REG - Golden Metal Rsrcs. Power Metal Res. - Tungsten Focused MoU and Key Appointment

Power Metal ResourcesAnnouncement

24/07/2023 07:00

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RNS Number : 8760G  Golden Metal Resources PLC  24 July 2023

24 July 2023

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Tungsten Focused MoU and Key Appointment

Golden Metal Resources plc (LON:GMET), a mineral exploration company focused
on tungsten, lithium, gold, copper and silver within Nevada, USA, announces
updates which relate to its 100% owned flagship Pilot Mountain Project ("Pilot
Mountain" or the "Project") located within the prolific Walker Lane Mineral
Belt in Nevada, USA.

Memorandum of Understanding - Tungsten Critical Metal Pathway:

-      The Company has signed a Memorandum of Understanding (MOU) with
Oxford Sigma Limited ("Oxford Sigma"), a nuclear fusion technology company
based in Oxfordshire, UK.

 

-      As 100% owner of what is believed by the Company to be the largest
undeveloped tungsten deposit in the USA, the Company has entered into a
non-binding  MOU with Oxford Sigma which outlines how the two parties will
collaborate to explore and develop critical metal supply pathways for tungsten
alloy and tungsten containing materials within the fusion industry.

 

-      Fusion energy has the potential to be a near-limitless source of
carbon-free energy for the future in which tungsten will likely be a key metal
as it is a requirement for radiation shielding and plasma-facing materials.

 

-      Over US$6.2billion (as of 2023) of private investments have been
made worldwide, targeting the fusion industry as its development towards
commercialisation continues at pace. However, without the development of
suitable and politically friendly tungsten supply pathways, this important
technology may face significant delays.

 

Pilot Mountain Technical Key Appointment:

-      The Company has engaged Allan V. Moran, a highly respected
modelling geologist with extensive previous working experience in the state of
Nevada and western United States.

 

-      Mr. Moran has been engaged specifically to model existing
tungsten-copper-silver-zinc mineralisation found at the Company's 100%-owned
Pilot Mountain Project - with a specific focus on the Desert Scheelite Zone
where the majority of the in-ground resource at Pilot Mountain is found.

 

-      The goal of Mr. Moran's work is to plan resource infill as well as
step out (down-dip and along strike) drilling in advance of future exploration
on the Project and with a specific focus on drill density required to complete
future economic studies over the Project (e.g. PEA/PFS).

 

-      In tandem, further analysis and drill planning is also in progress
relating to the five new priority exploration targets as announced  by the
Company on 20 July 2023.(1)

 

Oliver Friesen, CEO of Golden Metal, commented:

"We are delighted to be working with  Dr. Thomas Davis and the Oxford Sigma
team who are highly respected in the fusion energy industry within the United
Kingdom and abroad. It is likely that large amounts of tungsten  will be
required within the fusion energy industry and in conjunction with Oxford
Sigma we intend to work collaboratively in order to develop critical metal
supply pathways between friendly countries in order to help meet the future
tungsten requirements within this extremely important developing technology.

"This MOU with Oxford Sigma in combination with the LOI off-take agreement
recently signed with Global Tungsten & Powders signifies not only how
critical our Pilot Mountain Project is, but more importantly, how imperative
the establishment of a western world supply chain for tungsten is given the
current global political landscape.

"While the above commercial milestones continue to make headlines, our work
with Mr. Allan Moran will continue in the background and the analysis being
undertaken represents a very important one as we look to continue pushing
exploration and development forward across the four deposit areas at Pilot
Mountain."

Dr Thomas Davis, CTO of Oxford Sigma, commented:

"Commercial fusion power stations are on the path to become the ultimate
terrestrial energy source. We are excited to partner with Golden Metal
Resources Plc to connect the fusion community with the strategic raw tungsten
supply necessary to make fusion work. Most of the approaches to fusion that
Oxford Sigma is supporting depend on large quantities (hundreds of tonnes) of
raw tungsten for various applications (radiation shielding and plasma-facing
components). By collaborating with Golden Metal Resources, Oxford Sigma is on
the path to establishing a sustainable tungsten supply for the world's growing
fusion industry."

About Oxford Sigma

Oxford Sigma tackles energy security and climate change by accelerating the
commercialisation of fusion energy. Oxford Sigma's mission is to deliver
materials technology, materials solutions, and fusion design services in order
to accelerate the commercialisation of fusion energy. Oxford Sigma is
internationally recognised as a key fusion materials and technological leader
within the market. The company operates in the United States, United Kingdom,
European Union, Canada, and Japan.

About Allan V. Moran

Mr. Moran, a geologist, has spent his 45-year plus career in mineral
exploration, exploration management, and support of corporate acquisitions for
both major and junior mining companies. Moreover, Mr. Moran specializes in
geological evaluations of metal projects with a focus on 3D geological
modelling (Leapfrog software), database evaluations, and geological inputs to
resource estimation; from due diligence audits to feasibility studies;
exploration properties to mining operations.

 

Mr. Moran has a B.Sc. in Geological Engineering from the Colorado School of
Mines and is a Certified Professional Geologist (CPG) with the American
Institute of Professional Geologists (AIPG).

References

(1)https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-further-targets-identified/16005627

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.

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 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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