Pilot Mountain Drilling Update

In brief · summary, not quotable

Pilot Mountain drilling campaign returns high-grade tungsten results including 3.04% and 3.01% WO3 intersections.

Drillholes completed 39
Highest tungsten intersection PM24-022 3.04% WO3
Highest tungsten intersection PM24-023 3.01% WO3
PM24-022 highlight interval 44.2m @ 0.234% WO3, 17.0g/t Ag, 1,413ppm Cu & 0.74% Zn

Full announcement

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Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), a strategic mineral exploration and development company focused in Nevada, USA, is pleased to announce further drillhole assay results from the Company's ongoing drilling campaign at its 100% owned Pilot Mountain tungsten project ("Pilot Mountain" or the "Project) located in Nevada, USA.

Laboratory assay results from drill core samples have been received from the next batch of drillholes covering PM24-018 to PM24-028 with some further very high-grade tungsten results being intersected. To date, 39 drillholes have been completed. The drill pad for the 40th hole is prepared and drilling is expected to recommence on 6 January 2025 (Fig. 1). The Company is also preparing a separate notice permit which will facilitate the preparation of up to 20 drill pads at the Project's 'Garnet' tungsten-copper-silver-zinc zone.

The Company is also now in receipt of the phase I garnet metallurgical results and is in the process of compiling those and will release to the market as soon as it is possible to do so.

The Company previously announced an earlier set of assay results from the Project on 26 November 2024. The assay results included in the database supplied to the Company incorrectly overstated some of the WO3 assay results for three drillholes. The relevant sections of the announcement of 26 November 2024 are restated below with the corrected and restated WO3 assay results highlighted in bold in Table 3.

Oliver Friesen, CEO of Guardian Metal, commented:

"This batch of results takes us another step closer to the updated resource estimate which feeds into the updated mine plan and eventual pre-feasibility study for our flagship Pilot Mountain Project. We are also very pleased to have intercepted the two single highest drilled tungsten assays from across the Project, including 3.04% and 3.01% WO3, highlighting the tremendous upside potential that continues to exist as we advance exploration and development of our flagship asset.

"In tandem, we continue to push forward the due diligence process for the Tempiute Mine & Mill Project which, together with Pilot Mountain, represents a significant portfolio of USA-based tungsten assets which strategically position Guardian Metal to benefit from the resurgence of USA-focused critical metals mining that we expect will gain significant momentum over the next several years."

Desert Scheelite Highlights:

§ Laboratory assay results confirm multiple tungsten, copper, silver and zinc rich intervals from the latest batch of results, including the two highest tungsten intersections to date from the Project, 3.04% WO3 (from 122.6m - 123.4m in drillhole PM24-022) and 3.01% WO3 (from 62.3m - 63.1m in drillhole PM24-023).

§ Drillhole PM24-022 highlight downhole intersections:

o 44.2m @ 0.234% W03, 17.0g/t Ag, 1,413ppm Cu & 0.74% Zn from 119.5 - 163.7m (44.2m @ 0.39% WO3Eq* or 1.45% CuEq**); including

3.7m @ 1.448% W03, 21.0g/t Ag, 5,016ppm Cu & 3.33% Zn from 122.6 - 126.3m (3.7m @ 1.94% WO3Eq* or 7.27% CuEq**); and
8.3m @ 0.359% W03,7.1g/t Ag, 3,987ppm Cu & 0.34% Zn from 155.4 - 163.7m (8.3m @ 0.52% WO3Eq* or 1.93% CuEq**).

§ Drillhole PM24-018 highlight downhole intersection :

o 20.4 @ 0.514% W03, 28.5g/t Ag, 5,578ppm Cu & 0.45% Zn from 119.3 - 139.7m (20.4m @ 0.78% WO3Eq* or 2.93% CuEq**).

§ Drillhole PM24-023 highlight downhole intersection :

3.8m @ 1.861% W03, 52.6g/t Ag, 6874ppm Cu & 0.59% Zn from 59.3 - 63.1m (3.8m @ 2.25% WO3Eq* or 8.41% CuEq**).

