(Alliance News) - Golden Metal Resources PLC on Tuesday said exploration at its Garfield project in the US state of Nevada had revealed "multiple overlapping geological datasets".
The mineral exploration company holds a 100% stake in the Garfield project, situated in Mineral County in Nevada's "prolific Walker Lane mineral belt".
In early January, Golden Metal announced a new high-grade gold-silver-copper bedrock discovery from rock samples taken at its Garfield project. Results included up to 22.7 grams of gold per tonne of ore, highlighting the "significant potential" of the project.
On Tuesday, Golden Metal said it had completed analysis of geological mapping and rock sampling at Garfield, revealing a magnetic "bullseye" anomaly in the project's high-grade zone. The company said that such anomalies are indicative of "intrusive porphyry centres", increasing the site's overall prospectivity and gold-silver potential.
Chief Executive Officer Oliver Friesen said: "The typical next stage when exploring for porphyry deposits is to search for a geophysical anomaly which could represent a porphyry centre at depth." However, he added that this anomaly was identified by a third-party which, while conducting a magnetic and radiometric survey of the area, identified a uranium target overlapping with the porphyry centre in the high-grade zone.
Golden Metal also confirmed "bonanza" silver grades of up to 1,225 grams per ton of ore, as well as 18.35 grams of gold per ton and 1.9% copper.
Friesen said: "The results announced today are highly significant as we have gone from high-grade copper-gold-silver results achieved over a large footprint to now multiple overlapping geological datasets which strongly confirm the presence of a significant porphyry style system driving mineralisation across the project.
"With these transformational latest results in hand, the company is quickly moving towards determining optimal next exploration steps to continue to drive this very exciting project forward."
Shares in Golden Metal were up 8.2% at 10.55 pence each in London on Tuesday morning.
By Hugh Cameron, Alliance News reporter
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Golden Metal Re (GMET)