Pilot Mountain - Significant Interim Drill Update
25 June 2024
('Golden Metal' or the 'Company')
Extensive Mineralisation in Hole 1 (Desert Scheelite) and Mineralised Porphyry Intersected Through Entire Hole 2 (Porphyry South)
Drilling operations have been underway for over a month with two NQ diameter diamond core drill holes completed for a total combined 547.6m from the planned 2,000m programme. Details of findings in respect of visual mineralisation and alteration observed in each completed hole are outlined below, and the third hole is now underway. The first batch of laboratory assay results are pending.
*Golden Metal is to change its name to
HIGHLIGHTS
Hole 1 - Desert Scheelite (PM24-001)
§ Drillhole PM24-001 was drilled near the central portion of the Desert Scheelite zone and was designed to test for extensions of the deposit to the north and south.
§ PM24-001 intersected observed scheelite (tungsten) mineralisation and skarn alteration from 12.2m (immediately below overburden) to 42.8m as well as from 65m to 151.8m (the end of hole, finished in mineralisation). Extended intervals within this hole were observed to be very strongly mineralised.
§ Subject to confirmatory assay results (which are pending), this hole has the potential to expand the deposit footprint towards both the north and south.
Hole 2 - Porphyry South (PM24-002)
§ Drillhole PM24-002 was completed to a final depth of 407.1m and was drilled to test the Porphyry South magnetic anomaly. This hole represents the first hole ever drilled into this target.
§ PM24-002 has successfully discovered a mineralised porphyry system and intersected a quartz monzonite porphyry from immediately below overburden at 22m depth through to the final hole depth of 407.1m.
§ The Company is finalising arrangements with a porphyry expert to complete a detailed review of PM24-002 in conjunction with all available Company datasets. The results of this analysis will help guide subsequent drillholes into Porphyry South which, based on the magnetic anomaly, stretches for at least 1,200m in an east-west direction and greater than 500m north-south representing a considerable target.
"I am extremely pleased to provide this interim drill update with our first two holes testing separate targets and both delivering very exciting visual results.
"PM24-001 has significant mineralisation/alteration observed over very large intersections and ended in mineralisation. Based on detailed drill core review and utilising blacklight testing, strong scheelite (tungsten) mineralisation has been identified and we look forward to the drill assay results which are pending to confirm the tungsten grades from the 115 samples submitted to the laboratory.
"Drillhole PM24-002 intersected a mineralised porphyry system throughout the full extent of the hole from just below overburden at 22m to 407.1m (EOH), which we consider to be a remarkable result considering this represents the first drillhole ever completed into this target.
"Importantly, we have gone from geophysical concept, to geological confirmation, giving the team further confidence in the other priority porphyry and skarn-type targets areas our technical team has developed across Pilot Mountain (1-Porphyry South, 2-Desert Scheelite Parallel West, 3-Porphyry West) and Garfield (4-Power-Line, 5-
"We will now bring in a porphyry expert to assist the team in further reviewing drillhole PM24-002 as well as all existing data, to help guide subsequent drillholes into Porphyry South.
"In the current planned 2,000m drill programme, which we expect will be expanded given the positive findings to date, there are many holes remaining and the drill rig has now moved to our next target area where drilling is underway.
"The geophysical programme announced
DETAILED HOLE BREAKDOWN
PM24-001 (151.6m):
Drillhole PM24-001 was drilled near the central portion of the Desert Scheelite zone and was designed to test for extensions of the deposit to the north and south. Skarn-type alteration and visible scheelite mineralisation was intersected from immediately below overburden from 12.2m to 42.8m as well as from 65m to 151.8m end of hole (hole finished in mineralisation) including extended intervals which were considered strongly mineralised.
Considering the expected zone of mineralisation as predicated by the 2018 Mineral Resource estimate block model and subject to laboratory assays results, PM24-001 appears to have successfully increased the size of the potential deposit footprint in multiple directions. In total 115 samples are being tested at ALS Reno laboratory with assay results expected in the coming weeks.
