Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Golden Metal Resources begins diamond drilling at Pilot Mountain

Mon, 13th May 2024 12:59

(Alliance News) - Golden Metal Resources PLC on Monday said it has begun its first ever diamond drilling programme at the Pilot Mountain project, targeting strategic resource expansion and brownfield exploration targets.

The Nevada-focused metals exploration company, which owns 100% owned Pilot Mountain project, located within the prolific Walker Lake Mineral Belt in Nevada, US, said the phase 1 programme will include a minimum of 2,000 metre of diamond drilling.

Due to cash received from recent warrant exercises, Golden Metal said it is in a position to expand the programme at its own discretion.

Due to the project's proximity to ALS Laboratory Group's location in Reno, Nevada, Golden Metals said drill core samples will be logged, processed and shipped for assay testing in batches, allowing for semi-continuous news flow throughout the duration of the campaign.

Golden Metal Chief Executive Officer Oliver Friesen is currently on site to assist with beginning drilling operations, alongside visiting some of Golden Metal's other key projects, the company said.

"It is a very exciting day in the company's history as one year after we successfully completed our IPO within the London market, we have now commenced a robust and what we hope will be a very high impact drilling campaign focussed on multiple target areas within our 100% owned flagship Pilot Mountain project," said Friesen.

"The goal of this programme is two-fold: [to] grow our confidence and increase the size of the resource at the project's main Desert Scheelite zone, which currently hosts the largest known tungsten resource on US soil, and [to] make new brownfield discoveries to materially grow the amount of contained metal known about within the project at present."

Friesen continued: "While no outcomes are guaranteed when drilling, we have been very methodical throughout the preparation process and are excited to now be in position to finally drill test multiple of the project's exciting target areas."

Shares in Golden Metal were up 2.5% to 15.12 pence each in London on Monday afternoon.

Earlier this month, Golden Metal said a magnetic geophysics survey successfully delineated two significant magnetic high anomalies within the 'Porphyry South' target area at Pilot Mountain.

It explained the two anomalies were strongly coincident with the resistivity and chargeability high anomalies identified during the 2022/2023 survey which originally defined the 'Porphyry South' target.

Golden Metal said it was "very encouraged" by the results and immediately requested three dimensional inversions of the magnetic dataset.

By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Related Shares

More News
29 May 2024 19:26

EARNINGS AND TRADING: Directa Plus wins Rome deal; Corre raises funds

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Wednesday and not separately repor...

16 May 2024 21:22

TRADING UPDATES: DSW eyes lower profit than expected; Mpac optimistic

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

13 May 2024 12:39

Golden Metal reports exploration progress at Pilot Mountain

(Sharecast News) - Golden Metal Resources updated the market on exploration activities at its wholly-owned Pilot Mountain Project on Monday, in the pr...

1 May 2024 16:37

TRADING UPDATES: Norcros sets out strategic aims; Synthomer seals sale

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.