REG - Guardian Metal Rsrc. - Pilot Mountain – Significant Drill Result

Guardian Metal ResourcesAnnouncement

18/09/2024 07:00

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RNS Number : 5908E  Guardian Metal Resources PLC  18 September 2024

 18 September 2024

Guardian Metal Resources plc

('Guardian Metal' or the 'Company')

Pilot Mountain - Significant Drill Result

Desert Scheelite: First Drillhole PM24-001 Intersects Three Strongly
Mineralised W-Zn-Ag-Cu Intervals

Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), a strategic development
and mineral exploration company focused in Nevada, USA, is pleased to announce
the first diamond core 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.

Laboratory assay results from drill core samples confirm diamond core
drillhole PM24-001 from the Desert Scheelite deposit has intersected three
zones of highly significant tungsten mineralisation together with ancillary
zinc, silver and copper (see Table 1 & Table 2).

Oliver Friesen, CEO of Guardian Metal, commented:

"Guardian Metal could not have asked for a better start to the Pilot Mountain
drilling programme with the significant assay results achieved in the first
drill hole PM24-001. The results demonstrate three distinct strongly
mineralised tungsten-silver-zinc-copper intervals with the deepest interval
remaining open at depth.

"Drilling has been ongoing since May and we are currently partway through the
21(st) hole, with drilling continuing at pace.

"The coming weeks and months will undoubtedly be the busiest period for
Guardian Metal to date and we are looking forward to providing the market with
commercial/technical updates, including further assay data and interpretation,
as results continue to flow in from the laboratory.

"With Guardian Metal's investment in exploration and development and with the
outstanding Project findings to date we consider Pilot Mountain to be a
uniquely valuable strategic asset which we believe can contribute to various
U.S. national security objectives, especially as, currently, there is no
domestic production of tungsten, a much-needed critical defence metal."

 

HIGHLIGHTS:

 

§ Laboratory assay results confirm diamond drillhole PM24-001 at Desert
Scheelite target (Figure 1) has intersected three strongly mineralised
intervals totalling 38.7m of 'high-grade'(1) tungsten mineralisation.

 

§ PM24-001 high-grade downhole drill intersection composites comprise:

 

o 9m @ 0.37% W0(3) from 69.1m (with 2.48% Zn, 43.7g/t Ag, 433ppm Cu)

 

o 27.9m @ 0.42% W0(3) from 96.6m (with 1.30% Zn, 23.1g/t Ag, 1,245ppm Cu)

 

-     including 8m @ 0.84% W0(3) from 108.7m

 

o 1.8m @ 0.42% W0(3) from 150m to end of hole (with 1.44% Zn, 7.6g/t Ag,
217ppm Cu), interval remains open at depth and the Company is considering
extending the hole.

 

§ Review of historical drilling records shows PM24-001 is one of the most
strongly mineralised drillholes completed at Pilot Mountain/Desert Scheelite
to date.

 

§ Individual standout very high-grade assay results include 1.37% W0(3)
(108.7m - 110.2m downhole depth) and 1.44% W0(3) (114m - 115.5m downhole
depth) which are some of the highest ever single drill assay results achieved
across Pilot Mountain to date (see green interval in fig. 1).

 

§ Core sample assay results from ALS analytical method ME-ICP61 returned
upper limit of detection ("overlimit") results for 20 tungsten samples
(>3,000ppm W) and 15 zinc results (>10,000ppm Zn), three silver results
(>100g/t Ag), and one lead result (>10,000ppm Pb). Overlimit samples
were reanalysed utilising specific high-grade analytical packages(2).

 

§ The Company considers all three of the strongly mineralised zones within
PM24-001 to be near surface, within the context of possible future mining
options, further highlighting the importance of the Desert Scheelite tungsten
deposit and the Pilot Mountain Project as a whole, and adding further impetus
to its successful development pathway.

 

§ Based on various historical reports the Company has decided to selectively
assay PM24-001 for gold (via fire assay) which is now underway.

 

§ Strong visual garnet mineralisation intersected throughout mineralised
skarn-interval in PM24-001 (see fig. 1).

 

§ The Pilot Mountain diamond drilling programme commenced in May 2024 and to
date 20 holes have been completed. The 21(st)  drillhole is currently
underway.

 

§ Drill core samples are submitted for laboratory assay in batches following
detailed geological and geotechnical logging, results are subject to thorough
quality control and quality assurance (QA/QC) verification and interpretation
prior to release. The results for PM24-001 constitute the first batch of
results. Subsequent batches will be released following completion of QA/QC
verification and interpretation of results. Strong unreported visual results
are pending including select scheelite (fig. 3) and chalcopyrite (fig. 4)
dominate visuals which are available below.

