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(Alliance News) - Golden Metal Resources PLC on Wednesday said that it has found "significant" copper mineralisation during ground exploration at the Garfield project, which is its own licence in the Walker Lane Mineral Belt in Nevada.
Golden Metal is a Nevada, US-focused tungsten, gold, copper, silver and zinc exploration company.
Results of geological mapping have confirmed the potential for large scale porphyry and skarn type copper mineralisation at Garfield, it said.
Strong skarn-type copper mineralisation and alteration was identified near the northeastern part of the high-grade zone, with extensive outcrops of Luning Formation limestones.
Further, the skarn-type zone was seen to extend across many sample sites, thus making it coincident with several historical trenches, adits, and prospect dogs.
Samples are now en route to the laboratory, where they will undergo multi-element analysis. The results will then be made available to the market after received and compiled by Golden Metal, which it expects should be in the next four to six weeks.
"The more work we do at Garfield the better and better the project continues to look," said Chief Executive Officer Oliver Friesen.
He added: "With prospecting and geological mapping now complete, we see strong evidence supporting the presence of both porphyry and skarn-type mineralisation and alteration, as well as the presence of various granitoid intrusions which could be the causative porphyry intrusions driving the copper-rich mineralisation and fluid flow across the entire project."
Golden Metal Resources shares were trading 6.8% lower at 7.69 pence each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News reporter
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