REG - Guardian Metal Rsrc. - Golconda Summit Gold Project - Trenching Results

Guardian Metal ResourcesAnnouncement

21/02/2025 07:00

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RNS Number : 9440X  Guardian Metal Resources PLC  21 February 2025

21 February 2025

Guardian Metal Resources plc

('Guardian Metal' or the 'Company')

Significant Trenching Results - Golconda Summit

High-Grade Gold Results From Trenching Programme Confirmed

Guardian Metal Resources plc (LON: GMET, OTCQX: GMTLF), a strategic mineral
exploration and development company focused on tungsten in Nevada, USA, is
pleased to announce trenching results (Table 1) that confirm and extend
high-grade gold (Au) mineralisation at the 100%-owned Golconda Summit Project
("Golconda," "Golconda Summit," or the "Project") located in the Walker Lane
Mineral Belt in northern Nevada, USA (Figure 1).

While the Company remains primarily focused on the exploration and development
of tungsten at its co-flagship assets in Nevada, supporting the critical
reshoring of defence metals to the U.S., it also recognises the growing
interest in gold, copper and silver. As such, Guardian remains committed to
ensuring that its investors remain exposed to the upside potential of other
assets in the portfolio and principally Garfield and Golconda, which have
demonstrated strong discovery potential based on the work completed to date.

Highlights:

 

§ Golconda Summit is located within Nevada's most prolific gold belts,
alongside multi-million-ounce deposits, underscoring the discovery potential
for a Carlin-type gold system.

 

§ High-grade gold confirmed in trench samples at the 'Trench Zone' including
significant results up to 6.10m at 13.12g/t Au sampled across multiple fault
structures within Upper Plate Havallah Sequence rocks.

 

§ The confirmation of high-grade gold within Upper Plate rocks is
particularly encouraging as it suggests strong potential for an extensive
mineralised Carlin-type gold system to exist at depth within the more
favourable Lower Plate host rocks.

 

§ An extension to the gold bearing system at Golconda has been identified at
the 'Thrust Zone' located 550m to the north of the 'Trench Zone'.  The
'Thrust Zone' is part of an open ended, 150m long rock chip anomaly which
returned trenching results up to 3.05m at 1.94g/t Au.

Oliver Friesen, CEO of Guardian Metal, commented:

"These trenching results further reinforce our confidence that Golconda Summit
has the potential to host a significant Carlin-type gold discovery, situated
within the same prolific geological and structural setting as several
multi-million-ounce Carlin-type deposits.

 

"The confirmation of high-grade gold within Upper Plate rocks is particularly
encouraging as it suggests strong potential for an extensive mineralised
system at depth within the more favourable Lower Plate host rocks. Given the
sustained strength in the gold price above US $2,900, these results could not
come at a better time as we look to ensure that this Project is monetised for
our shareholders while we focus on our core mission of reshoring tungsten
mined supply back onto U.S. soil."

 

Trench Sampling Programme

 

In November 2024, the Company completed a 527-metre trenching programme across
10 trenches in the 'Trench' and 'Thrust' zones. The programme aimed to confirm
high-grade structures identified by previous operators and test for extensions
of the mineralised system.

Trenches 10 and 11 were excavated in the central Thrust Zone, whilst trenches
1 to 9 (excluding 6 which was laid out but not trenched) excavated in the
Trench Zone located in the southern part of Golconda. Each trench was
systematically mapped and sampled at 3.05-metre (10-foot) intervals (with
select intervals sampled at shorter intervals), with samples sent for analysis
at ALS Global certified laboratories using ME-MS41 and Au-AA23 methods with
method Au-GRA21 for overlimit gold samples (Figures 2 and 3).

 

The highlight assay results from trench sampling in the Thrust Zone and the
Trench Zone is set out in Table 1.

 

Table 1: Trench Sampling Highlight Assay Results

 

 Target Zone  Trench Number  Assay Result            Notes
 Trench Zone  2              15.24m @ 0.83g/t Au     Located 25m south of trench 7
              7              3.05m @ 0.54g/t Au

                             9.14m @ 0.57g/t Au

                             6.10m @ 3.58g/t Au
              8              6.10m @ 13.12g/t Au(#)
              9              11.28m @ 3.73g/t Au     Includes 1.52 m @ 22.7 g/t Au(#)
 Thrust Zone  10             12.19m @ 0.76 g/t Au

                             3.05m @ 1.94g/t Au

                             6.09m @ 0.46g/t Au
              11             3.05m @ 0.86g/t Au      Located along strike from an As-in-rock anomaly & trench 10

Note: See Figure 3 for trench locations. Results subject to rounding. # By
overlimit assay method Au-GRA21.

 

 

Further Information

 

The Golconda Summit Project is located in the Battle Mountain - Eureka and
Getchell Gold Trends in very similar geology to the nearby Nevada Gold Mines'
Turquoise Ridge Complex Mine (13 Moz @ 5.02 g/t Au)(1), Nevada Gold Mines'
Lone Tree Complex (4.06 Moz @ 2.06 g/t Au)(2) and SSR Mining Inc.'s Marigold
Mine (3.16 Moz Au Measured & Indicated Resource)(3) (Figure 1).

 

Reconnaissance rock chip sampling and detailed field mapping completed by the
Company demonstrated strong arsenic anomalism (a key indicator for
Carlin-style gold systems) along the Golconda thrust fault (Figure 2)
(reported October 2023)(*). This triggered the Company to embark on this
trenching campaign to confirm and test for extensions to the mineralised
system at Golconda.

 

Company geologists are now working towards 3D integration of these positive
results with detailed geological mapping and legacy drill hole data.

 

(*)https://www.londonstockexchange.com/news-article/GMET/golconda-summit-gold-project-key-developments/16186413
(https://www.londonstockexchange.com/news-article/GMET/golconda-summit-gold-project-key-developments/16186413)

 

Media

Figure 1: Regional map showing Golconda in relation to significant nearby gold
mines.

 

 

Figure 2: Trench mapping and sampling operations at Golconda Summit.

Figure 3: Map of the Golconda Summit Project, rock chip anomalies, trench
sample assays and permitted drill sites. Trench numbers annotated.

 

References

(1)Bolin, C. L., Fiddes, C., Olcott, J., Yopps, S.W., 2020, Technical Report
On The Turquoise Ridge Complex, State Of Nevada, USA, Nevada Gold Mines.

(2) Samal, A.R., 2021, NI 43-101 Technical Report on the Mineral Resource
Estimates for the Lone Tree Deposit, Nevada, GeoGlobal.

(3)https://www.ssrmining.com/_resources/pdfs/Reserves-and-Resources.pdf

 

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

 Guardian 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

 

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