REG - Guardian Metal Rsrc. - Pilot Mountain, Nevada – Significant Drill Results

Guardian Metal ResourcesAnnouncement

07/10/2024 07:00

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RNS Number : 0864H  Guardian Metal Resources PLC  07 October 2024

7 October 2024

Guardian Metal Resources plc

('Guardian Metal' or the 'Company')

Pilot Mountain, Nevada - Significant Drill Results

Desert Scheelite: PM24-012 Intersects Outstanding Tungsten Mineralised
Intersection

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

The laboratory assay results from the first diamond drillhole were covered in
the Company's announcement on 18 September 2024 which may be viewed through
the link below:

https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-significant-drill-result/16670512
(https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-significant-drill-result/16670512)

Laboratory assay results from drill core samples for the next twelve holes
(PM24-002 to 013) have confirmed:

 

1.   An outstanding mineralised intersection in drill hole PM24-012 at
Desert Scheelite which the Company believes will deliver a material upgrade to
the resource model within this area.

 

2.   Confirmation of a molybdenum-rich mineralised porphyry system at the
Porphyry South target area.

 

3.   The Desert Scheelite Parallel West Zone is tungsten rich.

 

4.   The balance of Desert Scheelite drillholes continue to increase
confidence for updating the existing Mineral Resource estimate ("MRE").

The Pilot Mountain diamond drilling programme commenced in May 2024 and to
date 24 holes have been completed for a total of 3,211 metres drilled. The
25(th) drillhole is currently underway (Fig. 1).

 

Desert Scheelite Highlights:

 

§ Laboratory assay results (Table 2) confirm diamond drillhole PM24-012 at
Desert Scheelite has intersected the best tungsten intercept ever recorded at
Pilot Mountain including 39.3m of 'very high-grade' tungsten mineralisation.

 

§ The PM24-012 downhole drill intersection comprises:

 

o 39.3m @ 0.735% W0(3) (tungsten trioxide), 39.7g/t Silver (Ag), 0.44% copper
(Cu) and 0.30% zinc (Zn) from 66 m.

-     including 19.8m @ 1.219% W0(3), 69.6g/t Ag, 0.75% Cu and 0.15%
Znfrom 82.5 m.

 

§ Significantly, the vast majority of the PM24-012 high grade intercept is
located within the open pit shell as envisaged in the previous scoping level
mine design and presents the opportunity to upgrade the previous block model
for this area in the planned MRE update (Fig. 2). The Company believes this
result will lead to a material increase in the resource model within this
area.

 

§ PM24-012 standout extremely high-grade individual assay results include
2.90% W0(3) (100.8m - 102.3 downhole depth which also includes 696g/t Ag)
representing the highest ever single tungsten assay result achieved across
Pilot Mountain within any recorded drill programme to date.

 

§ Following the receipt of these outstanding assay results, the Company has
moved the drill rig back to the area of Desert Scheelite where PM24-012 was
undertaken to test for extensions of this zone in multiple directions.

 

§ The Company's CEO has scheduled a site visit commencing the end of this
week to review the PM24-012 core and to evaluate core as drilling progresses
from this new zone.

 

§ The balance of Desert Scheelite drillholes continue to increase confidence
in the existing MRE. Resource upgrade and infill represents a very important
step required to enable the completion of the Pre-Feasibility Study.

 

§ PM24-012 highlight interval above on a metal equivalent basis comprises
39.3m @ 3.45% CuEq (copper equivalent) and 1.02% WO(3)Eq (tungsten
equivalent).

The Copper Equivalent is calculated using a tungsten price of $330/MTU, a zinc
price of US$1.4163/lb and a silver price of US$31.52/Oz. The W0(3) Equivalent
("WO(3)Eq") is calculated using a copper price of US4.4115/lb, a zinc price of
US$1.4163/lb and a silver price of US$31.52/Oz.

Cautionary note: The metal equivalent calculations do not consider any
metallurgical factors and assume 100% recovery and 100% payability of all
metals, as a result the stated equivalents are provided for illustrative
purposes only.