*,**Copper and W03 Equivalent ("WO3Eq") are calculated using a tungsten price of US $332.5/MTU, a zinc price of US$1.3448/lb, a copper price of US3.9965/lb and a silver price of US$28.72/Oz.

Results

Table 1: 2024 Drillhole collar table (this RNS)

					Hole ID	Zone	UTM Easting #	UTM Northing #	Azimuth (deg.)	Dip (deg.)	Down hole Depth (m)
PM24-018						Desert Scheelite	424297	4248353	187	-65	169.8
PM24-019						Desert Scheelite	424234	4248317	178	-59	65.4
PM24-020						Desert Scheelite	424255	4248320	179	-54	66.2
PM24-021						Desert Scheelite	424254	4248348	182	-54	107.4
PM24-022						Desert Scheelite	424234	4248358	178	-64	174.0
PM24-023						Desert Scheelite	424144	4248321	181	-48	74.1
PM24-024						Desert Scheelite	424369	4248337	180	-64	119.8
PM24-025						Desert Scheelite	424358	4248318	175	-75	130.1
PM24-026						Desert Scheelite	424219	4248325	180	-65	9.1
PM24-027						Desert Scheelite	424185	4248325	180	-55	60.0
PM24-028						Desert Scheelite	424185	4248327	184	-53	90.4
#UTM Zone 11 North NAD83 datum
Table 2: Significant Diamond Drillhole Assay Results1
Hole ID				Downhole Depth (m)	Interval (m)	W	WO3	Zn	Ag	Cu	Intersection Composites
From					To	(ppm) a	(%) b	(%) c	(g/t) a	(ppm) a	(weighted averages) c
PM24-018			103.2	104.6	1.40	670	0.08	2.60	25.4	317	4.4m @ 0.08% WO 3 , 0.02% Cu, 2.15% Zn & 39.3 g/t Ag
				104.6	106.1	1.50	690	0.09	1.75	25.9	225
				106.1	107.6	1.50	520	0.07	2.13	65.8	204
PM24-018			119.3	120.8	1.50	1,250	0.16	1.65	28.4	212	20.4m @ 0.51% WO 3 , 0.56% Cu, 0.45% Zn & 28.5 g/t Ag
			120.8	122.2	1.40	2,960	0.40	Δ	3.38	135.0	566
			122.2	123.9	1.70	1,930	0.24	0.27	F	46.9	191
			123.9	125.3	1.40	960	0.12	0.29	F	9.6	613
		125.3	126.8	1.50	3,710	0.73	Δ	0.07	F	6.8	2,630
		126.8	127.6	0.80	2,710	0.41	Δ	0.06	F	11.2	4,880
		127.6	129.0	1.40	2,340	0.33	Δ	0.03	F	4.4	2,170
		129.0	130.1	1.10	2,950	2.08	Δ	0.06	F	15.6	8,180
		130.1	131.6	1.50	3,660	1.32	Δ	0.05	F	13.3	6,990
		131.6	133.1	1.50	2,260	0.64	Δ	0.07	F	19.2	9,560
			133.1	134.4	1.30	810	0.10	0.08	F	21.0	11,250
			134.4	135.9	1.50	1,750	0.22	0.05	F	18.0	9,580
			135.9	137.3	1.40	750	0.09	0.07	F	24.3	12,400
		137.3	138.8	1.50	3,510	0.65	Δ	0.10	F	23.6	9,670
		138.8	139.7	0.90	2,980	0.47	Δ	0.26	F	47.1	6,590
PM24-019		27.4	28.5	1.10	1,200	0.15	0.11	F	1.0	109	17.7m @ 0.18% WO 3 , 0.06% Cu, 0.36% Zn & 4.3 g/t Ag
