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.
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