9 January 2024

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Garfield Project: New Claims Yield High-Grade Gold-Silver-Copper Bedrock Discovery

Samples Taken from Newly Staked Ground Return up to 22.7g/t Au

Golden Metal Resources plc (LON:GMET/OTCQB:GMTLF), a strategic development and mineral exploration company focused on Nevada, USA, is pleased to announce a new high-grade gold (Au) - silver (Ag) - copper (Cu) bedrock discovery has been outlined from rock samples taken on ground recently staked at the Company's 100% owned Garfield project located within the prolific Walker Lane Mineral Belt in Nevada, USA ("Garfield" or the "Project").

The claim staking follows the high-grade rock sample results from Garfield which returned up to 23.92% CuEq¹, which the Company announced on 11 December 2023².

HIGHLIGHTS

§ As a result of the very promising results received late in 2023, the Company promptly moved to secure additional ground adjacent to the Project that was prospective for further high-grade porphyry and skarn-type mineralisation.

§ While third party staking in the broader district has recently increased significantly, the Company was able to successfully secure an additional 26 claims (bringing the Project total to 65 claims) located predominantly southeast and northeast of the 'High-Grade Zone' at Garfield, representing the most compelling target area found on the Project to date.

§ High-grade copper-gold-silver mineralisation has now been defined over a circa 4km² area, the full extent of which is now covered by claims 100% owned by Golden Metal, potentially representing a large and well mineralised copper-gold-silver deposit.

§ Five rock samples were taken from this newly staked ground and all of these returned high-grade gold-silver-copper assay results including up to 22.7g/t gold. This highlights the significant potential of the greater Garfield Project claim holding. The results from the newly named 'Pamlico Au Zone' are outlined below:

§ Detailed geochemical analysis of the previous Garfield samples, as well as the latest round of results, is underway in conjunction with a review by  geochemist Simon Griffiths through his consulting firm 3PX. Further results and next steps will be communicated to the market as soon as possible.

Oliver Friesen, CEO of Golden Metal, commented: 

"Despite normal slowdowns over the traditional Christmas/New Year season, following the receipt of the December results from Garfield we knew the importance of securing not only more ground, but understanding the potential of this newly staked area. My thanks to our in-country operational team for mobilising to the field and completing this work so expeditiously.

"To our excitement, all samples taken from the newly staked claims have delivered exceptional gold-silver-copper assay results and the greater Garfield Project continues to deliver for our shareholders.

"We look forward to updating the market with further results and next steps, however I can say from my experience, and understanding of the Project, geologically and geographically, I consider Garfield holds the potential for a major metal discovery. Therefore, we will push this Project forward at some pace."

MEDIA

Figure 1: Garfield Project map showing location of historic rock sample results as well as the 2023 results (Copper).

Figure 2: Garfield Project map showing location of the 2023 rock sample results (Gold).

Figure 3: One of the new claim posts being positioned at Garfield (Note all claims in Nevada must be physically staked out, requiring operational teams to mobilise to the field to secure new ground).

PROPERTY OWNERSHIP

Golden Metal holds a 100% interest in the Garfield Project through its wholly-owned Nevada operating company, Golden Metal Resources LLC. A 2% Net Smelter Return Royalty ("NSR Royalty") Interest, of which 1% can be bought back at any time for US$1,000,000, is payable to Sunrise Resources plc (LON:SRES). The NSR Royalty covers the original Garfield Project claims as well as a 1 mile radius outside of those claims which covers roughly half of the current 'High-Grade Zone' footprint.

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Golden Metal Resources plc to provide technical support.

REFERENCES

1              Copper Equivalent ("CuEq") was calculated using a copper price of US$3.7687/lb, a gold price of US$2,021.40/Oz and a silver price of US$24.09/Oz with recoveries assumed to be 100% as no metallurgical test data is available.

2              Company announcement, Garfield Project: High-Grade Copper & Gold Overlimit Assay Results, dated 11 December 2023

( https://polaris.brighterir.com/public/golden_metal_resources/news/rns/story/w1koq9x )

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company's or any third party's ability to execute and implement future plans, and the occurrence of unexpected events. 

Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

For further information visit www.goldenmetalresources.com or contact the following:

THE PROJECTS

Pilot Mountain Project

The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.

Garfield Project

The Garfield Project is an exciting copper-gold-silver prospect consisting of 65 lode mining claims covering 5.4 km² (1338 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah. Exploration to date has included detailed geochemical sampling and follow up analysis which highlighted the presence of both skarn-type and porphyry style mineralisation and alteration at the 'High-Grade Zone'. Further mapping, prospecting and rock sampling was recently completed with results confirming presence of high-grade copper, silver and gold mineralisation.

Kibby Basin Lithium Project

The Kibby Basin Project covers two claim packages which are prospective for lithium brine mineralisation. The southern claim package is less than 250m from a 2022 drillhole which returned a significant interval (169m) of lithium brine mineralisation which was determined to be open in all directions. The Project is less than 5km to the southeast of the Company's flagship Pilot Mountain Project.

Golconda Summit Project

Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain - Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.

Stonewall Project

The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.