REG - Guardian Metal Rsrc. - Pilot Mountain – Significant Porphyry Update

Guardian Metal ResourcesAnnouncement

29/07/2024 07:00

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RNS Number : 1127Y  Guardian Metal Resources PLC  29 July 2024

29 July 2024

Guardian Metal Resources plc

('Guardian Metal' or the 'Company')

Pilot Mountain - Significant Porphyry Update

Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), the strategic
development and mineral exploration company focused in Nevada, USA, is pleased
to announce a significant update regarding the potential for large-scale
porphyry style mineralisation 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.

Background - Pilot Mountain Porphyry System and Engagement of Porphyry Expert

The mineralised porphyry system recently discovered in drill hole PM24-002 and
announced on 25 June 2024, led the Company to engage Dr Lawrence Carter,  an
independent third party specialist in porphyry copper deposits and an expert
on the nearby Yerington porphyry copper district, to assess the Company's
positive findings and to guide subsequent drilling and exploration.

Dr Carter completed a detailed review of the geology across the project and
the drill core from hole PM24-002, in conjunction with all available Company
datasets, and made recommendations for further exploration activities and for
targeting further drill holes. His report and the findings, summarised below,
do not provide any kind of valuation or quantification of a potential
resource.

HIGHLIGHTS

§ Porphyry expert Dr Lawrence Carter was engaged to review porphyry system
architecture at the Company's Pilot Mountain Project.  This review yielded
significant results that indicate that the porphyry system architecture at
Pilot Mountain could be much larger than original expectations.

 

§ Multiple outcropping but previously unidentified levels of a mineralised
porphyry system were mapped within various fault blocks across the Pilot
Mountain property, including phyllic and potassic alteration zones. New copper
shows at surface were also identified across the Porphyry South target area.

 

§ Review of PM24-002 drill core has confirmed the intersection of 385.1m of
porphyry style mineralisation and alteration from immediately beneath
overburden at 22m to 407.1m end of hole (EOH), including multiple intervals of
potassic alteration.

 

§ A molybdenite rhenium (Re) - osmium (Os) geochronological study is now
underway to place direct age constraints on the hydrothermal mineralisation as
well as a whole-rock geochemical fingerprinting study of the various
mineralised quartz monzonite intrusions.

 

§ As a result of the findings of the porphyry review, an additional 16 new
claims have been staked at Pilot Mountain to secure the now expanded and
mapped hydrothermal footprint associated with the Porphyry South target, and
further magnetic and induced polarisation (IP) geophysical survey lines have
been completed over the Project to help with drill targeting. The results of
the additional IP survey lines will be interpreted and released in due course.

 

§ Dr Carter is working with the Guardian Metal technical team to plan next
stage drilling and exploration across the two main porphyry targets now
identified within the Project.

Oliver Friesen, CEO of Guardian Metal, commented:

"The findings by Dr Carter are very exciting as it is now clear that the
underlying porphyry plumbing system, that we originally believed could exist
at Pilot Mountain, could be much bigger than originally thought.

"These new findings build upon the visual results from drillhole PM24-002 and
give geological confidence in the large anomalies identified by recent
geophysical surveys.

"We are now working diligently with our technical team and Dr Carter to refine
a number of drill targets into the large porphyry system now identified across
Pilot Mountain, with the goal of making exciting discoveries that complement
our very strategic in-ground tungsten-copper-silver-zinc resource at Desert
Scheelite."

Key Findings from Dr Carter's Report:

§ Across various and likely juxtaposing fault blocks at Pilot Mountain,
multiple levels of a potentially large mineralised porphyry-style
magmatic-hydrothermal system are exposed. This system appears to be previously
unrecognised and largely unmapped (Fig.1 ).

 

§ Moving temporally through the system, exposed components include: 1) a
large pluton of medium grained porphyritic biotite-hornblende quartz
monzonite; 2) finer grained phases of likely the same quartz monzonite, cut by
various generations of porphyry and aplite; 3) magmatic-hydrothermal
transition textures including miarolitic cavities and early and A-type quartz
veins, associated with locally intense potassic alteration (Fig. 2); 4) host
limestones which have been metamorphosed to marble and host skarn
mineralisation; 5) host metasediments which have been silicified and sericite
altered, host quartz stockwork veining and sporadic secondary copper shows
(Fig. 3); 5) various overprinting hydrothermal alteration assemblages,
including zones of notable phyllic altered quartz monzonite, with intense
D-type veining (Fig. 4); 6) evidence for post-mineral faults and structural
dismembering; and 7) overlying unmineralised and unaltered Tertiary cover.

 

§ Combining the geological field observations with the recently acquired
magnetic and IP geophysical surveys, outcropping quartz stockwork veining and
hydrothermally altered rock as well as the skarn W-Au-Ag-Zn are all likely
underlain by a large causative intrusion. The aerial footprint of prospective
ground is greater than that identified by the recent geophysics campaigns.

 

§ Drill hole PM24-02 intersected porphyry-style mineralisation and alteration
in quartz monzonite porphyry immediately beneath overburden at 22m to 407.1m
(EOH). The hole intersected several intervals of moderate to strong potassic
alteration (biotite, magnetite, K-feldspar) and associated mineralised A-, AB-
and B-type quartz veins, which are variably overprinted by chlorite-sericite
alteration (Fig. 5 & 6). Intersected mineralisation is molybdenite-pyrite
dominated, with pyrite greater in concentration than chalcopyrite. Further
geological study is required to vector towards zones of more chalcopyrite
dominated mineralisation within Porphyry South.

