Guardian Metal reports positive drilling progress at Pilot Mountain

22nd Aug 2024 12:34

(Sharecast News) - Nevada-focussed strategic mineral explorer Guardian Metal Resources updated the market on drilling at its flagship Pilot Mountain Project on Thursday, located in the Walker Lane Mineral Belt.

The AIM-traded company, formerly known as Golden Metal Resources, reported promising developments, including the discovery of a new skarn zone and successful drilling at the Desert Scheelite deposit.

Over the last three months, Guardian Metal said it completed 17 diamond drill holes, exceeding its initial goal by drilling a total of 2,396.2 metres - an increase from the originally-planned 2,000 metres.

The 18th hole was currently in progress, with the diamond drilling rig to remain on-site to continue operations as directed by the company.

Notably, the drilling led to the discovery of an altered skarn-marble zone at Desert Scheelite Parallel West (DSPW).

The zone was first intersected in drill hole PM24-03, and further confirmed by drill hole PM24-05, both of which successfully intercepted the newly-identified skarn zone along strike and down dip.

Guardian said they were the first holes ever drilled into DSPW, marking a significant milestone for the project.

Additionally, 13 drill holes completed within the Desert Scheelite deposit, aimed at supporting the pre-feasibility study, successfully intersected the expected mineralised skarn zones.

The intersections, found within the existing block model as well as in the hanging wall and footwall, indicated potential for further resource expansion.

Guardian Metal said it expected the first laboratory assay results shortly, with additional batches of results to follow in the coming weeks and months.

"I am delighted with the drilling progress at Pilot Mountain and very pleased with the findings to date which have greatly exceeded our expectations," said chief executive officer Oliver Friesen.

"In the company's view, we consider the potential offered by the project is now much greater than when it was originally acquired.

"Our drilling at Desert Scheelite has successfully intersected the mineralised skarn zones where expected and in multiple holes, within the hanging wall and footwall."

Friesen said that in addition, drilling into Desert Scheelite Parallel West confirmed the presence of a previously-undiscovered strongly-altered skarn zone at Pilot Mountain.

"It is important to also note that to date, only two of the company's multiple exploration targets identified had been drill tested, both confirming new mineralised and altered zones.

"The company's technical team has worked with all available data to determine the next optimal areas of these zones to test."

Permit amendments were now being finalised, Oliver Friesen added, and would be filed shortly.

"The company is currently in an intensive work period in respect of the project and this is expected to continue for several months as multiple technical and corporate workstreams continue in parallel and at pace."

At 1209 BST, shares in Guardian Metal Resources were down 2.36% at 35.15p.

Reporting by Josh White for Sharecast.com.