Golden Metal Resources (GMET)

Sector:

Mining

Index:

FTSE AIM All-Share

15.25p
   
  • Change Today:
    -0.75p
  • 52 Week High: 16.50
  • 52 Week Low: 6.63
  • Currency: UK Pounds
  • Shares Issued: 106.78m
  • Volume: 426,405
  • Market Cap: £16.28m

Golden Metal reports high-grade results from Garfield testing

By Josh White

Date: Monday 04 Dec 2023

LONDON (ShareCast) - (Sharecast News) - Nevada-focussed mineral explorer and developer Golden Metal Resources reported significant high-grade copper, silver, and gold mineralisation on Monday, following laboratory assay testing conducted after the completion of ground exploration at its wholly-owned Garfield project in the state's Walker Lane Mineral Belt.
The AIM-traded firm previously announced the potential presence of porphyry and skarn-type deposits at the Garfield project's 'high-grade zone' in a market announcement on 27 September.

As a result, it initiated an immediate follow-up ground exploration programme, which yielded promising findings.

It said the findings confirmed the presence of substantial large-scale skarn and porphyry-type copper, silver, and gold mineralisation at Garfield.

The laboratory assay results revealed that the mineralisation covered a significant area, suggesting the potential for Garfield to host a substantial copper deposit.

In the High-Grade Zone, results indicated over 1% copper over an area of 1500 by 500 metres, with potential expansion.

Across the entire Garfield Project, the results showed over 1% copper covering an area of 3000 by 1500 metres, which also had potential for expansion.

A total of 32 rock samples were collected from within the project, with laboratory assays confirming six samples with over-limit copper content of over 1% and 14 samples with over 0.3% copper.

It also confirmed two samples with over-limit gold content of more than one gram per tonne and six samples with over 0.3 grams of gold per tonne.

Nine samples had over five grams of silver content per tonne, with a peak value of 37.1 grams of silver per tonne.

"Today's announcement demonstrates that our 100% owned Garfield Project has the potential to host a material copper deposit," said chief executive officer Oliver Friesen.

"Previous exploration work demonstrated an extensive copper footprint at Garfield, however the latest findings have far exceeded the company's expectations."

Friesen said that finding extensive high-grade copper mineralisation across such a footprint size pointed to "the exceptional opportunity" Garfield represented to the company.

"We will endeavour to get a further update out to the market as quickly as possible which I strongly believe will even better highlight the scale of the opportunity at Garfield."

At 1151 GMT, shares in Golden Metal Resources were up 0.71% at 7.8p.

Reporting by Josh White for Sharecast.com.

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GMET Market Data

Currency UK Pounds
Share Price 15.25p
Change Today -0.75p
% Change -4.69 %
52 Week High 16.50
52 Week Low 6.63
Volume 426,405
Shares Issued 106.78m
Market Cap £16.28m

GMET Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
16.93% below the market average16.93% below the market average16.93% below the market average16.93% below the market average16.93% below the market average
58.21% below the sector average58.21% below the sector average58.21% below the sector average58.21% below the sector average58.21% below the sector average
Price Trend
83.44% above the market average83.44% above the market average83.44% above the market average83.44% above the market average83.44% above the market average
88.89% above the sector average88.89% above the sector average88.89% above the sector average88.89% above the sector average88.89% above the sector average
Income Not Available
Growth Not Available

GMET Dividends

No dividends found

Trades for 20-May-2024

Time Volume / Share Price
16:05 2,500 @ 15.50p
16:04 6,634 @ 15.08p
15:54 1,918 @ 15.38p
14:13 9,756 @ 15.38p
13:49 5,525 @ 15.08p

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