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RNS Number : 1273I Golden Metal Resources PLC 02 August 2023
2 August 2023
Golden Metal Resources plc
('Golden Metal' or the 'Company')
Settlement of Fees - Issue of Equity
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused
on tungsten, gold, copper and silver within Nevada, USA, announces the
settlement of certain professional and marketing fees through the issue of
equity.
Golden Metal has agreed with two suppliers of professional and marketing
services with invoice values totalling £52,500, that their fees will be
settled through the issue of 617,647 new Golden Metal ordinary shares of 1.0p
each ("Fee Shares") valued at 8.5p per share.
Oliver Friesen, Chief Executive Officer of Golden Metal commented:
"It is a positive step for Golden Metal to settle fees for equity at the
current market mid-price, helping to preserve cash within the business which
can in turn be used for investment in exploration and development work,
notably at our flagship Pilot Mountain Project located in Nevada, USA, which
hosts what we believe to be the largest undeveloped tungsten deposit in the
USA.
"Our corporate and project-based work programmes continue at pace and further
updates are expected in the coming weeks."
Admission and Total Voting Rights
Application will be made for the 617,647 Fee Shares to be admitted to trading
on AIM, which is expected to occur on or around 8 August 2023 ("Admission").
The Fee Shares will rank pari passu in all respects with the Company's
existing ordinary shares currently traded on AIM.
Following Admission, the Company's issued share capital will comprise
85,617,902 ordinary shares of 1 pence each. This number will represent the
total voting rights in the Company and may be used by shareholders as the
denominator for the calculation by which they can determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure and Transparency
Rules.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
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 km2 (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.
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
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 km2 (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 km2 (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 km2 (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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