Golden Metal Resources plc reported potential large scale porphyry and skarn type copper mineralised bodies on two previously identified anomalies at the Garfield project in Nevada.
MINERAL SYSTEM
The Power Line and High-Grade zones have undergone detailed geochemical analysis since their discovery in May.
Within the northeast of High-Grade, findings show a hornfels zone with tellurium and arsenic enrichment, that is open for expansion.
The southwest of the zone revealed sericite-altered volcanics with copper, lead and zinc enrichment giving evidence of a “buried mineral system with possible porphyry affinity”.
Golden Metal has given High-Grade high priority for follow-up exploration because of the potential tonnage from the size of the geochemical anomaly and the porphyry deposit affinity.
The company soon expects to focus follow-up prospecting and rock sampling at High-Grade.
Power Line needs to have field verification for potential multiple mineralised structures/splays.
“We are very excited about the discovery of what appears to be both skarn-type as well as porphyry deposit geochemical signatures within the Garfield project’s High-Grade zone, where minimal historical rock sampling returned up to 5.53% copper,” said chief executive officer Oliver Friesen.
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.
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