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Pilot Mountain, Nevada – Significant Drill Results

Published: 07/10/2024, 07:00

RNS Number : 0864H

Guardian Metal Resources PLC

07 October 2024

7 October 2024

Guardian Metal Resources plc

('Guardian Metal' or the 'Company')

Pilot Mountain, Nevada - Significant Drill Results

Desert Scheelite: PM24-012 Intersects Outstanding Tungsten Mineralised Intersection

Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), a strategic development and mineral exploration company focused in Nevada, USA, is very pleased to announce further drillhole assay results from the Company's ongoing drilling campaign at its 100% owned Pilot Mountain Project ("Pilot Mountain" or the "Project) located within the prolific Walker Lane Mineral Belt in Nevada, USA.

The laboratory assay results from the first diamond drillhole were covered in the Company's announcement on 18 September 2024 which may be viewed through the link below:

https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-significant-drill-result/16670512

Laboratory assay results from drill core samples for the next twelve holes (PM24-002 to 013) have confirmed:

1. An outstanding mineralised intersection in drill hole PM24-012 at Desert Scheelite which the Company believes will deliver a material upgrade to the resource model within this area.

2. Confirmation of a molybdenum-rich mineralised porphyry system at the Porphyry South target area.

3. The Desert Scheelite Parallel West Zone is tungsten rich.

4. The balance of Desert Scheelite drillholes continue to increase confidence for updating the existing Mineral Resource estimate ("MRE").

The Pilot Mountain diamond drilling programme commenced in May 2024 and to date 24 holes have been completed for a total of 3,211 metres drilled. The 25^th drillhole is currently underway (Fig. 1).

Desert Scheelite Highlights:

§ Laboratory assay results (Table 2) confirm diamond drillhole PM24-012 at Desert Scheelite has intersected the best tungsten intercept ever recorded at Pilot Mountain including 39.3m of 'very high-grade' tungsten mineralisation.

§ The PM24-012 downhole drill intersection comprises:

o 39.3m @ 0.735% W0₃ (tungsten trioxide), 39.7g/t Silver (Ag), 0.44% copper (Cu) and 0.30% zinc (Zn) from 66 m.

- including 19.8m @ 1.219% W0₃, 69.6g/t Ag, 0.75% Cu and 0.15% Znfrom 82.5 m.

§ Significantly, the vast majority of the PM24-012 high grade intercept is located within the open pit shell as envisaged in the previous scoping level mine design and presents the opportunity to upgrade the previous block model for this area in the planned MRE update (Fig. 2). The Company believes this result will lead to a material increase in the resource model within this area.

§ PM24-012 standout extremely high-grade individual assay results include 2.90% W0₃ (100.8m - 102.3 downhole depth which also includes 696g/t Ag) representing the highest ever single tungsten assay result achieved across Pilot Mountain within any recorded drill programme to date.

§ Following the receipt of these outstanding assay results, the Company has moved the drill rig back to the area of Desert Scheelite where PM24-012 was undertaken to test for extensions of this zone in multiple directions.

§ The Company's CEO has scheduled a site visit commencing the end of this week to review the PM24-012 core and to evaluate core as drilling progresses from this new zone.

§ The balance of Desert Scheelite drillholes continue to increase confidence in the existing MRE. Resource upgrade and infill represents a very important step required to enable the completion of the Pre-Feasibility Study.

§ PM24-012 highlight interval above on a metal equivalent basis comprises 39.3m @ 3.45% CuEq (copper equivalent) and 1.02% WO₃Eq (tungsten equivalent).

The Copper Equivalent is calculated using a tungsten price of $330/MTU, a zinc price of US$1.4163/lb and a silver price of US$31.52/Oz. The W0₃ Equivalent ("WO₃Eq") is calculated using a copper price of US4.4115/lb, a zinc price of US$1.4163/lb and a silver price of US$31.52/Oz.

Cautionary note: The metal equivalent calculations do not consider any metallurgical factors and assume 100% recovery and 100% payability of all metals, as a result the stated equivalents are provided for illustrative purposes only.

