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Guardian Metal (LSE:GMET) announced noteworthy assay results from the first diamond core drill hole of its ongoing exploration campaign at the Pilot Mountain Project in Nevada on Wednesday.
The AIM-listed company reported that drillhole PM24-001 intersected three high-grade tungsten mineralization zones totaling 38.7 meters within the Desert Scheelite deposit. Laboratory analysis revealed some of the highest-grade tungsten intervals ever recorded at Pilot Mountain.
Key findings from the assay included nine meters at 0.37% tungsten trioxide from a depth of 69.1 meters, 27.9 meters at 0.42% tungsten trioxide from 96.6 meters, which featured an eight-meter section at 0.84% tungsten trioxide, and 1.8 meters at 0.42% tungsten trioxide from 150 meters to the end of the hole. The mineralized zones also contained notable concentrations of zinc, silver, and copper.
Guardian Metal emphasized that these mineralized intervals were located near the surface, which could enhance the feasibility of future mining operations. Due to the exceptional tungsten grades observed, the company is conducting additional assays to determine the gold content in PM24-001, guided by historical reports indicating its presence.
The drilling program, which commenced in May, has so far completed 20 holes, with the 21st currently in progress. Results from additional drill holes will be released once quality assurance and quality control checks are finalized.
Chief Executive Officer Oliver Friesen commented on the results, stating that the company could not have hoped for a better start to the Pilot Mountain drilling program. The results indicate three distinct, strongly mineralized intervals of tungsten, silver, zinc, and copper, with the deepest interval remaining open at depth.
Friesen noted that the upcoming weeks and months would be a particularly active period for Guardian Metal, with plans to provide the market with commercial and technical updates, including further assay data and analysis as results become available.
Friesen also highlighted the strategic value of the Pilot Mountain Project, especially given the absence of domestic tungsten production, a critical metal for defense applications in the U.S.
At 1329 BST, shares in Guardian Metal Resources had fallen by 6.89%, trading at 28.4p.
