Golden Metal Resources PLC on Monday said it is preparing a first ever drilling campaign at its Pilot Mountain asset in Nevada.

The mineral exploration company said it had completed a strategic fundraise for a total of £750,000 which will be used to facilitate the exploration of the site.

Surveying in recent years identified the site as having significant mineral potential, and it is believed to be the largest and most advanced undeveloped tungsten resource located in the US. Tungsten is a key focus of the project due to its classification as a strategic mineral.

Golden Metal’s Chief Executive Officer Oliver Friesen said: ‘Since Golden Metal’s admission to AIM in May 2023 we have put many important building blocks in place across our exciting Nevada focussed portfolio. With many of these important steps now completed, we move into what I believe will be a potentially transformational period for the company. This will involve undertaking high impact drilling and project development studies aimed at unlocking significant value at Pilot Mountain in tandem with further exploration across multiple other Golden Metal assets.

‘The need for the USA to reshore its critical, battery and defence metal supply chains is approaching all-time highs, and the company is perfectly positioned to be part of the solution. I encourage everyone to watch Golden Metal closely as we enter what should be a very exciting news-rich period.’

Drilling permits are expected in approximately six weeks and specific details including the expected start date will be released in the coming weeks.

The company is finalising the contract with a Nevada based drilling contractor to explore identified targets and expects this to be signed before the end of March.

Golden Metal shares closed up 0.6% to 14.58 pence in London on Monday.

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