Porphyry South Highlights:

§ Assay results from the Company's first ever porphyry focussed drillhole at Pilot Mountain, PM24-002 (& PM24-002A) into the Porphyry South target, has confirmed the presence of what the Company believes is an arc-related porphyry molybdenum (Mo) system.

§ Arc-related porphyry molybdenum deposits are a substantial source for molybdenum metal and may have anomalous concentrations of tungsten. The deposits typically contain low-grade mineralisation (0.03-0.22 % Mo) as molyb-denite, but are large-tonnage, making them amenable to bulk mining open-pit techniques.¹

§ Mo results for PM24-002/A directly correlate with increased vein density and very highly anomalous Mo was intersected intermittently throughout the entire hole including:

From (m)	To (m)	Mo (ppm) ^#
25	28	347
37	40	236
90.5	93.6	266
188.7	191.1	529
215.2	218.5	268
223.8	225.7	1,170
270.4	273.4	413
321.4	324	507
329.7	332.7	233
350.6	353.6	235

# ALS method ME-ICP61

§ Given recent developments regarding, 1) the delineation of the Company's Porphyry West and North Targets²as well as, 2) the possibility that W-Ag-Zn-Cu skarn-related zones at the Project may be related to one large porphyry system³, the confirmation of an Arc-related mineralised Mo porphyry system at Porphyry South is considered significant.

§ With results in hand the Company is working with all available data to place this interval within the context of the overall mineralised porphyry system(s). Notice permit amendments are awaited which cover multiple drillholes into the various porphyry targets at Pilot Mountain.

§ Future drill holes are planned to investigate areas with greater quartz vein density, which is where the potassic core associated with the highest grades in most porphyry systems is likely to be found.

§ In addition to the tungsten, copper, silver, zinc and garnet potential (currently being investigated), the confirmation of a Mo-rich porphyry adds another metal of interest to the Project going forward.

§ Given the strong copper shows found at surface across the Project, as well as within the various skarn deposits, it is believed that the porphyry may have the potential to host a copper-rich porphyry shell, and this hypothesis will be investigated further.

Desert Scheelite Parallel West (DSPW) Highlights:

§ Drillhole PM24-003, the first of two drillholes completed into the previously untested DSPW zone, returned 3.5m @ 0.235% WO₃. This confirms that the DPSW skarn-zone (with a large surface expressions of circa 600m by 100m) is tungsten rich, representing another important development for the Project.

§ The Company is conducting further investigations of any at surface mineralisation within this zone to help guide future drilling into this target. Further drill pad locations are also included in the drilling permit notice amendment that was most recently submitted to enable further drilling to be undertaken at DSPW.

Oliver Friesen, CEO of Guardian Metal, commented:

"It is safe to say we are extremely excited about the results reported today, including PM24-012 which has delivered a globally significant tungsten result. Not only did we intersect 39.3m of 1.02% W0₃Eq**, but this extended interval is located almost entirely within the scoping level open pit mine design, in an area which was previously occupied by relatively low grade material from the previous resource model.

"The drillholes reported today confirm that further exploration and drilling is needed to fully assess the Project's potential, of which we believe we have just scratched the surface. With the US $2.75m strategic North American financing recently completed at 27p, we are very well funded and look forward to continuing to drive this extremely exciting Project forward at a time when the U.S. needs secure supplies of tungsten."

Results Summary

Table 1: Drillhole collar details

Hole ID	Target Area	UTM Easting^#	UTM Northing^#	Azimuth (deg.)	Dip (deg.)	Down hole Depth (m)
PM24-001	Desert Scheelite	424159	4248321	195	-75.5	151.8
PM24-002	Porphyry South	424011	4247857	15.4	-74	143.6
PM24-002A^&	Porphyry South	424011	4247857	15.4	-74	407.1
PM24-003	DSPW	423792	4248332	309.5	-47	169.8
PM24-004	Desert Scheelite	424148	4248353	177	-64	165.2
PM24-005	DSPW	423760	4248287	311	-53	197.8
PM24-006	Desert Scheelite	424190	4248354	181.6	-58	151.5
PM24-007	Desert Scheelite	424367	4248301	179.2	-62	84.4
PM24-008	Desert Scheelite	424356	4248297	175.9	-49	77.7
PM24-009	Desert Scheelite	424376	4248301	175.3	-54	77.4
PM24-010	Desert Scheelite	424399	4248296	173.8	-58	72.2
PM24-011	Desert Scheelite	424407	4248346	180.4	-60	103.6
PM24-012	Desert Scheelite	424357.6	4248319	179.6	-66	114.1
PM24-013	Desert Scheelite	424344.2	4248323	180.5	-68	114.9

^# UTM Zone 11 North NAD83 datum

^& PM24-002 was stopped at 143.6m due to drilling difficulties, and re-entered as PM24-002A which was completed to a downhole depth of 407.1m.