Results

Table 1: Diamond Core Drillhole PM24-001 Details

 

 Hole ID   Target Area       UTM             UTM Northing (#)  Altitude (m)  Core Size  Azimuth (deg.)  Dip (deg.)  Down hole Depth (m)

                              Easting (#)
 PM24-001  Desert Scheelite  424159          4248321           1,965         NQ         195             -75.5       151.8

# UTM Zone 11 North NAD83 datum

 

Table 2: Drillhole PM24-001 Significant Intersection Assay Results

 

 Downhole Depth (m)      Interval (m)  W           W         WO(3)         Zn             Ag          Cu          Intersection Composites

                                       (ppm) (a)   (%) (b)   (%) (c)       (%) (d)        (g/t) (a)   (ppm) (a)   (weighted averages) (c)
 From        To
 69.1        70.6        1.5           4,720       0.47      0.59          3.92           30.3        581         9m @ 0.37 WO(3), 43.7g/t Ag,  2.48% Zn & 433ppm Cu
 70.6        72.1        1.5           2,310       0.22      0.28          2.28           44.9        815
 72.1        73.6        1.5           2,730       0.28      0.35          2.80           37.9        272
 73.6        75.1        1.5           2,420       0.25      0.32          1.42           100.0       290
 75.1        76.6        1.5           2,880       0.29      0.37          2.67           29.0        474
 76.6        78.1        1.5           2,440       0.25      0.32          1.81           20.1        164

 96.6        98.1        1.5           810                   0.10   (Δ)    0.22      (F)  59.3        37                                        27.9m @ 0.42% WO(3), 23.1g/t Ag, 1.30% Zn & 1245ppm Cu
 98.1        99.7        1.6           3,510       0.35      0.44          4.34           50.8        853
 99.7        101.2       1.5           2,940       0.29      0.37          2.46           38.6        1,230
 101.2       102.7       1.5           4,180       0.42      0.53          1.03           145.0       157
 102.7       104.2       1.5           1,940                 0.24   (Δ)    0.60      (F)  23.3        1,485
 104.2       105.7       1.5           2,150       0.21      0.26          0.05      (F)  3.8         1,580
 105.7       107.2       1.5           1,090                 0.14   (Δ)    0.03      (F)  1.9         705
 107.2       108.7       1.5           740                   0.09   (Δ)    0.02      (F)  1.3         319
 108.7       110.2       1.5           9,540       1.09      1.37          0.03      (F)  0.8         509         8m @ 0.84% WO(3)
 110.2       111.7       1.5           3,270       0.33      0.42          0.02      (F)  -           77
 111.7       113.2       1.5           3,200       0.31      0.39          0.03      (F)  -           138
 113.2       114.0       0.8           3,230       0.33      0.42          0.04      (F)  2.4         331
 114.0       115.5       1.5           2,700       1.14      1.44          0.03      (F)  2.4         302
 115.5       116.2       0.7           4,120       0.43      0.54          0.04      (F)  -           209
 116.2       116.7       0.5           5,490       0.92      1.16          0.17      (F)  35.7        7,090
 116.7       117.6       0.9           1,700                 0.21   (Δ)    0.06      (F)  2.0         1,505
 117.6       118.5       0.9           1,910                 0.24   (Δ)    0.13      (F)  -           271
 118.5       120.0       1.5           1,520                 0.19   (Δ)    3.48           3.4         989
 120.0       121.5       1.5           990                   0.12   (Δ)    4.56           29.9        2,060
 121.5       123.0       1.5           1,670                 0.21   (Δ)    5.74           23.0        8,600
 123.0       124.5       1.5           3,080       0.32      0.40          1.10           29.0        362

 127.5       129.0       1.5           1,810                 0.23          0.09      (F)  8.0         365

 147.0       148.5       1.5           1,050                 0.13          0.21      (F)  -           202

 150.0       151.0       1             3,590       0.36      0.45          0.42      (F)  0.8         41          1.8m @ 0.42% WO(3), 7.6g/t Ag, 1.44% Zn & 217ppm Cu
 151.0       151.8       0.8           3,060       0.30      0.38          2.71           16.2        437

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

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 including PM24-001 (results released herein).

Figure 2: PM24-001 drill core from 112.2m to 114.6m under normal light (top),
and shortwave ultraviolet ("UV") light (below). The red interval
(111.7-113.2m) returned 0.39% W0(3), 138ppm Cu, 263ppm Zn; The yellow interval
(113.2-114m) returned 0.42% W0(3), 2.4g/t Ag, 331ppm Cu, 411ppm Zn, and the
green interval (114-115.5m) returned 1.44% W0(3), 2.4g/t Ag, 302ppm Cu, 346ppm
Zn. Dark red/brown rock material in top photo predominantly composed of
garnet.

 

 Figure 3: Unreported scheelite-rich interval from PM24-12 (under UV light).

 

Figure 4: Unreported chalcopyrite-rich interval from PM24-04 (approximately at
126m depth).

References

1:            Tungsten skarn deposits, which is the deposit
model-type for Desert Scheelite, have a grade range of 0.24% WO(3) (90(th)
percentile), 0.44% WO(3) (50(th) percentile) to 0.88% WO(3) (10(th)
percentile). Source: Green, C.J., Lederer, G.W., Parks, H.L., and Zientek,
M.L., 2020, Grade and tonnage model for tungsten skarn deposits-2020 update:
U.S. Geological Survey Scientific Investigations Report 2020-5085, 23 p.,
https://doi.org/10.3133/sir20205085 (https://doi.org/10.3133/sir20205085)

2:            ALS USA Inc. analytical method utilised:  ME-ICP61
for all samples, with ME-ICP61 overlimit samples also analysed using Ore Grade
packages Ag-OG62, Cu-OG62, Pb-OG62, Zn-OG62, and W-XRF10 for high-grade
tungsten.

 

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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