 

Porphyry South Highlights:

 

§ Assay results from the Company's first ever porphyry focussed drillhole at
Pilot Mountain, PM24-002 (& PM24-002A) into the Porphyry South target, has
confirmed the presence of what the Company believes is an arc-related porphyry
molybdenum (Mo) system.

 

§ Arc-related porphyry molybdenum deposits are a substantial source for
molybdenum metal and may have anomalous concentrations of tungsten. The
deposits typically contain low-grade mineralisation (0.03-0.22 % Mo) as
molyb-denite, but are large-tonnage, making them amenable to bulk mining
open-pit techniques.(1)

 

§ Mo results for PM24-002/A directly correlate with increased vein density
and very highly anomalous Mo was intersected intermittently throughout the
entire hole including:

 From (m)  To (m)  Mo (ppm) (#)
 25        28      347
 37        40      236
 90.5      93.6    266
 188.7     191.1   529
 215.2     218.5   268
 223.8     225.7   1,170
 270.4     273.4   413
 321.4     324     507
 329.7     332.7   233
 350.6     353.6   235

# ALS method ME-ICP61

 

§ Given recent developments regarding, 1) the delineation of the Company's
Porphyry West and North Targets(2)as well as, 2) the possibility that
W-Ag-Zn-Cu skarn-related zones at the Project may be related to one large
porphyry system(3), the confirmation of an Arc-related mineralised Mo porphyry
system at Porphyry South is considered significant.

 

§ With results in hand the Company is working with all available data to
place this interval within the context of the overall mineralised porphyry
system(s). Notice permit amendments are awaited which cover multiple
drillholes into the various porphyry targets at Pilot Mountain.

 

§ Future drill holes are planned to investigate areas with greater quartz
vein density, which is where the potassic core associated with the highest
grades in most porphyry systems is likely to be found.

 

§ In addition to the tungsten, copper, silver, zinc and garnet potential
(currently being investigated), the confirmation of a Mo-rich porphyry adds
another metal of interest to the Project going forward.

 

§ Given the strong copper shows found at surface across the Project, as well
as within the various skarn deposits,  it is believed that the porphyry may
have the potential to host a copper-rich porphyry shell, and this hypothesis
will be investigated further.

 

Desert Scheelite Parallel West (DSPW) Highlights:

 

§ Drillhole PM24-003, the first of two drillholes completed into the
previously untested DSPW zone, returned 3.5m @ 0.235% WO(3). This confirms
that the DPSW skarn-zone (with a large surface expressions of circa 600m by
100m) is tungsten rich, representing another important development for the
Project.

 

§ The Company is conducting further investigations of any at surface
mineralisation within this zone to help guide future drilling into this
target. Further drill pad locations are also included in the drilling permit
notice amendment that was most recently submitted to enable further drilling
to be undertaken at DSPW.

Oliver Friesen, CEO of Guardian Metal, commented:

"It is safe to say we are extremely excited about the results reported today,
including PM24-012 which has delivered a globally significant tungsten result.
Not only did we intersect 39.3m of 1.02% W0(3)Eq**, but this extended interval
is located almost entirely within the scoping level open pit mine design, in
an area which was previously occupied by relatively low grade material from
the previous resource model.

"The drillholes reported today confirm that further exploration and drilling
is needed to fully assess the Project's potential, of which we believe we have
just scratched the surface. With the US $2.75m strategic North American
financing recently completed at 27p, we are very well funded and look forward
to continuing to drive this extremely exciting Project forward at a time when
the U.S. needs secure supplies of tungsten."

