Golden Metal announces new Garfield bedrock discovery

9th Jan 2024 14:05

(Sharecast News) - Nevada-focussed mineral explorer Golden Metal Resources announced a new high-grade gold-silver-copper bedrock discovery within its wholly-owned Garfield project on Tuesday, in the Walker Lane Mineral Belt.

The AIM-traded firm said the development stemmed from recent rock samples collected from newly acquired ground following the disclosure of high-grade rock sample results at Garfield in December, which returned up to 23.92% copper equivalent.

In light of the promising results, Golden Metal said it acted swiftly to secure additional adjacent ground with the potential for high-grade porphyry and skarn-type mineralisation.

Despite increased third-party staking in the broader district, the company successfully obtained an additional 26 claims, increasing the total claims for the Garfield Project to 65.

The claims primarily covered the southeast and northeast areas of the 'high-grade zone' at Garfield, marking the most compelling target area identified thus far.

Golden Metal said the discovery of high-grade copper-gold-silver mineralisation now spanned about four square kilometres, with the entire area falling under its ownership.

Five rock samples were extracted from the newly acquired ground, all of which yielded high-grade gold-silver-copper assay results, including samples with up to 22.7 grams of gold per tonne.

The company said it was actively conducting detailed geochemical analysis of both the earlier Garfield samples and the most recent findings.

That analysis was being conducted in collaboration with geochemist Simon Griffiths through his consulting firm, 3PX.

Golden Metal said it would share further results and its subsequent course of action as soon as possible.

"Despite normal slowdowns over the traditional Christmas-New Year season, following the receipt of the December results from Garfield we knew the importance of securing not only more ground, but understanding the potential of this newly staked area," said chief executive officer Oliver Friesen.

"To our excitement, all samples taken from the newly staked claims have delivered exceptional gold-silver-copper assay results and the greater Garfield Project continues to deliver for our shareholders.

"We look forward to updating the market with further results and next steps, however I can say from my experience, and understanding of the project, geologically and geographically, I consider Garfield holds the potential for a major metal discovery."

At 1345 GMT, shares in Golden Metal Resources were up 6.81% at 9.88p.

Reporting by Josh White for Sharecast.com.