REG - Golden Metal Rsrcs. - Nuclear Fusion Collaboration Agreement

Guardian Metal ResourcesAnnouncement

01/07/2024 11:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240701:nRSA6201Ua&default-theme=true

RNS Number : 6201U  Golden Metal Resources PLC  01 July 2024

1 July 2024

Golden Metal Resources plc

("Golden Metal" or the "Company")

Nuclear Fusion Collaboration Agreement

Golden Metal Resources plc* (LON:GMET, OTCQB:GMTLF), a strategic development
and mineral exploration company focused on Nevada, USA, is pleased to announce
an update on its Memorandum of Understanding ("MOU") 1  (#_ftn1) with Oxford
Sigma Limited ("Oxford Sigma"), a nuclear fusion technology company based in
Oxfordshire, UK.

*Golden Metal is to change its name to Guardian Metal Resources plc. Formal
papers have been submitted and the name change confirmation is awaited from
Companies House. The Company will confirm when this process is complete. The
stock codes will remain as LON:GMET and OTXQB:GMTLF.

HIGHLIGHTS:

§ Further to the MOU announced by the Company on 24 July 2023, Golden Metal
and Oxford Sigma have agreed to co-fund a research project titled "Materials
Selection for Fusion Breeder Blankets" (the "Project") which forms part of
Oxford Sigma's collaboration with the UK Atomic Energy Authority (UKAEA),
which is also providing partial funding for the Project.

 

§ The main goal of the Project is to quantify the use of tungsten and other
critical metals within the fusion process. It is expected that results from
the Project will highlight the extraordinary future demand the development of
nuclear fusion would create for tungsten.

 

§ The anticipated demand for tungsten in nuclear fusion, added to the growing
requirements of the defence and industrial sectors, would add a further
dramatic step change in the significance of tungsten for all industry
participants and notably benefit Golden Metal as 100% owners of the Pilot
Mountain Project, which is believed to be the largest undeveloped tungsten
project on US soil.

Oliver Friesen, CEO of Golden Metal, commented:

"Golden Metal continues to lead critical minerals development in the London
market with its objective to become a leading provider of critical metal
resources in the USA.

"Alongside the significant amount of exploration and development work that is
currently ongoing across our Pilot Mountain and Garfield projects, it is
important that we continue to broaden our understanding as to what the major
future demand drivers for tungsten will be.

"While tungsten usage within the defence space is currently at the forefront
given the current global geopolitical situation, we have been working with
Oxford Sigma since the signing of our MOU to better understand the importance
of tungsten within what is likely to be one, if not the, most important future
energy technologies currently being developed.

"While initial indications are that the future demand requirements for
tungsten within fusion are considerable, to date no one has done the work to
quantify this. The Project represents the first time this work is being
undertaken and we are very excited to be involved.

"Almost all tungsten stakeholders with whom I have engaged over the years are
well aware of the use of tungsten within nuclear fusion, however, there exists
a knowledge gap due to no one having previously quantified future outcomes.

"With the results of the Project in hand, and the expected publication of the
Project outcomes, we will be much better equipped as a company as we look to
be a leader in the nuclear fusion metal supply space."

FURTHER INFORMATION

Golden Metal is co-sponsoring an internship fusion engineer from Oxford Sigma
to complete a fusion energy research project overseen by Oxford Sigma and
based within the world-leading academic ecosystem in Oxford.

The Project will develop a detailed scoring matrix for fusion-relevant
materials in breeder blankets, with a relative score given for their
independent tolerance to each of the challenging fusion characteristics;
thermal, magnetic, radiation and corrosion.

Due to its unique metallurgical properties, tungsten is expected to be the
lead candidate for first-wall and shielding components within the nuclear
fusion process.

The results of the Project will be submitted to a peer reviewed leading
academic journal.

The findings will be used to generate a more accurate value of tungsten
consumption required for commercial fusion power plants, which will feed
directly into Golden Metal's future supply dynamics and ongoing conversations.
 They will also position Golden Metal and Oxford Sigma as industry leaders in
understanding the supply needs for tungsten in the fusion industry and enable
capacity and timescale strategy planning to develop further.