			28.5	29.5	1.00	1,870	0.24	0.14	F	1.6	119
			29.5	30.8	1.30	420	0.05	0.11	F	1.1	69
			30.8	32.4	1.60	980	0.12	0.12	F	3.8	167
			32.4	34.1	1.70	770	0.10	0.09	F	4.4	103
			34.1	35.6	1.50	570	0.07	0.23	F	5.6	347
		35.6	37.0	1.40	2,610	0.35	Δ	0.88	F	7.3	755
			37.0	38.7	1.70	2,630	0.35	Δ	1.48	5.8	1,365
			38.7	40.2	1.50	1,650	0.21	0.41	F	6.0	1,695
			40.2	41.7	1.50	1,790	0.23	0.27	F	7.8	1,440
			41.7	43.2	1.50	860	0.11	0.12	F	2.5	421
			43.2	44.7	1.50	1,650	0.21	0.19	F	2.7	843
			44.7	45.1	0.40	1,220	0.15	0.05	F	1.8	308
PM24-020		29.1	30.6	1.50	1,710	0.22	0.11	F	2.0	865	13.9m @ 0.26% WO 3 , 0.06% Cu, 0.08% Zn & 2.4 g/t Ag
		30.6	32.1	1.50	2,700	0.37	Δ	0.22	F	4.4	841
		32.1	33.6	1.50	2,480	0.33	Δ	0.04	F	1.0	235
		33.6	35.1	1.50	2,970	0.61	Δ	0.08	F	2.3	286
			35.1	36.6	1.50	1,080	0.14	0.07	F	1.6	303
			36.6	38.1	1.50	1,630	0.21	0.07	F	2.7	1,005
			38.1	39.6	1.50	1,550	0.20	0.05	F	5.7	1,785
			39.6	40.8	1.20	1,650	0.21	0.07	F	1.4	116
			40.8	43.0	2.20	1,080	0.14	0.04	F	1.1	159
PM24-020		56.2	57.7	1.50	1,520	0.19	0.12	F	2.8	484	3.8m @ 0.24% WO 3 , 0.04% Cu, 0.09% Zn & 2.5 g/t Ag
			57.7	58.8	1.10	880	0.11	0.09	F	3.3	307
		58.8	60.0	1.20	2,800	0.43	Δ	0.05	F	1.3	245
PM24-022			106.4	107.9	1.50	330	0.04	0.99	6.0	438	3.40m @ 0.05% WO 3 , 0.07% Cu, 2.19% Zn & 56.3 g/t Ag
				107.9	109.8	1.90	440	0.06	3.14	96.0	878
PM24-022			119.5	121.0	1.50	1,250	0.16	3.94	6.8	1,065	44.2m @ 0.23% WO 3 , 0.14% Cu, 0.74% Zn & 17.0 g/t Ag
				121.0	122.6	1.60	880	0.11	2.41	90.8	3,280
	122.6	123.4	0.80	4,970	3.04	Δ	0.65	F	16.1	3,180	3.7m @ 1.45% WO 3 , 0.50% Cu, 3.33% Zn & 21.0 g/t Ag
			123.4	124.6	1.20	3,100	1.63	Δ	4.23	23.6	11,350
			124.6	126.3	1.70	4,340	0.57	Δ	3.96	21.5	1,410
			126.3	127.7	1.40	1,590	0.20	0.94	F	112.0	121
			127.7	129.2	1.50	580	0.07	0.12	F	10.8	25
			129.2	132.2	3.00	210	0.03	0.07	F	-	30
			132.2	135.2	3.00	840	0.11	0.11	F	17.2	160
			135.2	136.7	1.50	260	0.03	0.03	F	-	73
			136.7	138.1	1.40	230	0.03	0.03	F	0.5	204
				138.1	139.6	1.50	1,160	0.15	2.89	69.7	786
			139.6	141.0	1.40	890	0.11	0.24	F	89.0	136
			141.0	142.7	1.70	500	0.06	0.04	F	-	46
			142.7	145.4	2.70	180	0.02	0.12	F	0.8	70
			145.4	148.4	3.00	80	0.01	0.09	F	-	94
			148.4	151.5	3.10	250	0.03	0.06	F	0.9	175
			151.5	153.0	1.50	100	0.01	0.04	F	-	69