Results Summary

Table 1: Drillhole collar details

 Hole ID           Target Area       UTM Easting(#)  UTM Northing(#)  Azimuth (deg.)  Dip (deg.)  Down hole Depth (m)
 PM24-001          Desert Scheelite  424159          4248321          195             -75.5       151.8
 PM24-002          Porphyry South    424011          4247857          15.4            -74         143.6
 PM24-002A(&)      Porphyry South    424011          4247857          15.4            -74         407.1
 PM24-003          DSPW              423792          4248332          309.5           -47         169.8
 PM24-004          Desert Scheelite  424148          4248353          177             -64         165.2
 PM24-005          DSPW              423760          4248287          311             -53         197.8
 PM24-006          Desert Scheelite  424190          4248354          181.6           -58         151.5
 PM24-007          Desert Scheelite  424367          4248301          179.2           -62         84.4
 PM24-008          Desert Scheelite  424356          4248297          175.9           -49         77.7
 PM24-009          Desert Scheelite  424376          4248301          175.3           -54         77.4
 PM24-010          Desert Scheelite  424399          4248296          173.8           -58         72.2
 PM24-011          Desert Scheelite  424407          4248346          180.4           -60         103.6
 PM24-012          Desert Scheelite  424357.6        4248319          179.6           -66         114.1
 PM24-013          Desert Scheelite  424344.2        4248323          180.5           -68         114.9

(#) UTM Zone 11 North NAD83 datum

(&) PM24-002 was stopped at 143.6m due to drilling difficulties, and
re-entered as PM24-002A which was completed to a downhole depth of 407.1m.

 

 

Table 2: Significant Drillhole Intersections

 Hole      Downhole Depth (m)      Interval  W               WO(3)      Zn         Ag       Cu       Intersection Composites
 ID        From        To          (m)       (ppm) a  (%) b  (%) c      (%) d      (g/t) e  (ppm) f  (weighted averages) c
 PM24-003  89.5        90.0        0.50      2,380    0.23   0.29       0.00       -        16       3.5m @ 0.235 % WO(3)
           90.0        93.0        3.00      1,790    -      0.23   Δ   0.01       -        15

 PM24-004  87.8        90.5        2.70      1,690    -      0.21   Δ   0.03       0.6      90       19.7m @ 0.232 % WO(3), 1.8 g/t Ag & 0.37% Zn
           90.5        92.0        1.50      100      -      0.01   Δ   0.03       -        90
           92.0        93.6        1.60      2,110    0.20   0.25       0.11       1.9      338
           93.6        95.0        1.40      2,580    0.26   0.33       0.05       0.5      111
           95.0        96.6        1.60      1,920    -      0.24   Δ   0.06       1.5      231
           96.6        99.7        3.10      460      -      0.06   Δ   0.14       4.5      742
           99.7        101.2       1.50      2,370    0.23   0.29       0.08       1.2      242
           101.2       102.7       1.50      5,280    0.53   0.67       0.10       1.0      49
           102.7       104.5       1.80      2,530    0.25   0.32       0.09       0.9      74
           104.5       106.0       1.50      920      -      0.12   Δ   2.12   F   3.0      613
           106.0       107.5       1.50      1,900    -      0.24   Δ   1.90   F   3.0      219
 PM24-004  117.0       118.5       1.50      2,230    0.41   0.52       0.34       141.0    14       8.6m @ 0.303 % WO(3), 43.9g/t Ag, 0.16 % Zn & 0.04 % Cu
           118.5       120.0       1.50      3,110    0.31   0.39       0.41       95.8     500
           120.0       121.5       1.50      710      -      0.09   Δ   0.05       3.3      888
           121.5       123.0       1.50      1,720    -      0.22   Δ   0.06       9.9      396
           123.0       124.1       1.10      2,320    0.24   0.30       0.03       2.3      582
           124.1       125.6       1.50      2,330    0.24   0.30       0.03       -        81

