Golden Metal Resources PLC (AIM:GMET) shares were on the front foot on Tuesday, up around 10% in early deals, after the explorer reported significant gold-silver-copper findings at its wholly owned Garfield project in Nevada.
The company, in a statement, highlighted “bonanza grades” in its project update – measuring up to 1,225 grams per tonne (g/t) silver, including 18.35g/t gold and 1.89% copper.
Specifically, it said it sees confirmation of significant porphyry and epithermal potential in the area.
"The results announced today are highly significant as we have gone from high-grade copper-gold-silver results achieved over a large footprint to now multiple overlapping geological datasets which strongly confirm the presence of a significant porphyry style system driving mineralisation across the project,” chief executive Oliver Friesen said.
He added: "The typical next stage when exploring for porphyry deposits is to search for a geophysical anomaly which could represent a porphyry centre at depth.
“To our excitement, this was identified by a third party survey and is located within the High-Grade Zone, which happens to be broadly overlapping the uranium target identified during the same exploration programme.
"With these transformational latest results in hand, the company is quickly moving towards determining optimal next exploration steps to continue to drive this very exciting project forward."
In London, Golden Metal Resources saw its shares rise 9.74%, changing hands at 10.7p each, valuing the company at just shy of £10 million.