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

Guardian Metal ResourcesAnnouncement

26/11/2024 07:00

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RNS Number : 5915N  Guardian Metal Resources PLC  26 November 2024

26 November 2024

Guardian Metal Resources plc

('Guardian Metal' or the 'Company')

Pilot Mountain - Significant Drill Results

Desert Scheelite: Further Very High-Grade Tungsten & Copper Results

Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), a strategic mineral
exploration and development 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 tungsten Project ("Pilot Mountain"
or the "Project) located in Nevada, USA.

Laboratory assay results from drill core samples have been received from the
next batch of drillholes covering PM24-014 to PM24-017 with some further very
high-grade tungsten and copper results being intersected as well as one of the
longest mineralised intervals ever drilled at Pilot Mountain from PM24-017. To
date 37 drillholes have been completed, the 38(th) drillhole is currently
underway (Fig. 1).

Oliver Friesen, CEO of Guardian Metal, commented:

"Tungsten, classified as a 'Dual-Use' metal, is indispensable in both modern
industrial and military applications, making it critical for U.S. national and
economic security. Given the current geopolitical climate and the United
States' tungsten import reliance, the timing could not be better for Guardian
Metal to be advancing its 100% owned Pilot Mountain tungsten Project located
in mining friendly Nevada.

"With these latest high-grade tungsten and copper drill assay results now
reported, we are one step closer to updating the Mineral Resource and mine
plan for inclusion in our pre-feasibility study and to the Company's ultimate
goal of supporting the United States' onshoring efforts for this very
important Dual-Use metal."

 

Desert Scheelite Highlights:

 

§ Laboratory assay results confirm diamond drillhole PM24-017 at Desert
Scheelite has intersected a 46m mineralised interval, one of the longest
recorded to date at Pilot Mountain.

 

§ PM24-017 downhole highlight drill intersections comprise:

 

o 46m @ 0.413% W0(3), 12.2g/t Ag, 2,476ppm Cu & 0.37% Zn from 66.4 -
112.4m (46m @ 0.55% WO(3)Eq* or 2.04% CuEq**); including

-     10.8m @ 0.681% W0(3,) 1.2g/t Ag, 684ppm Cu & 0.18% Zn  from
66.4 - 77.2m (10.8m @ 0.72% WO(3)Eq* or 2.67% CuEq**); and

-     7.6m @ 0.917% W0(3,) 29.2g/t Ag, 10,982ppm Cu (1.098%) & 0.64%
Zn  from 101.2 - 108.8m (7.6m @ 1.36% WO(3)Eq* or 5.04% CuEq**).

 

§ PM24-014 downhole highlight drill intersection comprises:

 

o 15.1m @ 0.141% W0(3), 45.2g/t Ag, 12,923ppm Cu (1.292%) & 0.65% Zn from
20.4 - 35.5m (15.1m @ 0.68% WO(3)Eq* or 2.54% CuEq**).

 

§ The vast majority of the intercepts above are located entirely within the
planned pit shell and locally represent a significant upgrade from the low
grade block model that occupied the area beforehand.

 

§ Individual standout extremely high-grade assay result of 1.5m @ 5.02% Cu
(25m - 26.5m downhole depth) from PM24-014 represents the second highest
drilled copper assay results achieved from Pilot Mountain to date.

 

(*,**)Copper and W0(3) Equivalent ("WO(3)Eq") are calculated using a tungsten
price of $330/MTU, a zinc price of US$1.3407/lb, and copper price of
US4.0334/lb and a silver price of US$31.31/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.

 

Copper Porphyry Update PM24-004:

 

Company geologists have completed a further review of assays previously
reported from PM24-004. Significantly, high-grade copper was intersected
within a mineralised quartz monzonite (porphyry). Mineralisation includes
disseminated chalcopyrite and molybdenite in the quartz monzonite  as well as
an approximately 0.4m wide chalcopyrite-pyrite-quartz vein. Assays across this
interval returned 2.8m @ 1.00% Cu & 18.7 g/t Ag, including 0.4m @ 2.96% Cu
& 47.3 g/t Ag.

On 11 November 2024 the Company announced the findings of a study which
supported the likelihood that a copper rich zone may exist within the Porphyry
South target.(1) The presence of high-grade copper successfully intercepted
within a porphyry interval from PM24-004 further increases the prospect of
copper enrichment within Porphyry South as well as other porphyry targets
across Pilot Mountain.

Fig 1. Photograph of drill core from PM24-004, showing sericite altered quartz
monzonite mineralised with massive chalcopyrite-pyrite-quartz veining.
Chalcopyrite, pyrite and molybdenite are also disseminated in the quartz
monzonite. Qtz = quartz, Cpy = chalcopyrite, Py = pyrite, QM = quartz
monzonite.

 

 

Results

Table 1: 2024 Drillhole collar table (this RNS).

 Hole ID   Target Area       UTM Easting(#)  UTM Northing(#)  Azimuth (deg.)  Dip (deg.)  Down hole Depth (m)
 PM24-014  Desert Scheelite  424286.7        4248309          180.54          -59.85      54.9
 PM24-015  Desert Scheelite  424293.4        4248313          181.73          -49.07      59.1
 PM24-016  Desert Scheelite  424330.5        4248328          179.72          -63.24      125.9
 PM24-017  Desert Scheelite  424305.1        4248329          182.92          -67.89      121

(#)UTM Zone 11 North NAD83 datum

 

Table 2: Significant Diamond Drillhole Assay Results(2)

 

