Golden Metal Resources plc announced an exploration update at the Company's 100% owned Pilot Mountain Project located within the prolific Walker Lake Mineral Belt in Nevada, USA. This update covers the findings of the inversion modelling of the magnetic geophysics survey data, undertaken by SJ Geophysics Ltd, which was expedited following the confirmation of a porphyry target at the Project. Porphyry style mineral deposits host the world's largest sources of multiple metals and in respect of Pilot Mountain it is postulated that the extensive mineralisation found at or near surface may be related to a buried porphyry system(s).

The very significant porphyry target at Pilot Mountain will be tested in the upcoming drill programme scheduled to commence in the coming week. Magnetic inversion results of the magnetic high anomalies within the Porphyry South target area highlight a very significant buried magnetic body at depth.   §Importantly, the eastern portion of this magnetic body is bordered by a moderate chargeability halo and is directly coincident with a resistivity anomaly further supporting the porphyry potential at Pilot Mountain.

  §The western part of the magnetic anomaly extends close to surface where the geophysical operator identified a historical trench with abundant malachite (copper) staining.   §Based on the magnetic inversion results, the azimuth and dip of the planned drill hole into Porphyry South has been optimised to target the core of the highest magnetic shell.   §As a result of the above, a further 12 claims have now been staked covering 248 acres (1.0 km2) of additional ground around Porphyry South, as well as ground east of the Pilot Mountain Project which is expected to provide additional area for planned future mining infrastructure.

During the upcoming drilling campaign which has a planned start date of May 11, the Company will be testing the core of the Porphyry South target with at least one drill hole (target depth of 450m).