Golden Metal Resources (LSE:GMET) climbed to a new high at the start of what the company said is the largest geophysics campaign so far at its Garfield and Pilot Mountain tungsten and copper projects in Nevada.
Recent airborne data from Pilot Mountain showed a very large magnetic anomaly directly coincident with its Garnet and Gunmetal skarn-type tungsten-copper-silver-zinc zones.
A high-resolution ground-magnetics survey to cover this anomaly will kick off shortly, said the statement, which GMR suspecting there might be a porphyry system buried at depth.
At Garfield, a high-resolution IP survey is underway over the High-Grade and Power-Line Zones with a ground magnetics survey over the eastern extension zone to explore multiple magnetic bullseye anomalies identified recently..
Oliver Friesen, CEO of Golden Metal, commented: "Based on the results achieved across multiple target areas thus far, we are of the belief that the data from the ongoing campaign, which is the largest single geophysical exploration campaign undertaken by Golden Metal to date, will lead to multiple exciting drill-ready targets.
Shares in the junior jumped 10% on the update to 27.5p, marking a near doubling over the past three months a three-fold increase since it was spun out of Power Metal Resources PLC (AIM:POW, OTCQB:POWMD) a year ago.
Power Metal still owns a majority stake and rose 5% today to 20.25p.