Garfield: Potential for Tier 1 Copper Deposit

Porphyry & Skarn-Type System Discovery Confirmed with Extensive High-Grade Copper, Silver & Gold Mineralisation; Several Overlimit Analyses Underway

Golden Metal Resources plc (LON:GMET OTCQB:GMTLF), a strategic mineral exploration and development company focused on Nevada, USA, is pleased to announce extensive high-grade copper, silver and gold mineralisation from laboratory assay testing undertaken following the recently completed ground exploration at the Company's 100% owned Garfield project located within the prolific Walker Lane Mineral Belt in Nevada, USA ("Garfield" or the "Project").

HIGHLIGHTS

§ Golden Metal previously announced the potential for both porphyry and skarn-type deposits at Garfield's 'High-Grade Zone' as detailed in the market announcement released on 27 September 2023 which may be viewed through the following link:

§ As a result, Golden Metal launched an immediate follow up ground exploration programme and the findings from this work are considered by the Company to be very promising with mineralisation styles and lithologies confirming that Garfield hosts significant large-scale skarn and porphyry type copper, silver and gold mineralisation.

§ The mineralisation now confirmed through the rock sample laboratory assay results extends over a large footprint which indicates the potential for Garfield to host a material copper deposit including:

• High-Grade Zone: >1% copper results returned over an area of approximately 1500 x 500m (open in multiple directions); and
• across the entire Project: >1% copper results returned over an area of approximately 3000 x 1500m (open in multiple directions).

§ A total of 32 rock samples were taken from within the Garfield Project with laboratory assay testing confirming:

• 6 samples returning overlimit copper (Cu) (>10,000ppm or 1%) and 14 samples returning >3,000ppm Cu (0.3%);
• 2 samples returning overlimit gold (Au) (>1g/t) with six samples returning >0.3g/t Au, and;
• 9 samples returning >5g/t silver (Ag) with a peak of 37.1g/t Ag.

§ Garfield is located within a north-south trending copper-gold porphyry/skarn belt which extends southward from Hawthorne. Porphyry deposits are characterised by lower grade but bulk tonnage deposits and are one of the worlds most important sources of copper and silver as well as gold. Based on this, the analytical method used had upper limits of 1% (or 10,000ppm) for copper and 1g/t for gold. As outlined above, several samples exceeded the upper limits therefore necessitating overlimit assays which are currently underway and a follow-on update is expected to the market shortly.

Oliver Friesen, CEO of Golden Metal, commented:

"Today's announcement demonstrates that our 100% owned Garfield Project has the potential to host a material copper deposit. Previous exploration work demonstrated an extensive copper footprint at Garfield, however the latest findings have far exceeded the Company's expectations.

"To find extensive high-grade copper mineralisation across this footprint size points to the exceptional opportunity Garfield represents to Golden Metal Resources.

"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."

MEDIA

Figure 1: Sample Number 723310. Fine-grained intermediate intrusive with stockwork quartz veining. Sample returned >1g/t Au, 29.9ppm Ag, along with overlimit copper >10,000ppm (1%).

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.

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.

Kibby Basin Lithium Project

Golconda Summit Project

Garfield Project

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