REG - Guardian Metal Rsrc. - Tempiute Mine & Mill Project Due Diligence Update

Guardian Metal ResourcesAnnouncement

18/12/2024 07:00

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RNS Number : 4859Q  Guardian Metal Resources PLC  18 December 2024

18 December 2024

Guardian Metal Resources plc

('Guardian Metal' or the 'Company')

Tempiute Mine & Mill Project Due Diligence Update

Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), a strategic development
and mineral exploration company focused in Nevada, USA, provides a due
diligence update regarding the binding letter of intent ("LOI" or the
"Agreement") signed with Hinkinite Resources LLC ("Hinkinite" or the
"Optionor") for the acquisition of the Tempiute Tungsten Mine & Mill
("Tempiute" or the "Project") announced on 31 October 2024. Tempiute, also
formerly known as the Emerson Tungsten or Black Dog Mine, is located in
south-central Nevada less than 240 km north of Las Vegas.

Hinkinite is a privately held Utah-based company focused on the prospecting
and development of precious, base-metal and industrial mineral deposits, as
well as revitalising historical mining operations located throughout the
western United States.

Due Diligence Updates:

 

§ Title opinion ("Opinion") completed by the Company's US-based legal
advisers covering the Project's patented, unpatented and mill site claims
indicates no maintenance deficiencies or adverse liabilities against the
Project.

 

§ A geological desktop review ("Review") of the Project has been completed by
Dr. Lawrence Carter of LC Geoscience Mining & Exploration Services.

 

§ The results of the Review confirm the presence of a robust tungsten-rich
skarn-type mineralising system at Tempiute with historical reference to
underexplored mineralised breccia pipes as well as porphyry zones, pointing to
the potential for significant exploration upside at the Project.

 

§ Results from the due diligence sampling programme completed by the Company
have now been received. The 14 rock samples and 1 tailings sample, assayed at
ALS Laboratory in Reno, Nevada, confirm that the skarns, semi-massive sulphide
mineralisation and tailings are tungsten bearing.

 

§ Highlight assay results include 1.50% and 0.94% WO(3) with several samples
returning assay results consistent with historical records. In addition,
high-grade silver (up to 66g/t Ag), molybdenum (up to 1,985ppm Mo), and
strongly anomalous zinc (up to 5,510ppm Zn), and copper (up to 0.358% Cu) was
recorded. The single sample taken from the tailings also returned strongly
anomalous zinc and tungsten results, and this area will be investigated
further, subject to final due diligence workstreams, immediately post signing
of the definitive documentation.

 

§ The final due diligence workstream relates to the environmental assessment
which is still underway and is expected to be concluded in January 2025.

 

§ In the meantime, the Company is advancing, with its lawyers, the production
of the definitive agreement documents to align with the expected timing to
finalise the due diligence process in January 2025.

Oliver Friesen, CEO of Guardian Metal, commented:

"A huge thanks to all of our legal, environmental and technical advisers who
are assisting us with our due diligence process. Things are progressing well
and we look forward to providing our next update in January 2025, with the
expectation that, subject to final due diligence, this announcement will be in
regard to the signing of the definitive agreement to acquire the Project.

"It is clear, now more than ever, that the U.S. needs a domestic source of
mined tungsten and Guardian Metal is positioned to play a part in the
reshoring efforts for tungsten with our flagship Pilot Mountain Project.
Subject to the completion of due diligence, the acquisition of Tempiute would
represent a significant step change as we look to scale our operations in the
mining friendly state of Nevada, with the ultimate goal of helping the U.S.
significantly reduce its dependence on foreign sources for this key defence
and industrial metal."

Geological Desktop Review Further Details

Polymetallic tungsten-rich skarn mineralisation at Tempiute (also known as the
Emerson Mine) formed during the emplacement of two Cretaceous-aged quartz
monzonite stocks into Palaeozoic limestones. The skarn mineralisation has been
mined intermittently for tungsten, silver and zinc over the last 150 years,
most notably by the Union Carbide Corporation ("UCC") from 1968 until 1987.

Previous work delineated multiple skarn zones, up to 30 m thick and uniformly
mineralised over vertical ranges of at least 400 m. Principal ore minerals
include scheelite, sphalerite, molybdenite, chalcopyrite and galena.(1,2) UCC
exploration activities in the 1980s included delineating further mineralised
zones, quantifying zinc, molybdenum and gallium for co-products of tungsten,
and geophysical surveys to explore for larger scale possible porphyry-style
mineralisation associated with the quartz-sericite-pyrite ("QSP") altered
quartz monzonite and related breccia pipes.(3)

By integrating the legacy UCC exploration data with 21(st) century technology
and understanding, the Company sees the potential to confirm and expand on
previously identified resources, identify additional zones of mineralisation,
and to test the potential for large-scale porphyry-style mineralisation on the
Project.

Media

Figure 1: Nevada location map showing position of the Company's 100% owned
Pilot Mountain Project and Tempiute.

 

Figure 2: View over the Project's Millsite claims showing the location of the
mill (centre), maintenance shack (left), and office/bathhouse, 3000KW
substation and water tank (right).

 

References

1(                    ) Binyon et al., 1950. Investigation
of the Tempiute Tungsten Deposit, Lincoln County, Nev. Report of Investigation
4626, US Dept of the Interior.

 

2(                    ) Busek, P., 1967. Contact
Metasomatism and Ore Deposition: Tempiute, Nevada. Economic Geology, 62, pp.
331-353.

 

3(                    ) Union Carbide Corporation, 1982.
Tungsten, Monthly Report, April 1982. Internal Report.

 

 

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). The Directors of the Company are
responsible for the contents of this announcement.

 

 

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

 

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