			153.0	154.2	1.20	100	0.01	0.04	F	-	88
			154.2	155.4	1.20	150	0.02	0.05	F	1.5	114
		155.4	156.5	1.10	3,120	0.41	Δ	1.48	28.9	17,450	8.3m @ 0.36% WO 3 , 0.40% Cu, 0.34% Zn & 7.1 g/t Ag
		156.5	158.0	1.50	4,170	0.56	Δ	0.28	F	8.3	4,560
			158.0	159.2	1.20	650	0.08	0.06	F	1.3	867
		159.2	160.3	1.10	3,470	0.46	Δ	0.37	F	4.6	2,760
			160.3	161.8	1.50	70	0.01	0.02	F	-	116
			161.8	163.0	1.20	760	0.10	0.13	F	3.7	564
		163.0	163.7	0.70	8,560	1.37	Δ	0.22	F	4.6	3,040
PM24-023		40.9	42.4	1.50	2,470	0.31	Δ	1.46	2.0	769	7.5m @ 0.19 % WO 3 , 0.05% Cu, 0.75% Zn & 2.0 g/t Ag
			42.4	43.9	1.50	3,010	0.41	Δ	1.58	6.3	1,560
			43.9	45.4	1.50	1,070	0.13	0.23	F	1.6	110
			45.4	46.9	1.50	250	0.03	0.16	F	-	103
			46.9	48.4	1.50	420	0.05	0.32	F	-	70
PM24-023		59.3	60.8	1.50	4,680	0.67	Δ	1.11	11.4	10,850	3.8m @ 1.86% WO 3 , 0.69% Cu, 0.59% Zn & 52.6 g/t Ag
		60.8	62.3	1.50	2,950	2.44	Δ	0.25	F	72.4	4,880
		62.3	63.1	0.80	2,760	3.01	Δ	0.27	F	92.8	3,160
PM24-024	90.2	91.6	1.40	2,240	0.30	Δ	0.86	F	64.6	807	1.4m @ 0.30% WO 3 , 0.08% Cu, 0.86% Zn & 64.6 g/t Ag
PM24-025	76.7	78.2	1.50	2,340	0.30	Δ	0.59	F	42.9	113	1.5m @ 0.30% WO 3 , 0.01% Cu, 0.59% Zn & 42.9 g/t Ag
PM24-025	82.7	84.2	1.50	4,000	0.53	Δ	0.12	F	-	111	5.9m @ 0.30% WO 3 , 0.07% Cu, 0.36% Zn & 3.2 g/t Ag
			84.2	85.6	1.40	1,770	0.22	0.16	F	2.5	390
			85.6	87.1	1.50	860	0.11	0.65	F	9.7	1,940
		87.1	88.6	1.50	2,600	0.34	Δ	0.49	F	0.6	279
PM24-025		96.1	97.6	1.50	1,560	0.20	0.56	F	4.2	308	3.0m @ 0.25% WO 3 , 0.05% Cu, 0.88% Zn & 2.7 g/t Ag
			97.6	99.1	1.50	2,380	0.31	Δ	1.20	1.2	741
PM24-027		51.3	52.8	1.50	1,520	0.19	0.21	F	44.3	244	6.0m @ 0.28% WO 3 , 0.02% Cu, 1.35% Zn & 17.8 g/t Ag
			52.8	54.3	1.50	1,690	0.21	0.77	F	20.2	159
			54.3	55.8	1.50	2,620	0.35	Δ	4.10	5.3	202
		55.8	57.3	1.50	2,800	0.38	Δ	0.31	F	1.5	65
PM24-028		53.9	55.4	1.50	2,570	0.33	Δ	3.90	28.0	1,205	4.1m @ 0.31% WO 3 , 0.06% Cu, 2.66% Zn & 11.3 g/t Ag
				55.4	57.0	1.60	1,820	0.23	3.11	2.4	350
		57.0	58.0	1.00	3,050	0.41	Δ	0.10	F	0.5	21
PM24-028		63.2	65.5	2.30	1,520	0.19	0.97	F	14.3	914	2.3m @ 0.19% WO 3 , 0.09% Cu, 0.97% Zn & g/t 14.3 g/t Ag
PM24-028		70.7	71.9	1.20	1,670	0.21	0.06	F	0.6	44	1.2m @ 0.21% WO 3 , 0.06% Zn & 0.6 g/t Ag
PM24-028	74.9	76.4	1.50	2,100	0.28	Δ	0.39	F	23.2	1,190	1.5m @ 0.28% WO 3 , 0.12% Cu, 0.39% Zn & 23.2 g/t Ag