Table 2: Significant Drillhole Intersections

Hole	Downhole Depth (m)		Interval	W		WO₃		Zn		Ag	Cu	Intersection Composites
ID	From	To	(m)	(ppm) a	(%) b	(%) c		(%) d		(g/t) e	(ppm) f	(weighted averages) c
PM24-003	89.5	90.0	0.50	2,380	0.23	0.29		0.00		-	16	3.5m @ 0.235 % WO₃
PM24-003	90.0	93.0	3.00	1,790	-	0.23	Δ	0.01		-	15	3.5m @ 0.235 % WO₃

PM24-004	87.8	90.5	2.70	1,690	-	0.21	Δ	0.03		0.6	90	19.7m @ 0.232 % WO₃, 1.8 g/t Ag & 0.37% Zn
	90.5	92.0	1.50	100	-	0.01	Δ	0.03		-	90
	92.0	93.6	1.60	2,110	0.20	0.25		0.11		1.9	338
	93.6	95.0	1.40	2,580	0.26	0.33		0.05		0.5	111
	95.0	96.6	1.60	1,920	-	0.24	Δ	0.06		1.5	231
	96.6	99.7	3.10	460	-	0.06	Δ	0.14		4.5	742
	99.7	101.2	1.50	2,370	0.23	0.29		0.08		1.2	242
	101.2	102.7	1.50	5,280	0.53	0.67		0.10		1.0	49
	102.7	104.5	1.80	2,530	0.25	0.32		0.09		0.9	74
	104.5	106.0	1.50	920	-	0.12	Δ	2.12	F	3.0	613
	106.0	107.5	1.50	1,900	-	0.24	Δ	1.90	F	3.0	219
PM24-004	117.0	118.5	1.50	2,230	0.41	0.52		0.34		141.0	14	8.6m @ 0.303 % WO₃, 43.9g/t Ag, 0.16 % Zn & 0.04 % Cu
	118.5	120.0	1.50	3,110	0.31	0.39		0.41		95.8	500
	120.0	121.5	1.50	710	-	0.09	Δ	0.05		3.3	888
	121.5	123.0	1.50	1,720	-	0.22	Δ	0.06		9.9	396
	123.0	124.1	1.10	2,320	0.24	0.30		0.03		2.3	582
	124.1	125.6	1.50	2,330	0.24	0.30		0.03		-	81

PM24-006	87.5	89.0	1.50	1,120	-	0.14	Δ	0.25		9.3	198	3.0m @ 0.272 % WO3, 29.85 g/t Ag, 0.52 % Zn & 0.07 % Cu
PM24-006	89.0	90.5	1.50	3,380	0.32	0.40		0.80		50.4	1,300	3.0m @ 0.272 % WO3, 29.85 g/t Ag, 0.52 % Zn & 0.07 % Cu
PM24-006	97.2	98.6	1.40	810	-	0.10	Δ	3.84	F	10.4	775	20.8m @ 0.142 % WO₃, 10.41 g/t Ag, 0.75 % Zn & 0.10 % Cu
	98.6	100.1	1.50	1,420	-	0.18	Δ	3.78	F	20.2	593
	100.1	101.7	1.60	630	-	0.08	Δ	0.81		34.1	147
	101.7	103.2	1.50	1,220	-	0.15	Δ	0.76		43.2	184
	103.2	104.7	1.50	930	-	0.12	Δ	0.34		3.3	217
	104.7	106.2	1.50	980	-	0.12	Δ	0.31		3.4	348
	106.2	107.6	1.40	1,670	-	0.21	Δ	0.28		7.6	1,100
	107.6	108.3	0.70	2,700	0.42	0.53		0.17		2.5	660
	108.3	109.8	1.50	1,110	-	0.14	Δ	0.07		2.6	778
	109.8	111.3	1.50	930	-	0.12	Δ	0.05		1.9	839
	111.3	112.8	1.50	450	-	0.06	Δ	0.03		0.9	358
	112.8	113.5	0.70	500	-	0.06	Δ	0.04		0.7	431
	113.5	114.9	1.40	1,100	-	0.14	Δ	0.06		2.6	1,020
	114.9	116.4	1.50	1,340	-	0.17	Δ	0.13		10.3	6,940
	116.4	118.0	1.60	930	-	0.12	Δ	0.09		1.4	298

