(Sharecast News) - Nevada-focussed mineral explorer and developer Golden Metal Resources reported significant high-grade copper, silver, and gold mineralisation on Monday, following laboratory assay testing conducted after the completion of ground exploration at its wholly-owned Garfield project in the state's Walker Lane Mineral Belt.
The AIM-traded firm previously announced the potential presence of porphyry and skarn-type deposits at the Garfield project's 'high-grade zone' in a market announcement on 27 September.
As a result, it initiated an immediate follow-up ground exploration programme, which yielded promising findings.
It said the findings confirmed the presence of substantial large-scale skarn and porphyry-type copper, silver, and gold mineralisation at Garfield.
The laboratory assay results revealed that the mineralisation covered a significant area, suggesting the potential for Garfield to host a substantial copper deposit.
In the High-Grade Zone, results indicated over 1% copper over an area of 1500 by 500 metres, with potential expansion.
Across the entire Garfield Project, the results showed over 1% copper covering an area of 3000 by 1500 metres, which also had potential for expansion.
A total of 32 rock samples were collected from within the project, with laboratory assays confirming six samples with over-limit copper content of over 1% and 14 samples with over 0.3% copper.
It also confirmed two samples with over-limit gold content of more than one gram per tonne and six samples with over 0.3 grams of gold per tonne.
Nine samples had over five grams of silver content per tonne, with a peak value of 37.1 grams of silver per tonne.
"Today's announcement demonstrates that our 100% owned Garfield Project has the potential to host a material copper deposit," said chief executive officer Oliver Friesen.
"Previous exploration work demonstrated an extensive copper footprint at Garfield, however the latest findings have far exceeded the company's expectations."
Friesen said that finding extensive high-grade copper mineralisation across such a footprint size pointed to "the exceptional opportunity" Garfield represented to the company.
"We will endeavour to get a further update out to the market as quickly as possible which I strongly believe will even better highlight the scale of the opportunity at Garfield."
At 1151 GMT, shares in Golden Metal Resources were up 0.71% at 7.8p.
Reporting by Josh White for Sharecast.com.
Guardian Metal Resources PLC (GMET)