Table 2 notes:

Summary of certificated assay results provided by accredited laboratory ALS USA Inc

ppm: parts per million, 10,000 ppm = 1%

a: ALS method ME-ICP61;

b: WO3 % calculated as W % multiplied by 1.2611

c: ALS method Zn-OG62

Δ: denotes WO3 % calculated using W ppm (method ME-XRF15c)

F: denotes Zn % calculated using Zn ppm (method ME-ICP61)

A review of the Pilot Mountain assay database identified a change in the laboratory assay method for overlimit tungsten (W-XRF10) to overlimit WO3 (ME-XRF15c) that was previously not flagged for drill holes PM24-014, PM24-016 & PM24-017, meaning that the overlimit samples for those holes were stated as calculated WO3 (W % multiplied by 1.2611) as opposed to assayed WO3. The WO3 grades in bold type below and in the corresponding Table 3 are corrected and restated from the announcement dated 26 November 2024.2 All zinc, silver, copper, and W (analysed via ME-ICP61) results remain unchanged.

§ PM24-017 downhole highlight drill intersections comprise:

o 46m @ 0.345% W03, 12.2g/t Ag, 2,476ppm Cu & 0.37% Zn from 66.4 - 112.4m (46m @ 0.48% WO3Eq* or 1.79% CuEq**); including

10.8m @ 0.558% W03, 1.2g/t Ag, 684ppm Cu & 0.18% Zn from 66.4 - 77.2m (10.8m @ 0.60% WO3Eq* or 2.21% CuEq**); and
7.6m @ 0.727% W03, 29.2g/t Ag, 10,982ppm Cu (1.098%) & 0.64% Zn from 101.2 - 108.8m (7.6m @ 1.17% WO3Eq* or 4.33% CuEq**).

§ PM24-014 downhole highlight drill intersection comprises:

o 15.1m @ 0.133% W03, 45.2g/t Ag, 12,923ppm Cu (1.292%) & 0.65% Zn from 20.4 - 35.5m (15.1m @ 0.67% WO3Eq* or 2.49% CuEq**).

