notice permit amendment that will be submitted in the coming days.

Garfield Findings

·    Previously completed magnetic surveys over the High-Grade and Power-Line Zones identified 0.75 km x 0.75 km and 0.7 km x 0.5 km magnetic high anomalies believed to be associated with buried porphyry intrusions at depth. These anomalies are coincident with strong copper-mineralisation at surface.

·    3D inversions of the magnetic data show two large deep seated intrusive/magnetic bodies. The anomalies at both the High-Grade and Power Line Zones extend for at least 800 m vertically and remain open below the depth of investigation of the ground magnetic survey.  

·    Follow up high-resolution 3D IP surveys successfully identified several sub-cropping anomalies at the margins of these intrusions, which correlate to copper-magnetite skarn mineralisation at surface, at the contacts between limestones and the granitic intrusions.

·    The Company is finalising planned drillhole locations and will submit a notice level permit application to the local Bureau of Land Management ("BLM") thereafter.

Media

Figure 1: Map of Pilot Mountain showing new ground magnetic survey and Porphyry South and Porphyry West targets. IP survey (dashed line) shown in Figure 2.

Figure 2: Pilot Mountain IP survey results. Section location shown in Figure 1. Brief summary interpretations annotated.

Figure 3: 3D view of Garfield, showing magnetic anomalies in yellow, resitivive zones in blue and chargeable zones in green.   

References

¹https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-porphyry-target-confirmed/16448744

²https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-update-re-porphyry-potential/16457702

³https://www.londonstockexchange.com/news-article/GMET/garfield-inversions-confirm-porphyry-potential/16470264

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 Guardian Metal Resources plc to provide technical support.

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.Guardianmetalresources.com or contact the following: