REG - Golden Metal Rsrcs. Power Metal Res. - Claims Staked at Kibby Lithium Basin Project

Power Metal ResourcesAnnouncement

06/07/2023 07:00

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RNS Number : 1183F  Golden Metal Resources PLC  06 July 2023

06 July 2023

Golden Metal Resources plc

("Golden Metal" or the "Company")

Claims Staked at Kibby Lithium Basin Project

Golden Metal Resources plc (LON:GMET), a mineral exploration company focused
on tungsten, gold, copper and silver within Nevada, USA, is pleased to
announce the Company has staked claims over a significant footprint within the
Kibby Basin, where lithium brine discoveries were recently made.

The claims acquired sit very near to the Company's 100% owned flagship Pilot
Mountain Project ("Pilot Mountain", "PM" or the "Project"), located within the
prolific Walker Lake Mineral Belt in Nevada, USA.

Highlights:

-      Nevada is a well-established lithium jurisdiction which hosts some
of the United States and World's largest lithium deposits including Thacker
Pass and Silver Peak. Within the State, lithium is found predominantly within
brines & clays (as opposed to pegmatites; see fig. 1).

 

-      The criticality of the Company's Nevada focussed portfolio has
increased materially with the acquisition via claim staking of the Kibby North
and Kibby South lithium brine Properties (collectively the "Lithium
Properties") located less than 1.5 and 3.5km from the Company's Pilot Mountain
Project (see fig. 2).

 

-      Both tungsten and lithium are included in the latest United States
Geological Survey's Critical Minerals List, positioning Pilot Mountain and the
Lithium Properties as a strategically important exploration and development
opportunity.

Oliver Friesen, CEO of Golden Metal, commented:

"Investors familiar with our work in Nevada, USA will have seen that progress
has recently been made at our 100%-owned Pilot Mountain Project, especially as
its tungsten exploration and development potential has grown significantly
over the last few weeks.  This has been evidenced with the announcement of
five newly identified exploration targets as well as the signing of a LOI
off-take agreement for tungsten concentrates with Global Tungsten &
Powders LLC.

"The staking of the claims at the Lithium Properties, which are located only a
few kilometres from Pilot Mountain, is a positive step for our Nevada
business, especially as the footprint now within the Lithium Properties
includes an area less than 250m from one drill hole, which encountered a 169m
thick zone of lithium brine mineralisation that was determined to be open in
all directions.

"We are looking forward to informing the market as to next exploration steps
on our newly acquired Lithium Properties."

Further Detailed Highlights:

-      The Kibby Valley Basin (the "Basin") covers a total area of
54km(2) which is bound by the Pilot Mountains to the west. The Basin is
located less than 60km north of the prolific Clayton Valley Basin which hosts
the Silver Peak Lithium Mine, owned and operated by Albemarle Corp.

 

-      The Lithium Properties cover a combined 923-acres for a total of
47 placer claims which cover the rights for any and all lithium brine
enrichment found within the claim boundaries.

 

-      Lithium brines are highly conductive (due to their high salt
contents). A magnetotelluric ("MT") geophysical survey was completed in 2021
over the entirety of the Kibby Valley Basin and a 34km(2) significant
conductive anomaly was identified. Subsequent drilling confirmed a c169m thick
zone of lithium brine mineralisation in KB22-02 which was determined to be
open in all directions.(1) KM22-02 is located approximately 250m away from
Kibby South (see fig. 2).

 

-      The conductivity anomaly extends in a north-south direction and
the Lithium Properties cover some of the strongest parts of the conductor
which have never been drill tested to date.

 

-      The Lithium Properties are transected by multiple trails and roads
providing suitable access for future exploration. Other ideal infrastructure
includes a power line located less than 5km away. The Lithium Properties, like
Pilot Mountain, are less than 30km (straight-line distance) from the town of
Mina, Nevada which is accessible by well maintained roads.

 

-      Further technical details about the Lithium Properties acquired,
as well as the areas which possess the potential for the discovery of
additional lithium brine mineralisation, including detailed technical maps
outlining the location of the major conductor within the Kibby Basin will be
announced in a subsequent RNS.

 

Figure 1 - Major Lithium Projects and Deposits within Nevada, USA.

 Figure 2  - Location of the Kibby Lithium Properties as well as the
Company's Pilot Mountain tungsten Project.

 

 

 

References

(1)https://belmontresources.com/belmont-resources-jv-partner-marquee-resources-intercepts-thick-lithium-bearing-sediments-at-kibby-basin-nevada/

 

Property Ownership

Golden Metal holds a 100% interest in the Pilot Mountain Project and the
Lithium Properties through its wholly-owned Nevada-based operating companies
BFM Resources Inc, Pilot Metals Inc, and Golden Metal Resources LLC.

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and
approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, 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 Golden Metal Resources plc to provide technical support.

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).

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.goldenmetalresources.com
(http://www.goldenmetalresources.com) or contact the following:

 Golden 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
 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) (3,656.1 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.

Golconda Summit Project

Golden 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.

Garfield Project

The Garfield project is an early exploration stage copper, gold and silver
property consisting of 39 lode mining claims covering 3.23 km(2) (797.9 acres)
located in Mineral County, Nevada, approximately 14km due east of the town of
Hawthorne and 120km due west-northwest of Tonopah.

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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