(Alliance News) - Golden Metal Resources PLC on Friday said it has encountered a "very strong" lithium mineralisation at its Kibby North and Kibby South lithium brine properties in Nevada, US.
The mineral exploration company said the lithium mineralisation encountered in both brines and clays in Marquee drillhole KM22-02 was intersected above the main geophysical conductive brine aquifer linked anomaly.
Chief Executive Officer Oliver Friesen said: "Considering the relative depths of the very strong lithium-in-clay and lithium-in-brine mineralisation encountered by nearby drillhole KM22-02, we believe the findings presented today point to the likelihood of a significant lithium brine target at a deeper depth within the basin, on ground 100% owned by Golden Metal.
"Equipped with these new findings, we are actively working behind the scenes with our technical team and management to determine next steps for our promising lithium properties."
Shares in Golden Metal were down 1.7% at 14.50 pence each in London on Friday afternoon.
By Sabrina Penty, Alliance News reporter
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Golden Metal Re (GMET)