Table 3: 26 November 2024 Restated Assay Results

			Hole ID	Downhole Depth (m)	Interval (m)	W	WO3	Zn	Ag	Cu	Intersection Composites
				From	To	(ppm) a	(%) b	(%) c	(g/t) a	(ppm) a	(weighted averages) c
PM24-014			20.4	23.5	3.1	1,380	0.17	0.62	17.3	8,230	15.1m @ 0.133% WO 3 , 45.2g/t Ag, 0.65 % Zn & 1.29 % Cu
				23.5	25	1.5	1,260	0.16	0.49	30.7	9,940
			25	26.5	1.5	2,210	0.31	Δ	0.86	105	50,200
				26.5	27.8	1.3	860	0.11	0.67	48.2	11,950
				27.8	30	2.2	600	0.08	0.97	142	3,480
				30	31.5	1.5	140	0.02	0.53	5.9	468
				31.5	32.8	1.3	130	0.02	0.64	5.7	782
				32.8	34.3	1.5	1,570	0.20	0.41	7.6	30,600
				34.3	35.5	1.2	720	0.09	0.49	18.3	7,180
PM24-015			25.3	26.8	1.5	1,750	0.22	0.58	5.8	1,315	7.0m @ 0.200% WO 3 , 6.2 g/t Ag, 0.79% Zn & 0.18% Cu
				26.8	28.3	1.5	1,860	0.23	1.21 F	8.9	2,880
				28.3	29.3	1	1,730	0.22	0.42	4	1,110
				29.3	32.3	3	1,320	0.17	0.81	5.8	1,700
			33.8	34.8	1	1,070	0.13	0.71	18.2	10,350	2.5m @ 0.069% WO 3 , 10.8 g/t Ag, 0.66% Zn & 0.97% Cu
				34.8	36.3	1.5	200	0.03	0.62	5.9	9,300
PM24-016			78.3	79.8	1.5	1,700	0.21	0.04	1	336	4.6m @ 0.292% WO 3 , 42.7 g/t Ag, 0.92% Zn & 0.05% Cu
		79.8	81.4	1.6	2,210	0.30	Δ	1.16	F	1.7	366
		81.4	82.9	1.5	2,800	0.36	Δ	1.56	F	128	802
PM24-017	66.4	68.1	1.7	5,290	1.50	Δ	0.16	4.3	2,030	10.8m @ 0.558% WO 3 , 1.23 g/t Ag, 0.18% Zn & 0.07% Cu	46.0m @ 0.345% WO 3 , 12.2 g/t Ag, 0.37% Zn & 0.25% Cu
			68.1	69.6	1.5	2,770	0.82	Δ	0.52	2.3	832
				69.6	71.1	1.5	1,870	0.24	0.04	-	75
			71.1	72.7	1.6	3,260	0.42	Δ	0.05	-	446
				72.7	74.2	1.5	1,770	0.22	0.16	1.2	359
				74.2	75.7	1.5	1,460	0.18	0.11	-	169
			75.7	77.2	1.5	3,080	0.41	Δ	0.23	0.5	711
				77.2	78.7	1.5	1,570	0.20	0.2	-	130
				78.7	80.6	1.9	1,290	0.16	0.37	-	99
				80.6	82.1	1.5	150	0.02	0.06	2	29
				82.1	83.5	1.4	110	0.01	0.03	-	32
				83.5	85	1.5	1,240	0.16	0.18	0.6	65
				85	86.5	1.5	670	0.08	0.07	-	81
				86.5	88	1.5	1,490	0.19	0.64	14.9	633
				88	91	3	1,660	0.21	0.09	1.2	163
				91	92.5	1.5	1,290	0.16	0.38	1.6	83
		92.5	93.7	1.2	2,530	0.33	Δ	1.86	F	4.9	273
				93.7	95.2	1.5	240	0.03	0.07	2.6	27
				95.2	96.6	1.4	20	0.00	0.04	-	24
				96.6	98.1	1.5	550	0.07	0.7	32.1	354
		98.1	99.7	1.6	2,310	0.32	Δ	1.3	F	124	225
				99.7	101.2	1.5	1,170	0.15	0.57	5.6	2,220
		101.2	102.7	1.5	2,490	0.32	Δ	0.27	7.9	992	7.6m @ 0.727% WO 3 , 29.15 g/t Ag, 0.64% Zn & 1.10% Cu
			102.7	103.6	0.9	3,340	1.51	Δ	0.74	13.6	5,040
			103.6	104.7	1.1	2,640	0.66	Δ	0.25	4.8	2,000
		104.7	105.9	1.2	2,690	1.58	Δ	1.78	F	31.9	16,950
			105.9	107.3	1.4	3,210	0.47	Δ	0.75	19.3	8,680
			107.3	108.8	1.5	2,160	0.27	Δ	0.23	84.6	28,500
				108.8	109.4	0.6	240	0.03	0.12	24.4	12,050
				109.4	111.1	1.7	1,780	0.22	0.07	1.9	880
			111.1	112.4	1.3	2,650	0.35	Δ	0.1	10.2	5,730

Table 3 notes:

Summary of certificated assay results provided by accredited laboratory ALS USA Inc

ppm: parts per million, 10,000 ppm = 1%

a: ALS method ME-ICP61;

b: WO3 % calculated as W % multiplied by 1.2611

c: ALS method Zn-OG62

Δ: denotes WO3 % calculated using W ppm (method ME-XRF15c)

F: denotes Zn % calculated using Zn ppm (method ME-ICP61)

Figure 1: 2024 drillhole plan map showing the location of all holes drilled to date. Red drill collars represent holes for which assays have been reported, yellow collars are holes still to be reported.

References

1: ALS USA Inc. analytical method utilised: ME-ICP61 for all samples, with ME-ICP61 overlimit samples also analysed using Ore Grade packages Ag-OG62, Cu-OG62, Pb-OG62, Zn-OG62, and W-XRF15c for high-grade tungsten.

2: https://www.londonstockexchange.com/news-article/GMET/pilot-mountain-significant-drill-results/16781172

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