REG - Guardian Metal Rsrc. - Pilot Mountain – Further Significant Drill Update

Guardian Metal ResourcesAnnouncement

22/08/2024 07:01

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RNS Number : 3336B  Guardian Metal Resources PLC  22 August 2024

22 August 2024

Guardian Metal Resources plc

('Guardian Metal' or the 'Company')

Pilot Mountain - Further Significant Drill Update

Skarn-Zone Discovered at DSPW and Further Positive Visual Results from Desert
Scheelite

Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), a strategic development
and mineral exploration company focused in Nevada, USA, is pleased to announce
a drilling update at the Company's 100% owned flagship Pilot Mountain Project
("Pilot Mountain" or the "Project") located within the prolific Walker Lane
Mineral Belt in Nevada, USA.

HIGHLIGHTS:

§ Drilling operations have been underway for over three months with seventeen
HQ (63.5mm) core diameter diamond drillholes completed for a total combined
2,396.2m, a material increase from the originally planned 2,000m programme.

 

§ The 18(th) drill hole is now under way and the diamond drilling rig will
remain on site to continue drilling at the Company's direction.

 

§ Preliminary findings in respect of visual mineralisation and alteration
observed in the latest holes are as follows:

 

-     At Desert Scheelite Parallel West ("DSPW") an altered skarn/marble
zone was successfully intersected in drillhole PM24-03. A follow up drillhole
PM 24-05, designed to test the zone further along strike and down dip, was
also successful in intercepting the newly identified zone. These represent the
first holes ever drilled into DSPW.

 

-     Thirteen drillholes completed within Desert Scheelite, designed to
support the Pre-Feasibility Study, successfully intersected the mineralised
skarn zones where expected based within the existing block model, as well as
locally within the hanging wall and footwall, supporting further resource
expansion potential.

 

§ First laboratory assay results are expected shortly, with regular batches
of additional results to be received over the coming weeks and months.
Further market updates will be provided as results are received, analysed and
interpreted.

Oliver Friesen, CEO of Guardian Metal, commented:

"I am delighted with the drilling progress at Pilot Mountain and very pleased
with the findings to date which have greatly exceeded our expectations.  In
the Company's view, we consider the potential offered by the Project is now
much greater than when it was originally acquired.

"Our drilling at Desert Scheelite has successfully intersected the mineralised
skarn zones where expected and in multiple holes, within the hanging wall and
footwall.  In addition, and notably, drilling into Desert Scheelite Parallel
West has confirmed the presence of a previously undiscovered strongly altered
skarn zone at Pilot Mountain.

"It is important to also note that to date, only two of the Company's multiple
exploration targets identified have been drill tested, both confirming new
mineralised and altered zones.

"The Company's technical team has worked with all available data to determine
the next optimal areas of these zones to test. Permit amendments are now being
finalised and will be filed shortly.

"The Company is currently in an intensive work period in respect of the
Project and this is expected to continue for several months as multiple
technical and corporate workstreams continue in parallel and at pace."

FURTHER INFORMATION

Desert Scheelite Parallel West

§ Drillhole PM24-03 represented the first hole ever drilled into the Desert
Scheelite Parallel West (DSPW) Zone - a circa 600m long target area originally
identified by Guardian Metal by the 2023 induced polarisation ("IP")
geophysical survey (resistivity low anomaly).

 

§ An altered skarn/marble zone was successfully intersected over 158.8m in
PM24-03 from near the top of the hole at 11m to 169.8m the end of hole
("EOH"). Locally there are strongly altered and mineralised zones dominated by
powellite (a host mineral notably of molybdenum) and pyrite with lesser
scheelite.

 

§ Following the success of PM24-03, a further hole was drilled (PM24-05) into
DSPW to test the zone further along strike and down dip.

 

§ Similarly to PM24-03 from near the top of PM24-05 at 18.3m to 197.8m (EOH)
an altered skarn/marble zone was intersected. Furthermore, similar alteration
and mineralisation was visually observed in PM24-05 as that in PM24-03.

 

Desert Scheelite

§ Drillholes PM24-04, PM24-06, PM24-07, PM24-08, PM24-09, PM24-10, PM24-11,
PM24-12, PM24-13, PM24-14, PM24-15, PM24-16 and PM24-17 were all successfully
completed within Desert Scheelite and were drilled to support the planned PFS.

 

§ Mineralised skarn zones were successfully intercepted in all drillholes
where expected based on the existing block model, as well as locally within
the hanging wall and footwall, supporting further resource expansion
potential.

 

Next Steps

§ First laboratory assay results from the initial batch of samples are
expected shortly, and thereafter, receipt of assay data is expected on a
regular basis over a number of weeks/months.

 

§ Considering the discovery of a mineralised porphyry (Porphyry South) and
new skarn zone (DSPW), as well as strong porphyry indicators at Porphyry West,
the Company is finalising a permit notice amendment to support further
drillholes into all three of these targets.

 

§ Following the Company's recent £2.15M strategic financing in the United
States, it is in a position to continue drilling and the drill rig remains on
site and operational.  A further update as to specific drill plans will be
provided in due course.

 

Media

Figure 1: 2024 map highlighting the location of drillholes completed to date.
 

PROPERTY OWNERSHIP

Guardian Metal holds a 100% interest in the Pilot Mountain Project through its
wholly owned Nevada-based operating companies BFM Resources Inc and Pilot
Metals Inc.

 

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 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.Guardianmetalresources.com
(http://www.goldenmetalresources.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
 First Equity Limited                         Tel: +44 20 7374 2212

 Broker

 Jason Robertson

 

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