 

§ A trace element geochemical fingerprinting study of the granitic intrusives
is now in progress, as well as molybdenite Re-Os geochronology to place direct
age constraints on the porphyry-style hydrothermal mineralisation. Based on
the positive field findings, the Company also acquired additional magnetic and
IP data during the recently completed campaign to further outline the sub
cropping porphyry system, and has staked 16 new claims of ground south of
Porphyry South where outcropping quartz stockwork veining was observed.

Media

Figure 1: Geological map and schematic section through the Pilot Mountain
porphyry system. South porphyry could possibly be a down dropped portion of
the same system as outcropping at Gunmetal, or another system. Good Hope is
not illustrated, but also may represent a down dropped portion of the same
system. The schematic assumes the intrusive system is still ~vertical,
although tectonic tilting of the fault blocks is likely and should be
considered in exploration scenarios. Overlying Tertiary volcanics not
illustrated. Marked geophysical survey area is historic, and has been built
upon through recent additional surveys. NOTE: Section is schematic and not to
scale.

 

 

Figure 2: Cut slab of outcropping potassically altered quartz monzonite cut by
an aplitic dyke (with a quartz lined miarolitic cavity - evidence for fluid
exsolution) and multiple generations of quartz-sulphide veins with K-feldspar
alteration selvages.

 

Figure 3: Hand sample of silicified and sericite altered metasediments cut by
stockworks of multiple generations of quartz-(relict)sulphide veins, with
secondary Cu (malachite and chrysocolla which may have formed due to in-situ
oxidation of chalcopyrite).

 

Figure 4: Outcropping phyllic altered quartz monazite cut by D-type veins, in
a possibly structurally shallower fault block than Figure 2.

 

Figure 5: Relatively unaltered (top piece) vs altered intervals of quartz
monzonite drill core intersected in PM24-002.

Figure 6: Quartz-molybdenite-pyrite veins with K-feldspar alteration selvages
in potassically altered quartz monzonite in PM24-002 drill core.
Mineralisation is also disseminated within the alteration selvage. This is one
of the samples selected for molybdenite Re-Os geochronology.

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

 Jonathan Brown/Jason Robertson

 

THE PROJECTS

Pilot Mountain Project

The Pilot Mountain project is an advanced exploration and mineral resource
definition stage project located in Mineral County in western Nevada. The
project covers an area of 14.80 km(2) (3,904.1 acres) and is located 200km
southeast of Reno and 18km east of Mina, Nevada. It is well situated for
the supply of power, water and skilled labour and proximity to transport
infrastructure in Mineral County and is centred around four existing mineral
deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which
possess significant skarn-style tungsten-copper-silver-zinc
mineralisation. The Pilot Mountain project consists of 176 active lode
mining claims and 4 filed mill site claims. The four mill site claims filed at
the former Dunham mill site have secure access to groundwater supply
sufficient for the proposed project.

Garfield Project

The Garfield Project is an exciting copper-gold-silver prospect consisting of
65 lode mining claims covering 5.4 km(2) (1,338 acres) located in Mineral
County, Nevada, approximately 14km due east of the town of Hawthorne and
120km due west-northwest of Tonopah. Exploration to date has included
detailed geochemical sampling and follow up analysis which highlighted the
presence of both porphyry and skarn-type mineralisation and alteration at the
'High-Grade Zone'. Further to this, mapping, prospecting and rock sampling was
recently completed with results confirming presence of high-grade copper,
silver and gold mineralisation as well as leading to the bedrock discovery of
the Pamlico Au Zone with individual rock samples up to 18.35g/t Au, 1,225g/t
Ag & 1.89% Cu. Following this, geochemical analysis of the full suite of
data confirmed the strong presence of porphyry style mineralisation across the
Project, as well as potentially overprinting epithermal style mineralisation
leading to increased gold-silver prospectivity.

Kibby Basin Lithium Project

The Kibby Basin Project covers two claim packages which are prospective for
lithium brine mineralisation. The southern claim package is less than 250m
from a 2022 drillhole which returned a significant interval (169m) of lithium
brine mineralisation which was determined to be open in all directions. The
Project is less than 5km to the southeast of the Company's flagship Pilot
Mountain Project.

Golconda Summit Project

Guardian Metal is the operator of the Golconda Summit project, which is held
under an earn-in right to acquire up to 100 per cent. of the project from the
mineral claim owner pursuant to an option agreement. The Golconda Summit
project is an exploration stage gold and silver project located in Humboldt
County and situated at the confluence of the Getchell and Battle
Mountain - Eureka metallogenic trends, and consists of 44 lode mining
claims, covering a total area of approximately 3.22 km(2) (795.4 acres)
located approximately 27km east of Winnemucca.

Stonewall Project

The Stonewall project is an exploration stage gold-silver property prospective
for epithermal gold-silver mineralisation. The property consists of 19 lode
mining claims covering 1.59 km(2) (392.5 acres) located on the northern flank
of Stonewall Mountain, on the western edge of the Nellis Airforce Range
Restricted Access Area, in Nye County, Nevada, approximately 24km south-east
of the historic gold mining town of Goldfield and 60km due south
of Tonopah.

 

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