The results are also expected to highlight future fusion demand for tungsten
globally, with consequent upward movements in its commodity price, which will
encourage and underpin the future development of the Company's Pilot Mountain
project.

Initial results from the Project are expected in approximately the next 2-3
months.

 

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
(http://www.goldenmetalresources.com) or contact the following:

 Golden Metal Resources plc                   Tel: +44 (0) 20 7583 8304

 Oliver Friesen (CEO)
 Cairn Financial Advisers LLP                 Tel: +44 20 7213 0880

 Nominated Adviser

 Sandy Jamieson/Jo Turner/Louise O'Driscoll
 Shard Capital Partners LLP                   Tel: +44 (0) 20 7186 9000

 Lead Broker

 Damon Heath/Erik Woolgar
 First Equity Limited                         Tel: +44 20 7374 2212

 Broker

 Jonathan Brown/Jason Robertson

 

THE PROJECTS

Pilot Mountain Project

The Pilot Mountain project is an advanced exploration and mineral resource
definition stage project located in Mineral County in western Nevada. The
project covers an area of 14.80 km(2) (3,904.1 acres) and is located 200km
southeast of Reno and 18km east of Mina, Nevada. It is well situated for
the supply of power, water and skilled labour and proximity to transport
infrastructure in Mineral County and is centred around four existing mineral
deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which
possess significant skarn-style tungsten-copper-silver-zinc
mineralisation. The Pilot Mountain project consists of 176 active lode
mining claims and 4 filed mill site claims. The four mill site claims filed at
the former Dunham mill site have secure access to groundwater supply
sufficient for the proposed project.

Garfield Project

The Garfield Project is an exciting copper-gold-silver prospect consisting of
65 lode mining claims covering 5.4 km(2) (1,338 acres) located in Mineral
County, Nevada, approximately 14km due east of the town of Hawthorne and
120km due west-northwest of Tonopah. Exploration to date has included
detailed geochemical sampling and follow up analysis which highlighted the
presence of both porphyry and skarn-type mineralisation and alteration at the
'High-Grade Zone'. Further to this, mapping, prospecting and rock sampling was
recently completed with results confirming presence of high-grade copper,
silver and gold mineralisation as well as leading to the bedrock discovery of
the Pamlico Au Zone with individual rock samples up to 18.35g/t Au, 1,225g/t
Ag & 1.89% Cu. Following this, geochemical analysis of the full suite of
data confirmed the strong presence of porphyry style mineralisation across the
Project, as well as potentially overprinting epithermal style mineralisation
leading to increased gold-silver prospectivity.

Kibby Basin Lithium Project

The Kibby Basin Project covers two claim packages which are prospective for
lithium brine mineralisation. The southern claim package is less than 250m
from a 2022 drillhole which returned a significant interval (169m) of lithium
brine mineralisation which was determined to be open in all directions. The
Project is less than 5km to the southeast of the Company's flagship Pilot
Mountain Project.

Golconda Summit Project

Golden Metal is the operator of the Golconda Summit project, which is held
under an earn-in right to acquire up to 100 per cent. of the project from the
mineral claim owner pursuant to an option agreement. The Golconda Summit
project is an exploration stage gold and silver project located in Humboldt
County and situated at the confluence of the Getchell and Battle
Mountain - Eureka metallogenic trends, and consists of 44 lode mining
claims, covering a total area of approximately 3.22 km(2) (795.4 acres)
located approximately 27km east of Winnemucca.

Stonewall Project

The Stonewall project is an exploration stage gold-silver property prospective
for epithermal gold-silver mineralisation. The property consists of 19 lode
mining claims covering 1.59 km(2) (392.5 acres) located on the northern flank
of Stonewall Mountain, on the western edge of the Nellis Airforce Range
Restricted Access Area, in Nye County, Nevada, approximately 24km south-east
of the historic gold mining town of Goldfield and 60km due south
of Tonopah.

 

 1  (#_ftnref1) Announced on 24(th) July 2023, see
https://polaris.brighterir.com/public/golden_metal_resources/news/rns/story/w6m12kx/export

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRDZGGNGMZGDZM