Golden Metal reports exploration progress at Pilot Mountain

13th May 2024 12:39

(Sharecast News) - Golden Metal Resources updated the market on exploration activities at its wholly-owned Pilot Mountain Project on Monday, in the prolific Walker Lake Mineral Belt in Nevada.

The AIM-traded firm announced the start of its inaugural diamond drilling programme at Pilot Mountain, with a focus on strategic resource expansion and brownfield exploration targets.

It said the phase one programme was anticipated to involve a minimum of 2,000 metres of diamond drilling.

Recent receipt of warrant monies provided the company with the flexibility to potentially expand the programme as required.

Leveraging the project's proximity to ALS Laboratory Group's Reno facility, drill core samples would be logged, processed, and dispatched for assay testing in batches.

That approach would facilitate semi-continuous news dissemination throughout the campaign.

"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 chief executive officer Oliver Friesen.

"The goal of this programme is two-fold, [first 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 USA soil, and [secondly to] make new brownfield discoveries to materially grow the amount of contained metal known about within the project at present."

Friesen said that while no outcomes were guaranteed when drilling, the company had been "very methodical" throughout the preparation process and was "excited" to now be in position to finally drill test multiple of the project's target areas.

"I look forward to providing further updates in regard to the drilling operations at Pilot Mountain, as well as on in-parallel workstreams progressing across the Golden Metal business."

At 1448 BST, shares in Golden Metal Resources were up 3.48% at 15.26p.

Reporting by Josh White for Sharecast.com.