PM24-007	38.4	39.7	1.30	2,030	0.28	0.35		0.16		1.8	194	5.1m @ 0.175 % WO₃, 1.76 g/t Ag & 0.16 % Zn
	39.7	41.2	1.50	20	-	0.00	Δ	0.07		0.9	91
	41.2	42.7	1.50	1,400	-	0.18	Δ	0.13		3.0	223
	42.7	43.5	0.80	1,610	-	0.20	Δ	0.39		1.0	231

PM24-012	66.0	67.5	1.50	2,570	0.29	0.37		0.18		6.2	101		39.3m @ 0.735 % WO₃, 39.71 g/t Ag, 0.30 % Zn & 0.44 % Cu
	67.5	69.2	1.70	2,870	0.28	0.35		0.84		21.0	560
	69.2	70.7	1.50	410	-	0.05	Δ	0.23		1.8	331
	70.7	72.2	1.50	2,270	0.23	0.29		0.04		0.6	166
	72.2	73.1	0.90	2,630	0.26	0.33		0.03		-	67
	73.1	74.4	1.30	930	-	0.12	Δ	0.21		20.0	418
	74.4	76.1	1.70	80	-	0.01	Δ	0.08		-	40
	76.1	77.6	1.50	3,780	0.38	0.48		1.96	F	22.2	4,190
	77.6	79.1	1.50	1,030	-	0.13	Δ	0.42		8.9	553
	79.1	80.6	1.50	1,130	-	0.14	Δ	0.60		1.1	175
	80.6	81.3	0.70	2,400	0.23	0.29		0.47		14.2	1,575
	81.3	82.5	1.20	1,950	-	0.25	Δ	0.64		20.7	5,040
	82.5	84.0	1.50	3,150	1.37	1.73		0.41		21.9	8,630	19.8m @ 1.219 % WO₃, 69.63 g/t Ag, 0.15 % Zn & 0.75 % Cu
	84.0	85.5	1.50	2,490	1.39	1.75		0.30		38.5	25,900
	85.5	87.0	1.50	2,290	1.35	1.70		0.18		31.2	17,700
	87.0	88.5	1.50	2,220	1.32	1.66		0.11		15.3	7,450
	88.5	89.2	0.70	3,800	0.37	0.47		0.09		3.4	1,760
	89.2	90.5	1.30	1,300	-	0.16	Δ	0.02		-	123
	90.5	92.0	1.50	3,580	0.35	0.44		0.06		0.5	187
	92.0	93.6	1.60	3,430	0.45	0.57		0.09		2.1	1,080
	93.6	95.0	1.40	2,290	1.26	1.59		0.05		2.5	952
	95.0	96.6	1.60	4,040	1.04	1.31		0.23		13.9	7,220
	96.6	98.0	1.40	4,310	0.73	0.92		0.21		10.7	5,110
	98.0	99.3	1.30	2,230	0.87	1.10		0.12		26.6	13,800
	99.3	100.8	1.50	1,980	-	0.25	Δ	0.14		61.7	8,600
	100.8	102.3	1.50	2,940	2.30	2.90		0.03		696.0	2,910
	102.3	103.8	1.50	2,910	0.30	0.38		0.10		9.3	4,860
	103.8	105.3	1.50	2,180	0.22	0.28		0.39		6.8	1,340

