Golden Metal Resources plc reported greater than expected copper-silver-gold mineralisation from overlimit assay testing at Garfield within the Walker Lane mineral belt in Nevada.
SIGNIFICANT
Following last week’s preliminary results from ground exploration, overlimit samples were reanalysed using higher-grade threshold assay methods.
Results of 11 of 32 samples returned greater than 1% calculated copper equivalent (CuEq) including 23.92% CuEq (2.37% Cu, 27.2g/t Au, 29.9g/t Ag); 4.70% CuEq (4.27% Cu, 0.40g/t Au, 11.95g/t Ag); and 3.47% CuEq (3.24% Cu, 0.16g/t Au, 10.8g/t Ag).
Golden Metal said “significant” high-grade copper, gold and silver was now delineated over an area greater than 1.5km x 0.5km at the High-Grade zone, one of two anomalies.
Geochemist Simon Griffiths will review the rock sample results and help the company determine the project’s progression.
Chief executive officer Oliver Friesen added: “I have been involved with many exploration projects in my career, including many Cu-Au-Ag porphyry projects, and it is very rare to see one move up the potential value curve so quickly.
“My ultimate goal as CEO is to ensure that the projects in our portfolio become increasingly attractive with each incremental exploration dollar spent.
“To see an asset move up that curve as quickly as Garfield has is quite exceptional, and I look forward to sharing further information on this project, including next steps, as soon as possible.”
Garfield was originally owned by Sunrise Resources plc which sold the claims to Golden Metal’s founder and now 62% owner Power Metal Resources plc.
Sunrise retains a 2% net smelter return royalty, covering the whole of Power Line and the majority of High-Grade. Golden Metal may purchase 50% of the royalty for $1 million.