 PM24-006  87.5        89.0        1.50      1,120    -      0.14   Δ   0.25       9.3      198      3.0m @ 0.272 % WO3, 29.85 g/t Ag, 0.52 % Zn & 0.07 % Cu
           89.0        90.5        1.50      3,380    0.32   0.40       0.80       50.4     1,300
 PM24-006  97.2        98.6        1.40      810      -      0.10   Δ   3.84   F   10.4     775      20.8m @ 0.142 % WO(3), 10.41 g/t Ag, 0.75 % Zn & 0.10 % Cu
           98.6        100.1       1.50      1,420    -      0.18   Δ   3.78   F   20.2     593
           100.1       101.7       1.60      630      -      0.08   Δ   0.81       34.1     147
           101.7       103.2       1.50      1,220    -      0.15   Δ   0.76       43.2     184
           103.2       104.7       1.50      930      -      0.12   Δ   0.34       3.3      217
           104.7       106.2       1.50      980      -      0.12   Δ   0.31       3.4      348
           106.2       107.6       1.40      1,670    -      0.21   Δ   0.28       7.6      1,100
           107.6       108.3       0.70      2,700    0.42   0.53       0.17       2.5      660
           108.3       109.8       1.50      1,110    -      0.14   Δ   0.07       2.6      778
           109.8       111.3       1.50      930      -      0.12   Δ   0.05       1.9      839
           111.3       112.8       1.50      450      -      0.06   Δ   0.03       0.9      358
           112.8       113.5       0.70      500      -      0.06   Δ   0.04       0.7      431
           113.5       114.9       1.40      1,100    -      0.14   Δ   0.06       2.6      1,020
           114.9       116.4       1.50      1,340    -      0.17   Δ   0.13       10.3     6,940
           116.4       118.0       1.60      930      -      0.12   Δ   0.09       1.4      298

 PM24-007  38.4        39.7        1.30      2,030    0.28   0.35       0.16       1.8      194      5.1m @ 0.175 % WO(3), 1.76 g/t Ag & 0.16 % Zn
           39.7        41.2        1.50      20       -      0.00   Δ   0.07       0.9      91
           41.2        42.7        1.50      1,400    -      0.18   Δ   0.13       3.0      223
           42.7        43.5        0.80      1,610    -      0.20   Δ   0.39       1.0      231

 PM24-012  66.0        67.5        1.50      2,570    0.29   0.37       0.18       6.2      101                                                                      39.3m @ 0.735 % WO(3), 39.71 g/t Ag, 0.30 % Zn & 0.44 % Cu
           67.5        69.2        1.70      2,870    0.28   0.35       0.84       21.0     560
           69.2        70.7        1.50      410      -      0.05   Δ   0.23       1.8      331
           70.7        72.2        1.50      2,270    0.23   0.29       0.04       0.6      166
           72.2        73.1        0.90      2,630    0.26   0.33       0.03       -        67
           73.1        74.4        1.30      930      -      0.12   Δ   0.21       20.0     418
           74.4        76.1        1.70      80       -      0.01   Δ   0.08       -        40
           76.1        77.6        1.50      3,780    0.38   0.48       1.96   F   22.2     4,190
           77.6        79.1        1.50      1,030    -      0.13   Δ   0.42       8.9      553
           79.1        80.6        1.50      1,130    -      0.14   Δ   0.60       1.1      175
           80.6        81.3        0.70      2,400    0.23   0.29       0.47       14.2     1,575
           81.3        82.5        1.20      1,950    -      0.25   Δ   0.64       20.7     5,040
           82.5        84.0        1.50      3,150    1.37   1.73       0.41       21.9     8,630    19.8m @ 1.219 % WO(3), 69.63 g/t Ag, 0.15 % Zn & 0.75 % Cu
           84.0        85.5        1.50      2,490    1.39   1.75       0.30       38.5     25,900
           85.5        87.0        1.50      2,290    1.35   1.70       0.18       31.2     17,700
           87.0        88.5        1.50      2,220    1.32   1.66       0.11       15.3     7,450
           88.5        89.2        0.70      3,800    0.37   0.47       0.09       3.4      1,760
           89.2        90.5        1.30      1,300    -      0.16   Δ   0.02       -        123
           90.5        92.0        1.50      3,580    0.35   0.44       0.06       0.5      187
           92.0        93.6        1.60      3,430    0.45   0.57       0.09       2.1      1,080
           93.6        95.0        1.40      2,290    1.26   1.59       0.05       2.5      952
           95.0        96.6        1.60      4,040    1.04   1.31       0.23       13.9     7,220
           96.6        98.0        1.40      4,310    0.73   0.92       0.21       10.7     5,110
           98.0        99.3        1.30      2,230    0.87   1.10       0.12       26.6     13,800
           99.3        100.8       1.50      1,980    -      0.25   Δ   0.14       61.7     8,600
           100.8       102.3       1.50      2,940    2.30   2.90       0.03       696.0    2,910
           102.3       103.8       1.50      2,910    0.30   0.38       0.10       9.3      4,860
           103.8       105.3       1.50      2,180    0.22   0.28       0.39       6.8      1,340