PM24-013	63.5	64.8	1.30	2,380	0.23	0.29		0.73		27.6	127	20.8m @ 0.228 % WO₃, 11.48 g/t Ag & 0.28 % Zn
	64.8	66.3	1.50	100	-	0.01	Δ	0.04		0.7	103
	66.3	67.8	1.50	2,810	0.27	0.34		0.34		2.1	349
	67.8	69.2	1.40	2,000	0.19	0.24		0.62		1.1	376
	69.2	70.7	1.50	2,530	0.26	0.33		0.77		21.0	160
	70.7	72.2	1.50	2,030	0.20	0.25		0.47		103.0	218
	72.2	73.7	1.50	1,790	-	0.23	Δ	0.08		1.9	167
	73.7	75.3	1.60	1,390	-	0.18	Δ	0.04		-	85
	75.3	76.8	1.50	2,250	0.22	0.28		0.03		0.6	234
	76.8	78.3	1.50	280	-	0.04	Δ	0.03		-	142
	78.3	79.8	1.50	3,290	0.33	0.42		0.04		1.4	785
	79.8	81.4	1.60	1,430	-	0.18	Δ	0.06		0.5	265
	81.4	82.8	1.40	1,420	-	0.18	Δ	0.55		2.7	1,650
	82.8	84.3	1.50	1,960	-	0.25	Δ	0.27		0.5	173
PM24-013	93.0	94.5	1.50	990	-	0.12	Δ	1.11	F	87.3	904	16.8m @ 0.256 % WO₃, 14.8 g/t Ag, 0.44 % Zn & 0.09 % Cu
	94.5	96.0	1.50	3,060	0.31	0.39		1.64	F	56.5	2,100
	96.0	97.8	1.80	2,360	0.31	0.39		0.21		6.7	1,325
	97.8	99.3	1.50	820	-	0.10	Δ	0.11		0.8	343
	99.3	100.8	1.50	1,090	-	0.14	Δ	0.12		1.6	511
	100.8	102.3	1.50	2,030	0.28	0.35		0.13		2.5	980
	102.3	103.8	1.50	2,690	0.27	0.34		0.09		3.5	1,215
	103.8	105.3	1.50	2,790	0.29	0.37		1.40	F	3.3	1,615
	105.3	106.8	1.50	1,460	-	0.18	Δ	0.04		1.0	497
	106.8	108.3	1.50	2,210	0.22	0.28		0.03		0.6	149
	108.3	109.8	1.50	950	-	0.12	Δ	0.02		0.6	35

Table 2 notes:

Summary of certificated assay results provided by accredited laboratory ALS USA Inc

ppm: parts per million, 10,000 ppm = 1%

a: ALS method ME-ICP61;

b: ALS method W-XRF10;

c: WO₃ % calculated as W % multiplied by 1.2611

d: ALS method Zn-OG62

e: highest precision result from ALS method Ag-OG62(4 acid 1-1,500 ppm), AG OG46 (aqua regia 1-1,500 ppm) or ME-ICP61 0.5-100ppm Ag

f: ALS method ME-ICP61 or CU-OG62 for assays >1% Cu

Δ: denotes WO₃ % calculated using W ppm (method ME-ICP61)

F: denotes Zn % calculated using Zn ppm (method ME-ICP61)

Media

Figure 1: 2024 drillhole plan map showing the location of all holes drilled to date. Cross section A-A' located in yellow (see Fig. 2 below for cross-section).

A close-up of a graph Description automatically generated

Figure 2: Cross section A-A'. North is towards A, south towards A'.

References

1: Arc-Related Porphyry Molybdenum Deposit Model. R.D. Taylor, J.M. Hammarstrom, N.M. Piatak, R.S. Sean, II. USGS Scientific Investigations Report (2010).

2: https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-inversion-results-issue-of-options/16657001

3: https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-significant-porphyry-update/16589687

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).

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM QMR, 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:

Guardian Metal Resources plc Oliver Friesen (CEO)	Tel: +44 (0) 20 7583 8304
Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O'Driscoll	Tel: +44 20 7213 0880
Shard Capital Partners LLP Lead Broker Damon Heath/Erik Woolgar	Tel: +44 (0) 20 7186 9000
First Equity Limited Broker Jason Robertson	Tel: +44 20 7374 2212

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Pilot Mountain, Nevada – Significant Drill Results