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(Sharecast News) - Guardian Metal Resources reported high-grade gold results from trenching at its 100%-owned Golconda Summit Project in Nevada on Friday, confirming and extending mineralisation at the site.
The AIM-traded firm said the project, located in the Walker Lane Mineral Belt, sits within one of Nevada's most prolific gold regions, alongside several multi-million-ounce deposits.
It said the latest trenching results included gold grades of up to 13.12 grams per tonne over 6.1 metres at the 'Trench Zone', where multiple fault structures had been identified within Upper Plate Havallah Sequence rocks.
The company noted that the presence of high-grade mineralisation in Upper Plate rocks suggested strong potential for an extensive Carlin-type gold system at depth within more favourable Lower Plate host rocks.
Additionally, Guardian Metal had identified an extension of the gold-bearing system at the 'Thrust Zone', located 550 metres north of the Trench Zone.
The area contains a 150-metre-long rock chip anomaly, with trenching results returning grades of up to 1.94 grams per tonne over 3.05 metres.
While the company remained primarily focussed on tungsten exploration and development at its co-flagship assets in Nevada, it continued to assess the potential of its gold, copper, and silver prospects, particularly at Golconda and Garfield.
Guardian said the latest results reinforced the project's discovery potential, and would provide further upside for investors.
"These trenching results further reinforce our confidence that Golconda Summit has the potential to host a significant Carlin-type gold discovery, situated within the same prolific geological and structural setting as several multi-million-ounce Carlin-type deposits," said chief executive officer Oliver Friesen.
"The confirmation of high-grade gold within Upper Plate rocks is particularly encouraging as it suggests strong potential for an extensive mineralised system at depth within the more favourable Lower Plate host rocks.
"Given the sustained strength in the gold price above $2,900, these results could not come at a better time as we look to ensure that this project is monetised for our shareholders while we focus on our core mission of reshoring tungsten mined supply back onto U.S. soil."
At 1343 GMT, shares in Guardian Metal Resources were up 3.49% at 36.22p.
Reporting by Josh White for Sharecast.com.