 PM24-013  63.5        64.8        1.30      2,380    0.23   0.29       0.73       27.6     127      20.8m @ 0.228 % WO(3), 11.48 g/t Ag & 0.28 % Zn
           64.8        66.3        1.50      100      -      0.01   Δ   0.04       0.7      103
           66.3        67.8        1.50      2,810    0.27   0.34       0.34       2.1      349
           67.8        69.2        1.40      2,000    0.19   0.24       0.62       1.1      376
           69.2        70.7        1.50      2,530    0.26   0.33       0.77       21.0     160
           70.7        72.2        1.50      2,030    0.20   0.25       0.47       103.0    218
           72.2        73.7        1.50      1,790    -      0.23   Δ   0.08       1.9      167
           73.7        75.3        1.60      1,390    -      0.18   Δ   0.04       -        85
           75.3        76.8        1.50      2,250    0.22   0.28       0.03       0.6      234
           76.8        78.3        1.50      280      -      0.04   Δ   0.03       -        142
           78.3        79.8        1.50      3,290    0.33   0.42       0.04       1.4      785
           79.8        81.4        1.60      1,430    -      0.18   Δ   0.06       0.5      265
           81.4        82.8        1.40      1,420    -      0.18   Δ   0.55       2.7      1,650
           82.8        84.3        1.50      1,960    -      0.25   Δ   0.27       0.5      173
 PM24-013  93.0        94.5        1.50      990      -      0.12   Δ   1.11   F   87.3     904      16.8m @ 0.256 % WO(3), 14.8 g/t Ag, 0.44 % Zn & 0.09 % Cu
           94.5        96.0        1.50      3,060    0.31   0.39       1.64   F   56.5     2,100
           96.0        97.8        1.80      2,360    0.31   0.39       0.21       6.7      1,325
           97.8        99.3        1.50      820      -      0.10   Δ   0.11       0.8      343
           99.3        100.8       1.50      1,090    -      0.14   Δ   0.12       1.6      511
           100.8       102.3       1.50      2,030    0.28   0.35       0.13       2.5      980
           102.3       103.8       1.50      2,690    0.27   0.34       0.09       3.5      1,215
           103.8       105.3       1.50      2,790    0.29   0.37       1.40   F   3.3      1,615
           105.3       106.8       1.50      1,460    -      0.18   Δ   0.04       1.0      497
           106.8       108.3       1.50      2,210    0.22   0.28       0.03       0.6      149
           108.3       109.8       1.50      950      -      0.12   Δ   0.02       0.6      35

 

Table 2 notes:

Summary of certificated assay results provided by accredited laboratory ALS
USA Inc

ppm: parts per million, 10,000 ppm = 1%

a: ALS method ME-ICP61;

b: ALS method W-XRF10;

c:  WO(3) % calculated as W % multiplied by 1.2611

d: ALS method Zn-OG62

e: highest precision result from ALS method Ag-OG62(4 acid 1-1,500 ppm), AG
OG46 (aqua regia 1-1,500 ppm) or ME-ICP61 0.5-100ppm Ag

f: ALS method ME-ICP61 or CU-OG62 for assays >1% Cu

Δ: denotes WO(3) % calculated using W ppm (method ME-ICP61)

F: denotes Zn % calculated using Zn ppm (method ME-ICP61)

 

Media

Figure 1: 2024 drillhole plan map showing the location of all holes drilled to
date. Cross section A-A' located in yellow (see Fig. 2 below for
cross-section).

 

Figure 2: Cross section A-A'. North is towards A, south towards A'.

 

References

1:            Arc-Related Porphyry Molybdenum Deposit Model. R.D.
Taylor, J.M. Hammarstrom, N.M. Piatak, R.S. Sean, II. USGS Scientific
Investigations Report (2010).

2:
https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-inversion-results-issue-of-options/16657001

3:
https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-significant-porphyry-update/16589687

 

 

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 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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