 Hole ID   Downhole Depth (m)      Interval (m)  W      W      WO3        Zn         Ag       Cu       Intersection Composites
           From        To          (ppm) a              (%) b  (%) c      (%) d      (g/t) a  (ppm) a  (weighted averages) c
 PM24-014  20.4        23.5        3.10          1,380  -      0.17   Δ   0.62       17.3     8,230    15.1m @ 0.141 % WO3, 45.2g/t Ag, 0.65 % Zn & 1.29 % Cu
           23.5        25.0        1.50          1,260  -      0.16   Δ   0.49       30.7     9,940
           25.0        26.5        1.50          2,210  0.31   0.39       0.86       105.0    50,200
           26.5        27.8        1.30          860    -      0.11   Δ   0.67       48.2     11,950
           27.8        30.0        2.20          600    -      0.08   Δ   0.97       142.0    3,480
           30.0        31.5        1.50          140    -      0.02   Δ   0.53       5.9      468
           31.5        32.8        1.30          130    -      0.02   Δ   0.64       5.7      782
           32.8        34.3        1.50          1,570  -      0.20   Δ   0.41       7.6      30,600
           34.3        35.5        1.20          720    -      0.09   Δ   0.49       18.3     7,180

 PM24-015  25.3        26.8        1.50          1,750  -      0.22   Δ   0.58       5.8      1,315    7.0m @ 0.200% WO3, 6.2 g/t Ag, 0.79% Zn & 0.18% Cu
           26.8        28.3        1.50          1,860  -      0.23   Δ   1.21   F   8.9      2,880
           28.3        29.3        1.00          1,730  -      0.22   Δ   0.42       4.0      1,110
           29.3        32.3        3.00          1,320  -      0.17   Δ   0.81       5.8      1,700
           33.8        34.8        1.00          1,070  -      0.13   Δ   0.71       18.2     10,350   2.5m @ 0.069% WO3, 10.8 g/t Ag, 0.66% Zn & 0.97% Cu
           34.8        36.3        1.50          200    -      0.03   Δ   0.62       5.9      9,300

 PM24-016  78.3        79.8        1.50          1,700  -      0.21       0.04       1.0      336      4.6m @ 0.350% WO3, 42.7 g/t Ag, 0.92% Zn & 0.05% Cu
           79.8        81.4        1.60          2,210  0.30   0.38       1.16   F   1.7      366
           81.4        82.9        1.50          2,800  0.36   0.45       1.56   F   128.0    802

 PM24-017  66.4        68.1        1.70          5,290  1.50   1.89       0.16       4.3      2,030    10.8m @ 0.681% WO3, 1.23 g/t Ag, 0.18% Zn & 0.07% Cu       46.0m @ 0.413% WO3, 12.2 g/t Ag, 0.37% Zn & 0.25% Cu
           68.1        69.6        1.50          2,770  0.82   1.03       0.52       2.3      832
           69.6        71.1        1.50          1,870  -      0.24   Δ   0.04       -        75
           71.1        72.7        1.60          3,260  0.42   0.53       0.05       -        446
           72.7        74.2        1.50          1,770  -      0.22   Δ   0.16       1.2      359
           74.2        75.7        1.50          1,460  -      0.18   Δ   0.11       -        169
           75.7        77.2        1.50          3,080  0.41   0.52       0.23       0.5      711
           77.2        78.7        1.50          1,570  -      0.20   Δ   0.20       -        130

           78.7        80.6        1.90          1,290  -      0.16   Δ   0.37       -        99
           80.6        82.1        1.50          150    -      0.02   Δ   0.06       2.0      29
           82.1        83.5        1.40          110    -      0.01   Δ   0.03       -        32
           83.5        85.0        1.50          1,240  -      0.16   Δ   0.18       0.6      65
           85.0        86.5        1.50          670    -      0.08   Δ   0.07       -        81
           86.5        88.0        1.50          1,490  -      0.19       0.64       14.9     633
           88.0        91.0        3.00          1,660  -      0.21   Δ   0.09       1.2      163
           91.0        92.5        1.50          1,290  -      0.16   Δ   0.38       1.6      83
           92.5        93.7        1.20          2,530  0.33   0.42       1.86   F   4.9      273
           93.7        95.2        1.50          240    -      0.03   Δ   0.07       2.6      27
           95.2        96.6        1.40          20     -      0.00       0.04       -        24
           96.6        98.1        1.50          550    -      0.07   Δ   0.70       32.1     354
           98.1        99.7        1.60          2,310  0.32   0.40       1.30   F   124.0    225
           99.7        101.2       1.50          1,170  -      0.15   Δ   0.57       5.6      2,220
           101.2       102.7       1.50          2,490  0.32   0.40       0.27       7.9      992      7.6m @ 0.9217% WO3, 29.15 g/t Ag, 0.64% Zn & 1.10% Cu
           102.7       103.6       0.90          3,340  1.51   1.90       0.74       13.6     5,040
           103.6       104.7       1.10          2,640  0.66   0.83       0.25       4.8      2,000
           104.7       105.9       1.20          2,690  1.58   1.99       1.78   F   31.9     16,950
           105.9       107.3       1.40          3,210  0.47   0.59       0.75       19.3     8,680
           107.3       108.8       1.50          2,160  0.27   0.34       0.23       84.6     28,500
           108.8       109.4       0.60          240    -      0.03   Δ   0.12       24.4     12,050

           109.4       111.1       1.70          1,780  -      0.22   Δ   0.07       1.9      880
           111.1       112.4       1.30          2,650  0.35   0.44       0.10       10.2     5,730

 

 

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)

 

 

Figure 1: 2024 drillhole plan map showing the location of all holes drilled to
date. Red drill collars represent holes for which assays have been reported,
yellow collars are holes still to be reported.

 

References

1:
https://www.londonstockexchange.com/news-article/GMET/geochemical-results-confirm-porphyry-cu-fertility/16758532

 

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

 Broker

 Damon Heath/Erik Woolgar

 

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