Figure 1*: Mineralised skarn sample intersected between 100.9m to 104.1m within drillhole PM24-001.
Figure 2*: Under blacklight, mineralised skarn sample intersected between 100.9m to 104.1m within drillhole PM24-001 under blacklight highlighting scheelite (CaW04) mineralisation throughout (scheelite fluoresces blue-white). For reference, the 337 foot block visible in the photo lines up with the 102.7m block in Figure 1.
PM24-002 (407.1m):
PM24-002 was completed to a final depth of 407.1m and was drilled to test the Porphyry South magnetic anomaly. Detailed logging is being finalised with core cutting of the upper parts of the hole now underway.
The hole intersected a quartz monzonite porphyry from immediately below overburden at 22m to the end of hole at 407.1m
Classic porphyry type veins are distributed throughout the hole with variable intensity. The porphyry veins range between being tungsten (scheelite), pyrite and molybdenite dominated with local chalcopyrite.
Vein selvedges are often very well defined with strong up to cm-scale potassium feldspar selvedges indicating a high fluid temperature during emplacement which suggests proximity to the main potassic core, where the highest grades within a porphyry system are found.
The vein mineralisation and alteration observed is very encouraging considering this represents the first ever drill hole completed into this target.
Overall, the quartz monzonite alteration is defined by sericite, pyrite, chlorite with lesser epidote locally with variable silicification and pyritisation. This places the hole somewhere within the propylitic or phyllic alteration halo.
Further details will be announced once detailed logging is completed, as well as further drilling plans into this now confirmed mineralised porphyry system.
Figure 3*: PM24-002 drill core, quartz-calcite vein at 190.5m downhole with abundant molybdenite and pyrite within a quartz monzonite porphyry. The vein selvedge is strongly potassic altered with strong molybdenite mineralisation noted in the vein selvedge (dark grey/blue specks).
Figure 4*: PM24-002 drill core, strong quartz-calcite veining at 224m downhole with abundant molybdenite and pyrite (± chalcopyrite) as well as scheelite within a quartz monzonite porphyry. The vein selvedge is strongly potassic altered with strong molybdenite mineralisation noted in the vein selvedge (dark grey specks). See figure 5 below of zoomed up area A.
Figure 5*: Under ultraviolet light PM24-002 drill core area A (see figure 4 above) highlighting scheelite (blue-white fluorescence) mineralisation.
Figure 6*: PM24-002 drill core, quartz-calcite vein at 103.6m downhole with coarse grained molybdenite and pyrite along vein surface within a quartz monzonite porphyry. The vein selvedge is strongly potassic altered.
Figure 7*: PM24-002 drill core, quartz-calcite vein at 335m downhole with coarse grained molybdenite and pyrite (± chalcopyrite) along vein surface within a quartz monzonite porphyry. The vein selvedge is very strongly potassic altered.
Figure 8*: PM24-002 drill core, quartz-calcite vein at 399.5m downhole (near EOH) with molybdenite and pyrite along vein surface within a quartz monzonite porphyry. The vein selvedge is very strongly potassic altered.
*Photos are selective in nature and not necessarily representative of mineralisation throughout the drill holes.
The original drillhole into Porphyry South (PM24-02) was drilled to a depth of 143.6m and then due to casing issues was restarted as drillhole PM24-02 which was then completed to 407.1m depth. Therefore, a total of 550.7m has been drilled into Porphyry South to date. Core from the first hole (PM24-02A) was geologically logged but only full sampling will be completed of PM24-02.
PROPERTY OWNERSHIP
Golden Metal holds a 100% interest in the
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr
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:
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Tel: +44 (0) 20 7583 8304 |
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Nominated Adviser |
Tel: +44 20 7213 0880 |
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Lead Broker |
Tel: +44 (0) 20 7186 9000 |
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Broker |
Tel: +44 20 7374 2212 |
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