(Alliance News) - Golden Metal Resources PLC on Tuesday said it signed a drilling contract with Diamondback Drilling LLC in preparation for its upcoming drill programme.
Golden Metal shares were up 10% to 14.90 pence each in London on Tuesday afternoon.
The Nevada-focused metals exploration company, which owns 100% owned Pilot Mountain project, is planning a drill campaign targeting copper, zinc and silver within the Walker Lake Mineral Belt in Nevada, USA.
The contract signed with the diamond drilling specialists covers a minimum of 2,000 metres with an option to expand the metreage beyond this.
Golden Metal Chief Executive Officer Oliver Friesen said: "We have taken another important step towards the commencement of this very important drilling programme at our flagship Pilot Mountain project. We have spent the better part of a year preparing exploration and resource expansion targets and we feel very confident with the targets that are now being finalised."
The final preparations for the upcoming drill campaign are underway and the company said it expects permits from the local Bureau of Land Management shortly.
By Elijah Dale, Alliance News reporter
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Golden Metal Re (GMET)