LONDON (ShareCast) - (Sharecast News) - Nevada-focussed mineral explorer and developer Guardian Metal Resources updated the market on its due diligence for the Tempiute Tungsten Mine and Mill project on Wednesday.
The AIM-traded firm was acquiring the project, located in south-central Nevada, through a binding letter of intent with Hinkinite Resources, as announced on 31 October.

It said a title opinion conducted by Guardian's US-based legal advisers confirmed no deficiencies or liabilities associated with the project's patented, unpatented, and mill site claims.

Geological analysis, completed by Dr Lawrence Carter of LC Geoscience Mining & Exploration Services, identified a robust tungsten-rich skarn mineralisation system, underexplored mineralised breccia pipes, and porphyry zones, highlighting significant exploration potential.

Results from a due diligence sampling programme, including 14 rock samples and one tailings sample analyzed by the ALS Laboratory in Reno, confirmed tungsten mineralisation in skarns, semi-massive sulphides, and tailings.

Assays showed tungsten trioxide concentrations of up to 1.5%, alongside high-grade silver of up to 66 grams per tonne, molybdenum of up to 1,985 parts per million, zinc of up to 5,510 parts per million, and copper of up to 0.358%.

A tailings sample also revealed significant tungsten and zinc concentrations, the board said, warranting further investigation after final due diligence was completed.

The company said its environmental assessment of the project was ongoing, with results expected in January.

At the same time, Guardian said it was working with its legal team to finalise definitive acquisition agreements, in alignment with the conclusion of the due diligence process.

"Things are progressing well, and we look forward to providing our next update in January 2025, with the expectation that, subject to final due diligence, this announcement will be in regard to the signing of the definitive agreement to acquire the project," said chief executive officer Oliver Friesen.

"It is clear, now more than ever, that the US needs a domestic source of mined tungsten and Guardian Metal is positioned to play a part in the reshoring efforts for tungsten with our flagship Pilot Mountain Project.

"Subject to the completion of due diligence, the acquisition of Tempiute would represent a significant step change as we look to scale our operations in the mining friendly state of Nevada, with the ultimate goal of helping the US significantly reduce its dependence on foreign sources for this key defence and industrial metal."

At 1547 GMT, shares in Guardian Metal Resources were down 3.28% at 28.05p.

Reporting by Josh White for Sharecast.com.

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