Metals One climbs 7% after expanding footprint in Nevada’s gold heartland

Shares in Metals One PLC (AIM:MET1) rose 7% on Tuesday after the exploration group announced it had staked an additional 99 unpatented mining claims at its Swales Gold Property in Nevada, expanding its landholding by nearly 250% to 2,780 acres.

The move builds on the company’s conditional acquisition of the project announced earlier this month and cements its presence in the Carlin Trend, a stretch of northern Nevada regarded as one of the world’s richest gold mining districts.

The Carlin Complex, operated by Nevada Gold Mines, is nearby and has produced tens of millions of ounces of gold since the 1960s.

Investors have responded positively. Metals One’s shares have surged more than 300% since it first announced its entry into Nevada in mid-May, reflecting the market’s appetite for well-positioned junior miners with exposure to world-class geology.

In a statement, the company said the new claims carry no additional lease cost and significantly increase its exposure to favourable host rocks associated with Carlin-type deposits.

These include the Roberts Mountains thrust fault, a geological feature known to host major gold systems across the trend. Several historical mine workings, dumps and prospect pits are present on the newly acquired ground.

Chairman Craig Moulton said the expansion "underscores our strategic commitment to rapidly advancing the Swales Gold Property," and described the land package as offering “enhanced exploration potential” at a time when the gold price remains near record highs.

Subject to completing the acquisition, Metals One plans to broaden its initial exploration programme to cover the full expanded area.

This will include detailed mapping, surface sampling and geophysical surveys, alongside a reassessment of historical workings aimed at rapidly identifying drill-ready targets.

With exclusivity in place for due diligence until August, investors will now be watching for how quickly the company can convert its expanded footprint into discovery potential.