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(Sharecast News) - Guardian Metal announced significant assay results from the first diamond core drill hole of its ongoing exploration campaign at the Pilot Mountain Project in Nevada on Wednesday.
The AIM-traded firm said the drillhole, designated PM24-001, intersected three zones of high-grade tungsten mineralization totaling 38.7 metres within the Desert Scheelite deposit.
Laboratory analysis confirmed that PM24-001 encountered some of the highest-grade tungsten intervals ever recorded at Pilot Mountain.
Notable intersections included nine metres at 0.37% tungsten trioxide from a depth of 69.1 metres, 27.9 metres at 0.42% tungsten trioxide from 96.6 metres - featuring an eight-metre section at 0.84% tungsten trioxide - and 1.8 metres at 0.42% tungsten trioxide from 150 metres to the end of the hole.
The zones also showed significant concentrations of zinc, silver, and copper.
Guardian Metal highlighted that the mineralised intervals were near the surface, enhancing the potential for future mining operations.
Given the exceptional tungsten grades, Guardian said it was now conducting additional assays for gold content in PM24-001, based on historical reports suggesting its presence.
The drilling programme, which started in May, had completed 20 holes to date, with the 21st currently underway.
Results from subsequent drill holes would be released following quality assurance and quality control verification.
"Guardian Metal could not have asked for a better start to the Pilot Mountain drilling programme with the significant assay results achieved in the first drill hole PM24-001," said chief executive officer Oliver Friesen.
"The results demonstrate three distinct strongly mineralised tungsten-silver-zinc-copper intervals with the deepest interval remaining open at depth.
"Drilling has been ongoing since May and we are currently partway through the 21st hole, with drilling continuing at pace."
Friesen said the coming weeks and months would be the busiest period for Guardian Metal to date, adding that the company was "looking forward" to providing the market with commercial and technical updates, including further assay data and interpretation, as results flowed in from the laboratory.
"With Guardian Metal's investment in exploration and development and with the outstanding Project findings to date we consider Pilot Mountain to be a uniquely valuable strategic asset which we believe can contribute to various US national security objectives, especially as, currently, there is no domestic production of tungsten, a much-needed critical defence metal."
At 1329 BST, shares in Guardian Metal Resources were down 6.89% at 28.4p.
Reporting by Josh White for Sharecast.com.