Golden Metal Resources PLC (AIM:GMET, OTCQB:GMTLF) said further analysis work on its Kibby North and Kibby South lithium brine properties in Nevada indicates that an untested target conductor is likely caused by lithium brine mineralisation.
Strong lithium mineralisation was encountered in both brines and clays in the nearby Marquee drill hole KM22-02.
Golden Metal said, however, that its latest work shows the main target conductor was never adequately tested by KM22-02 and is likely to be the main lithium brine target within the entire Kibby Basin.
Golden Metal said it is assessing all exploration options available to determine the optimal way to push the lithium properties forward.
Oliver Friesen, chief executive, commented: "Considering the relative depths of the very strong lithium-in-clay and lithium-in-brine mineralisation encountered by nearby drill hole KM22-02, we believe the findings presented today point to the likelihood of a significant lithium brine target at a deeper depth within the basin, on ground 100% owned by Golden Metal.
"Equipped with these new findings, we are actively working behind the scenes with our technical team and management to determine next steps for our promising lithium properties."