Guardian Metal Resources reports year of progress

15th Nov 2024 13:23

(Sharecast News) - Guardian Metal Resources, a Nevada-focussed mineral explorer targeting tungsten, gold, lithium, copper, and silver, reported significant strides in exploration, project development, and capital-raising efforts in its final results on Friday.

The AIM-traded firm, which remains pre-revenue, said it enhanced its US presence during the year ended 30 June with an OTCQB listing in October 2023, followed by an upgrade to the OTCQX Market in June this year.

It said the moves improved liquidity and broadened the company's investor base.

During the period, it raised £1.25m through two capital raises, securing funds for exploration at its flagship Pilot Mountain and Garfield projects.

Pilot Mountain remained central to its efforts, supported by strategic partnerships and exploration progress.

A memorandum of understanding with Oxford Sigma focussed on tungsten supply for the nuclear fusion industry.

The first-ever drilling campaign at Pilot Mountain revealed significant tungsten mineralisation at Desert Scheelite and potential porphyry mineralisation at Porphyry South.

At Garfield, exploration identified high-grade copper, gold, and silver mineralisation, with further geophysical studies confirming two prospective porphyry targets.

The board said the findings solidified Garfield as a promising asset amid rising global demand for copper and other critical metals.

Exploration at Golconda Summit meanwhile identified strong arsenic anomalies consistent with a Carlin-type gold system.

Secured permits for trenching and drilling had paved the way for further exploration of its gold potential, supported by high-grade surface samples and proximity to major gold mines.

Since the end of the financial year, and after rebranding to Guardian Metal Resources in July, the company raised £2.15m through a strategic subscription in August.

Additional drilling at Pilot Mountain also revealed new geophysical targets linked to buried porphyry systems.

In October, Guardian signed a binding letter of intent to acquire an option on the Tempiute Tungsten Mine and Mill in Nevada, further advancing its focus on US defence metal supply.

With increasing demand for critical minerals like tungsten, Guardian said it was well-positioned to contribute to US reshoring efforts in the defence and high-tech industries.

It said its strengthened financial position, strategic partnerships and ongoing exploration work at Pilot Mountain and Garfield provided a "solid foundation" for continued growth.

At 1227 GMT, shares in Guardian Metal Resources were down 5.96% at 22.1p.

Reporting by Josh White for Sharecast.com.